UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22061

Name of Fund: BlackRock Funds II

BlackRock Managed Income Fund

BlackRock Retirement Income 2030 Fund

BlackRock Retirement Income 2040 Fund

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 12/31/2022

Date of reporting period: 06/30/2022

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

June

30,

2022

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2022

Semi-Annual

Report

(Unaudited)

BlackRock

Funds

II

BlackRock

Managed

Income

Fund

Dear

Shareholder,

The

12-month

reporting

period

as

of

June

30,

2022

saw

the

emergence

of

significant

challenges

that

disrupted

the

economic

recovery

and

strong

financial

markets.

The

U.S.

economy

shrank

in

the

first

quarter

of

2022,

ending

the

run

of

robust

growth

that

followed

the

reopening

of

global

economies

and

the

development

of

COVID-19

vaccines.

Rapid

changes

in

consumer

spending

led

to

supply

constraints

and

elevated

inflation,

which

reached

a

40-year

high.

Moreover,

while

the

foremost

effect

of

Russia’s

invasion

of

Ukraine

has

been

a

severe

humanitarian

crisis,

the

ongoing

war

continued

to

present

challenges

for

both

investors

and

policymakers.

Equity

prices

fell,

as

persistently

high

inflation

drove

investors’

expectations

for

higher

interest

rates,

particularly

weighing

on

relatively

high-valuation

growth

stocks

and

economically

sensitive

small-capitalization

stocks.

While

both

large-

and

small-capitalization

U.S.

stocks

fell,

declines

for

small-capitalization

U.S.

stocks

were

particularly

steep.

Both

emerging

market

stocks

and

international

equities

from

developed

markets

fell

significantly,

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

notably

during

the

reporting

period

as

increasing

inflation

drove

investors’

expectations

for

higher

interest

rates.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

increasing

uncertainty

led

to

higher

corporate

bond

spreads

(the

difference

in

yield

between

U.S.

Treasuries

and

similarly-dated

corporate

bonds).

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

is

growing

faster

than

expected,

raised

interest

rates

three

times

while

indicating

that

additional

large

rate

hikes

were

likely.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

began

to

reduce

its

balance

sheet.

Continued

high

inflation

and

the

Fed’s

statements

led

many

analysts

to

anticipate

that

interest

rates

have

significant

room

to

rise

before

peaking.

Furthermore,

the

horrific

war

in

Ukraine

has

significantly

clouded

the

outlook

for

the

global

economy,

leading

to

major

volatility

in

energy

and

metals

markets.

Sanctions

on

Russia,

Europe’s

top

energy

supplier,

and

general

wartime

disruption

have

magnified

supply

problems

for

key

commodities.

We

believe

elevated

energy

prices

will

continue

to

exacerbate

inflationary

pressure

while

also

constraining

economic

growth.

Combating

inflation

without

stifling

a

recovery,

while

buffering

against

ongoing

supply

and

price

shocks,

will

be

an

especially

challenging

environment

for

setting

effective

monetary

policy.

Despite

the

likelihood

of

more

rate

increases

on

the

horizon,

we

believe

the

Fed

will

err

on

the

side

of

protecting

employment,

even

at

the

expense

of

higher

inflation.

However,

markets

have

been

primed

to

expect

sharp

tightening,

which

could

weigh

on

valuations

until

central

banks

begin

to

tap

the

brakes.

In

this

environment,

while

we

favor

an

overweight

to

equities

in

the

long-term,

the

market’s

concerns

over

excessive

rate

hikes

from

central

banks

moderate

our

outlook.

Furthermore,

the

energy

shock

and

a

deteriorating

economic

backdrop

in

China

and

Europe

are

likely

to

challenge

corporate

earnings,

so

we

are

underweight

equities

overall

in

the

near-term.

We

take

the

opposite

view

on

credit,

where

higher

spreads

provide

near-term

opportunities,

while

the

likelihood

of

a

higher

inflation

regime

leads

us

to

take

an

underweight

stance

on

credit

in

the

long-term.

We

believe

that

investment-grade

corporates,

U.K.

gilts,

local-currency

emerging

market

debt,

and

inflation-protected

bonds

(particularly

in

Europe)

offer

strong

opportunities

in

a

six-

to

twelve-month

horizon.

Overall,

our

view

is

that

investors

need

to

think

globally,

extend

their

scope

across

a

broad

array

of

asset

classes,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

June

30,

2022

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(19.96)%

(10.62)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(23.43)

(25.20)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(19.57)

(17.77)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(17.63)

(25.28)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.15

0.18

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(11.34)

(10.94)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(10.35)

(10.29)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(8.98)

(8.57)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(14.19)

(12.82)

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Semi-Annual

Report:

Fund

Summary

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

4

About

Fund

Performance

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

7

Disclosure

of

Expenses

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

7

Derivative

Financial

Instruments

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

8

Financial

Statements:

Schedule

of

Investments

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

9

Statement

of

Assets

and

Liabilities

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

57

Statement

of

Operations

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

59

Statements

of

Changes

in

Net

Assets

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

60

Financial

Highlights

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

61

Notes

to

Financial

Statements

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

65

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreement

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

77

Additional

Information

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

81

Glossary

of

Terms

Used

in

this

Report

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

83

Fund

Summary

as

of

June

30,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

4

BlackRock

Managed

Income

Fund

Investment

Objective

BlackRock

Managed

Income

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

maximize

current

income

with

consideration

for

risk-managed

total

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

June

30

2022,

the

Fund

outperformed

its

Customized

Reference

Benchmark,

a

blend

of

30%

S&P

500

®

Index/70%

Bloomberg

U.S.

Aggregate

Bond

Index.

For

the

same

period,

the

Fund's

Class

K

Shares

outperformed

the

Bloomberg

U.S.

Aggregate

Bond

Index,

while

the

Fund's

Institutional

Shares

performed

in

line.

The

Fund's

Investor

A

and

C

Shares

underperformed

the

Index.

Performance

is

reviewed

on

an

absolute

basis

due

to

the

nature

of

the

Fund’s

strategy.

The

Fund

is

managed

within

a

risk-controlled

framework,

and

it

strives

to

maintain

a

consistent

yield

with

a

risk

profile

below

that

of

the

benchmark.

What

factors

influenced

performance?

Stocks

and

bonds

both

lost

ground

in

the

first

half

of

2022,

as

rising

interest

rates,

surging

inflation,

and

growth

concerns

weighed

on

markets.

In

this

environment,

the

majority

of

the

Fund’s

positions

detracted

from

absolute

performance.

Holdings

in

investment-grade

bonds

were

the

largest

detractor,

followed

by

high-yield

bonds.

An

allocation

to

global

equities

and

covered

calls

also

hurt

results

at

a

time

of

poor

returns

for

the

broader

market.

On

the

positive

side,

the

Fund’s

risk-management

strategies

with

respect

to

interest

rates

aided

performance.

The

Fund’s

risk-management

strategies

in

non-U.S.

currencies

also

helped

returns

given

that

the

U.S.

dollar

strengthened

over

the

period.

These

strategies

are

executed

through

the

use

of

derivatives.

Describe

recent

portfolio

activity.

The

investment

adviser

reduced

portfolio

risk

during

the

period,

primarily

by

lowering

the

Fund’s

allocations

to

equities,

high

yield

bonds

and

bank

loans.

The

investment

adviser

also

took

advantage

of

the

rise

in

bond

yields

to

increase

the

Fund’s

duration

and

add

a

measure

of

ballast

at

a

time

of

elevated

market

volatility.

(Duration

is

a

measure

of

interest-rate

sensitivity.)

However,

the

Fund

maintained

a

relatively

low

duration

profile

given

the

investment

adviser’s

view

that

the

Fed

would

continue

to

raise

interest

rates

to

control

surging

inflation.

In

the

latter

part

of

the

period,

the

investment

adviser

added

equity

calls

to

help

the

Fund

participate

in

potential

upside

if

the

more

severe

growth

fears

did

not

come

to

fruition

and

the

markets

stabilized.

Describe

portfolio

positioning

at

period

end.

The

Fund

was

diversified

across

several

income-producing

asset

classes

—

including

investment-grade

debt,

floating

rate

loan

interest,

high

yield

bonds,

global

equities,

covered

calls,

mortgage-backed

securities,

preferred

stocks

and

cash

—

and

it

continued

to

employ

risk-management

strategies.

The

cash

position

was

largely

in

place

to

fund

pending

transactions.

The

Fund’s

duration

stood

at

approximately

3.3

years.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

June

30,

2022

(continued)

5

Fund

Summary

BlackRock

Managed

Income

Fund

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.

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

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

4.68‌%

4.49‌%

(10.33‌)%

(8.48‌)%

N/A‌

2.25‌%

N/A‌

2.77‌%

N/A‌

Investor

A

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

4.24‌

4.10‌

(10.45‌)

(8.71‌)

(12.36‌)%

2.00‌

1.17‌%

2.46‌

2.05‌%

Investor

C

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

3.66‌

3.48‌

(10.69‌)

(9.37‌)

(10.24‌)

1.26‌

1.26‌

1.72‌

1.72‌

Class

K

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

4.73‌

4.57‌

(10.19‌)

(8.40‌)

N/A‌

2.33‌

N/A‌

2.84‌

N/A‌

Bloomberg

U.S.

Aggregate

Bond

Index

(c)

..........

—‌

—‌

(10.35‌)

(10.29‌)

N/A‌

0.88‌

N/A‌

1.54‌

N/A‌

Customized

Reference

Benchmark

(d)

..........

—‌

—‌

(13.23‌)

(10.17‌)

N/A‌

4.20‌

N/A‌

5.05‌

N/A‌

(a)

(b)

The

Fund

may

invest

up

to

100%

of

its

assets

in

fixed-income

securities

and

up

to

30%

of

its

assets

in

equity

securities.

The

Fund’s

returns

between

July

29,

2013

and

October

1,

2016

are

the

returns

of

the

Fund

when

it

followed

a

different

investment

objective

and

different

investment

strategies

under

the

name

“BlackRock

Investment

Grade

Bond

Portfolio”.

The

Fund’s

returns

prior

to

July

29,

2013

are

the

returns

of

the

Fund

when

it

followed

different

investment

strategies

under

the

name

“BlackRock

Long

Duration

Bond

Portfolio”.

(c)

A

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market.

(d)

A

customized

performance

benchmark

comprised

of

the

returns

of

the

Bloomberg

U.S.

Aggregate

Bond

Index

(70%)

and

the

S&P

500

®

Index

(30%).

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(01/01/22)

Ending

Account

Value

(06/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(01/01/22)

Ending

Account

Value

(06/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

896.70‌

$

1.88‌

$

1,000.00‌

$

1,022.81‌

$

2.01‌

0.40‌%

Investor

A

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

1,000.00‌

895.50‌

3.05‌

1,000.00‌

1,021.57‌

3.26‌

0.65‌

Investor

C

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

1,000.00‌

893.10‌

6.57‌

1,000.00‌

1,017.85‌

7.00‌

1.40‌

Class

K

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

1,000.00‌

898.10‌

1.65‌

1,000.00‌

1,023.06‌

1.76‌

0.35‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

six

month

period

shown).

Fund

Summary

as

of

June

30,

2022

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

6

BlackRock

Managed

Income

Fund

Portfolio

Information

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

at

Total

Investments

(a)

Corporate

Bonds

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

41.4‌

%

Investment

Companies

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

16.1‌

Floating

Rate

Loan

Interests

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

14.4‌

Common

Stocks

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

9.5‌

Asset-Backed

Securities

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

9.0‌

Equity-Linked

Notes

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

7.3‌

Preferred

Securities

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

2.0‌

Non-Agency

Mortgage-Backed

Securities

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

0.2‌

Foreign

Agency

Obligations

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

0.1‌

Warrants

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

—‌

(

b

)

Other

Interests

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

—‌

(

b

)

CREDIT

QUALITY

ALLOCATION

Credit

Rating

(

c

)

Percent

of

Total

Investments

(a)

AAA/Aaa

(

d

)

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

6.5‌

%

AA/Aa

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

2.9‌

A

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

21.5‌

BBB/Baa

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

17.5‌

BB/Ba

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

11.3‌

B

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

17.2‌

CCC/Caa

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

2.7‌

CC/Ca

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

0.1‌

NR

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

20.3‌

(a)

Excludes

short-term

securities,

options

purchased

and

options

written.

(b)

Represents

less

than

0.1%

of

the

Fund’s

total

investments.

(c)

For

financial

reporting

purposes,

credit

quality

ratings

shown

above

reflect

the

highest

rating

assigned

by

either

S&P

Global

Ratings

or

Moody’s

Investors

Service

if

ratings

differ.

These

rating

agencies

are

independent,

nationally

recognized

statistical

rating

organizations

and

are

widely

used.

Investment

grade

ratings

are

credit

ratings

of

BBB/Baa

or

higher.

Below

investment

grade

ratings

are

credit

ratings

of

BB/Ba

or

lower.

Investments

designated

NR

are

not

rated

by

either

rating

agency.

Unrated

investments

do

not

necessarily

indicate

low

credit

quality.

Credit

quality

ratings

are

subject

to

change.

(d)

The

investment

adviser

evaluates

the

credit

quality

of

unrated

investments

based

upon

certain

factors

including,

but

not

limited

to,

credit

ratings

for

similar

investments

and

financial

analysis

of

sectors,

individual

investments

and/or

issuers.

Using

this

approach,

the

investment

adviser

has

deemed

unrated

U.S.

Government

Sponsored

Agency

Securities

and

U.S.

Treasury

Obligations

to

be

of

similar

credit

quality

as

investments

rated

AAA/Aaa.

About

Fund

Performance

7

About

Fund

Performance

/

Disclosure

of

Expenses

Institutional

and

Class

K

Shares

are

not

subject

to

any

sales

charge.

These

shares

bear

no

ongoing

distribution

or

service

fees

and

are

available

only

to

certain

eligible

investors.

Investor

A

Shares

are

subject

to

a

maximum

initial

sales

charge

(front-end

load)

of

4.00%

and

a

service

fee

of

0.25%

per

year

(but

no

distribution

fee).

Certain

redemptions

of

these

shares

may

be

subject

to

a

contingent

deferred

sales

charge

("CDSC")

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

These

shares

are

generally

available

through

financial

intermediaries.

Investor

C

Shares

 are

subject

to

a

1.00%

CDSC

if

redeemed

within

one

year

of

purchase.

In

addition,

these

shares

are

subject

to

a

distribution

fee

of

0.75%

per

year

and

a

service

fee

of

0.25%

per

year.

These

shares

are

generally

available

through

financial

intermediaries.

Investor

C

Shares

performance

shown

prior

to

the

Investor

C

Shares

inception

date

of

October

3,

2016

is

that

of

Class

K

Shares

(which

have

no

distribution

or

service

fees)

and

was

restated

to

reflect

Investor

C

Shares

fees.

These

shares

automatically

convert

to

Investor

A

Shares

after

approximately

eight

years.

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

the

Fund's

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Refer

to

blackrock.com 

to

obtain

performance

data

current

to

the

most

recent

month-end.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Figures

shown

in

the

performance

table(s) assume

reinvestment

of

all

distributions,

if

any,

at

net

asset

value

("NAV")

on

the

ex-dividend

date

or

payable

date,

as

applicable.

Investment

return

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Distributions

paid

to

each

class

of

shares

will

vary

because

of

the

different

levels

of

service,

distribution

and

transfer

agency

fees

applicable

to

each

class,

which

are

deducted

from

the

income

available

to

be

paid

to

shareholders. 

BlackRock

Advisors,

LLC

(the

"Manager”),

the

Fund's

investment

adviser,

has

contractually

and/or

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

the

Fund’s

expenses.

Without

such

waiver(s)

and/or

reimbursement(s),

the

Fund's

performance

would

have

been

lower.

With

respect

to

the

Fund's

voluntary

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

waive

and/or

reimburse

or

to

continue

waiving

and/or

reimbursing

its

fees

and

such

voluntary

waiver(s)

may

be

reduced

or

discontinued

at

any

time.

With

respect

to

the

Fund's

contractual

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

continue

waiving

and/or

reimbursing

its

fees

after

the

applicable

termination

date

of

such

agreement.

See

the

Notes

to

Financial

Statements

for

additional

information

on

waivers

and/or

reimbursements. 

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements. 

Disclosure

of

Expenses

Shareholders

of

the

Fund

may

incur

the

following

charges:

(a)

transactional

expenses,

such

as

sales

charges;

and

(b)

operating

expenses,

including

investment

advisory

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

example

shown

(which

is

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

example

provides

information

about

actual

account

values

and

actual

expenses.

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 share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

example

also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on the

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

the

Fund

and

other

funds,

compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

example

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

2022

BlackRock

Semi-Annual

Report

to

Shareholders

8

The

Fund

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

The

Fund’s

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation the

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Fund’s

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

BlackRock

Managed

Income

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

AGL

CLO

17

Ltd.,

Series

2022-17A,

Class

C,

(3

Month

CME

Term

SOFR

+

2.10%),

2.34%,

01/21/35

(a)(b)

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

USD

750

$

697,685

AIG

CLO

LLC

(a)(b)

Series

2021-2A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

2.81%,

07/20/34

...

1,000

934,654

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.00%),

3.06%,

07/20/34

...

1,000

941,035

AIMCO

CLO

(a)(b)

Series

2015-AA,

Class

CR2,

(LIBOR

USD

3

Month

+

2.00%),

3.04%,

10/17/34

...

1,000

936,797

Series

2017-AA,

Class

AR,

(LIBOR

USD

3

Month

+

1.05%),

2.11%,

04/20/34

...

500

479,816

AIMCO

CLO

15

Ltd.,

Series

2021-15A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.99%,

10/17/34

(a)(b)

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

1,000

926,186

AMSR

Trust

(b)

Series

2020-SFR1,

Class

E,

3.22%,

04/17/37

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

1,000

948,282

Series

2020-SFR1,

Class

F,

3.57%,

04/17/37

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

1,000

948,513

Anchorage

Capital

CLO

Ltd.,

Series

2018-10A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.20%),

2.24%,

10/15/31

(a)(b)

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

500

490,131

Ares

XXXIR

CLO

Ltd.,

Series

2014-31RA,

Class

A2,

(LIBOR

USD

3

Month

+

1.30%),

2.81%,

05/24/30

(a)(b)

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

500

481,126

Ares

XXXVII

CLO

Ltd.,

Series

2015-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.17%),

2.21%,

10/15/30

(a)(b)

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

250

246,516

Ares

XXXVR

CLO

Ltd.,

Series

2015-35RA,

Class

A2,

(LIBOR

USD

3

Month

+

1.40%),

2.44%,

07/15/30

(a)(b)

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

1,000

958,048

Bain

Capital

Credit

CLO

Ltd.,

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

3.14%,

10/17/32

(a)(b)

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

1,000

944,543

Bardot

CLO

Ltd.,

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

3.04%,

10/22/32

(a)(b)

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

1,000

937,461

Battalion

CLO

XX

Ltd.,

Series

2021-20A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

2.22%,

07/15/34

(a)(b)

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

500

478,868

Battalion

CLO

XXII

Ltd.,

Series

2021-22A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

2.24%,

01/20/35

(a)(b)

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

1,000

954,197

Bayview

Financial

Revolving

Asset

Trust,

Series

2005-A,

Class

A1,

(LIBOR

USD

1

Month

+

1.00%),

2.63%,

02/28/40

(a)(b)

...

680

647,840

Benefit

Street

Partners

CLO

VIII

Ltd.,

Series

2015-8A,

Class

A1AR,

(LIBOR

USD

3

Month

+

1.10%),

2.16%,

01/20/31

(a)(b)

...

500

489,978

Boyce

Park

CLO

Ltd.,

Series

2022-1A,

Class

C,

(3

Month

CME

Term

SOFR

+

2.10%),

2.65%,

04/21/35

(a)(b)

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

1,000

926,427

Buckhorn

Park

CLO

Ltd.

(a)(b)

Series

2019-1A,

Class

B1R,

(LIBOR

USD

3

Month

+

1.65%),

2.69%,

07/18/34

...

1,000

935,332

Series

2019-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

3.04%,

07/18/34

...

500

463,226

Canyon

Capital

CLO

Ltd.,

Series

2016-1A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

2.94%,

07/15/31

(a)(b)

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

1,000

942,960

Canyon

CLO

Ltd.

(a)(b)

Series

2018-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.90%),

2.94%,

07/15/31

...

1,000

941,804

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2020-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.19%),

2.23%,

10/15/34

...

USD

1,000

$

961,867

CBAM

Ltd.,

Series

2020-13A,

Class

A,

(LIBOR

USD

3

Month

+

1.43%),

2.49%,

01/20/34

(a)(b)

1,000

972,725

CIFC

Funding

Ltd.

(a)(b)

Series

2013-4A,

Class

A2RR,

(LIBOR

USD

3

Month

+

1.30%),

2.52%,

04/27/31

..

650

627,156

Series

2017-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.22%),

2.28%,

07/20/30

...

1,850

1,832,259

Series

2018-4A,

Class

B,

(LIBOR

USD

3

Month

+

2.10%),

3.14%,

10/17/31

...

500

478,043

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

2.98%,

04/25/33

...

1,000

936,780

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

3.09%,

07/18/30

(a)(b)

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

500

478,466

Dryden

83

CLO

Ltd.,

Series

2020-83A,

Class

A,

(LIBOR

USD

3

Month

+

1.22%),

2.26%,

01/18/32

(a)(b)

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

1,000

977,697

Dryden

Senior

Loan

Fund,

Series

2017-47A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

3.09%,

04/15/28

(a)(b)

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

500

484,137

Dryden

XXVI

Senior

Loan

Fund,

Series

2013-

26A,

Class

CR,

(LIBOR

USD

3

Month

+

1.85%),

2.89%,

04/15/29

(a)(b)

.........

500

480,669

Eaton

Vance

CLO

Ltd.

(a)(b)

Series

2013-1A,

Class

B3R,

(LIBOR

USD

3

Month

+

2.15%),

3.19%,

01/15/34

...

1,000

942,058

Series

2018-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.20%),

3.24%,

10/15/30

...

500

474,331

Elevation

CLO

Ltd.,

Series

2017-8A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

3.23%,

10/25/30

(a)(b)

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

1,000

954,455

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

3.06%,

04/20/34

(a)(b)

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

700

654,880

First

Franklin

Mortgage

Loan

Trust,

Series

2005-FF10,

Class

A6M,

(LIBOR

USD

1

Month

+

0.70%),

2.32%,

11/25/35

(a)

.....

678

638,610

Flatiron

CLO

17

Ltd.,

Series

2017-1A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

3.31%,

05/15/30

(a)(b)

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

400

382,094

Galaxy

XXII

CLO

Ltd.

(a)(b)

Series

2016-22A,

Class

ARR,

(LIBOR

USD

3

Month

+

1.20%),

2.24%,

04/16/34

..

750

725,374

Series

2016-22A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.70%),

2.74%,

04/16/34

..

500

468,690

Generate

CLO

9

Ltd.

(a)(b)

Series

9A,

Class

A,

(LIBOR

USD

3

Month

+

1.20%),

2.26%,

10/20/34

.........

1,000

965,212

Series

9A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

2.81%,

10/20/34

.........

1,500

1,405,768

Series

9A,

Class

C,

(LIBOR

USD

3

Month

+

2.25%),

3.31%,

10/20/34

.........

1,000

932,937

Gilbert

Park

CLO

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.19%),

2.23%,

10/15/30

(a)(b)

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

750

738,241

GoldenTree

Loan

Management

US

CLO

1

Ltd.,

Series

2017-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

1.80%),

2.86%,

04/20/34

(a)(b)

...

2,500

2,308,783

Golub

Capital

Partners

CLO

53B

Ltd.,

Series

2021-53A,

Class

B,

(LIBOR

USD

3

Month

+

1.80%),

2.86%,

07/20/34

(a)(b)

.........

1,000

946,574

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Greywolf

CLO

II

Ltd.,

Series

2013-1A,

Class

A2AR,

(LIBOR

USD

3

Month

+

1.60%),

2.64%,

04/15/34

(a)(b)

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

USD

300

$

279,333

Greywolf

CLO

VII

Ltd.,

Series

2018-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.18%),

2.24%,

10/20/31

(a)(b)

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

500

490,068

Gulf

Stream

Meridian

4

Ltd.,

Series

2021-4A,

Class

A1,

(LIBOR

USD

3

Month

+

1.20%),

2.24%,

07/15/34

(a)(b)

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

1,000

969,515

HalseyPoint

CLO

4

Ltd.,

Series

2021-4A,

Class

A,

(LIBOR

USD

3

Month

+

1.22%),

2.28%,

04/20/34

(a)(b)

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

500

483,884

Highbridge

Loan

Management

Ltd.,

Series

12A-18,

Class

A2,

(LIBOR

USD

3

Month

+

1.50%),

2.54%,

07/18/31

(a)(b)

.........

500

472,500

Invesco

CLO

Ltd.,

Series

2021-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.12%),

2.16%,

07/15/34

(a)(b)

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

1,000

964,095

Madison

Park

Funding

XX

Ltd.,

Series

2016-

20A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

3.12%,

07/27/30

(a)(b)

.........

1,000

942,818

Madison

Park

Funding

XXXIII

Ltd.

(a)(b)

Series

2019-33A,

Class

BR,

(3

Month

CME

Term

SOFR

+

1.80%),

2.65%,

10/15/32

1,000

972,095

Series

2019-33A,

Class

CR,

(3

Month

CME

Term

SOFR

+

2.20%),

3.05%,

10/15/32

1,000

948,043

Milos

CLO

Ltd.,

Series

2017-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.55%),

2.61%,

10/20/30

(a)(b)

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

1,000

948,229

Neuberger

Berman

Loan

Advisers

CLO

26

Ltd.,

Series

2017-26A,

Class

C,

(LIBOR

USD

3

Month

+

1.75%),

2.79%,

10/18/30

(a)(b)

...

1,000

947,676

OCP

CLO

Ltd.,

Series

2021-22A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

3.11%,

12/02/34

(a)(b)

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

500

463,604

Octagon

Investment

Partners

26

Ltd.,

Series

2016-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

2.64%,

07/15/30

(a)(b)

.........

500

477,254

Octagon

Investment

Partners

41

Ltd.

(a)(b)

Series

2019-2A,

Class

B1R,

(LIBOR

USD

3

Month

+

1.70%),

2.74%,

10/15/33

...

1,500

1,422,349

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.15%),

3.19%,

10/15/33

...

1,000

936,510

OHA

Loan

Funding

Ltd.,

Series

2013-1A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.60%),

2.78%,

07/23/31

(a)(b)

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

1,000

959,124

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2019-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.15%),

2.56%,

11/14/34

...

1,000

964,428

Series

2019-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.70%),

3.11%,

11/14/34

....

1,000

940,031

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

2.84%,

07/15/34

...

1,000

923,349

Series

2022-1A,

Class

B,

(3

Month

CME

Term

SOFR

+

1.80%),

2.27%,

04/20/35

500

464,675

Series

2022-1A,

Class

C,

(3

Month

CME

Term

SOFR

+

2.05%),

2.52%,

04/20/35

500

466,815

Park

Avenue

Institutional

Advisers

CLO

Ltd.,

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.25%),

3.29%,

07/15/34

(a)(b)

...

1,000

936,505

Pikes

Peak

CLO

6

(a)(b)

Series

2020-6A,

Class

AR2,

(LIBOR

USD

3

Month

+

1.17%),

2.63%,

05/18/34

...

500

481,746

Series

2020-6A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.70%),

3.16%,

05/18/34

...

500

469,872

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Pikes

Peak

CLO

8,

Series

2021-8A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

2.81%,

07/20/34

(a)(b)

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

USD

500

$

476,401

PPM

CLO

4

Ltd.,

Series

2020-4A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

3.14%,

10/18/34

(a)(b)

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

750

698,809

PPM

CLO

5

Ltd.,

Series

2021-5A,

Class

A,

(LIBOR

USD

3

Month

+

1.20%),

2.24%,

10/18/34

(a)(b)

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

1,500

1,447,843

Progress

Residential

Trust

(b)

Series

2020-SFR1,

Class

F,

3.43%,

04/17/37

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

1,000

930,484

Series

2020-SFR2,

Class

A,

2.08%,

06/17/37

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

1,000

943,802

Series

2020-SFR2,

Class

B,

2.58%,

06/17/37

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

1,000

954,576

Rad

CLO

12

Ltd.,

Series

2021-12A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

3.34%,

10/30/34

(a)(b)

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

1,000

927,785

Rad

CLO

3

Ltd.,

Series

2019-3A,

Class

A,

(LIBOR

USD

3

Month

+

1.48%),

2.52%,

04/15/32

(a)(b)

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

1,000

983,840

Regatta

VIII

Funding

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.25%),

2.29%,

10/17/30

(a)(b)

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

500

493,826

Regatta

XI

Funding

Ltd.,

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

2.69%,

07/17/31

(a)(b)

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

650

622,992

Regatta

XIV

Funding

Ltd.,

Series

2018-3A,

Class

A,

(LIBOR

USD

3

Month

+

1.19%),

2.37%,

10/25/31

(a)(b)

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

1,000

977,063

Regatta

XV

Funding

Ltd.,

Series

2018-4A,

Class

A2,

(LIBOR

USD

3

Month

+

1.85%),

3.03%,

10/25/31

(a)(b)

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

700

679,100

Rockford

Tower

CLO

Ltd.

(a)(b)

Series

2017-3A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

2.86%,

10/20/30

...

1,000

947,330

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

3.48%,

08/20/32

...

500

472,549

Series

2021-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.18%),

2.24%,

10/20/34

...

1,250

1,201,978

Series

2021-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.15%),

3.21%,

10/20/34

...

1,000

931,204

Signal

Peak

CLO

9

Ltd.,

Series

2021-9A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

2.80%,

07/21/34

(a)(b)

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

500

475,275

Sixth

Street

CLO

XIX

Ltd.,

Series

2021-19A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

2.76%,

07/20/34

(a)(b)

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

1,000

951,187

Sound

Point

CLO

XXIII,

Series

2019-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.17%),

2.21%,

07/15/34

(a)(b)

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

1,000

960,068

TCI-Flatiron

CLO

Ltd.

(a)(b)

Series

2018-1A,

Class

CR,

(LIBOR

USD

3

Month

+

1.75%),

2.99%,

01/29/32

...

1,000

939,172

Series

2018-1A,

Class

DR,

(LIBOR

USD

3

Month

+

2.75%),

3.99%,

01/29/32

...

1,000

930,684

TCW

CLO

Ltd.,

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.90%),

2.96%,

03/18/34

(a)(b)

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

500

460,399

TICP

CLO

VI

Ltd.,

Series

2016-6A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.50%),

2.54%,

01/15/34

(a)(b)

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

1,000

934,085

BlackRock

Managed

Income

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

TICP

CLO

VII

Ltd.,

Series

2017-7A,

Class

ASR,

(LIBOR

USD

3

Month

+

1.27%),

2.31%,

04/15/33

(a)(b)

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

USD

1,300

$

1,270,231

Webster

Park

CLO

Ltd.,

Series

2015-1A,

Class

A1BR,

(LIBOR

USD

3

Month

+

1.35%),

2.41%,

07/20/30

(a)(b)

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

1,000

965,420

Total

Asset-Backed

Securities

—

8.7%

(Cost:

$82,264,374)

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

78,319,852

Shares

Shares

Common

Stocks

Banks

—

0.5%

Bank

Rakyat

Indonesia

Persero

Tbk

.

PT

...

2,363,700

660,101

Citizens

Financial

Group,

Inc.

..........

39,918

1,424,673

DBS

Group

Holdings

Ltd.

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

36,300

776,726

M&T

Bank

Corp.

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

10,859

1,730,816

4,592,316

Beverages

—

0.2%

Diageo

plc

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

40,414

1,745,591

Biotechnology

—

0.2%

AbbVie,

Inc.

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

12,623

1,933,339

Building

Products

—

0.0%

AZEK

Co.,

Inc.

(The)

(c)

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

54

904

Capital

Markets

—

0.2%

Intercontinental

Exchange,

Inc.

.........

20,032

1,883,809

Chemicals

—

0.2%

Air

Liquide

SA

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

5,348

719,856

International

Flavors

&

Fragrances,

Inc.

....

5,867

698,877

1,418,733

Consumer

Finance

—

0.1%

Synchrony

Financial

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

43,497

1,201,387

Diversified

Telecommunication

Services

—

0.4%

Cellnex

Telecom

SA

(b)(d)

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

11,364

442,266

Koninklijke

KPN

NV

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

350,196

1,246,043

TELUS

Corp.

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

77,162

1,718,641

3,406,950

Electric

Utilities

—

0.2%

EDP

-

Energias

de

Portugal

SA

.........

397,448

1,852,241

Electrical

Equipment

—

0.2%

Schneider

Electric

SE

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

11,400

1,358,373

Electronic

Equipment,

Instruments

&

Components

—

0.1%

TE

Connectivity

Ltd.

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

9,900

1,120,185

Energy

Equipment

&

Services

—

0.1%

Baker

Hughes

Co.

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

22,434

647,670

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.0%

Alexandria

Real

Estate

Equities,

Inc.

......

2,987

433,205

American

Tower

Corp.

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

1,451

370,861

Assura

plc

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

591,813

471,151

Boston

Properties,

Inc.

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

3,717

330,739

Community

Healthcare

Trust,

Inc.

........

3,663

132,637

Covivio

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

3,280

183,246

Cromwell

European

REIT

(d)

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

102,000

208,437

Crown

Castle

International

Corp.

........

2,233

375,993

Digital

Realty

Trust,

Inc.

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

2,402

311,852

EPR

Properties

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

6,526

306,265

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Equinix

,

Inc.

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

482

$

316,684

ESR

Kendall

Square

REIT

Co.

Ltd.

.......

71,666

310,698

Goodman

Group

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

28,427

351,009

LondonMetric

Property

plc

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

64,267

178,612

Medical

Properties

Trust,

Inc.

...........

7,907

120,740

Outfront

Media,

Inc.

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

22,530

381,883

Physicians

Realty

Trust

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

23,137

403,741

Prologis,

Inc.

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

5,131

603,662

Rexford

Industrial

Realty,

Inc.

..........

6,335

364,833

Secure

Income

REIT

plc

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

31,844

182,577

SL

Green

Realty

Corp.

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

5,756

265,639

Spirit

Realty

Capital,

Inc.

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

10,250

387,245

Sun

Communities,

Inc.

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

2,877

458,479

Target

Healthcare

REIT

plc

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

181,170

239,063

UDR,

Inc.

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

9,985

459,709

VICI

Properties,

Inc.

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

14,222

423,673

Warehouses

De

Pauw

CVA

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

8,515

268,684

Welltower

,

Inc.

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

5,604

461,489

9,302,806

Food

&

Staples

Retailing

—

0.1%

Wal-Mart

de

Mexico

SAB

de

CV

.........

228,723

787,072

Health

Care

Equipment

&

Supplies

—

0.2%

Medtronic

plc

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

18,946

1,700,404

Health

Care

Providers

&

Services

—

0.2%

UnitedHealth

Group,

Inc.

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

3,936

2,021,648

Household

Durables

—

0.1%

Taylor

Wimpey

plc

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

712,452

1,014,846

Household

Products

—

0.3%

Reckitt

Benckiser

Group

plc

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

30,736

2,311,724

Insurance

—

0.6%

Assurant,

Inc.

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

9,017

1,558,588

Prudential

plc

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

152,993

1,903,116

Zurich

Insurance

Group

AG

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

3,371

1,470,004

4,931,708

IT

Services

—

0.5%

Fidelity

National

Information

Services,

Inc.

..

19,921

1,826,158

GDS

Holdings

Ltd.,

Class

A

(c)

...........

58,400

245,583

NEXTDC

Ltd.

(c)

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

32,725

240,855

Paychex,

Inc.

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

7,090

807,339

SUNeVision

Holdings

Ltd.

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

206,000

157,313

Visa,

Inc.,

Class

A

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

8,222

1,618,830

4,896,078

Leisure

Products

—

0.2%

Hasbro,

Inc.

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

22,058

1,806,109

Machinery

—

0.3%

Epiroc

AB,

Class

A

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

78,569

1,218,217

Otis

Worldwide

Corp.

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

20,355

1,438,488

2,656,705

Media

—

0.2%

Comcast

Corp.,

Class

A

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

41,891

1,643,803

Oil,

Gas

&

Consumable

Fuels

—

0.2%

Chevron

Corp.

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

4,925

713,042

Williams

Cos.,

Inc.

(The)

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

24,715

771,355

1,484,397

Personal

Products

—

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

....

6,163

1,569,531

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

12

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Shares

Shares

Value

Pharmaceuticals

—

0.8%

AstraZeneca

plc

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

17,680

$

2,332,377

Novo

Nordisk

A/S,

Class

B

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

20,382

2,260,413

Sanofi

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

25,009

2,522,059

7,114,849

Professional

Services

—

0.2%

NMG,

Inc.

(c)

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

265

46,110

RELX

plc

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

79,603

2,152,700

2,198,810

Real

Estate

Management

&

Development

—

0.1%

Aroundtown

SA

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

64,751

207,099

ESR

Group

Ltd.

(b)(c)(d)

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

93,200

252,726

Hulic

Co.

Ltd.

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

38,700

300,167

VGP

NV

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

698

111,346

Vonovia

SE

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

14,150

437,808

1,309,146

Semiconductors

&

Semiconductor

Equipment

—

0.4%

MediaTek

,

Inc.

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

45,000

987,803

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

116,000

1,859,057

Texas

Instruments,

Inc.

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

6,543

1,005,332

3,852,192

Software

—

0.4%

Intuit,

Inc.

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

2,996

1,154,778

Microsoft

Corp.

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

10,971

2,817,682

3,972,460

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

EssilorLuxottica

SA

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

9,707

1,471,704

Kering

SA

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

2,040

1,057,183

LVMH

Moet

Hennessy

Louis

Vuitton

SE

....

1,674

1,025,958

3,554,845

Tobacco

—

0.2%

Philip

Morris

International,

Inc.

..........

14,977

1,478,829

Trading

Companies

&

Distributors

—

0.2%

Ferguson

plc

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

12,603

1,411,820

Wireless

Telecommunication

Services

—

0.1%

KDDI

Corp.

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

34,700

1,094,243

Total

Common

Stocks

—

9.3%

(Cost:

$90,631,047)

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

83,275,523

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

0.8%

Boeing

Co.

(The)

3.85%,

11/01/48

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

USD

175

123,568

3.90%,

05/01/49

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

100

70,945

5.81%,

05/01/50

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

610

560,268

5.93%,

05/01/60

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

100

91,042

Bombardier,

Inc.

(b)

7.50%,

03/15/25

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

10

9,038

7.13%,

06/15/26

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

566

466,656

7.88%,

04/15/27

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

210

174,806

6.00%,

02/15/28

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

173

129,646

7.45%,

05/01/34

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

100

74,995

General

Dynamics

Corp.,

4.25%,

04/01/40

.

100

95,601

Howmet

Aerospace,

Inc.,

5.13%,

10/01/24

.

2

1,982

L3Harris

Technologies,

Inc.

3.83%,

04/27/25

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

75

74,379

3.85%,

12/15/26

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

100

97,987

4.40%,

06/15/28

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

690

677,656

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

2.90%,

12/15/29

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

USD

250

$

221,572

5.05%,

04/27/45

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

50

48,595

Lockheed

Martin

Corp.,

4.07%,

12/15/42

..

115

106,771

Maxar

Technologies,

Inc.,

7.75%,

06/15/27

(b)

35

34,668

Northrop

Grumman

Corp.

3.25%,

01/15/28

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

190

180,599

3.85%,

04/15/45

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

100

84,181

5.25%,

05/01/50

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

250

264,666

Raytheon

Technologies

Corp.

4.50%,

06/01/42

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

500

476,799

3.03%,

03/15/52

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

450

335,093

Rolls-Royce

plc,

5.75%,

10/15/27

(b)

......

400

360,520

Spirit

AeroSystems

,

Inc.

(b)

5.50%,

01/15/25

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

57

52,725

7.50%,

04/15/25

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

28

26,005

TransDigm

,

Inc.

8.00%,

12/15/25

(b)

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

557

563,261

6.25%,

03/15/26

(b)

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

1,621

1,562,239

6.38%,

06/15/26

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

12

11,220

7.50%,

03/15/27

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

39

36,793

4.63%,

01/15/29

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

131

105,457

4.88%,

05/01/29

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

104

84,660

Triumph

Group,

Inc.,

8.88%,

06/01/24

(b)

...

378

380,786

Wesco

Aircraft

Holdings,

Inc.,

9.00%,

11/15/26

(b)

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

92

53,618

7,638,797

Air

Freight

&

Logistics

—

0.0%

FedEx

Corp.

3.10%,

08/05/29

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

40

36,456

4.25%,

05/15/30

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

150

145,596

4.55%,

04/01/46

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

195

175,006

5.25%,

05/15/50

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

75

74,676

431,734

Airlines

—

0.4%

Air

Canada,

3.88%,

08/15/26

(b)

.........

176

148,877

Air

Canada

Pass-Through

Trust,

Series

2017-1,

Class

AA,

3.30%,

01/15/30

(b)

........

15

13,428

American

Airlines

Pass-Through

Trust

Series

2019-1,

Class

B,

3.85%,

02/15/28

65

54,685

Series

2017-1,

Class

AA,

3.65%,

02/15/29

59

55,064

American

Airlines,

Inc.

(b)

11.75%,

07/15/25

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

627

648,883

5.50%,

04/20/26

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

319

292,642

5.75%,

04/20/29

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

284

242,583

British

Airways

Pass-Through

Trust,

Series

2019-1,

Class

A,

3.35%,

06/15/29

(b)

....

35

30,721

Delta

Air

Lines,

Inc.

3.80%,

04/19/23

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

100

99,000

7.00%,

05/01/25

(b)

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

59

59,719

4.75%,

10/20/28

(b)

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

136

128,283

Hawaiian

Brand

Intellectual

Property

Ltd.,

5.75%,

01/20/26

(b)

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

86

77,073

Mileage

Plus

Holdings

LLC,

6.50%,

06/20/27

(b)

261

256,019

Spirit

Loyalty

Cayman

Ltd.,

8.00%,

09/20/25

(b)

13

13,491

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

B,

4.88%,

01/15/26

29

27,586

Series

2020-1,

Class

A,

5.88%,

10/15/27

572

561,609

Series

2019-2,

Class

AA,

2.70%,

05/01/32

41

34,917

United

Airlines,

Inc.

(b)

4.38%,

04/15/26

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

391

344,538

4.63%,

04/15/29

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

361

306,225

3,395,343

BlackRock

Managed

Income

Fund

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Auto

Components

—

0.4%

Adient

US

LLC,

9.00%,

04/15/25

(b)

......

USD

21

$

21,840

Allison

Transmission,

Inc.,

5.88%,

06/01/29

(b)

173

160,890

Aptiv

plc

2.40%,

02/18/25

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

145

138,475

3.25%,

03/01/32

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

265

225,141

5.40%,

03/15/49

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

25

22,680

3.10%,

12/01/51

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

205

132,211

BorgWarner,

Inc.,

5.00%,

10/01/25

(b)

.....

100

100,867

Clarios

Global

LP

(b)

6.75%,

05/15/25

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

340

336,753

6.25%,

05/15/26

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

493

474,512

8.50%,

05/15/27

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

1,227

1,185,865

Dealer

Tire

LLC,

8.00%,

02/01/28

(b)

......

67

57,881

Dornoch

Debt

Merger

Sub,

Inc.,

6.63%,

10/15/29

(b)

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

42

31,017

Goodyear

Tire

&

Rubber

Co.

(The)

9.50%,

05/31/25

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

47

48,606

5.00%,

07/15/29

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

22

18,220

5.63%,

04/30/33

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

116

92,902

Icahn

Enterprises

LP

4.75%,

09/15/24

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

109

101,730

6.25%,

05/15/26

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

38

35,574

5.25%,

05/15/27

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

157

139,077

4.38%,

02/01/29

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

91

73,543

Patrick

Industries,

Inc.,

4.75%,

05/01/29

(b)

..

24

17,862

3,415,646

Automobiles

—

0.8%

BMW

US

Capital

LLC,

1.25%,

08/12/26

(b)

..

60

53,710

Daimler

Finance

North

America

LLC

(b)

3.25%,

08/01/24

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

175

172,689

1.45%,

03/02/26

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

150

135,850

Ford

Motor

Co.

0.00%,

03/15/26

(e)(f)

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

76

69,312

4.35%,

12/08/26

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

182

168,682

3.25%,

02/12/32

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

320

239,328

4.75%,

01/15/43

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

21

14,959

5.29%,

12/08/46

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

60

46,015

General

Motors

Co.

5.40%,

10/02/23

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

325

329,855

4.00%,

04/01/25

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

425

419,321

6.13%,

10/01/25

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

50

51,687

6.80%,

10/01/27

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

225

236,894

6.25%,

10/02/43

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

311

296,286

6.75%,

04/01/46

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

60

60,203

5.40%,

04/01/48

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

135

117,437

5.95%,

04/01/49

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

99

91,933

Hyundai

Capital

America

(b)

0.80%,

01/08/24

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

675

641,077

1.00%,

09/17/24

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

455

422,227

1.80%,

10/15/25

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

395

361,260

Nissan

Motor

Acceptance

Co.

LLC

(b)

3.88%,

09/21/23

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

78

77,458

2.00%,

03/09/26

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

700

605,619

2.45%,

09/15/28

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

115

92,727

Nissan

Motor

Co.

Ltd.

(b)

3.04%,

09/15/23

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

200

196,622

3.52%,

09/17/25

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

410

387,912

4.35%,

09/17/27

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

660

605,716

Stellantis

Finance

US,

Inc.,

1.71%,

01/29/27

(b)

200

173,911

Thor

Industries,

Inc.,

4.00%,

10/15/29

(b)

...

26

20,592

Volkswagen

Group

of

America

Finance

LLC

(b)

0.75%,

11/23/22

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

300

297,587

1.25%,

11/24/25

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

400

357,909

Security

Par

(000)

Par

(000)

Value

Automobiles

(continued)

Winnebago

Industries,

Inc.,

6.25%,

07/15/28

(b)

USD

31

$

28,388

6,773,166

Banks

—

6.8%

Banco

Bilbao

Vizcaya

Argentaria

SA,

(USD

Swap

Semi

5

Year

+

3.87%),

6.13%

(a)(g)

..

800

673,329

Banco

Nacional

de

Panama,

2.50%,

08/11/30

(b)

300

235,500

Banco

Santander

SA

3.13%,

02/23/23

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

200

199,162

3.85%,

04/12/23

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

200

199,820

2.71%,

06/27/24

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

200

194,077

2.75%,

05/28/25

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

200

189,379

1.85%,

03/25/26

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

400

359,490

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.72%,

09/14/27

(a)

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

200

173,595

3.31%,

06/27/29

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

200

181,602

Bank

of

America

Corp.

(LIBOR

USD

3

Month

+

0.94%),

3.86%,

07/23/24

(a)

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

400

398,243

4.20%,

08/26/24

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

300

300,574

4.00%,

01/22/25

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

250

248,889

(SOFR

+

0.67%),

1.84%,

02/04/25

(a)

...

60

57,838

(LIBOR

USD

3

Month

+

0.97%),

3.46%,

03/15/25

(a)

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

80

78,846

(LIBOR

USD

3

Month

+

1.09%),

3.09%,

10/01/25

(a)

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

795

769,278

(LIBOR

USD

3

Month

+

0.87%),

2.46%,

10/22/25

(a)

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

225

214,313

(SOFR

+

0.65%),

1.53%,

12/06/25

(a)

...

60

55,827

(LIBOR

USD

3

Month

+

0.81%),

3.37%,

01/23/26

(a)

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

290

280,863

(LIBOR

USD

3

Month

+

0.64%),

2.02%,

02/13/26

(a)

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

300

281,169

1.32%,

06/19/26

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

1,073

975,400

4.25%,

10/22/26

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

91

89,718

(SOFR

+

1.01%),

1.20%,

10/24/26

(a)

...

100

89,481

Series

N,

(SOFR

+

0.91%),

1.66%,

03/11/27

(a)

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

52

46,604

(SOFR

+

1.05%),

2.55%,

02/04/28

(a)

...

700

636,628

(LIBOR

USD

3

Month

+

1.51%),

3.71%,

04/24/28

(a)

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

150

142,988

(SOFR

+

1.58%),

4.38%,

04/27/28

(a)

...

310

305,186

(LIBOR

USD

3

Month

+

1.37%),

3.59%,

07/21/28

(a)

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

300

282,931

3.42%,

12/20/28

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

960

894,008

(SOFR

+

1.06%),

2.09%,

06/14/29

(a)

...

150

128,457

(LIBOR

USD

3

Month

+

1.21%),

3.97%,

02/07/30

(a)

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

145

136,965

(LIBOR

USD

3

Month

+

1.18%),

3.19%,

07/23/30

(a)

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

300

268,936

(SOFR

+

2.15%),

2.59%,

04/29/31

(a)

...

295

250,202

(SOFR

+

1.32%),

2.69%,

04/22/32

(a)

...

420

352,597

(SOFR

+

1.21%),

2.57%,

10/20/32

(a)

...

425

350,545

(SOFR

+

1.33%),

2.97%,

02/04/33

(a)

...

440

374,846

(SOFR

+

1.83%),

4.57%,

04/27/33

(a)

...

470

457,409

Series

L,

4.75%,

04/21/45

..........

185

167,917

(LIBOR

USD

3

Month

+

3.15%),

4.08%,

03/20/51

(a)

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

175

150,825

(SOFR

+

1.88%),

2.83%,

10/24/51

(a)

...

30

20,543

Banque

Federative

du

Credit

Mutuel

SA,

2.13%,

11/21/22

(b)

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

200

199,261

Barclays

Bank

plc

(e)(f)

0.00%,

02/04/25

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

234

321,449

Series

VUN,

0.00%,

02/18/25

........

369

368,298

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

14

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Barclays

plc

(USD

Swap

Semi

5

Year

+

4.84%),

7.75%

(a)

(g)

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

USD

475

$

466,687

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.80%),

1.01%,

12/10/24

(a)

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

400

379,634

3.65%,

03/16/25

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

250

244,474

(LIBOR

USD

3

Month

+

1.61%),

3.93%,

05/07/25

(a)

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

200

196,742

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.87%),

6.13%

(a)(g)

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

775

719,570

4.38%,

01/12/26

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

400

395,882

5.20%,

05/12/26

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

270

268,848

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.41%),

4.38%

(a)(g)

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

200

153,372

4.84%,

05/09/28

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

200

192,401

(LIBOR

USD

3

Month

+

3.05%),

5.09%,

06/20/30

(a)

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

400

377,559

BNP

Paribas

SA

4.25%,

10/15/24

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

200

199,189

3.38%,

01/09/25

(b)

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

400

390,659

(LIBOR

USD

3

Month

+

2.24%),

4.71%,

01/10/25

(a)(b)

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

200

199,896

(LIBOR

USD

3

Month

+

1.11%),

2.82%,

11/19/25

(a)(b)

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

200

191,055

(SOFR

+

1.00%),

1.32%,

01/13/27

(a)(b)

..

200

176,691

(USD

Swap

Semi

5

Year

+

3.98%),

7.00%

(a)

(b)(g)

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

200

190,128

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.34%),

4.63%

(a)(b)(g)

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

1,150

848,698

BofA

Finance

LLC,

0.13%,

09/01/22

(e)

....

262

260,821

Citigroup,

Inc.

(LIBOR

USD

3

Month

+

0.90%),

3.35%,

04/24/25

(a)

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

650

636,642

(SOFR

+

1.37%),

4.14%,

05/24/25

(a)

...

135

134,449

4.60%,

03/09/26

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

400

400,506

(SOFR

+

2.84%),

3.11%,

04/08/26

(a)

....

950

911,958

3.40%,

05/01/26

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

175

169,028

3.20%,

10/21/26

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

100

95,154

4.30%,

11/20/26

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

155

152,767

(SOFR

+

0.77%),

1.12%,

01/28/27

(a)

...

375

331,115

4.45%,

09/29/27

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

850

832,432

(LIBOR

USD

3

Month

+

1.56%),

3.89%,

01/10/28

(a)

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

300

288,436

(LIBOR

USD

3

Month

+

1.39%),

3.67%,

07/24/28

(a)

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

125

118,007

4.13%,

07/25/28

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

100

95,921

(LIBOR

USD

3

Month

+

1.15%),

3.52%,

10/27/28

(a)

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

125

116,791

(SOFR

+

1.42%),

2.98%,

11/05/30

(a)

....

250

218,203

(SOFR

+

3.91%),

4.41%,

03/31/31

(a)

...

200

191,014

(SOFR

+

2.11%),

2.57%,

06/03/31

(a)

....

595

500,150

(SOFR

+

1.17%),

2.56%,

05/01/32

(a)

...

190

156,439

(SOFR

+

1.35%),

3.06%,

01/25/33

(a)

...

65

55,098

(SOFR

+

1.94%),

3.79%,

03/17/33

(a)

...

545

491,041

(SOFR

+

2.09%),

4.91%,

05/24/33

(a)

...

130

128,274

(SOFR

+

1.38%),

2.90%,

11/03/42

(a)

....

130

94,220

Commonwealth

Bank

of

Australia

(b)

1.13%,

06/15/26

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

115

102,888

3.78%,

03/14/32

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

240

211,425

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Cooperatieve

Rabobank

UA

(a)(b)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.00%),

1.34%,

06/24/26

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

USD

295

$

269,078

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.55%),

1.11%,

02/24/27

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

250

220,523

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.73%),

1.98%,

12/15/27

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

555

493,485

Credit

Agricole

SA

(a)(b)

(USD

Swap

Semi

5

Year

+

6.19%),

8.13%

(g)

1,225

1,254,768

(SOFR

+

0.89%),

1.25%,

01/26/27

.....

250

220,076

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.24%),

4.75%

(g)

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

810

629,505

Danske

Bank

A/S

(a)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.03%),

1.17%,

12/08/23

(b)

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

485

478,529

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.45%),

3.77%,

03/28/25

(b)

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

200

196,703

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

4.13%),

7.00%

(d)(g)

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

725

681,091

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.35%),

1.62%,

09/11/26

(b)

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

200

178,993

Discover

Bank

4.20%,

08/08/23

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

250

250,862

(USD

Swap

Semi

5

Year

+

1.73%),

4.68%,

08/09/28

(a)

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

375

364,557

DNB

Bank

ASA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.72%),

1.54%,

05/25/27

(a)(b)

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

200

178,435

HSBC

Holdings

plc

4.25%,

03/14/24

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

225

223,930

(SOFR

+

0.53%),

0.73%,

08/17/24

(a)

...

880

843,656

(SOFR

+

0.58%),

1.16%,

11/22/24

(a)

....

200

190,939

(LIBOR

USD

3

Month

+

1.21%),

3.80%,

03/11/25

(a)

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

200

197,200

(SOFR

+

0.71%),

0.98%,

05/24/25

(a)

...

235

219,120

(SOFR

+

1.40%),

2.63%,

11/07/25

(a)

....

250

238,381

(SOFR

+

1.51%),

4.18%,

12/09/25

(a)

...

530

521,579

(SOFR

+

1.43%),

3.00%,

03/10/26

(a)

...

200

190,368

(SOFR

+

1.54%),

1.65%,

04/18/26

(a)

...

300

274,827

4.38%,

11/23/26

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

250

244,368

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.65%),

4.60%

(a)(g)

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

260

199,850

(SOFR

+

1.19%),

2.80%,

05/24/32

(a)

...

320

262,777

Huntington

National

Bank

(The),

(SOFRINDX

+

1.65%),

4.55%,

05/17/28

(a)

..........

405

402,175

ING

Groep

NV

4.10%,

10/02/23

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

200

200,533

3.55%,

04/09/24

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

200

198,199

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.10%),

1.40%,

07/01/26

(a)(b)

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

200

181,675

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.86%),

3.88%

(a)(g)

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

860

622,824

Intesa

Sanpaolo

SpA,

3.13%,

07/14/22

(b)

..

620

620,025

BlackRock

Managed

Income

Fund

Schedule

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

JPMorgan

Chase

&

Co.

(LIBOR

USD

3

Month

+

1.00%),

4.02%,

12/05/24

(a)

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

USD

400

$

398,629

(SOFR

+

1.16%),

2.30%,

10/15/25

(a)

...

550

523,712

(3

Month

CME

Term

SOFR

+

1.59%),

2.01%,

03/13/26

(a)

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

435

407,353

(SOFR

+

1.32%),

4.08%,

04/26/26

(a)

...

1,530

1,510,916

(SOFR

+

0.80%),

1.05%,

11/19/26

(a)

....

200

177,790

4.13%,

12/15/26

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

400

396,407

(3

Month

CME

Term

SOFR

+

0.70%),

1.04%,

02/04/27

(a)

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

490

433,367

(SOFR

+

0.89%),

1.58%,

04/22/27

(a)

...

800

711,933

(SOFR

+

0.77%),

1.47%,

09/22/27

(a)

...

125

109,633

(SOFR

+

1.89%),

2.18%,

06/01/28

(a)

...

160

142,251

(SOFR

+

1.02%),

2.07%,

06/01/29

(a)

...

225

193,506

(SOFR

+

2.52%),

2.96%,

05/13/31

(a)

...

100

86,338

(SOFR

+

1.25%),

2.58%,

04/22/32

(a)

...

280

235,593

(SOFR

+

1.18%),

2.55%,

11/08/32

(a)

....

45

37,388

(SOFR

+

1.26%),

2.96%,

01/25/33

(a)

...

255

218,882

6.40%,

05/15/38

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

60

67,917

(LIBOR

USD

3

Month

+

1.36%),

3.88%,

07/24/38

(a)

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

455

401,032

(SOFR

+

2.46%),

3.11%,

04/22/41

(a)

....

535

414,730

(SOFR

+

1.46%),

3.16%,

04/22/42

(a)

...

350

271,922

5.63%,

08/16/43

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

50

51,900

4.85%,

02/01/44

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

65

62,271

4.95%,

06/01/45

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

160

152,691

Series

W,

(LIBOR

USD

3

Month

+

1.00%),

2.41%,

05/15/47

(a)

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

117

88,923

Lloyds

Banking

Group

plc

4.05%,

08/16/23

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

510

511,244

4.50%,

11/04/24

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

400

399,014

4.45%,

05/08/25

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

400

400,349

(USD

Swap

Semi

5

Year

+

4.50%),

7.50%

(a)

(g)

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

200

194,934

4.58%,

12/10/25

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

340

333,361

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.00%),

2.44%,

02/05/26

(a)

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

200

189,250

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%),

6.75%

(a)(g)

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

200

188,264

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.85%),

1.63%,

05/11/27

(a)

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

200

177,741

Mitsubishi

UFJ

Financial

Group,

Inc.

3.76%,

07/26/23

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

220

219,800

3.41%,

03/07/24

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

70

69,448

1.41%,

07/17/25

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

400

367,260

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.67%),

1.64%,

10/13/27

(a)

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

200

176,283

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

2.34%,

01/19/28

(a)

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

200

180,271

3.96%,

03/02/28

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

105

101,248

3.20%,

07/18/29

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

200

180,433

2.05%,

07/17/30

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

200

163,087

Mizuho

Financial

Group,

Inc.,

(SOFR

+

1.25%),

1.24%,

07/10/24

(a)

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

220

213,869

National

Australia

Bank

Ltd.,

3.91%,

06/09/27

250

247,112

NatWest

Group

plc

3.88%,

09/12/23

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

650

647,857

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.15%),

2.36%,

05/22/24

(a)

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

380

373,186

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(LIBOR

USD

3

Month

+

1.76%),

4.27%,

03/22/25

(a)

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

USD

500

$

494,859

4.80%,

04/05/26

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

200

199,235

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.64%,

06/14/27

(a)

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

200

175,350

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.55%),

3.07%,

05/22/28

(a)

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

400

363,620

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.27%),

5.52%,

09/30/28

(a)

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

230

231,638

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.10%),

3.75%,

11/01/29

(a)

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

200

192,078

(LIBOR

USD

3

Month

+

1.91%),

5.08%,

01/27/30

(a)

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

200

195,746

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.35%),

3.03%,

11/28/35

(a)

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

400

319,316

Nordea

Bank

Abp

(b)

3.75%,

08/30/23

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

220

220,217

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.11%),

6.63%

(a)(g)

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

550

524,656

1.50%,

09/30/26

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

800

710,705

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%),

3.75%

(a)(g)

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

260

191,492

PNC

Financial

Services

Group,

Inc.

(The)

3.90%,

04/29/24

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

430

431,044

2.20%,

11/01/24

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

100

96,851

3.45%,

04/23/29

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

70

65,319

2.55%,

01/22/30

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

75

65,229

Royal

Bank

of

Canada,

3.38%,

04/14/25

...

100

98,675

Santander

UK

Group

Holdings

plc

(a)

(LIBOR

USD

3

Month

+

1.57%),

4.80%,

11/15/24

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

200

200,006

(SOFR

+

1.22%),

2.47%,

01/11/28

.....

300

265,074

Santander

UK

plc,

5.00%,

11/07/23

(b)

.....

487

490,399

Skandinaviska

Enskilda

Banken

AB

(b)

0.85%,

09/02/25

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

200

181,014

1.20%,

09/09/26

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

200

178,404

Societe

Generale

SA

(a)(b)(g)

(USD

Swap

Rate

5

Year

+

5.87%),

8.00%

400

391,820

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.51%),

5.38%

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

400

310,000

Standard

Chartered

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.14%),

4.30%

(a)(b)(g)

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

400

292,366

Sumitomo

Mitsui

Financial

Group,

Inc.

2.45%,

09/27/24

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

250

240,766

2.35%,

01/15/25

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

200

191,268

1.40%,

09/17/26

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

200

176,558

3.54%,

01/17/28

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

100

94,944

3.94%,

07/19/28

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

100

96,027

2.75%,

01/15/30

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

250

217,376

Svenska

Handelsbanken

AB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.63%),

1.42%,

06/11/27

(a)(b)

....

250

222,635

Toronto-Dominion

Bank

(The),

3.77%,

06/06/25

530

526,991

Truist

Financial

Corp.,

(SOFR

+

0.61%),

1.27%,

03/02/27

(a)

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

300

268,702

UniCredit

SpA,

(USD

Swap

Semi

5

Year

+

5.18%),

8.00%

(a)(d)(g)

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

400

375,000

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

16

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

US

Bancorp,

1.38%,

07/22/30

.........

USD

5

$

3,984

Wells

Fargo

&

Co.

3.75%,

01/24/24

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

480

481,137

(LIBOR

USD

3

Month

+

0.75%),

2.16%,

02/11/26

(a)

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

320

300,757

(SOFR

+

1.32%),

3.91%,

04/25/26

(a)

...

950

934,311

4.30%,

07/22/27

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

131

129,551

(SOFR

+

1.51%),

3.53%,

03/24/28

(a)

...

395

374,123

(SOFR

+

2.10%),

2.39%,

06/02/28

(a)

...

150

134,329

4.15%,

01/24/29

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

75

72,500

(SOFR

+

1.43%),

2.88%,

10/30/30

(a)

...

75

65,953

5.61%,

01/15/44

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

150

150,953

4.40%,

06/14/46

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

360

313,350

4.75%,

12/07/46

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

100

91,545

(SOFR

+

4.50%),

5.01%,

04/04/51

(a)

...

275

269,720

Westpac

Banking

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.75%),

2.67%,

11/15/35

(a)

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

135

107,449

3.13%,

11/18/41

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

135

98,965

60,889,385

Beverages

—

0.3%

Anheuser-Busch

Cos.

LLC

3.65%,

02/01/26

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

245

241,016

4.70%,

02/01/36

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

320

306,569

4.90%,

02/01/46

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

407

382,535

Anheuser-Busch

InBev

Finance,

Inc.,

4.90%,

02/01/46

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

115

108,087

Anheuser-Busch

InBev

Worldwide,

Inc.

4.75%,

01/23/29

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

140

142,431

4.95%,

01/15/42

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

25

23,796

4.44%,

10/06/48

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

55

48,238

5.55%,

01/23/49

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

70

71,493

4.50%,

06/01/50

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

205

184,290

4.75%,

04/15/58

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

320

286,372

5.80%,

01/23/59

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

105

109,209

4.60%,

06/01/60

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

225

196,676

Fomento

Economico

Mexicano

SAB

de

CV,

3.50%,

01/16/50

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

300

234,042

Keurig

Dr

Pepper,

Inc.

4.42%,

05/25/25

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

32

32,251

4.50%,

04/15/52

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

110

96,964

Triton

Water

Holdings,

Inc.,

6.25%,

04/01/29

(b)

42

29,820

2,493,789

Biotechnology

—

0.5%

AbbVie,

Inc.

2.60%,

11/21/24

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

100

96,796

3.80%,

03/15/25

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

75

74,400

3.60%,

05/14/25

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

465

457,438

3.20%,

05/14/26

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

225

216,738

2.95%,

11/21/26

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

1,145

1,084,941

4.50%,

05/14/35

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

350

339,696

4.05%,

11/21/39

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

215

191,722

4.75%,

03/15/45

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

100

94,033

4.45%,

05/14/46

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

230

208,635

4.88%,

11/14/48

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

150

143,742

4.25%,

11/21/49

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

287

254,779

Amgen,

Inc.

2.60%,

08/19/26

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

125

118,221

2.00%,

01/15/32

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

120

97,664

4.40%,

05/01/45

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

30

27,054

4.56%,

06/15/48

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

35

32,107

3.00%,

01/15/52

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

150

106,363

4.20%,

02/22/52

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

85

74,576

Security

Par

(000)

Par

(000)

Value

Biotechnology

(continued)

4.40%,

02/22/62

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

USD

143

$

124,456

Gilead

Sciences,

Inc.

3.70%,

04/01/24

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

100

100,084

3.50%,

02/01/25

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

335

330,970

3.65%,

03/01/26

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

165

162,038

4.80%,

04/01/44

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

25

24,187

4.50%,

02/01/45

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

82

75,489

4.75%,

03/01/46

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

304

291,436

4,727,565

Building

Products

—

0.1%

Advanced

Drainage

Systems,

Inc.

(b)

5.00%,

09/30/27

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

49

45,179

6.38%,

06/15/30

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

175

170,900

Carlisle

Cos.,

Inc.,

2.20%,

03/01/32

......

265

207,877

Carrier

Global

Corp.,

2.24%,

02/15/25

....

10

9,502

Cornerstone

Building

Brands,

Inc.,

6.13%,

01/15/29

(b)

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

102

65,529

CP

Atlas

Buyer,

Inc.,

7.00%,

12/01/28

(b)

...

26

18,777

JELD-WEN,

Inc.

(b)

6.25%,

05/15/25

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

30

28,800

4.63%,

12/15/25

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

5

4,250

Masonite

International

Corp.

(b)

5.38%,

02/01/28

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

23

20,815

3.50%,

02/15/30

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

81

64,473

New

Enterprise

Stone

&

Lime

Co.,

Inc.

(b)

5.25%,

07/15/28

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

31

25,483

9.75%,

07/15/28

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

36

30,780

SRM

Escrow

Issuer

LLC,

6.00%,

11/01/28

(b)

374

316,116

Standard

Industries,

Inc.

(b)

5.00%,

02/15/27

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

55

49,091

4.38%,

07/15/30

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

212

167,215

Summit

Materials

LLC,

5.25%,

01/15/29

(b)

..

58

50,605

1,275,392

Capital

Markets

—

2.7%

Aretec

Escrow

Issuer,

Inc.,

7.50%,

04/01/29

(b)

39

33,236

Bank

of

New

York

Mellon

Corp.

(The),

(SOFR

+

1.15%),

3.99%,

06/13/28

(a)

..........

250

247,075

Blackstone

Private

Credit

Fund

(b)

2.70%,

01/15/25

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

195

177,930

4.70%,

03/24/25

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

95

91,262

2.63%,

12/15/26

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

275

230,403

3.25%,

03/15/27

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

470

398,758

Charles

Schwab

Corp.

(The)

3.63%,

04/01/25

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

200

198,618

1.15%,

05/13/26

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

300

270,632

2.45%,

03/03/27

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

110

102,587

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(b)

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

74

61,050

Credit

Suisse

AG,

2.95%,

04/09/25

......

250

239,269

Credit

Suisse

Group

AG

3.80%,

06/09/23

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

600

594,303

3.75%,

03/26/25

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

250

242,160

(SOFR

+

1.56%),

2.59%,

09/11/25

(a)(b)

..

250

235,206

4.55%,

04/17/26

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

250

244,341

(SOFR

+

0.98%),

1.31%,

02/02/27

(a)(b)

..

330

283,647

Deutsche

Bank

AG

2.22%,

09/18/24

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

740

713,438

(SOFR

+

1.13%),

1.45%,

04/01/25

(a)

...

555

518,623

Series

2020,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.52%),

6.00%

(a)(g)

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

800

690,000

(SOFR

+

1.87%),

2.13%,

11/24/26

(a)

....

150

133,181

(SOFR

+

1.32%),

2.55%,

01/07/28

(a)

...

450

389,524

BlackRock

Managed

Income

Fund

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Goldman

Sachs

Group,

Inc.

(The)

3.20%,

02/23/23

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

USD

445

$

445,155

3.50%,

01/23/25

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

350

344,805

3.50%,

04/01/25

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

460

450,917

(LIBOR

USD

3

Month

+

1.20%),

3.27%,

09/29/25

(a)

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

295

286,613

4.25%,

10/21/25

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

100

99,228

(SOFR

+

0.61%),

0.86%,

02/12/26

(a)

...

100

90,976

3.75%,

02/25/26

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

100

98,025

Series

U,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%),

3.65%

(a)(g)

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

400

310,528

3.50%,

11/16/26

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

285

273,431

(SOFR

+

0.80%),

1.43%,

03/09/27

(a)

...

510

452,070

(SOFR

+

0.91%),

1.95%,

10/21/27

(a)

...

250

221,263

(SOFR

+

1.11%),

2.64%,

02/24/28

(a)

....

300

272,273

(LIBOR

USD

3

Month

+

1.16%),

3.81%,

04/23/29

(a)

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

75

70,711

(LIBOR

USD

3

Month

+

1.30%),

4.22%,

05/01/29

(a)

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

125

120,149

(SOFR

+

1.09%),

1.99%,

01/27/32

(a)

...

575

454,215

(SOFR

+

1.28%),

2.62%,

04/22/32

(a)

...

195

161,896

2.38%,

07/21/32

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

100

80,866

(SOFR

+

1.26%),

2.65%,

10/21/32

(a)

...

275

226,610

6.13%,

02/15/33

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

90

98,070

(SOFR

+

1.41%),

3.10%,

02/24/33

(a)

...

1,294

1,105,174

6.75%,

10/01/37

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

175

193,799

5.15%,

05/22/45

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

65

61,739

Intercontinental

Exchange,

Inc.

4.00%,

09/15/27

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

184

181,029

4.60%,

03/15/33

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

175

173,983

4.25%,

09/21/48

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

5

4,451

5.20%,

06/15/62

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

70

69,784

Lehman

Brothers

Holdings,

Inc.,

6.88%,

07/17/37

(c)(h)(i)

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

203

—

Morgan

Stanley

(SOFR

+

0.46%),

0.53%,

01/25/24

(a)

...

1,105

1,083,184

(LIBOR

USD

3

Month

+

0.85%),

3.74%,

04/24/24

(a)

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

100

99,652

(SOFR

+

1.16%),

3.62%,

04/17/25

(a)

...

335

330,711

(SOFR

+

0.53%),

0.79%,

05/30/25

(a)

...

455

423,567

(SOFR

+

1.15%),

2.72%,

07/22/25

(a)

...

454

437,372

3.88%,

01/27/26

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

250

246,213

2.19%,

04/28/26

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

575

538,288

(SOFR

+

0.72%),

0.99%,

12/10/26

(a)

...

420

372,091

3.63%,

01/20/27

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

275

266,354

3.95%,

04/23/27

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

210

203,350

(SOFR

+

0.88%),

1.59%,

05/04/27

(a)

...

710

630,238

(SOFR

+

0.86%),

1.51%,

07/20/27

(a)

...

1,140

999,814

(SOFR

+

1.00%),

2.48%,

01/21/28

(a)

...

200

181,808

3.59%,

07/22/28

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

75

71,001

(LIBOR

USD

3

Month

+

1.14%),

3.77%,

01/24/29

(a)

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

300

284,654

(SOFR

+

3.12%),

3.62%,

04/01/31

(a)

...

165

151,560

(SOFR

+

1.02%),

1.93%,

04/28/32

(a)

...

160

126,875

(SOFR

+

1.29%),

2.94%,

01/21/33

(a)

...

250

214,263

(SOFR

+

1.49%),

3.22%,

04/22/42

(a)

...

55

43,286

(SOFR

+

1.43%),

2.80%,

01/25/52

(a)

...

40

27,771

MSCI,

Inc.

(b)

4.00%,

11/15/29

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

12

10,636

3.63%,

09/01/30

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

58

48,354

3.88%,

02/15/31

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

16

13,680

3.63%,

11/01/31

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

49

40,334

3.25%,

08/15/33

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

104

82,897

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Nomura

Holdings,

Inc.

1.65%,

07/14/26

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

USD

200

$

175,127

2.61%,

07/14/31

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

200

159,513

Northern

Trust

Corp.,

3.15%,

05/03/29

....

50

47,132

OWL

Rock

Core

Income

Corp.,

5.50%,

03/21/25

(b)

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

75

72,002

S&P

Global,

Inc.

(b)

2.45%,

03/01/27

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

150

140,400

2.90%,

03/01/32

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

105

93,578

3.70%,

03/01/52

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

30

25,611

State

Street

Corp.

(a)

(LIBOR

USD

3

Month

+

0.77%),

3.78%,

12/03/24

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

55

54,894

(LIBOR

USD

3

Month

+

1.00%),

2.83%,

06/15/47

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

1,788

1,412,502

UBS

Group

AG

(a)

(LIBOR

USD

3

Month

+

0.95%),

2.86%,

08/15/23

(b)

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

925

924,676

(USD

Swap

Semi

5

Year

+

4.34%),

7.00%

(b)

(g)

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

800

779,298

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

1.01%,

07/30/24

(b)

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

255

246,915

(USD

Swap

Semi

5

Year

+

4.87%),

7.00%

(d)

(g)

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

200

198,000

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.40%),

4.88%

(b)(g)

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

520

434,959

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.85%),

1.49%,

08/10/27

(b)

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

255

223,146

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.31%),

4.38%

(b)(g)

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

200

146,320

24,505,029

Chemicals

—

0.5%

Air

Products

&

Chemicals,

Inc.,

1.50%,

10/15/25

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

50

47,062

Ashland

LLC,

3.38%,

09/01/31

(b)

........

112

91,098

Axalta

Coating

Systems

LLC

(b)

4.75%,

06/15/27

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

200

179,720

3.38%,

02/15/29

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

300

244,911

Chemours

Co.

(The),

5.75%,

11/15/28

(b)

...

37

31,533

Diamond

BC

BV,

4.63%,

10/01/29

(b)

......

339

271,098

Dow

Chemical

Co.

(The),

3.60%,

11/15/50

.

20

15,268

DuPont

de

Nemours,

Inc.

5.32%,

11/15/38

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

110

108,886

5.42%,

11/15/48

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

61

60,573

Eastman

Chemical

Co.,

4.80%,

09/01/42

..

65

57,740

Ecolab,

Inc.,

2.70%,

12/15/51

.........

265

188,983

Element

Solutions,

Inc.,

3.88%,

09/01/28

(b)

.

827

682,383

EverArc

Escrow

SARL,

5.00%,

10/30/29

(b)

..

229

192,753

Gates

Global

LLC,

6.25%,

01/15/26

(b)

.....

217

201,267

GCP

Applied

Technologies,

Inc.,

5.50%,

04/15/26

(b)

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

46

45,770

HB

Fuller

Co.,

4.25%,

10/15/28

........

36

30,206

Herens

Holdco

SARL,

4.75%,

05/15/28

(b)

..

200

166,160

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(b)

...

140

110,600

Ingevity

Corp.,

3.88%,

11/01/28

(b)

.......

26

21,775

International

Flavors

&

Fragrances,

Inc.

(b)

1.23%,

10/01/25

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

140

126,302

1.83%,

10/15/27

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

660

568,600

2.30%,

11/01/30

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

35

28,765

Kobe

US

Midco

2,

Inc.,

9.25%,

11/01/26

(a)(b)

.

87

79,574

LSF11

A5

HoldCo

LLC,

6.63%,

10/15/29

(b)

..

43

36,227

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

18

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

LYB

International

Finance

III

LLC

1.25%,

10/01/25

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

USD

241

$

218,071

4.20%,

10/15/49

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

75

60,945

3.63%,

04/01/51

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

100

73,902

LyondellBasell

Industries

NV,

4.63%,

02/26/55

25

21,379

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(b)

46

40,034

NOVA

Chemicals

Corp.,

4.88%,

06/01/24

(b)

.

67

63,683

PPG

Industries,

Inc.,

1.20%,

03/15/26

....

45

40,426

Scotts

Miracle-

Gro

Co.

(The)

4.00%,

04/01/31

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

85

63,538

4.38%,

02/01/32

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

10

7,602

Sherwin-Williams

Co.

(The)

2.30%,

05/15/30

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

45

37,975

4.50%,

06/01/47

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

100

88,618

WR

Grace

Holdings

LLC,

5.63%,

08/15/29

(b)

771

567,649

4,871,076

Commercial

Services

&

Supplies

—

0.5%

ADT

Security

Corp.

(The)

4.13%,

06/15/23

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

14

13,752

4.88%,

07/15/32

(b)

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

9

7,164

Allied

Universal

Holdco

LLC

(b)

6.63%,

07/15/26

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

516

473,497

9.75%,

07/15/27

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

425

359,694

4.63%,

06/01/28

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

607

497,496

6.00%,

06/01/29

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

400

290,469

APi

Escrow

Corp.,

4.75%,

10/15/29

(b)

.....

38

30,685

APi

Group

DE,

Inc.,

4.13%,

07/15/29

(b)

....

50

39,710

APX

Group,

Inc.

(b)

6.75%,

02/15/27

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

172

159,513

5.75%,

07/15/29

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

101

78,193

Aramark

Services,

Inc.

(b)

5.00%,

04/01/25

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

310

297,025

6.38%,

05/01/25

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

40

39,134

5.00%,

02/01/28

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

73

66,153

Brink's

Co.

(The),

5.50%,

07/15/25

(b)

.....

14

13,471

Clean

Harbors,

Inc.

(b)

4.88%,

07/15/27

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

66

60,390

5.13%,

07/15/29

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

256

232,320

Covanta

Holding

Corp.

4.88%,

12/01/29

(b)

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

100

81,372

5.00%,

09/01/30

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

32

26,122

Garda

World

Security

Corp.,

4.63%,

02/15/27

(b)

39

33,540

GFL

Environmental,

Inc.

(b)

4.25%,

06/01/25

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

18

16,987

3.75%,

08/01/25

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

28

25,970

5.13%,

12/15/26

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

388

371,044

4.00%,

08/01/28

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

130

107,250

3.50%,

09/01/28

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

109

93,468

4.75%,

06/15/29

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

98

81,095

4.38%,

08/15/29

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

126

101,430

IAA,

Inc.,

5.50%,

06/15/27

(b)

..........

141

131,333

Legends

Hospitality

Holding

Co.

LLC,

5.00%,

02/01/26

(b)

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

27

22,626

Madison

IAQ

LLC,

5.88%,

06/30/29

(b)

.....

285

218,401

Nielsen

Finance

LLC

(b)

5.63%,

10/01/28

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

49

45,506

5.88%,

10/01/30

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

203

186,387

Prime

Security

Services

Borrower

LLC

(b)

5.25%,

04/15/24

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

24

23,460

5.75%,

04/15/26

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

22

20,515

6.25%,

01/15/28

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

255

213,332

RELX

Capital,

Inc.,

3.50%,

03/16/23

.....

40

39,945

Republic

Services,

Inc.,

0.88%,

11/15/25

...

40

36,209

Ritchie

Bros

Auctioneers,

Inc.,

5.38%,

01/15/25

(b)

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

25

24,479

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Stericycle,

Inc.,

3.88%,

01/15/29

(b)

.......

USD

13

$

10,628

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(b)

...

208

184,766

4,754,531

Communications

Equipment

—

0.2%

Avaya,

Inc.,

6.13%,

09/15/28

(b)

.........

414

270,135

Ciena

Corp.,

4.00%,

01/31/30

(b)

........

41

35,388

CommScope

Technologies

LLC,

6.00%,

06/15/25

(b)

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

174

150,510

CommScope

,

Inc.

(b)

6.00%,

03/01/26

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

59

54,341

8.25%,

03/01/27

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

73

57,707

7.13%,

07/01/28

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

80

60,806

4.75%,

09/01/29

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

110

88,736

Motorola

Solutions,

Inc.

4.60%,

02/23/28

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

250

241,775

4.60%,

05/23/29

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

285

272,673

2.30%,

11/15/30

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

120

93,891

2.75%,

05/24/31

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

275

222,211

5.50%,

09/01/44

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

10

9,308

Nokia

OYJ,

6.63%,

05/15/39

..........

32

31,640

ViaSat

,

Inc.

(b)

5.63%,

09/15/25

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

143

115,663

5.63%,

04/15/27

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

30

25,940

6.50%,

07/15/28

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

135

92,991

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

(b)

...

183

153,265

1,976,980

Construction

&

Engineering

—

0.0%

(b)

Arcosa,

Inc.,

4.38%,

04/15/29

.........

130

110,312

Dycom

Industries,

Inc.,

4.50%,

04/15/29

...

35

30,559

MasTec,

Inc.,

4.50%,

08/15/28

.........

50

44,984

185,855

Consumer

Finance

—

1.7%

AerCap

Ireland

Capital

DAC

3.30%,

01/23/23

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

445

443,229

4.13%,

07/03/23

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

150

148,505

4.88%,

01/16/24

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

175

174,085

3.50%,

01/15/25

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

1,060

1,012,338

4.45%,

10/01/25

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

270

260,924

2.45%,

10/29/26

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

375

326,536

3.65%,

07/21/27

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

220

199,806

3.00%,

10/29/28

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

165

138,983

3.30%,

01/30/32

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

150

120,074

Ally

Financial,

Inc.

5.75%,

11/20/25

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

609

599,978

2.20%,

11/02/28

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

160

130,296

American

Express

Co.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

3.55%

(a)(g)

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

1,275

1,037,353

2.55%,

03/04/27

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

245

228,284

American

Honda

Finance

Corp.

2.15%,

09/10/24

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

50

48,353

1.50%,

01/13/25

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

200

189,788

1.20%,

07/08/25

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

100

92,284

1.00%,

09/10/25

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

625

569,983

1.30%,

09/09/26

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

125

112,857

Capital

One

Financial

Corp.

3.90%,

01/29/24

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

180

179,705

3.75%,

04/24/24

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

330

328,704

3.30%,

10/30/24

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

300

292,672

(SOFR

+

0.69%),

1.34%,

12/06/24

(a)

...

430

412,066

4.25%,

04/30/25

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

135

134,604

(SOFR

+

1.37%),

4.17%,

05/09/25

(a)

...

165

162,584

(SOFR

+

1.29%),

2.64%,

03/03/26

(a)

...

605

571,223

BlackRock

Managed

Income

Fund

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

Series

M,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.16%),

3.95%

(a)(g)

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

USD

1,000

$

802,500

3.80%,

01/31/28

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

195

183,413

(SOFR

+

1.27%),

2.62%,

11/02/32

(a)

....

25

20,099

Castlelake

Aviation

Finance

DAC,

5.00%,

04/15/27

(b)

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

28

23,244

Ford

Motor

Credit

Co.

LLC

3.35%,

11/01/22

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

300

297,822

3.81%,

01/09/24

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

200

194,039

5.58%,

03/18/24

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

400

398,000

4.13%,

08/04/25

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

200

189,437

3.38%,

11/13/25

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

255

229,620

2.70%,

08/10/26

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

200

170,430

4.95%,

05/28/27

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

200

185,750

2.90%,

02/16/28

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

200

161,152

5.11%,

05/03/29

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

200

179,295

4.00%,

11/13/30

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

200

162,051

3.63%,

06/17/31

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

200

155,000

General

Motors

Financial

Co.,

Inc.

3.25%,

01/05/23

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

175

174,703

4.15%,

06/19/23

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

240

240,147

4.00%,

01/15/25

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

50

49,279

4.35%,

04/09/25

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

535

528,405

4.30%,

07/13/25

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

35

34,434

1.25%,

01/08/26

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

530

466,707

4.35%,

01/17/27

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

480

460,467

2.35%,

02/26/27

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

100

88,080

Global

Aircraft

Leasing

Co.

Ltd.,

6.50%,

(6.50%

Cash

or

7.25%

PIK),

09/15/24

(b)(j)

......

84

63,445

John

Deere

Capital

Corp.,

3.90%,

06/07/32

.

140

138,399

Navient

Corp.

6.13%,

03/25/24

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

20

18,963

5.88%,

10/25/24

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

23

21,141

5.50%,

03/15/29

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

103

79,404

OneMain

Finance

Corp.

6.88%,

03/15/25

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

159

150,694

7.13%,

03/15/26

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

35

32,348

3.50%,

01/15/27

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

110

88,000

6.63%,

01/15/28

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

108

96,526

5.38%,

11/15/29

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

21

17,017

4.00%,

09/15/30

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

115

85,244

SLM

Corp.,

3.13%,

11/02/26

..........

65

52,485

Synchrony

Financial

4.25%,

08/15/24

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

150

149,069

4.88%,

06/13/25

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

3

2,966

4.50%,

07/23/25

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

72

70,050

3.95%,

12/01/27

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

90

82,044

Toyota

Motor

Credit

Corp.

1.80%,

02/13/25

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

100

95,337

0.80%,

10/16/25

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

115

104,598

1.15%,

08/13/27

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

340

295,976

2.15%,

02/13/30

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

190

164,485

1.90%,

09/12/31

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

75

61,507

VistaJet

Malta

Finance

plc,

6.38%,

02/01/30

(b)

67

53,600

15,232,586

Containers

&

Packaging

—

0.5%

ARD

Finance

SA,

6.50%,

06/30/27

(b)

.....

400

296,704

Ardagh

Metal

Packaging

Finance

USA

LLC,

4.00%,

09/01/29

(b)

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

710

569,775

Ardagh

Packaging

Finance

plc,

5.25%,

08/15/27

(b)

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

200

142,612

Ball

Corp.

2.88%,

08/15/30

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

12

9,659

3.13%,

09/15/31

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

206

166,168

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

(continued)

Berry

Global,

Inc.,

1.57%,

01/15/26

......

USD

605

$

539,490

Clydesdale

Acquisition

Holdings,

Inc.

(b)

6.63%,

04/15/29

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

284

266,855

8.75%,

04/15/30

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

228

196,666

Crown

Americas

LLC,

4.25%,

09/30/26

...

34

31,365

Crown

Cork

&

Seal

Co.,

Inc.,

7.38%,

12/15/26

154

157,313

Graham

Packaging

Co.,

Inc.,

7.13%,

08/15/28

(b)

10

8,025

Graphic

Packaging

International

LLC

(b)

4.75%,

07/15/27

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

15

14,163

3.50%,

03/15/28

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

143

122,982

LABL,

Inc.,

5.88%,

11/01/28

(b)

.........

98

79,128

Mauser

Packaging

Solutions

Holding

Co.,

5.50%,

04/15/24

(b)

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

174

166,170

Sealed

Air

Corp.,

4.00%,

12/01/27

(b)

.....

163

146,946

Silgan

Holdings,

Inc.,

4.13%,

02/01/28

....

8

7,174

Sonoco

Products

Co.,

2.25%,

02/01/27

...

85

76,449

Trivium

Packaging

Finance

BV

(b)(k)

5.50%,

08/15/26

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

200

188,942

8.50%,

08/15/27

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

600

562,562

WestRock

MWV

LLC,

8.20%,

01/15/30

....

125

148,907

WRKCo

,

Inc.

3.75%,

03/15/25

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

155

153,614

3.90%,

06/01/28

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

209

201,448

4.90%,

03/15/29

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

125

125,376

3.00%,

06/15/33

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

200

169,490

4,547,983

Distributors

—

0.0%

(b)

American

Builders

&

Contractors

Supply

Co.,

Inc.

4.00%,

01/15/28

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

5

4,283

3.88%,

11/15/29

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

17

13,591

BCPE

Empire

Holdings,

Inc.,

7.63%,

05/01/27

41

33,377

51,251

Diversified

Consumer

Services

—

0.1%

Graham

Holdings

Co.,

5.75%,

06/01/26

(b)

..

25

24,750

Metis

Merger

Sub

LLC,

6.50%,

05/15/29

(b)

..

81

64,366

Service

Corp.

International,

4.00%,

05/15/31

232

198,070

Sotheby's,

7.38%,

10/15/27

(b)

..........

600

556,064

Trustees

of

Boston

University,

Series

CC,

4.06%,

10/01/48

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

21

19,711

862,961

Diversified

Financial

Services

—

0.4%

Jefferies

Finance

LLC,

5.00%,

08/15/28

(b)

..

200

164,500

LSEGA

Financing

plc,

1.38%,

04/06/26

(b)

..

300

269,356

MPH

Acquisition

Holdings

LLC,

5.50%,

09/01/28

(b)

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

83

73,870

NTT

Finance

Corp.,

1.16%,

04/03/26

(b)

....

1,235

1,109,368

Sabre

GLBL,

Inc.

(b)

9.25%,

04/15/25

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

44

42,396

7.38%,

09/01/25

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

79

73,273

Shell

International

Finance

BV

2.38%,

11/07/29

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

10

8,828

2.75%,

04/06/30

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

10

9,025

3.63%,

08/21/42

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

25

21,202

3.00%,

11/26/51

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

15

11,228

Shift4

Payments

LLC,

4.63%,

11/01/26

(b)

...

189

167,263

Siemens

Financieringsmaatschappij

NV

(b)

1.20%,

03/11/26

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

510

461,613

2.88%,

03/11/41

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

250

194,258

Verscend

Escrow

Corp.,

9.75%,

08/15/26

(b)

.

887

862,608

3,468,788

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

20

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

—

1.6%

Altice

France

Holding

SA,

10.50%,

05/15/27

(b)

USD

1,058

$

887,810

Altice

France

SA

(b)

5.50%,

01/15/28

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

320

257,875

5.13%,

07/15/29

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

380

286,900

AT&T,

Inc.

1.70%,

03/25/26

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

95

86,799

3.80%,

02/15/27

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

150

146,947

4.35%,

03/01/29

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

140

137,849

2.55%,

12/01/33

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

23

18,659

4.50%,

05/15/35

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

655

622,424

4.85%,

03/01/39

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

100

95,799

3.50%,

06/01/41

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

415

331,368

4.65%,

06/01/44

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

17

15,434

4.75%,

05/15/46

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

25

23,139

3.55%,

09/15/55

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

470

352,143

3.80%,

12/01/57

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

71

54,835

CCO

Holdings

LLC

5.00%,

02/01/28

(b)

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

20

18,454

4.75%,

03/01/30

(b)

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

206

176,181

4.50%,

08/15/30

(b)

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

50

41,514

4.25%,

02/01/31

(b)

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

306

249,390

4.75%,

02/01/32

(b)

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

212

173,586

4.50%,

05/01/32

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

378

306,067

4.25%,

01/15/34

(b)

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

411

317,497

Consolidated

Communications,

Inc.,

6.50%,

10/01/28

(b)

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

350

297,703

Frontier

Communications

Holdings

LLC

(b)

5.88%,

10/15/27

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

257

231,069

5.00%,

05/01/28

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

179

152,150

6.75%,

05/01/29

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

146

120,085

6.00%,

01/15/30

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

123

94,642

8.75%,

05/15/30

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

44

44,484

Iliad

Holding

SASU,

7.00%,

10/15/28

(b)

....

200

173,987

Level

3

Financing,

Inc.

(b)

3.40%,

03/01/27

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

36

31,008

4.63%,

09/15/27

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

142

121,055

4.25%,

07/01/28

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

308

246,785

3.63%,

01/15/29

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

27

20,818

3.75%,

07/15/29

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

14

10,825

Lumen

Technologies,

Inc.

Series

W,

6.75%,

12/01/23

..........

27

26,747

5.13%,

12/15/26

(b)

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

292

245,812

4.00%,

02/15/27

(b)

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

227

191,985

Series

G,

6.88%,

01/15/28

..........

51

45,155

4.50%,

01/15/29

(b)

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

294

218,852

5.38%,

06/15/29

(b)

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

181

143,311

Series

U,

7.65%,

03/15/42

..........

46

35,305

Sprint

Capital

Corp.

6.88%,

11/15/28

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

328

344,898

8.75%,

03/15/32

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

743

894,186

Switch

Ltd.

(b)

3.75%,

09/15/28

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

100

98,915

4.13%,

06/15/29

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

395

390,987

Telecom

Italia

Capital

SA

6.38%,

11/15/33

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

84

64,865

6.00%,

09/30/34

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

143

107,861

7.20%,

07/18/36

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

29

22,018

7.72%,

06/04/38

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

21

16,201

Telefonica

Emisiones

SA

4.10%,

03/08/27

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

150

146,855

5.52%,

03/01/49

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

150

139,214

Verizon

Communications,

Inc.

1.45%,

03/20/26

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

380

347,563

3.00%,

03/22/27

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

450

427,418

1.50%,

09/18/30

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

100

79,921

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

2.55%,

03/21/31

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

USD

100

$

85,501

4.27%,

01/15/36

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

1,265

1,191,021

2.65%,

11/20/40

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

250

183,392

3.40%,

03/22/41

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

525

427,369

2.85%,

09/03/41

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

130

97,430

2.99%,

10/30/56

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

225

156,211

3.70%,

03/22/61

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

317

248,979

Zayo

Group

Holdings,

Inc.

(b)

4.00%,

03/01/27

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

998

827,931

6.13%,

03/01/28

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

865

624,625

13,975,809

Electric

Utilities

—

2.0%

Alabama

Power

Co.,

3.75%,

03/01/45

....

25

20,618

Alliant

Energy

Finance

LLC,

3.75%,

06/15/23

(b)

245

245,177

Baltimore

Gas

&

Electric

Co.

3.35%,

07/01/23

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

300

299,083

4.25%,

09/15/48

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

50

46,072

3.20%,

09/15/49

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

50

38,731

2.90%,

06/15/50

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

95

69,348

CenterPoint

Energy

Houston

Electric

LLC,

Series

AG,

3.00%,

03/01/32

.........

100

90,870

Duke

Energy

Carolinas

LLC

2.85%,

03/15/32

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

340

301,670

6.10%,

06/01/37

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

24

26,392

6.05%,

04/15/38

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

100

111,254

3.75%,

06/01/45

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

100

83,712

3.70%,

12/01/47

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

60

50,787

3.95%,

03/15/48

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

50

44,005

3.20%,

08/15/49

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

200

156,248

3.45%,

04/15/51

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

25

20,328

Duke

Energy

Corp.

3.95%,

10/15/23

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

335

336,405

3.75%,

04/15/24

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

360

359,620

2.65%,

09/01/26

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

100

93,655

2.55%,

06/15/31

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

100

83,075

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.32%),

3.25%,

01/15/82

(a)

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

335

261,844

Duke

Energy

Florida

LLC

2.50%,

12/01/29

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

395

350,981

1.75%,

06/15/30

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

140

116,109

2.40%,

12/15/31

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

75

64,134

6.40%,

06/15/38

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

115

134,468

5.65%,

04/01/40

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

50

53,408

Duke

Energy

Progress

LLC

3.45%,

03/15/29

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

313

297,689

4.10%,

05/15/42

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

150

135,621

4.10%,

03/15/43

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

25

22,415

2.50%,

08/15/50

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

30

20,487

Edison

International

2.40%,

09/15/22

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

250

249,483

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.90%),

5.00%

(a)(g)

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

65

51,716

Emera

US

Finance

LP,

0.83%,

06/15/24

...

265

247,428

Enel

Finance

International

NV,

1.38%,

07/12/26

(b)

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

695

609,405

Entergy

Corp.

0.90%,

09/15/25

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

345

310,554

2.95%,

09/01/26

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

150

142,164

Eversource

Energy

Series

H,

3.15%,

01/15/25

..........

200

195,951

4.60%,

07/01/27

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

155

156,240

Exelon

Corp.

2.75%,

03/15/27

(b)

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

40

37,392

BlackRock

Managed

Income

Fund

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

4.05%,

04/15/30

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

USD

50

$

47,979

4.70%,

04/15/50

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

70

65,590

FirstEnergy

Corp.

Series

B,

4.40%,

07/15/27

(k)

.........

185

174,498

2.65%,

03/01/30

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

303

249,975

Series

B,

2.25%,

09/01/30

..........

7

5,547

Series

C,

5.35%,

07/15/47

(k)

.........

18

15,199

Series

C,

3.40%,

03/01/50

..........

411

278,617

FirstEnergy

Transmission

LLC

(b)

4.35%,

01/15/25

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

205

201,779

5.45%,

07/15/44

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

193

180,399

Florida

Power

&

Light

Co.

5.96%,

04/01/39

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

50

56,780

4.13%,

02/01/42

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

120

112,839

3.70%,

12/01/47

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

25

21,971

3.95%,

03/01/48

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

50

45,764

3.15%,

10/01/49

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

60

47,655

2.88%,

12/04/51

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

97

72,127

Georgia

Power

Co.,

4.70%,

05/15/32

.....

480

481,274

Interstate

Power

and

Light

Co.

3.25%,

12/01/24

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

100

98,759

3.50%,

09/30/49

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

25

19,926

MidAmerican

Energy

Co.

3.65%,

04/15/29

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

225

218,587

4.25%,

07/15/49

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

310

287,507

Mid-Atlantic

Interstate

Transmission

LLC,

4.10%,

05/15/28

(b)

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

265

258,549

NextEra

Energy

Capital

Holdings,

Inc.

4.20%,

06/20/24

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

510

512,401

1.88%,

01/15/27

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

90

81,173

1.90%,

06/15/28

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

250

217,379

2.25%,

06/01/30

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

100

83,973

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.55%),

3.80%,

03/15/82

(a)

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

725

581,996

NextEra

Energy

Operating

Partners

LP

(b)

4.25%,

07/15/24

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

62

59,309

4.25%,

09/15/24

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

4

3,810

Northern

States

Power

Co.

2.90%,

03/01/50

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

62

46,603

2.60%,

06/01/51

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

60

42,237

NRG

Energy,

Inc.

(b)

2.45%,

12/02/27

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

145

124,502

3.63%,

02/15/31

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

43

33,712

3.88%,

02/15/32

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

128

101,668

Ohio

Power

Co.

Series

P,

2.60%,

04/01/30

..........

200

176,557

4.00%,

06/01/49

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

120

103,237

Series

R,

2.90%,

10/01/51

..........

120

85,797

Oncor

Electric

Delivery

Co.

LLC

2.75%,

06/01/24

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

240

236,441

2.75%,

05/15/30

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

132

120,143

4.10%,

11/15/48

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

146

134,162

3.10%,

09/15/49

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

100

77,362

3.70%,

05/15/50

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

264

227,910

2.70%,

11/15/51

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

150

109,615

Pacific

Gas

&

Electric

Co.

1.37%,

03/10/23

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

460

452,938

3.40%,

08/15/24

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

190

182,588

3.45%,

07/01/25

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

274

257,661

3.30%,

12/01/27

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

440

384,167

4.50%,

07/01/40

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

50

38,751

4.45%,

04/15/42

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

85

63,835

4.00%,

12/01/46

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

46

32,265

4.95%,

07/01/50

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

404

322,356

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

5.25%,

03/01/52

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

USD

130

$

107,075

PacifiCorp,

2.90%,

06/15/52

..........

175

127,604

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(b)

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

160

139,200

PECO

Energy

Co.,

2.85%,

09/15/51

.....

90

65,992

PPL

Electric

Utilities

Corp.,

3.95%,

06/01/47

25

22,281

Progress

Energy,

Inc.,

6.00%,

12/01/39

...

105

110,598

Public

Service

Co.

of

Colorado

3.80%,

06/15/47

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

60

52,896

Series

34,

3.20%,

03/01/50

.........

125

98,127

2.70%,

01/15/51

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

25

17,780

Southern

California

Edison

Co.

Series

J,

0.70%,

08/01/23

..........

230

222,905

1.10%,

04/01/24

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

210

199,772

Series

E,

3.70%,

08/01/25

..........

300

295,083

Series

D,

4.70%,

06/01/27

..........

115

115,207

4.00%,

04/01/47

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

46

37,313

Series

C,

4.13%,

03/01/48

..........

9

7,404

Series

B,

4.88%,

03/01/49

..........

65

58,880

3.65%,

02/01/50

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

75

57,340

Series

20A,

2.95%,

02/01/51

........

75

50,852

Series

H,

3.65%,

06/01/51

..........

135

104,689

3.45%,

02/01/52

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

100

74,414

Series

E,

5.45%,

06/01/52

..........

155

152,138

Southern

Co.

(The),

4.48%,

08/01/24

(k)

....

660

662,518

Tampa

Electric

Co.

4.45%,

06/15/49

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

100

92,436

3.45%,

03/15/51

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

35

27,557

Virginia

Electric

&

Power

Co.

8.88%,

11/15/38

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

205

290,674

4.45%,

02/15/44

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

100

93,007

2.45%,

12/15/50

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

125

83,985

Vistra

Operations

Co.

LLC

(b)

5.13%,

05/13/25

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

520

514,881

4.38%,

05/01/29

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

86

71,950

Wisconsin

Electric

Power

Co.,

2.05%,

12/15/24

250

241,095

17,966,061

Electrical

Equipment

—

0.0%

(b)

Sensata

Technologies

BV,

5.00%,

10/01/25

.

4

3,840

Vertiv

Group

Corp.,

4.13%,

11/15/28

.....

505

410,020

413,860

Electronic

Equipment,

Instruments

&

Components

—

0.1%

Amphenol

Corp.,

2.05%,

03/01/25

.......

70

66,870

II-VI,

Inc.,

5.00%,

12/15/29

(b)

..........

247

215,507

Sensata

Technologies,

Inc.

(b)

4.38%,

02/15/30

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

470

400,054

3.75%,

02/15/31

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

18

14,426

696,857

Energy

Equipment

&

Services

—

0.2%

Archrock

Partners

LP

(b)

6.88%,

04/01/27

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

59

53,801

6.25%,

04/01/28

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

524

463,897

Halliburton

Co.

3.50%,

08/01/23

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

21

21,013

3.80%,

11/15/25

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

2

1,980

2.92%,

03/01/30

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

165

145,713

5.00%,

11/15/45

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

85

77,946

Nabors

Industries

Ltd.

(b)

7.25%,

01/15/26

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

24

21,284

7.50%,

01/15/28

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

52

44,720

Nabors

Industries,

Inc.,

7.38%,

05/15/27

(b)

..

279

265,050

Schlumberger

Finance

Canada

Ltd.,

1.40%,

09/17/25

.....................

40

37,096

Tervita

Corp.,

11.00%,

12/01/25

(b)

.......

35

38,062

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

22

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Energy

Equipment

&

Services

(continued)

Transocean,

Inc.,

11.50%,

01/30/27

(b)

.....

USD

19

$

17,834

USA

Compression

Partners

LP

6.88%,

04/01/26

.................

350

318,395

6.88%,

09/01/27

.................

73

64,787

Weatherford

International

Ltd.

(b)

6.50%,

09/15/28

.................

5

4,487

8.63%,

04/30/30

.................

221

183,383

1,759,448

Entertainment

—

0.2%

AMC

Entertainment

Holdings,

Inc.,

7.50%,

02/15/29

(b)

....................

49

41,405

Lions

Gate

Capital

Holdings

LLC,

5.50%,

04/15/29

(b)

....................

341

265,980

Live

Nation

Entertainment,

Inc.

(b)

4.88%,

11/01/24

.................

9

8,595

6.50%,

05/15/27

.................

417

410,086

4.75%,

10/15/27

.................

183

162,233

Magallanes,

Inc.,

3.53%,

03/15/24

(b)

.....

450

440,633

Netflix,

Inc.,

4.88%,

04/15/28

..........

350

329,368

Playtika

Holding

Corp.,

4.25%,

03/15/29

(b)

..

259

213,675

TWDC

Enterprises

18

Corp.,

4.13%,

06/01/44

55

49,757

Walt

Disney

Co.

(The)

4.63%,

03/23/40

.................

92

89,825

3.50%,

05/13/40

.................

201

171,350

WMG

Acquisition

Corp.,

3.88%,

07/15/30

(b)

.

4

3,326

2,186,233

Equity

Real

Estate

Investment

Trusts

(REITs)

—

1.3%

Alexandria

Real

Estate

Equities,

Inc.

3.80%,

04/15/26

.................

200

195,964

2.75%,

12/15/29

.................

175

153,059

4.90%,

12/15/30

.................

185

183,625

2.00%,

05/18/32

.................

275

217,191

1.88%,

02/01/33

.................

160

120,304

American

Tower

Corp.

4.00%,

06/01/25

.................

175

173,104

1.30%,

09/15/25

.................

100

90,532

1.45%,

09/15/26

.................

90

78,714

3.38%,

10/15/26

.................

185

174,919

3.65%,

03/15/27

.................

840

797,691

3.95%,

03/15/29

.................

255

237,388

2.10%,

06/15/30

.................

270

216,230

1.88%,

10/15/30

.................

150

116,694

2.70%,

04/15/31

.................

170

139,902

2.30%,

09/15/31

.................

150

118,810

Boston

Properties

LP

4.50%,

12/01/28

.................

155

150,699

3.40%,

06/21/29

.................

30

26,891

3.25%,

01/30/31

.................

45

38,597

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(b)

....................

67

55,559

Camden

Property

Trust,

2.80%,

05/15/30

..

70

61,790

Crown

Castle

International

Corp.

1.05%,

07/15/26

.................

600

519,147

2.90%,

03/15/27

.................

160

147,544

4.30%,

02/15/29

.................

45

43,205

3.10%,

11/15/29

.................

60

52,967

2.25%,

01/15/31

.................

250

202,784

2.50%,

07/15/31

.................

240

196,390

2.90%,

04/01/41

.................

200

144,151

4.15%,

07/01/50

.................

60

49,868

CTR

Partnership

LP,

3.88%,

06/30/28

(b)

...

132

112,728

Diversified

Healthcare

Trust,

9.75%,

06/15/25

7

6,904

Duke

Realty

LP,

2.88%,

11/15/29

.......

50

44,930

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Equinix

,

Inc.

2.90%,

11/18/26

.................

USD

770

$

715,592

1.55%,

03/15/28

.................

150

126,168

3.90%,

04/15/32

.................

250

226,101

3.00%,

07/15/50

.................

25

17,116

2.95%,

09/15/51

.................

185

124,826

3.40%,

02/15/52

.................

75

55,491

ERP

Operating

LP

2.85%,

11/01/26

.................

90

85,355

4.15%,

12/01/28

.................

50

49,089

2.50%,

02/15/30

.................

50

43,696

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

(b)

..

117

97,776

GLP

Capital

LP

4.00%,

01/15/30

.................

675

591,132

3.25%,

01/15/32

.................

20

16,030

HAT

Holdings

I

LLC,

3.38%,

06/15/26

(b)

...

144

123,840

Healthpeak

Properties,

Inc.

3.00%,

01/15/30

.................

55

48,554

2.88%,

01/15/31

.................

50

43,133

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

(b)

......

83

66,990

Iron

Mountain,

Inc.

(b)

5.25%,

07/15/30

.................

32

27,821

5.63%,

07/15/32

.................

196

165,733

Mid-America

Apartments

LP,

1.70%,

02/15/31

45

35,589

MPT

Operating

Partnership

LP

4.63%,

08/01/29

.................

373

327,307

3.50%,

03/15/31

.................

412

324,722

Prologis

LP

3.88%,

09/15/28

.................

50

48,548

2.25%,

04/15/30

.................

100

86,538

Realty

Income

Corp.

3.00%,

01/15/27

.................

125

118,338

3.95%,

08/15/27

.................

155

151,209

2.20%,

06/15/28

.................

110

96,451

2.85%,

12/15/32

.................

20

17,191

Regency

Centers

LP,

4.13%,

03/15/28

....

70

67,240

RHP

Hotel

Properties

LP

4.75%,

10/15/27

.................

374

331,779

4.50%,

02/15/29

(b)

................

92

78,007

RLJ

Lodging

Trust

LP

(b)

3.75%,

07/01/26

.................

51

44,195

4.00%,

09/15/29

.................

37

30,392

SBA

Communications

Corp.,

3.88%,

02/15/27

321

293,006

Service

Properties

Trust

4.35%,

10/01/24

.................

6

4,875

7.50%,

09/15/25

.................

47

43,064

Simon

Property

Group

LP

3.75%,

02/01/24

.................

240

239,730

3.80%,

07/15/50

.................

225

180,109

UDR,

Inc.,

2.10%,

08/01/32

...........

70

54,437

Uniti

Group

LP

(b)

7.88%,

02/15/25

.................

28

27,017

4.75%,

04/15/28

.................

117

96,220

6.50%,

02/15/29

.................

165

120,862

6.00%,

01/15/30

.................

65

44,967

Ventas

Realty

LP

3.00%,

01/15/30

.................

55

48,121

4.75%,

11/15/30

.................

100

97,806

VICI

Properties

LP

3.50%,

02/15/25

(b)

................

415

388,201

4.38%,

05/15/25

.................

30

29,300

4.63%,

06/15/25

(b)

................

12

11,415

5.13%,

05/15/32

.................

215

202,603

BlackRock

Managed

Income

Fund

Schedule

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Welltower,

Inc.,

2.05%,

01/15/29

........

USD

140

$

117,830

11,249,793

Food

&

Staples

Retailing

—

0.2%

7-Eleven,

Inc.

(b)

0.80%,

02/10/24

.................

225

213,176

0.95%,

02/10/26

.................

550

485,258

Albertsons

Cos.,

Inc.

(b)

3.25%,

03/15/26

.................

109

94,934

4.63%,

01/15/27

.................

130

116,132

5.88%,

02/15/28

.................

115

107,482

Performance

Food

Group,

Inc.,

4.25%,

08/01/29

(b)

....................

189

157,815

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(b)

16

14,953

US

Foods,

Inc.

(b)

6.25%,

04/15/25

.................

75

74,812

4.75%,

02/15/29

.................

83

72,558

Walmart,

Inc.,

2.65%,

09/22/51

........

170

127,800

1,464,920

Food

Products

—

0.3%

Chobani

LLC

(b)

7.50%,

04/15/25

.................

315

289,286

4.63%,

11/15/28

.................

338

285,610

Darling

Ingredients,

Inc.,

6.00%,

06/15/30

(b)

.

115

114,615

General

Mills,

Inc.

4.00%,

04/17/25

.................

95

94,925

2.25%,

10/14/31

.................

10

8,199

JBS

USA

LUX

SA,

3.75%,

12/01/31

(b)

.....

116

95,165

JDE

Peet's

NV,

1.38%,

01/15/27

(b)

.......

455

391,341

Kraft

Heinz

Foods

Co.

3.00%,

06/01/26

.................

65

61,236

3.88%,

05/15/27

.................

358

346,204

6.50%,

02/09/40

.................

35

37,821

4.38%,

06/01/46

.................

194

161,681

4.88%,

10/01/49

.................

428

378,031

5.50%,

06/01/50

.................

328

314,852

Lamb

Weston

Holdings,

Inc.

(b)

4.13%,

01/31/30

.................

73

63,186

4.38%,

01/31/32

.................

173

150,510

McCormick

&

Co.,

Inc.,

0.90%,

02/15/26

...

95

84,200

Pilgrim's

Pride

Corp.,

3.50%,

03/01/32

(b)

...

66

51,563

Post

Holdings,

Inc.

(b)

5.63%,

01/15/28

.................

61

57,901

5.50%,

12/15/29

.................

9

8,046

4.50%,

09/15/31

.................

25

20,446

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(b)

..

98

82,849

Tyson

Foods,

Inc.,

3.90%,

09/28/23

......

40

40,135

3,137,802

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.

2.63%,

09/15/29

.................

40

35,659

2.85%,

02/15/52

.................

125

89,306

CenterPoint

Energy

Resources

Corp.,

1.75%,

10/01/30

.....................

55

44,670

ONE

Gas,

Inc.,

1.10%,

03/11/24

........

310

295,304

Piedmont

Natural

Gas

Co.,

Inc.,

3.35%,

06/01/50

.....................

50

37,185

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

(b)

....................

34

28,913

531,037

Health

Care

Equipment

&

Supplies

—

0.2%

Abbott

Laboratories

3.75%,

11/30/26

.................

68

68,354

4.75%,

11/30/36

.................

105

111,245

Security

Par

(000)

Par

(000)

Value

Health

Care

Equipment

&

Supplies

(continued)

4.90%,

11/30/46

.................

USD

70

$

73,353

Avantor

Funding,

Inc.

(b)

4.63%,

07/15/28

.................

379

347,429

3.88%,

11/01/29

.................

46

40,234

Becton

Dickinson

and

Co.

3.73%,

12/15/24

.................

52

51,760

3.70%,

06/06/27

.................

684

660,988

4.67%,

06/06/47

.................

125

116,937

3.79%,

05/20/50

.................

180

148,520

Embecta

Corp.,

6.75%,

02/15/30

(b)

......

67

60,322

Hologic,

Inc.,

3.25%,

02/15/29

(b)

........

13

11,111

Medline

Borrower

LP

(b)

3.88%,

04/01/29

.................

105

89,430

5.25%,

10/01/29

.................

505

414,756

Teleflex,

Inc.,

4.63%,

11/15/27

.........

28

25,830

2,220,269

Health

Care

Providers

&

Services

—

1.3%

Acadia

Healthcare

Co.,

Inc.

(b)

5.50%,

07/01/28

.................

13

12,146

5.00%,

04/15/29

.................

16

14,364

AdaptHealth

LLC

(b)

6.13%,

08/01/28

.................

20

17,690

5.13%,

03/01/30

.................

10

8,429

Aetna,

Inc.

2.75%,

11/15/22

.................

25

24,971

4.13%,

11/15/42

.................

50

42,453

3.88%,

08/15/47

.................

136

112,345

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(b)

122

89,633

Banner

Health,

Series

2020,

3.18%,

01/01/50

25

19,673

Cano

Health

LLC,

6.25%,

10/01/28

(b)

.....

47

38,436

Centene

Corp.

4.25%,

12/15/27

.................

153

142,821

2.45%,

07/15/28

.................

307

256,050

4.63%,

12/15/29

.................

23

21,448

3.38%,

02/15/30

.................

27

22,897

3.00%,

10/15/30

.................

570

472,387

2.50%,

03/01/31

.................

702

557,220

2.63%,

08/01/31

.................

152

120,916

Cigna

Corp.

4.13%,

11/15/25

.................

270

270,296

1.25%,

03/15/26

.................

300

270,632

4.90%,

12/15/48

.................

15

14,398

CommonSpirit

Health

3.35%,

10/01/29

.................

200

184,607

2.78%,

10/01/30

.................

40

34,569

3.91%,

10/01/50

.................

205

164,542

Community

Health

Systems,

Inc.

(b)

8.00%,

03/15/26

.................

208

189,424

5.63%,

03/15/27

.................

106

89,715

6.00%,

01/15/29

.................

315

260,952

6.88%,

04/15/29

.................

36

23,220

CVS

Health

Corp.

3.88%,

07/20/25

.................

370

367,671

3.63%,

04/01/27

.................

50

48,707

1.30%,

08/21/27

.................

75

64,624

4.30%,

03/25/28

.................

153

151,381

3.75%,

04/01/30

.................

250

233,840

1.88%,

02/28/31

.................

610

488,472

4.78%,

03/25/38

.................

60

56,793

5.13%,

07/20/45

.................

175

168,564

5.05%,

03/25/48

.................

440

421,189

Elevance

Health,

Inc.

2.38%,

01/15/25

.................

765

736,480

4.10%,

03/01/28

.................

120

118,755

2.25%,

05/15/30

.................

15

12,817

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

24

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

2.75%,

10/15/42

(e)

................

USD

25

$

171,510

4.65%,

01/15/43

.................

55

52,374

3.70%,

09/15/49

.................

1

827

3.13%,

05/15/50

.................

126

95,113

Encompass

Health

Corp.

4.50%,

02/01/28

.................

20

17,122

4.75%,

02/01/30

.................

180

150,847

4.63%,

04/01/31

.................

75

60,730

HCA,

Inc.

5.38%,

09/01/26

.................

185

183,443

3.13%,

03/15/27

(b)

................

115

104,481

3.50%,

09/01/30

.................

100

85,071

5.50%,

06/15/47

.................

189

168,594

5.25%,

06/15/49

.................

315

271,294

3.50%,

07/15/51

.................

310

211,710

HealthEquity,

Inc.,

4.50%,

10/01/29

(b)

.....

314

274,750

Humana,

Inc.,

2.15%,

02/03/32

........

75

60,730

Legacy

LifePoint

Health

LLC

(b)

6.75%,

04/15/25

.................

40

38,664

4.38%,

02/15/27

.................

36

30,846

LifePoint

Health,

Inc.,

5.38%,

01/15/29

(b)

...

140

102,900

ModivCare,

Inc.,

5.88%,

11/15/25

(b)

......

23

21,160

Molina

Healthcare,

Inc.

(b)

4.38%,

06/15/28

.................

169

150,963

3.88%,

11/15/30

.................

160

136,765

3.88%,

05/15/32

.................

91

76,311

Northwell

Healthcare,

Inc.,

4.26%,

11/01/47

.

19

17,415

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(b)

.

90

77,175

Owens

&

Minor,

Inc.,

6.63%,

04/01/30

(b)

...

63

57,549

Prime

Healthcare

Services,

Inc.,

7.25%,

11/01/25

(b)

....................

180

153,630

RegionalCare

Hospital

Partners

Holdings,

Inc.,

9.75%,

12/01/26

(b)

...............

33

32,092

Surgery

Center

Holdings,

Inc.

(b)

6.75%,

07/01/25

.................

364

333,621

10.00%,

04/15/27

................

171

165,638

Sutter

Health

Series

20A,

2.29%,

08/15/30

........

223

191,444

Series

20A,

3.36%,

08/15/50

........

68

52,166

Tenet

Healthcare

Corp.

(b)

4.63%,

09/01/24

.................

19

18,240

4.88%,

01/01/26

.................

134

123,280

5.13%,

11/01/27

.................

319

287,100

4.63%,

06/15/28

.................

12

10,449

6.13%,

10/01/28

.................

79

67,607

4.25%,

06/01/29

.................

17

14,318

6.13%,

06/15/30

.................

116

107,019

UnitedHealth

Group,

Inc.

3.10%,

03/15/26

.................

10

9,786

2.30%,

05/15/31

.................

120

103,928

3.50%,

08/15/39

.................

105

91,548

2.75%,

05/15/40

.................

105

81,780

3.05%,

05/15/41

.................

225

181,341

4.38%,

03/15/42

.................

200

190,123

4.75%,

07/15/45

.................

105

105,594

4.25%,

06/15/48

.................

20

18,648

3.70%,

08/15/49

.................

50

42,643

3.25%,

05/15/51

.................

45

35,309

3.88%,

08/15/59

.................

26

22,458

11,403,633

Health

Care

Technology

—

0.0%

IQVIA,

Inc.,

5.00%,

05/15/27

(b)

.........

200

189,220

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

—

1.0%

1011778

BC

ULC

(b)

5.75%,

04/15/25

.................

USD

65

$

65,379

3.88%,

01/15/28

.................

175

151,886

4.38%,

01/15/28

.................

260

227,318

4.00%,

10/15/30

.................

33

26,482

Affinity

Gaming,

6.88%,

12/15/27

(b)

......

6

5,040

Airbnb,

Inc.,

0.00%,

03/15/26

(e)(f)

........

213

177,003

Booking

Holdings,

Inc.

2.75%,

03/15/23

.................

445

444,015

0.75%,

05/01/25

(e)

................

143

171,429

Boyd

Gaming

Corp.

4.75%,

12/01/27

.................

63

57,015

4.75%,

06/15/31

(b)

................

228

192,665

Boyne

USA,

Inc.,

4.75%,

05/15/29

(b)

.....

115

99,583

Caesars

Entertainment,

Inc.

(b)

6.25%,

07/01/25

.................

680

655,336

8.13%,

07/01/27

.................

677

654,151

4.63%,

10/15/29

.................

205

159,388

Caesars

Resort

Collection

LLC,

5.75%,

07/01/25

(b)

....................

210

200,825

Carnival

Corp.

(b)

10.50%,

02/01/26

................

298

296,650

7.63%,

03/01/26

.................

38

29,433

5.75%,

03/01/27

.................

492

355,362

9.88%,

08/01/27

.................

146

142,350

4.00%,

08/01/28

.................

465

381,300

6.00%,

05/01/29

.................

171

120,146

CCM

Merger,

Inc.,

6.38%,

05/01/26

(b)

.....

54

49,163

CDI

Escrow

Issuer,

Inc.,

5.75%,

04/01/30

(b)

.

324

294,840

Cedar

Fair

LP

5.50%,

05/01/25

(b)

................

160

155,200

6.50%,

10/01/28

.................

18

17,084

Churchill

Downs,

Inc.,

4.75%,

01/15/28

(b)

..

174

154,860

Expedia

Group,

Inc.

6.25%,

05/01/25

(b)

................

75

77,243

3.25%,

02/15/30

.................

305

254,364

2.95%,

03/15/31

.................

85

67,609

Fertitta

Entertainment

LLC

(b)

4.63%,

01/15/29

.................

171

145,778

6.75%,

01/15/30

.................

133

102,077

Hilton

Domestic

Operating

Co.,

Inc.

5.38%,

05/01/25

(b)

................

54

52,920

5.75%,

05/01/28

(b)

................

20

19,017

4.88%,

01/15/30

.................

392

354,270

3.63%,

02/15/32

(b)

................

43

34,158

Hilton

Worldwide

Finance

LLC,

4.88%,

04/01/27

.....................

41

38,627

Life

Time,

Inc.

(b)

5.75%,

01/15/26

.................

91

81,579

8.00%,

04/15/26

(

i

)

................

89

86,328

Lindblad

Expeditions

LLC,

6.75%,

02/15/27

(b)

116

99,470

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(b)

70

47,950

McDonald's

Corp.,

1.45%,

09/01/25

......

320

297,709

MGM

Resorts

International

6.00%,

03/15/23

.................

8

7,981

5.75%,

06/15/25

.................

29

27,623

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(b)

....................

81

66,015

NCL

Corp.

Ltd.

(b)

5.88%,

03/15/26

.................

126

98,896

7.75%,

02/15/29

.................

48

36,720

NCL

Finance

Ltd.,

6.13%,

03/15/28

(b)

.....

112

81,480

Peninsula

Pacific

Entertainment

LLC,

8.50%,

11/15/27

(b)

....................

83

87,117

Powdr

Corp.,

6.00%,

08/01/25

(b)

........

108

107,190

BlackRock

Managed

Income

Fund

Schedule

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Premier

Entertainment

Sub

LLC

(b)

5.63%,

09/01/29

.................

USD

44

$

31,326

5.88%,

09/01/31

.................

44

30,537

Raptor

Acquisition

Corp.,

4.88%,

11/01/26

(b)

.

67

58,625

Royal

Caribbean

Cruises

Ltd.

(b)

10.88%,

06/01/23

................

98

98,327

9.13%,

06/15/23

.................

113

111,753

11.50%,

06/01/25

................

40

41,100

5.50%,

08/31/26

.................

34

25,245

5.38%,

07/15/27

.................

89

64,691

5.50%,

04/01/28

.................

203

141,085

Scientific

Games

International,

Inc.

(b)

8.63%,

07/01/25

.................

55

56,380

7.00%,

05/15/28

.................

97

91,028

7.25%,

11/15/29

.................

27

25,321

Six

Flags

Theme

Parks,

Inc.,

7.00%,

07/01/25

(b)

302

305,724

Station

Casinos

LLC

(b)

4.50%,

02/15/28

.................

114

96,286

4.63%,

12/01/31

.................

79

61,620

Vail

Resorts,

Inc.,

6.25%,

05/15/25

(b)

.....

33

32,959

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(b)

....................

67

52,830

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(b)

....................

49

42,858

Wynn

Las

Vegas

LLC,

5.25%,

05/15/27

(b)

..

159

136,182

Wynn

Resorts

Finance

LLC

(b)

7.75%,

04/15/25

.................

21

20,438

5.13%,

10/01/29

.................

265

208,714

Yum!

Brands,

Inc.

4.75%,

01/15/30

(b)

................

2

1,815

5.35%,

11/01/43

.................

14

11,603

9,302,471

Household

Durables

—

0.1%

Ashton

Woods

USA

LLC

(b)

6.63%,

01/15/28

.................

11

9,350

4.63%,

08/01/29

.................

38

28,500

4.63%,

04/01/30

.................

56

41,124

Brookfield

Residential

Properties,

Inc.

(b)

5.00%,

06/15/29

.................

79

59,730

4.88%,

02/15/30

.................

102

74,103

CD&R

Smokey

Buyer,

Inc.,

6.75%,

07/15/25

(b)

72

63,654

DR

Horton,

Inc.,

1.30%,

10/15/26

.......

55

47,513

Installed

Building

Products,

Inc.,

5.75%,

02/01/28

(b)

....................

21

18,657

K.

Hovnanian

Enterprises,

Inc.,

7.75%,

02/15/26

(b)

....................

46

45,080

KB

Home,

7.25%,

07/15/30

...........

27

25,583

Lennar

Corp.,

4.50%,

04/30/24

........

100

99,770

Mattamy

Group

Corp.

(b)

5.25%,

12/15/27

.................

48

39,198

4.63%,

03/01/30

.................

20

14,616

Meritage

Homes

Corp.,

5.13%,

06/06/27

...

17

15,561

Panasonic

Holdings

Corp.,

2.54%,

07/19/22

(b)

200

199,980

Picasso

Finance

Sub,

Inc.,

6.13%,

06/15/25

(b)

153

149,175

SWF

Escrow

Issuer

Corp.,

6.50%,

10/01/29

(b)

139

93,477

Taylor

Morrison

Communities,

Inc.

(b)

5.88%,

06/15/27

.................

91

83,876

5.13%,

08/01/30

.................

11

9,135

Tempur

Sealy

International,

Inc.

(b)

4.00%,

04/15/29

.................

53

42,694

3.88%,

10/15/31

.................

91

68,250

TRI

Pointe

Group,

Inc.,

5.88%,

06/15/24

...

20

19,462

TRI

Pointe

Homes,

Inc.

5.25%,

06/01/27

.................

19

16,608

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

5.70%,

06/15/28

.................

USD

14

$

12,082

1,277,178

Household

Products

—

0.0%

Central

Garden

&

Pet

Co.

4.13%,

10/15/30

.................

64

52,512

4.13%,

04/30/31

(b)

................

65

52,180

Energizer

Holdings,

Inc.

(b)

6.50%,

12/31/27

.................

52

45,565

4.75%,

06/15/28

.................

14

11,112

4.38%,

03/31/29

.................

6

4,606

Spectrum

Brands,

Inc.

5.75%,

07/15/25

.................

6

5,925

5.00%,

10/01/29

(b)

................

43

37,184

5.50%,

07/15/30

(b)

................

42

37,798

246,882

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

AES

Corp.

(The)

1.38%,

01/15/26

.................

390

343,949

2.45%,

01/15/31

.................

305

245,301

Alexander

Funding

Trust,

1.84%,

11/15/23

(b)

200

191,481

Calpine

Corp.

(b)

5.25%,

06/01/26

.................

4

3,800

4.50%,

02/15/28

.................

32

29,052

5.13%,

03/15/28

.................

239

210,392

3.75%,

03/01/31

.................

2

1,627

Clearway

Energy

Operating

LLC

(b)

4.75%,

03/15/28

.................

151

135,852

3.75%,

01/15/32

.................

99

78,457

Colbun

SA,

3.15%,

01/19/32

(b)

.........

300

240,990

1,480,901

Industrial

Conglomerates

—

0.0%

GE

Capital

International

Funding

Co.

Unlimited

Co.,

4.42%,

11/15/35

.............

379

353,984

Insurance

—

0.9%

Acrisure

LLC,

6.00%,

08/01/29

(b)

........

87

68,103

Alliant

Holdings

Intermediate

LLC

(b)

4.25%,

10/15/27

.................

609

527,132

6.75%,

10/15/27

.................

1,023

907,790

5.88%,

11/01/29

.................

630

522,780

Allianz

SE

(a)(b)(g)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.50%

......................

400

329,600

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.17%),

3.20%

......................

400

292,000

Allstate

Corp.

(The),

Series

B,

(LIBOR

USD

3

Month

+

2.94%),

5.75%,

08/15/53

(a)

....

250

219,062

American

International

Group,

Inc.

2.50%,

06/30/25

.................

200

190,609

4.80%,

07/10/45

.................

58

53,988

4.75%,

04/01/48

.................

50

46,764

AmWINS

Group,

Inc.,

4.88%,

06/30/29

(b)

...

107

87,625

Aon

Corp.

2.85%,

05/28/27

.................

80

75,030

3.75%,

05/02/29

.................

100

94,451

2.80%,

05/15/30

.................

125

109,266

2.60%,

12/02/31

.................

315

264,082

Aon

Global

Ltd.,

4.45%,

05/24/43

.......

140

123,601

Berkshire

Hathaway

Finance

Corp.,

3.85%,

03/15/52

.....................

105

89,886

GTCR

AP

Finance,

Inc.,

8.00%,

05/15/27

(b)

.

178

166,635

Hartford

Financial

Services

Group,

Inc.

(The)

4.40%,

03/15/48

.................

20

18,090

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

26

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

2.90%,

09/15/51

.................

USD

15

$

10,412

HUB

International

Ltd.,

7.00%,

05/01/26

(b)

..

376

353,590

Liberty

Mutual

Group,

Inc.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.32%),

4.13%,

12/15/51

(a)(b)

.......

400

318,930

Marsh

&

McLennan

Cos.,

Inc.

3.50%,

06/03/24

.................

100

99,669

3.50%,

03/10/25

.................

210

207,277

4.38%,

03/15/29

.................

75

74,124

2.25%,

11/15/30

.................

190

160,321

2.38%,

12/15/31

.................

55

46,039

Met

Tower

Global

Funding

(b)

3.70%,

06/13/25

.................

150

148,775

1.25%,

09/14/26

.................

180

159,775

MetLife,

Inc.,

4.72%,

12/15/44

(k)

........

35

32,833

Metropolitan

Life

Global

Funding

I,

2.80%,

03/21/25

(b)

....................

230

223,759

NFP

Corp.

(b)

4.88%,

08/15/28

.................

422

361,430

6.88%,

08/15/28

.................

891

735,111

Principal

Life

Global

Funding

II,

2.25%,

11/21/24

(b)

....................

110

105,292

Progressive

Corp.

(The),

3.00%,

03/15/32

..

65

58,222

Prudential

Financial,

Inc.

3.94%,

12/07/49

.................

50

43,039

4.35%,

02/25/50

.................

95

87,467

3.70%,

03/13/51

.................

25

20,872

Ryan

Specialty

Group

LLC,

4.38%,

02/01/30

(b)

55

47,850

Teachers

Insurance

&

Annuity

Association

of

America

(b)

6.85%,

12/16/39

.................

57

67,044

4.27%,

05/15/47

.................

125

111,261

Travelers

Cos.,

Inc.

(The)

4.30%,

08/25/45

.................

35

32,348

2.55%,

04/27/50

.................

15

10,424

7,702,358

Interactive

Media

&

Services

—

0.1%

Alphabet,

Inc.

1.90%,

08/15/40

.................

280

200,720

2.05%,

08/15/50

.................

50

33,520

Tencent

Holdings

Ltd.,

3.84%,

04/22/51

(b)

..

200

154,748

Twitter,

Inc.

(b)

3.88%,

12/15/27

.................

160

150,841

5.00%,

03/01/30

.................

101

95,824

635,653

Internet

&

Direct

Marketing

Retail

—

0.2%

Alibaba

Group

Holding

Ltd.,

3.15%,

02/09/51

300

205,815

Amazon.com,

Inc.

3.15%,

08/22/27

.................

405

393,771

3.88%,

08/22/37

.................

119

112,802

4.05%,

08/22/47

.................

30

28,080

2.50%,

06/03/50

.................

110

77,527

3.10%,

05/12/51

.................

467

367,745

3.95%,

04/13/52

.................

105

97,012

2.70%,

06/03/60

.................

110

74,506

3.25%,

05/12/61

.................

245

186,264

4.10%,

04/13/62

.................

110

99,522

ANGI

Group

LLC,

3.88%,

08/15/28

(b)

.....

83

63,196

eBay,

Inc.,

3.60%,

06/05/27

..........

100

95,912

Go

Daddy

Operating

Co.

LLC

(b)

5.25%,

12/01/27

.................

50

45,750

3.50%,

03/01/29

.................

29

24,450

Match

Group

Holdings

II

LLC

(b)

4.63%,

06/01/28

.................

262

237,529

Security

Par

(000)

Par

(000)

Value

Internet

&

Direct

Marketing

Retail

(continued)

4.13%,

08/01/30

.................

USD

38

$

31,734

3.63%,

10/01/31

.................

41

32,288

2,173,903

IT

Services

—

0.7%

Acuris

Finance

US,

Inc.,

5.00%,

05/01/28

(b)

.

200

165,964

Ahead

DB

Holdings

LLC,

6.63%,

05/01/28

(b)

57

47,253

Arches

Buyer,

Inc.,

4.25%,

06/01/28

(b)

....

35

28,497

Black

Knight

InfoServ

LLC,

3.63%,

09/01/28

(b)

120

103,800

Block,

Inc.,

3.50%,

06/01/31

(b)

.........

537

427,914

Booz

Allen

Hamilton,

Inc.

(b)

3.88%,

09/01/28

.................

53

46,905

4.00%,

07/01/29

.................

232

202,288

CA

Magnum

Holdings,

5.38%,

10/31/26

(b)

..

201

173,865

Cablevision

Lightpath

LLC

(b)

3.88%,

09/15/27

.................

200

165,500

5.63%,

09/15/28

.................

200

156,452

Endurance

International

Group

Holdings,

Inc.,

6.00%,

02/15/29

(b)

...............

38

27,421

Fidelity

National

Information

Services,

Inc.,

1.15%,

03/01/26

................

463

409,386

Fiserv,

Inc.

2.75%,

07/01/24

.................

755

736,452

3.20%,

07/01/26

.................

450

426,097

3.50%,

07/01/29

.................

100

91,219

4.40%,

07/01/49

.................

40

34,376

Gartner,

Inc.

(b)

4.50%,

07/01/28

.................

133

122,121

3.63%,

06/15/29

.................

48

41,586

3.75%,

10/01/30

.................

69

58,736

Global

Payments,

Inc.

3.75%,

06/01/23

.................

35

34,748

2.65%,

02/15/25

.................

145

138,377

1.20%,

03/01/26

.................

865

762,003

4.80%,

04/01/26

.................

50

49,998

2.15%,

01/15/27

.................

60

53,254

3.20%,

08/15/29

.................

252

220,218

4.15%,

08/15/49

.................

115

89,921

International

Business

Machines

Corp.

3.30%,

05/15/26

.................

150

146,301

2.20%,

02/09/27

.................

100

92,574

4.15%,

05/15/39

.................

100

90,225

Mastercard

,

Inc.

3.35%,

03/26/30

.................

95

90,671

3.65%,

06/01/49

.................

5

4,397

3.85%,

03/26/50

.................

45

41,202

Northwest

Fiber

LLC

(b)

4.75%,

04/30/27

.................

195

160,593

6.00%,

02/15/28

.................

197

141,567

10.75%,

06/01/28

................

22

19,575

PayPal

Holdings,

Inc.

1.65%,

06/01/25

.................

70

66,033

2.85%,

10/01/29

.................

50

45,242

2.30%,

06/01/30

.................

100

85,846

4.40%,

06/01/32

.................

125

123,748

Shift4

Payments,

Inc.,

0.00%,

12/15/25

(e)(f)

..

131

104,997

Tempo

Acquisition

LLC,

5.75%,

06/01/25

(b)

.

101

95,014

Twilio,

Inc.,

3.88%,

03/15/31

..........

173

142,339

6,264,675

Leisure

Products

—

0.0%

Mattel,

Inc.

3.75%,

04/01/29

(b)

................

71

63,800

6.20%,

10/01/40

.................

101

96,455

5.45%,

11/01/41

.................

92

80,753

241,008

BlackRock

Managed

Income

Fund

Schedule

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Life

Sciences

Tools

&

Services

—

0.1%

Charles

River

Laboratories

International,

Inc.

(b)

4.25%,

05/01/28

.................

USD

46

$

41,323

3.75%,

03/15/29

.................

12

10,414

PRA

Health

Sciences,

Inc.,

2.88%,

07/15/26

(b)

200

178,000

Syneos

Health,

Inc.,

3.63%,

01/15/29

(b)

...

345

292,156

Thermo

Fisher

Scientific,

Inc.,

2.00%,

10/15/31

500

419,193

941,086

Machinery

—

0.3%

Amsted

Industries,

Inc.,

5.63%,

07/01/27

(b)

.

22

20,680

ATS

Automation

Tooling

Systems,

Inc.,

4.13%,

12/15/28

(b)

....................

34

28,390

Daimler

Trucks

Finance

North

America

LLC,

2.00%,

12/14/26

(b)

...............

180

161,735

EnPro

Industries,

Inc.,

5.75%,

10/15/26

...

108

104,220

GrafTech

Finance,

Inc.,

4.63%,

12/15/28

(b)

..

44

35,618

Husky

III

Holding

Ltd.,

13.00%,

(13.00%

Cash

or

13.75%

PIK),

02/15/25

(b)(j)

.........

273

264,810

Meritor,

Inc.,

4.50%,

12/15/28

(b)

........

24

23,108

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

(b)

39

34,021

OT

Merger

Corp.,

7.88%,

10/15/29

(b)

.....

44

25,271

Otis

Worldwide

Corp.

2.57%,

02/15/30

.................

43

37,146

3.11%,

02/15/40

.................

16

12,388

Parker-Hannifin

Corp.,

4.50%,

09/15/29

...

300

298,514

Roller

Bearing

Co.

of

America,

Inc.,

4.38%,

10/15/29

(b)

....................

46

39,142

Stevens

Holding

Co.,

Inc.,

6.13%,

10/01/26

(b)

21

20,212

Terex

Corp.,

5.00%,

05/15/29

(b)

........

113

96,050

Titan

Acquisition

Ltd.,

7.75%,

04/15/26

(b)

...

387

355,730

Titan

International,

Inc.,

7.00%,

04/30/28

..

22

20,667

TK

Elevator

Holdco

GmbH,

7.63%,

07/15/28

(b)

200

179,500

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

(b)

600

534,939

Wabash

National

Corp.,

4.50%,

10/15/28

(b)

.

83

63,495

2,355,636

Marine

—

0.0%

Seaspan

Corp.,

5.50%,

08/01/29

(b)

......

123

98,962

Media

—

1.7%

Altice

Financing

SA,

5.75%,

08/15/29

(b)

....

543

435,758

AMC

Networks,

Inc.

4.75%,

08/01/25

.................

83

77,318

4.25%,

02/15/29

.................

41

33,218

Block

Communications,

Inc.,

4.88%,

03/01/28

(b)

39

32,955

Cable

One,

Inc.

1.13%,

03/15/28

(e)

................

387

324,306

4.00%,

11/15/30

(b)

................

118

96,935

Charter

Communications

Operating

LLC

4.50%,

02/01/24

.................

920

925,444

4.91%,

07/23/25

.................

401

401,930

5.05%,

03/30/29

.................

300

288,738

2.80%,

04/01/31

.................

335

268,287

6.38%,

10/23/35

.................

99

99,566

6.48%,

10/23/45

.................

661

642,604

5.75%,

04/01/48

.................

75

67,227

5.13%,

07/01/49

.................

125

103,465

3.70%,

04/01/51

.................

200

135,339

3.90%,

06/01/52

.................

50

34,711

6.83%,

10/23/55

.................

12

12,060

Clear

Channel

Outdoor

Holdings,

Inc.

(b)

5.13%,

08/15/27

.................

892

753,142

7.75%,

04/15/28

.................

446

324,496

7.50%,

06/01/29

.................

547

393,326

CMG

Media

Corp.,

8.88%,

12/15/27

(b)

....

355

280,454

Comcast

Corp.

2.35%,

01/15/27

.................

905

843,602

Security

Par

(000)

Par

(000)

Value

Media

(continued)

3.15%,

02/15/28

.................

USD

185

$

176,348

4.15%,

10/15/28

.................

75

74,792

2.65%,

02/01/30

.................

300

268,442

3.75%,

04/01/40

.................

615

539,023

4.00%,

03/01/48

.................

92

79,975

2.80%,

01/15/51

.................

170

120,276

2.89%,

11/01/51

.................

788

562,923

4.05%,

11/01/52

.................

150

131,089

2.94%,

11/01/56

.................

249

173,029

CSC

Holdings

LLC

5.25%,

06/01/24

.................

97

90,695

5.75%,

01/15/30

(b)

................

400

291,012

4.13%,

12/01/30

(b)

................

200

156,000

4.50%,

11/15/31

(b)

................

246

189,703

Directv

Financing

LLC,

5.88%,

08/15/27

(b)

..

199

169,761

DISH

DBS

Corp.

5.88%,

07/15/22

.................

247

245,599

5.00%,

03/15/23

.................

102

97,081

5.25%,

12/01/26

(b)

................

431

337,835

5.75%,

12/01/28

(b)

................

424

313,934

5.13%,

06/01/29

.................

118

71,701

DISH

Network

Corp.,

3.38%,

08/15/26

(e)

...

98

66,199

Fox

Corp.,

3.05%,

04/07/25

..........

125

121,033

GCI

LLC,

4.75%,

10/15/28

(b)

..........

82

71,049

Gray

Television,

Inc.,

7.00%,

05/15/27

(b)

...

27

25,988

Interpublic

Group

of

Cos.,

Inc.

(The)

3.38%,

03/01/41

.................

75

56,244

5.40%,

10/01/48

.................

15

14,616

LCPR

Senior

Secured

Financing

DAC,

6.75%,

10/15/27

(b)

....................

380

354,475

Liberty

Broadband

Corp.

(b)(e)

1.25%,

09/30/50

.................

141

131,694

2.75%,

09/30/50

.................

255

242,551

Midcontinent

Communications,

5.38%,

08/15/27

(b)

....................

39

35,880

Omnicom

Group,

Inc.,

3.65%,

11/01/24

...

125

123,898

Outfront

Media

Capital

LLC

(b)

5.00%,

08/15/27

.................

109

95,239

4.25%,

01/15/29

.................

51

40,628

4.63%,

03/15/30

.................

6

4,727

Paramount

Global

4.38%,

03/15/43

.................

150

116,011

5.85%,

09/01/43

.................

50

46,714

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.00%),

6.38%,

03/30/62

(a)

..............

208

185,702

Radiate

Holdco

LLC

(b)

4.50%,

09/15/26

.................

367

316,457

6.50%,

09/15/28

.................

668

516,280

Scripps

Escrow

II,

Inc.,

3.88%,

01/15/29

(b)

..

4

3,352

Sinclair

Television

Group,

Inc.,

4.13%,

12/01/30

(b)

....................

289

229,225

Sirius

XM

Radio,

Inc.

(b)

3.13%,

09/01/26

.................

244

217,704

5.00%,

08/01/27

.................

70

64,926

4.00%,

07/15/28

.................

26

22,490

5.50%,

07/01/29

.................

37

33,716

4.13%,

07/01/30

.................

34

28,397

3.88%,

09/01/31

.................

193

153,676

Sky

Ltd.,

3.75%,

09/16/24

(b)

...........

200

199,347

Stagwell

Global

LLC,

5.63%,

08/15/29

(b)

...

38

30,534

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(b)

...............

200

176,480

Time

Warner

Cable

LLC

5.88%,

11/15/40

.................

70

64,147

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

28

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Media

(continued)

4.50%,

09/15/42

.................

USD

37

$

28,883

Univision

Communications,

Inc.

(b)

5.13%,

02/15/25

.................

58

54,578

6.63%,

06/01/27

.................

103

98,067

7.38%,

06/30/30

.................

54

52,785

UPC

Broadband

Finco

BV,

4.88%,

07/15/31

(b)

200

163,000

Videotron

Ltd.,

3.63%,

06/15/29

(b)

.......

100

81,176

Virgin

Media

Vendor

Financing

Notes

IV

DAC,

5.00%,

07/15/28

(b)

...............

203

167,976

Ziggo

Bond

Co.

BV,

5.13%,

02/28/30

(b)

....

200

156,882

15,256,825

Metals

&

Mining

—

0.5%

Allegheny

Technologies,

Inc.

4.88%,

10/01/29

.................

38

30,305

5.13%,

10/01/31

.................

128

98,053

Arconic

Corp.

(b)

6.00%,

05/15/25

.................

61

59,493

6.13%,

02/15/28

.................

246

229,710

Barrick

Gold

Corp.,

5.25%,

04/01/42

.....

100

98,421

BHP

Billiton

Finance

USA

Ltd.,

5.00%,

09/30/43

50

51,397

Big

River

Steel

LLC,

6.63%,

01/31/29

(b)

...

464

430,567

Carpenter

Technology

Corp.,

7.63%,

03/15/30

83

76,219

Commercial

Metals

Co.

4.13%,

01/15/30

.................

28

23,576

4.38%,

03/15/32

.................

30

24,572

Constellium

SE

(b)

5.88%,

02/15/26

.................

250

233,413

3.75%,

04/15/29

.................

250

198,268

ERO

Copper

Corp.,

6.50%,

02/15/30

(b)

....

64

51,360

FMG

Resources

August

2006

Pty.

Ltd.,

6.13%,

04/15/32

(b)

....................

179

161,100

Glencore

Funding

LLC,

2.63%,

09/23/31

(b)

..

205

165,192

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%,

08/01/28

(b)

....................

15

15,489

Kaiser

Aluminum

Corp.

(b)

4.63%,

03/01/28

.................

212

176,495

4.50%,

06/01/31

.................

205

155,160

Mineral

Resources

Ltd.

(b)

8.00%,

11/01/27

.................

56

54,600

8.50%,

05/01/30

.................

57

56,145

New

Gold,

Inc.,

7.50%,

07/15/27

(b)

......

266

231,420

Newmont

Corp.

2.80%,

10/01/29

.................

111

98,021

2.25%,

10/01/30

.................

50

41,503

4.88%,

03/15/42

.................

25

23,846

Novelis

Corp.

(b)

3.25%,

11/15/26

.................

191

161,448

4.75%,

01/30/30

.................

408

339,121

3.88%,

08/15/31

.................

212

163,280

Nucor

Corp.

3.95%,

05/23/25

.................

240

238,653

2.00%,

06/01/25

.................

125

117,630

4.30%,

05/23/27

.................

90

89,659

Southern

Copper

Corp.,

5.88%,

04/23/45

..

75

77,662

Steel

Dynamics,

Inc.

2.40%,

06/15/25

.................

20

18,919

1.65%,

10/15/27

.................

115

98,715

3.25%,

10/15/50

.................

100

68,768

United

States

Steel

Corp.,

6.88%,

03/01/29

.

100

87,259

4,245,439

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

Starwood

Property

Trust,

Inc.

(b)

5.50%,

11/01/23

.................

80

79,100

Security

Par

(000)

Par

(000)

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

4.38%,

01/15/27

.................

USD

30

$

26,042

105,142

Multiline

Retail

—

0.0%

NMG

Holding

Co.,

Inc.,

7.13%,

04/01/26

(b)

..

135

124,413

Multi-Utilities

—

0.3%

Berkshire

Hathaway

Energy

Co.,

4.60%,

05/01/53

(b)

....................

100

95,860

CMS

Energy

Corp.

3.00%,

05/15/26

.................

125

119,727

3.45%,

08/15/27

.................

100

95,801

Consumers

Energy

Co.

3.25%,

08/15/46

.................

50

40,191

3.10%,

08/15/50

.................

80

61,317

2.50%,

05/01/60

.................

105

67,982

Dominion

Energy,

Inc.

3.07%,

08/15/24

(k)

................

35

34,170

3.90%,

10/01/25

.................

120

119,318

Series

A,

1.45%,

04/15/26

..........

150

135,642

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.20%),

4.35%

(a)(g)

....................

365

300,213

Series

C,

3.38%,

04/01/30

..........

100

91,414

NiSource,

Inc.

3.60%,

05/01/30

.................

30

27,485

4.80%,

02/15/44

.................

107

95,777

5.65%,

02/01/45

.................

50

50,169

4.38%,

05/15/47

.................

50

44,000

Puget

Sound

Energy,

Inc.,

4.22%,

06/15/48

.

25

22,142

San

Diego

Gas

&

Electric

Co.,

2.95%,

08/15/51

75

55,302

Sempra

Energy

3.30%,

04/01/25

.................

75

73,273

3.25%,

06/15/27

.................

50

47,423

3.40%,

02/01/28

.................

565

533,514

3.70%,

04/01/29

.................

90

84,519

3.80%,

02/01/38

.................

150

126,609

2,321,848

Oil,

Gas

&

Consumable

Fuels

—

3.7%

Aethon

United

BR

LP,

8.25%,

02/15/26

(b)

...

474

460,609

Antero

Midstream

Partners

LP

(b)

5.75%,

03/01/27

.................

93

86,490

5.75%,

01/15/28

.................

19

17,298

5.38%,

06/15/29

.................

78

69,854

Antero

Resources

Corp.,

7.63%,

02/01/29

(b)

.

48

48,829

Apache

Corp.

4.25%,

01/15/30

.................

99

87,739

5.10%,

09/01/40

.................

192

162,121

5.25%,

02/01/42

.................

13

10,874

5.35%,

07/01/49

.................

21

16,593

Ascent

Resources

Utica

Holdings

LLC

(b)

9.00%,

11/01/27

.................

264

331,368

5.88%,

06/30/29

.................

71

62,480

BP

Capital

Markets

America,

Inc.

3.79%,

02/06/24

.................

85

85,348

3.54%,

04/06/27

.................

175

169,910

3.59%,

04/14/27

.................

35

34,114

3.94%,

09/21/28

.................

50

48,895

4.23%,

11/06/28

.................

150

148,971

1.75%,

08/10/30

.................

110

90,031

3.06%,

06/17/41

.................

505

393,514

3.38%,

02/08/61

.................

25

18,470

BP

Capital

Markets

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.40%),

4.88%

(a)(g)

..............

300

261,194

BlackRock

Managed

Income

Fund

Schedule

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Buckeye

Partners

LP

4.13%,

03/01/25

(b)

................

USD

77

$

71,289

5.85%,

11/15/43

.................

34

24,140

5.60%,

10/15/44

.................

18

12,535

Callon

Petroleum

Co.

6.13%,

10/01/24

.................

20

20,308

9.00%,

04/01/25

(b)

................

475

503,500

6.38%,

07/01/26

.................

48

44,280

8.00%,

08/01/28

(b)

................

444

426,506

7.50%,

06/15/30

(b)

................

226

207,952

Cameron

LNG

LLC,

3.30%,

01/15/35

(b)

....

190

162,586

Canadian

Natural

Resources

Ltd.,

2.95%,

01/15/23

.....................

65

64,764

Cenovus

Energy,

Inc.,

3.75%,

02/15/52

...

115

87,360

Centennial

Resource

Production

LLC

6.88%,

04/01/27

(b)

................

10

9,496

3.25%,

04/01/28

(e)

................

180

223,875

Cheniere

Corpus

Christi

Holdings

LLC

5.88%,

03/31/25

.................

640

655,276

5.13%,

06/30/27

.................

150

150,553

Cheniere

Energy

Partners

LP

4.50%,

10/01/29

.................

195

174,076

4.00%,

03/01/31

.................

191

162,407

3.25%,

01/31/32

(b)

................

381

300,038

Cheniere

Energy,

Inc.,

4.63%,

10/15/28

...

991

892,465

Chesapeake

Energy

Corp.,

6.75%,

04/15/29

(b)

211

204,043

CITGO

Petroleum

Corp.

(b)

7.00%,

06/15/25

.................

63

60,952

6.38%,

06/15/26

.................

116

107,088

Civitas

Resources,

Inc.,

5.00%,

10/15/26

(b)

.

34

30,515

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(b)

35

29,400

CNX

Resources

Corp.

2.25%,

05/01/26

(e)

................

188

274,762

6.00%,

01/15/29

(b)

................

14

13,079

Colgate

Energy

Partners

III

LLC

(b)

7.75%,

02/15/26

.................

92

87,458

5.88%,

07/01/29

.................

172

150,715

Comstock

Resources,

Inc.

(b)

6.75%,

03/01/29

.................

357

319,669

5.88%,

01/15/30

.................

181

155,660

ConocoPhillips

Co.,

3.80%,

03/15/52

.....

125

106,964

Coterra

Energy,

Inc.,

4.38%,

06/01/24

(b)

...

130

129,937

Crescent

Energy

Finance

LLC,

7.25%,

05/01/26

(b)

....................

418

380,380

Crestwood

Midstream

Partners

LP

(b)

5.63%,

05/01/27

.................

26

23,140

6.00%,

02/01/29

.................

19

16,579

8.00%,

04/01/29

.................

39

36,222

CrownRock

LP,

5.63%,

10/15/25

(b)

......

501

470,940

DCP

Midstream

Operating

LP

6.45%,

11/03/36

(b)

................

56

54,880

6.75%,

09/15/37

(b)

................

45

42,806

5.60%,

04/01/44

.................

10

8,081

Devon

Energy

Corp.

5.25%,

10/15/27

.................

300

303,583

4.50%,

01/15/30

.................

200

188,920

4.75%,

05/15/42

.................

93

84,340

Diamondback

Energy,

Inc.

3.50%,

12/01/29

.................

575

526,679

3.13%,

03/24/31

.................

50

43,548

4.25%,

03/15/52

.................

70

58,055

DT

Midstream,

Inc.

(b)

4.13%,

06/15/29

.................

154

130,515

4.38%,

06/15/31

.................

150

125,625

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Earthstone

Energy

Holdings

LLC,

8.00%,

04/15/27

(b)

....................

USD

128

$

121,120

Eastern

Gas

Transmission

&

Storage,

Inc.,

4.60%,

12/15/44

(b)

...............

50

45,825

Enbridge

Energy

Partners

LP,

7.38%,

10/15/45

50

59,559

Enbridge,

Inc.

4.00%,

10/01/23

.................

200

200,783

0.55%,

10/04/23

.................

105

101,115

2.50%,

01/15/25

.................

305

293,472

2.50%,

02/14/25

.................

65

62,394

3.70%,

07/15/27

.................

50

47,885

Series

16-A,

(LIBOR

USD

3

Month

+

3.89%),

6.00%,

01/15/77

(a)

........

775

716,908

Energy

Transfer

LP

5.00%,

10/01/22

.................

55

55,075

3.60%,

02/01/23

.................

30

29,915

5.88%,

01/15/24

.................

585

596,480

4.90%,

02/01/24

.................

330

331,909

4.25%,

04/01/24

.................

450

449,992

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.69%),

6.50%

(a)(g)

....................

241

213,024

4.00%,

10/01/27

.................

90

85,180

5.25%,

04/15/29

.................

50

49,523

3.75%,

05/15/30

.................

135

121,664

6.50%,

02/01/42

.................

110

109,633

5.95%,

10/01/43

.................

60

55,904

5.35%,

05/15/45

.................

50

43,537

6.13%,

12/15/45

.................

50

47,689

5.30%,

04/15/47

.................

135

116,897

5.40%,

10/01/47

.................

200

175,475

6.25%,

04/15/49

.................

595

576,743

5.00%,

05/15/50

.................

200

170,189

EnLink

Midstream

LLC

5.63%,

01/15/28

(b)

................

109

99,982

5.38%,

06/01/29

.................

96

84,020

EnLink

Midstream

Partners

LP

4.40%,

04/01/24

.................

78

76,140

4.15%,

06/01/25

.................

38

35,373

4.85%,

07/15/26

.................

56

51,660

5.60%,

04/01/44

.................

20

14,164

5.05%,

04/01/45

.................

4

2,705

5.45%,

06/01/47

.................

27

19,109

Enterprise

Products

Operating

LLC

3.90%,

02/15/24

.................

220

219,727

3.13%,

07/31/29

.................

171

153,889

6.13%,

10/15/39

.................

175

184,952

6.45%,

09/01/40

.................

106

114,663

5.95%,

02/01/41

.................

65

67,873

4.45%,

02/15/43

.................

150

130,660

4.90%,

05/15/46

.................

40

36,554

4.25%,

02/15/48

.................

145

121,971

4.80%,

02/01/49

.................

25

22,607

4.20%,

01/31/50

.................

60

50,033

3.70%,

01/31/51

.................

75

58,607

3.30%,

02/15/53

.................

145

105,471

3.95%,

01/31/60

.................

60

47,493

EOG

Resources,

Inc.,

4.95%,

04/15/50

...

20

20,658

EQM

Midstream

Partners

LP

6.00%,

07/01/25

(b)

................

10

9,587

4.13%,

12/01/26

.................

40

34,550

6.50%,

07/01/27

(b)

................

178

165,504

4.50%,

01/15/29

(b)

................

17

13,802

7.50%,

06/01/30

(b)

................

35

33,623

4.75%,

01/15/31

(b)

................

227

181,032

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

30

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

EQT

Corp.,

1.75%,

05/01/26

(e)

.........

USD

85

$

200,218

Exxon

Mobil

Corp.

2.99%,

03/19/25

.................

55

54,152

3.04%,

03/01/26

.................

10

9,808

3.45%,

04/15/51

.................

150

122,545

Genesis

Energy

LP,

7.75%,

02/01/28

.....

18

15,571

Gulfport

Energy

Corp.,

8.00%,

05/17/26

(b)

..

17

16,232

Harvest

Midstream

I

LP,

7.50%,

09/01/28

(b)

.

20

18,785

Hess

Corp.

4.30%,

04/01/27

.................

545

531,259

5.60%,

02/15/41

.................

202

196,807

5.80%,

04/01/47

.................

187

186,497

Hess

Midstream

Operations

LP,

4.25%,

02/15/30

(b)

....................

90

75,372

HF

Sinclair

Corp.,

2.63%,

10/01/23

(b)

.....

155

150,523

Hilcorp

Energy

I

LP,

6.25%,

11/01/28

(b)

....

14

13,195

ITT

Holdings

LLC,

6.50%,

08/01/29

(b)

.....

130

104,000

Kinder

Morgan

Energy

Partners

LP

4.25%,

09/01/24

.................

360

360,192

6.95%,

01/15/38

.................

145

156,125

6.38%,

03/01/41

.................

97

97,009

5.50%,

03/01/44

.................

70

65,576

Kinder

Morgan,

Inc.

3.15%,

01/15/23

.................

315

314,517

4.30%,

06/01/25

.................

215

213,894

5.55%,

06/01/45

.................

259

243,925

5.20%,

03/01/48

.................

62

56,635

Kinetik

Holdings

LP,

5.88%,

06/15/30

(b)

....

228

217,196

Marathon

Oil

Corp.

4.40%,

07/15/27

.................

291

284,105

6.60%,

10/01/37

.................

5

5,289

5.20%,

06/01/45

.................

10

9,166

Marathon

Petroleum

Corp.

4.70%,

05/01/25

.................

35

35,410

4.75%,

09/15/44

.................

54

47,573

Matador

Resources

Co.,

5.88%,

09/15/26

..

546

524,859

MPLX

LP

3.50%,

12/01/22

.................

210

209,896

3.38%,

03/15/23

.................

50

49,861

1.75%,

03/01/26

.................

740

666,251

4.13%,

03/01/27

.................

190

183,695

4.00%,

03/15/28

.................

70

66,495

4.70%,

04/15/48

.................

20

16,813

4.95%,

03/14/52

.................

100

86,416

Murphy

Oil

Corp.

5.75%,

08/15/25

.................

2

1,979

5.88%,

12/01/27

.................

22

20,531

6.13%,

12/01/42

(k)

................

5

3,738

New

Fortress

Energy,

Inc.

(b)

6.75%,

09/15/25

.................

502

474,390

6.50%,

09/30/26

.................

325

294,372

NGL

Energy

Operating

LLC,

7.50%,

02/01/26

(b)

128

115,200

Northern

Oil

and

Gas,

Inc.,

8.13%,

03/01/28

(b)

610

574,925

NuStar

Logistics

LP

5.75%,

10/01/25

.................

112

104,720

6.00%,

06/01/26

.................

39

36,465

6.38%,

10/01/30

.................

6

5,213

Occidental

Petroleum

Corp.

6.95%,

07/01/24

.................

21

21,630

5.50%,

12/01/25

.................

121

119,185

8.88%,

07/15/30

.................

35

40,182

6.63%,

09/01/30

.................

412

424,360

6.13%,

01/01/31

.................

30

30,403

7.50%,

05/01/31

.................

55

59,125

6.45%,

09/15/36

.................

46

47,150

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

6.20%,

03/15/40

.................

USD

314

$

309,290

6.60%,

03/15/46

.................

24

25,488

Ovintiv

Exploration,

Inc.,

5.38%,

01/01/26

..

262

264,899

Parkland

Corp.,

5.88%,

07/15/27

(b)

......

48

43,560

PDC

Energy,

Inc.,

6.13%,

09/15/24

......

17

16,884

Phillips

66

0.90%,

02/15/24

.................

145

138,073

3.30%,

03/15/52

.................

170

126,530

Pioneer

Natural

Resources

Co.

0.55%,

05/15/23

.................

170

165,688

0.25%,

05/15/25

(e)

................

106

229,172

1.13%,

01/15/26

.................

265

236,779

1.90%,

08/15/30

.................

65

53,087

2.15%,

01/15/31

.................

190

156,433

Plains

All

American

Pipeline

LP,

4.30%,

01/31/43

.....................

120

90,420

Range

Resources

Corp.,

4.88%,

05/15/25

..

81

79,007

Rockcliff

Energy

II

LLC,

5.50%,

10/15/29

(b)

.

163

148,325

Sabine

Pass

Liquefaction

LLC

5.75%,

05/15/24

.................

255

260,059

5.63%,

03/01/25

.................

210

214,180

4.20%,

03/15/28

.................

95

91,367

SM

Energy

Co.

5.63%,

06/01/25

.................

22

20,790

6.75%,

09/15/26

.................

48

45,282

6.63%,

01/15/27

.................

44

41,140

6.50%,

07/15/28

.................

47

43,226

Southwestern

Energy

Co.

5.95%,

01/23/25

(k)

................

4

3,951

5.38%,

02/01/29

.................

126

116,878

4.75%,

02/01/32

.................

19

16,236

Spectra

Energy

Partners

LP

3.50%,

03/15/25

.................

300

293,725

3.38%,

10/15/26

.................

145

137,910

5.95%,

09/25/43

.................

50

52,111

Sunoco

LP

6.00%,

04/15/27

.................

11

10,487

5.88%,

03/15/28

.................

22

20,059

Tallgrass

Energy

Partners

LP

(b)

6.00%,

03/01/27

.................

19

16,958

6.00%,

12/31/30

.................

13

10,790

6.00%,

09/01/31

.................

58

47,850

Tap

Rock

Resources

LLC,

7.00%,

10/01/26

(b)

472

445,671

Tennessee

Gas

Pipeline

Co.

LLC,

7.00%,

10/15/28

.....................

9

9,801

TerraForm

Power

Operating

LLC,

4.75%,

01/15/30

(b)

....................

13

11,134

TotalEnergies

Capital

International

SA,

3.13%,

05/29/50

.....................

78

59,623

TransCanada

PipeLines

Ltd.

4.63%,

03/01/34

.................

15

14,393

7.63%,

01/15/39

.................

20

24,591

Transcontinental

Gas

Pipe

Line

Co.

LLC,

4.00%,

03/15/28

................

140

135,642

Valero

Energy

Corp.

2.85%,

04/15/25

.................

166

160,424

4.00%,

04/01/29

.................

145

137,169

4.00%,

06/01/52

.................

5

3,988

Venture

Global

Calcasieu

Pass

LLC

(b)

3.88%,

08/15/29

.................

322

281,661

4.13%,

08/15/31

.................

265

226,448

3.88%,

11/01/33

.................

805

664,125

Vermilion

Energy,

Inc.,

6.88%,

05/01/30

(b)

..

70

62,650

Western

Midstream

Operating

LP

4.75%,

08/15/28

.................

8

7,309

BlackRock

Managed

Income

Fund

Schedule

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

5.45%,

04/01/44

.................

USD

296

$

246,018

5.30%,

03/01/48

.................

14

11,286

5.50%,

08/15/48

.................

29

23,635

5.75%,

02/01/50

(k)

................

395

317,208

Williams

Cos.,

Inc.

(The)

3.70%,

01/15/23

.................

225

225,360

4.30%,

03/04/24

.................

125

125,541

4.55%,

06/24/24

.................

150

151,188

3.90%,

01/15/25

.................

100

98,789

3.75%,

06/15/27

.................

195

186,206

33,132,866

Paper

&

Forest

Products

—

0.1%

Georgia-Pacific

LLC

(b)

3.73%,

07/15/23

.................

25

24,944

1.75%,

09/30/25

.................

260

240,852

0.95%,

05/15/26

.................

175

155,628

Suzano

Austria

GmbH,

2.50%,

09/15/28

...

115

93,006

514,430

Personal

Products

—

0.1%

(b)

GSK

Consumer

Healthcare

Capital

UK

plc,

3.13%,

03/24/25

................

250

243,464

GSK

Consumer

Healthcare

Capital

US

LLC,

3.63%,

03/24/32

................

445

411,252

Prestige

Brands,

Inc.,

3.75%,

04/01/31

....

52

43,118

697,834

Pharmaceuticals

—

0.7%

Astrazeneca

Finance

LLC,

2.25%,

05/28/31

.

45

39,172

AstraZeneca

plc,

6.45%,

09/15/37

.......

10

12,008

Bausch

Health

Cos.,

Inc.

(b)

9.00%,

12/15/25

.................

24

17,732

6.13%,

02/01/27

.................

26

22,100

5.00%,

02/15/29

.................

81

42,120

6.25%,

02/15/29

.................

5

2,661

7.25%,

05/30/29

.................

60

32,550

Bayer

US

Finance

II

LLC,

4.25%,

12/15/25

(b)

400

394,775

Bayer

US

Finance

LLC,

3.38%,

10/08/24

(b)

.

400

390,292

Bristol-Myers

Squibb

Co.

2.90%,

07/26/24

.................

506

501,169

3.40%,

07/26/29

.................

10

9,653

2.95%,

03/15/32

.................

12

10,992

3.70%,

03/15/52

.................

160

138,188

3.90%,

03/15/62

.................

80

69,345

Catalent

Pharma

Solutions,

Inc.

(b)

5.00%,

07/15/27

.................

101

95,074

3.13%,

02/15/29

.................

57

46,765

3.50%,

04/01/30

.................

112

91,384

Elanco

Animal

Health,

Inc.,

6.40%,

08/28/28

(k)

8

7,615

Jazz

Securities

DAC,

4.38%,

01/15/29

(b)

...

203

180,572

Johnson

&

Johnson,

3.55%,

03/01/36

....

25

23,667

Merck

&

Co.,

Inc.

3.40%,

03/07/29

.................

50

48,297

2.15%,

12/10/31

.................

220

189,240

6.50%,

12/01/33

(k)

................

195

235,661

2.75%,

12/10/51

.................

235

173,543

Organon

&

Co.

(b)

4.13%,

04/30/28

.................

204

180,540

5.13%,

04/30/31

.................

200

172,566

P&L

Development

LLC,

7.75%,

11/15/25

(b)

..

96

67,205

Pfizer,

Inc.,

3.45%,

03/15/29

..........

160

155,365

Pharmacia

LLC,

6.60%,

12/01/28

(k)

......

200

225,382

Roche

Holdings,

Inc.,

2.61%,

12/13/51

(b)

...

470

341,252

Shire

Acquisitions

Investments

Ireland

DAC

2.88%,

09/23/23

.................

535

529,013

3.20%,

09/23/26

.................

300

288,140

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Takeda

Pharmaceutical

Co.

Ltd.

4.40%,

11/26/23

.................

USD

425

$

428,179

3.18%,

07/09/50

.................

300

224,537

Teva

Pharmaceutical

Finance

Netherlands

III

BV,

6.00%,

04/15/24

.............

405

394,875

Wyeth

LLC,

5.95%,

04/01/37

..........

70

80,775

5,862,404

Professional

Services

—

0.1%

AMN

Healthcare,

Inc.,

4.00%,

04/15/29

(b)

..

29

24,505

CoreLogic,

Inc.,

4.50%,

05/01/28

(b)

......

271

208,670

Dun

&

Bradstreet

Corp.

(The),

5.00%,

12/15/29

(b)

....................

446

385,232

Science

Applications

International

Corp.,

4.88%,

04/01/28

(b)

...............

28

26,110

Verisk

Analytics,

Inc.,

4.13%,

09/12/22

....

50

50,087

694,604

Real

Estate

Management

&

Development

—

0.1%

Cushman

&

Wakefield

US

Borrower

LLC,

6.75%,

05/15/28

(b)

...............

95

88,231

Five

Point

Operating

Co.

LP,

7.88%,

11/15/25

(b)

33

27,679

Howard

Hughes

Corp.

(The)

(b)

5.38%,

08/01/28

.................

6

5,025

4.13%,

02/01/29

.................

117

90,241

4.38%,

02/01/31

.................

27

19,982

Realogy

Group

LLC

(b)

5.75%,

01/15/29

.................

182

138,014

5.25%,

04/15/30

.................

53

39,220

WeWork

Cos.

LLC,

5.00%,

07/10/25

(b)

....

100

64,585

Zillow

Group,

Inc.,

1.38%,

09/01/26

(e)

.....

21

20,979

493,956

Road

&

Rail

—

0.9%

Avis

Budget

Car

Rental

LLC,

5.38%,

03/01/29

(b)

12

9,982

Burlington

Northern

Santa

Fe

LLC

5.75%,

05/01/40

.................

5

5,485

5.40%,

06/01/41

.................

100

105,861

5.15%,

09/01/43

.................

125

129,602

4.90%,

04/01/44

.................

90

90,417

3.55%,

02/15/50

.................

75

62,607

3.30%,

09/15/51

.................

75

60,127

2.88%,

06/15/52

.................

90

67,202

Canadian

Pacific

Railway

Co.

1.75%,

12/02/26

.................

45

40,724

2.05%,

03/05/30

.................

30

25,387

3.00%,

12/02/41

.................

110

86,042

3.10%,

12/02/51

.................

170

125,217

CSX

Corp.

3.25%,

06/01/27

.................

60

57,574

3.80%,

03/01/28

.................

75

73,172

4.30%,

03/01/48

.................

80

72,993

2.50%,

05/15/51

.................

75

50,460

Hertz

Corp.

(The)

(b)

4.63%,

12/01/26

.................

47

39,296

5.00%,

12/01/29

.................

40

30,800

NESCO

Holdings

II,

Inc.,

5.50%,

04/15/29

(b)

.

81

67,837

Norfolk

Southern

Corp.

2.90%,

06/15/26

.................

175

167,021

3.80%,

08/01/28

.................

160

156,397

2.55%,

11/01/29

.................

70

62,436

4.15%,

02/28/48

.................

30

26,717

3.05%,

05/15/50

.................

205

150,182

3.70%,

03/15/53

.................

175

143,749

3.16%,

05/15/55

.................

100

72,673

PECF

USS

Intermediate

Holding

III

Corp.,

8.00%,

11/15/29

(b)

...............

4

3,170

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

32

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Road

&

Rail

(continued)

Penske

Truck

Leasing

Co.

LP

(b)

2.70%,

03/14/23

.................

USD

265

$

264,225

3.90%,

02/01/24

.................

630

626,897

4.00%,

07/15/25

.................

1,070

1,053,296

1.20%,

11/15/25

.................

100

89,280

4.20%,

04/01/27

.................

100

97,529

Ryder

System,

Inc.

3.40%,

03/01/23

.................

100

99,753

3.88%,

12/01/23

.................

250

249,995

3.65%,

03/18/24

.................

475

470,932

2.85%,

03/01/27

.................

85

79,239

SMBC

Aviation

Capital

Finance

DAC,

1.90%,

10/15/26

(b)

....................

200

169,883

Uber

Technologies,

Inc.

7.50%,

05/15/25

(b)

................

91

90,133

0.00%,

12/15/25

(e)(f)

...............

596

475,440

8.00%,

11/01/26

(b)

................

26

25,883

7.50%,

09/15/27

(b)

................

317

307,103

6.25%,

01/15/28

(b)

................

19

17,572

4.50%,

08/15/29

(b)

................

401

329,822

Union

Pacific

Corp.

3.65%,

02/15/24

.................

440

440,520

3.00%,

04/15/27

.................

350

334,822

3.55%,

08/15/39

.................

115

99,321

4.30%,

03/01/49

.................

10

9,357

3.80%,

10/01/51

.................

80

68,430

3.50%,

02/14/53

.................

110

89,593

3.95%,

08/15/59

.................

25

21,297

3.84%,

03/20/60

.................

118

98,496

3.84%,

03/20/60

(b)

................

100

83,471

3.80%,

04/06/71

.................

100

80,107

Williams

Scotsman

International,

Inc.,

4.63%,

08/15/28

(b)

....................

112

95,480

7,851,006

Semiconductors

&

Semiconductor

Equipment

—

0.8%

Analog

Devices,

Inc.,

2.80%,

10/01/41

....

120

94,018

Applied

Materials,

Inc.,

3.30%,

04/01/27

...

280

273,350

Broadcom

Corp.,

3.88%,

01/15/27

......

875

841,921

Broadcom,

Inc.

3.15%,

11/15/25

.................

230

221,497

4.15%,

11/15/30

.................

104

95,286

2.45%,

02/15/31

(b)

................

250

200,859

4.15%,

04/15/32

(b)

................

175

157,991

3.42%,

04/15/33

(b)

................

180

148,814

4.93%,

05/15/37

(b)

................

790

708,269

Entegris

Escrow

Corp.,

4.75%,

04/15/29

(b)

..

508

473,064

Entegris

,

Inc.

(b)

4.38%,

04/15/28

.................

69

60,893

3.63%,

05/01/29

.................

15

12,543

Intel

Corp.

2.45%,

11/15/29

.................

84

74,949

2.80%,

08/12/41

.................

35

26,701

4.10%,

05/19/46

.................

50

45,303

4.75%,

03/25/50

.................

10

9,808

3.05%,

08/12/51

.................

155

115,401

3.10%,

02/15/60

.................

20

14,281

3.20%,

08/12/61

.................

5

3,653

KLA

Corp.

4.65%,

11/01/24

.................

144

146,056

4.10%,

03/15/29

.................

185

182,755

4.65%,

07/15/32

.................

115

117,316

3.30%,

03/01/50

.................

288

228,095

Lam

Research

Corp.

3.80%,

03/15/25

.................

270

270,493

3.75%,

03/15/26

.................

110

109,730

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

1.90%,

06/15/30

.................

USD

15

$

12,657

2.88%,

06/15/50

.................

50

36,672

Microchip

Technology,

Inc.

(e)

0.13%,

11/15/24

.................

97

96,515

1.63%,

02/15/25

.................

15

37,317

1.63%,

02/15/27

.................

36

59,783

NVIDIA

Corp.,

3.50%,

04/01/40

........

202

176,818

NXP

BV

4.88%,

03/01/24

.................

335

338,518

2.70%,

05/01/25

.................

150

142,515

5.35%,

03/01/26

.................

100

101,719

3.88%,

06/18/26

.................

200

192,812

3.15%,

05/01/27

.................

100

92,800

5.55%,

12/01/28

.................

120

121,462

4.30%,

06/18/29

.................

76

72,485

2.50%,

05/11/31

.................

345

282,965

2.65%,

02/15/32

.................

170

138,847

3.25%,

05/11/41

.................

90

67,686

QUALCOMM,

Inc.

4.80%,

05/20/45

.................

50

51,227

4.30%,

05/20/47

.................

129

123,679

Synaptics,

Inc.,

4.00%,

06/15/29

(b)

.......

112

90,942

Texas

Instruments,

Inc.,

2.70%,

09/15/51

..

80

60,809

TSMC

Arizona

Corp.,

4.50%,

04/22/52

....

295

289,312

7,220,586

Software

—

1.1%

ACI

Worldwide,

Inc.,

5.75%,

08/15/26

(b)

...

128

123,554

Autodesk,

Inc.

3.60%,

12/15/22

.................

50

50,025

3.50%,

06/15/27

.................

75

71,726

2.40%,

12/15/31

.................

365

297,916

Boxer

Parent

Co.,

Inc.

(b)

7.13%,

10/02/25

.................

72

68,944

9.13%,

03/01/26

.................

410

383,027

Camelot

Finance

SA,

4.50%,

11/01/26

(b)

...

158

144,112

Central

Parent,

Inc.,

7.25%,

06/15/29

(b)

....

214

205,975

Change

Healthcare

Holdings

LLC,

5.75%,

03/01/25

(b)

....................

473

460,555

Clarivate

Science

Holdings

Corp.

(b)

3.88%,

07/01/28

.................

389

325,013

4.88%,

07/01/29

.................

186

152,706

Condor

Merger

Sub,

Inc.,

7.38%,

02/15/30

(b)

425

345,427

Consensus

Cloud

Solutions,

Inc.

(b)

6.00%,

10/15/26

.................

27

23,228

6.50%,

10/15/28

.................

24

19,805

Elastic

NV,

4.13%,

07/15/29

(b)

.........

222

185,321

Fair

Isaac

Corp.,

4.00%,

06/15/28

(b)

......

77

68,210

Microsoft

Corp.

3.45%,

08/08/36

.................

129

121,600

4.25%,

02/06/47

.................

50

50,167

2.53%,

06/01/50

.................

301

221,695

2.92%,

03/17/52

.................

561

442,525

MicroStrategy,

Inc.,

6.13%,

06/15/28

(b)

....

178

141,747

Minerva

Merger

Sub,

Inc.,

6.50%,

02/15/30

(b)

420

349,268

NCR

Corp.

(b)

5.00%,

10/01/28

.................

35

29,676

5.13%,

04/15/29

.................

71

60,048

6.13%,

09/01/29

.................

66

57,081

Open

Text

Corp.,

3.88%,

12/01/29

(b)

.....

35

29,458

Open

Text

Holdings,

Inc.,

4.13%,

02/15/30

(b)

77

66,609

Oracle

Corp.

1.65%,

03/25/26

.................

755

676,298

2.65%,

07/15/26

.................

65

59,908

3.25%,

11/15/27

.................

145

133,729

2.95%,

04/01/30

.................

250

213,499

BlackRock

Managed

Income

Fund

Schedule

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Software

(continued)

3.90%,

05/15/35

.................

USD

140

$

115,463

3.85%,

07/15/36

.................

5

4,018

3.60%,

04/01/40

.................

110

82,203

5.38%,

07/15/40

.................

150

136,615

3.65%,

03/25/41

.................

136

101,350

4.13%,

05/15/45

.................

100

76,055

4.00%,

07/15/46

.................

164

121,250

4.00%,

11/15/47

.................

285

211,338

3.60%,

04/01/50

.................

505

350,802

3.95%,

03/25/51

.................

416

305,551

4.38%,

05/15/55

.................

140

105,503

3.85%,

04/01/60

.................

80

54,881

PTC,

Inc.,

4.00%,

02/15/28

(b)

..........

95

85,848

Roper

Technologies,

Inc.

3.65%,

09/15/23

.................

165

165,228

1.00%,

09/15/25

.................

25

22,603

3.80%,

12/15/26

.................

50

48,803

Salesforce,

Inc.

2.70%,

07/15/41

.................

95

73,434

2.90%,

07/15/51

.................

105

79,402

3.05%,

07/15/61

.................

130

95,052

SS&C

Technologies,

Inc.,

5.50%,

09/30/27

(b)

542

505,447

Veritas

US,

Inc.,

7.50%,

09/01/25

(b)

......

315

236,390

VMware,

Inc.

1.40%,

08/15/26

.................

360

318,496

2.20%,

08/15/31

.................

740

582,696

Workday,

Inc.

3.50%,

04/01/27

.................

105

100,411

3.80%,

04/01/32

.................

240

219,282

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

(b)

258

216,112

9,993,085

Specialty

Retail

—

0.6%

Arko

Corp.,

5.13%,

11/15/29

(b)

.........

69

52,269

Asbury

Automotive

Group,

Inc.

4.50%,

03/01/28

.................

23

19,952

4.75%,

03/01/30

.................

31

25,490

5.00%,

02/15/32

(b)

................

60

49,050

Bath

&

Body

Works,

Inc.

6.88%,

11/01/35

.................

35

28,437

7.60%,

07/15/37

.................

28

22,573

Carvana

Co.

(b)

5.50%,

04/15/27

.................

132

85,184

4.88%,

09/01/29

.................

84

47,763

10.25%,

05/01/30

................

74

60,680

eG

Global

Finance

plc,

6.75%,

02/07/25

(b)

..

400

377,154

Group

1

Automotive,

Inc.,

4.00%,

08/15/28

(b)

28

23,402

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(b)

..

90

70,176

Home

Depot,

Inc.

(The)

2.88%,

04/15/27

.................

125

120,760

0.90%,

03/15/28

.................

150

127,605

2.70%,

04/15/30

.................

100

90,704

4.25%,

04/01/46

.................

40

37,544

3.90%,

06/15/47

.................

75

67,047

4.50%,

12/06/48

.................

120

116,928

3.35%,

04/15/50

.................

190

154,280

2.75%,

09/15/51

.................

100

72,670

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(b)

39

31,797

LBM

Acquisition

LLC,

6.25%,

01/15/29

(b)

...

92

59,231

LCM

Investments

Holdings

II

LLC,

4.88%,

05/01/29

(b)

....................

111

84,482

Lithia

Motors,

Inc.,

3.88%,

06/01/29

(b)

.....

50

42,469

Lowe's

Cos.,

Inc.

3.35%,

04/01/27

.................

410

394,554

3.10%,

05/03/27

.................

240

228,563

3.70%,

04/15/46

.................

237

189,950

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

4.55%,

04/05/49

.................

USD

70

$

63,007

5.13%,

04/15/50

.................

25

24,400

3.00%,

10/15/50

.................

235

163,743

4.25%,

04/01/52

.................

160

138,552

4.45%,

04/01/62

.................

110

93,963

Murphy

Oil

USA,

Inc.,

4.75%,

09/15/29

....

34

30,602

National

Vision

Holdings,

Inc.,

2.50%,

05/15/25

(e)

....................

92

103,160

Penske

Automotive

Group,

Inc.,

3.50%,

09/01/25

.....................

14

13,125

PetSmart,

Inc.,

7.75%,

02/15/29

(b)

.......

479

431,344

Sonic

Automotive,

Inc.,

4.63%,

11/15/29

(b)

..

23

17,821

Specialty

Building

Products

Holdings

LLC,

6.38%,

09/30/26

(b)

...............

75

60,976

SRS

Distribution,

Inc.

(b)

4.63%,

07/01/28

.................

387

338,625

6.13%,

07/01/29

.................

188

148,327

6.00%,

12/01/29

.................

281

220,650

Staples,

Inc.,

7.50%,

04/15/26

(b)

........

100

82,887

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(b)

..

559

447,200

White

Cap

Parent

LLC,

8.25%,

(8.25%

Cash

or

9.00%

PIK),

03/15/26

(b)(j)

...........

73

60,772

5,119,868

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

Apple,

Inc.

1.20%,

02/08/28

.................

130

113,723

2.20%,

09/11/29

.................

60

54,027

4.50%,

02/23/36

.................

75

78,174

4.38%,

05/13/45

.................

20

19,781

4.65%,

02/23/46

.................

325

334,557

3.85%,

08/04/46

.................

230

210,374

3.75%,

09/12/47

.................

130

117,243

2.65%,

05/11/50

.................

120

88,513

2.65%,

02/08/51

.................

135

99,497

2.70%,

08/05/51

.................

385

287,145

Dell

International

LLC,

6.02%,

06/15/26

...

167

173,339

HP,

Inc.

2.20%,

06/17/25

.................

175

165,378

1.45%,

06/17/26

.................

555

493,014

3.00%,

06/17/27

.................

125

115,567

2,350,332

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

(b)

Crocs,

Inc.

4.25%,

03/15/29

.................

6

4,438

4.13%,

08/15/31

.................

55

38,927

Kontoor

Brands,

Inc.,

4.13%,

11/15/29

....

37

29,382

Levi

Strauss

&

Co.,

3.50%,

03/01/31

.....

19

15,533

88,280

Thrifts

&

Mortgage

Finance

—

0.1%

Enact

Holdings,

Inc.,

6.50%,

08/15/25

(b)

...

353

332,921

Home

Point

Capital,

Inc.,

5.00%,

02/01/26

(b)

.

64

44,160

Ladder

Capital

Finance

Holdings

LLLP

(b)

4.25%,

02/01/27

.................

36

29,064

4.75%,

06/15/29

.................

26

20,005

MGIC

Investment

Corp.,

5.25%,

08/15/28

..

52

46,564

Nationstar

Mortgage

Holdings,

Inc.

(b)

6.00%,

01/15/27

.................

50

43,372

5.13%,

12/15/30

.................

31

23,173

5.75%,

11/15/31

.................

37

28,331

Rocket

Mortgage

LLC,

2.88%,

10/15/26

(b)

..

68

56,196

623,786

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

34

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Tobacco

—

0.4%

Altria

Group,

Inc.

2.35%,

05/06/25

.................

USD

590

$

557,079

4.80%,

02/14/29

.................

130

123,523

2.45%,

02/04/32

.................

75

56,485

5.95%,

02/14/49

.................

500

438,129

3.70%,

02/04/51

.................

35

22,370

BAT

Capital

Corp.

3.22%,

08/15/24

.................

39

37,908

2.79%,

09/06/24

.................

510

493,436

3.22%,

09/06/26

.................

625

583,747

3.56%,

08/15/27

.................

257

235,114

2.26%,

03/25/28

.................

300

251,321

2.73%,

03/25/31

.................

100

79,200

4.39%,

08/15/37

.................

225

178,490

3.73%,

09/25/40

.................

195

136,732

4.76%,

09/06/49

.................

90

67,859

Philip

Morris

International,

Inc.,

1.50%,

05/01/25

.....................

250

234,464

Reynolds

American,

Inc.,

7.00%,

08/04/41

..

98

100,040

3,595,897

Trading

Companies

&

Distributors

—

0.4%

Air

Lease

Corp.

3.88%,

07/03/23

.................

300

297,351

4.25%,

02/01/24

.................

350

345,766

2.30%,

02/01/25

.................

100

93,590

3.38%,

07/01/25

.................

440

414,338

2.88%,

01/15/26

.................

815

748,085

1.88%,

08/15/26

.................

630

544,310

Aviation

Capital

Group

LLC

(b)

3.88%,

05/01/23

.................

110

109,049

1.95%,

09/20/26

.................

445

378,114

Beacon

Roofing

Supply,

Inc.,

4.13%,

05/15/29

(b)

38

30,902

Fortress

Transportation

&

Infrastructure

Investors

LLC

(b)

6.50%,

10/01/25

.................

24

22,644

9.75%,

08/01/27

.................

14

13,684

5.50%,

05/01/28

.................

107

88,319

Foundation

Building

Materials,

Inc.,

6.00%,

03/01/29

(b)

....................

59

43,218

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

(b)

....................

16

12,940

Herc

Holdings,

Inc.,

5.50%,

07/15/27

(b)

....

91

83,074

Imola

Merger

Corp.,

4.75%,

05/15/29

(b)

....

202

169,005

WESCO

Distribution,

Inc.

(b)

7.13%,

06/15/25

.................

127

126,725

7.25%,

06/15/28

.................

248

245,272

3,766,386

Wireless

Telecommunication

Services

—

0.6%

America

Movil

SAB

de

CV,

4.38%,

04/22/49

400

369,950

Connect

Finco

SARL,

6.75%,

10/01/26

(b)

...

790

709,918

Ligado

Networks

LLC,

15.50%,

(15.50%

Cash

or

15.50%

PIK),

11/01/23

(a)(b)(j)

........

91

46,732

Rogers

Communications,

Inc.

3.20%,

03/15/27

(b)

................

110

104,336

3.80%,

03/15/32

(b)

................

260

237,747

4.30%,

02/15/48

.................

26

21,760

4.35%,

05/01/49

.................

58

49,222

3.70%,

11/15/49

.................

61

46,486

4.55%,

03/15/52

(b)

................

390

342,481

Sprint

Corp.,

7.63%,

03/01/26

.........

53

55,842

T-Mobile

USA,

Inc.

1.50%,

02/15/26

.................

766

692,112

2.25%,

02/15/26

(b)

................

320

287,966

2.25%,

02/15/26

.................

265

238,471

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

4.75%,

02/01/28

.................

USD

14

$

13,569

2.63%,

02/15/29

.................

91

76,603

3.38%,

04/15/29

.................

41

35,875

3.38%,

04/15/29

(b)

................

22

19,250

3.88%,

04/15/30

.................

20

18,665

2.88%,

02/15/31

.................

66

54,795

3.50%,

04/15/31

.................

62

53,532

3.50%,

04/15/31

(b)

................

81

69,938

2.70%,

03/15/32

(b)

................

375

314,620

4.38%,

04/15/40

.................

215

191,915

3.00%,

02/15/41

.................

165

123,056

4.50%,

04/15/50

.................

45

39,929

3.30%,

02/15/51

.................

155

112,869

Vmed

O2

UK

Financing

I

plc,

4.75%,

07/15/31

(b)

200

161,570

Vodafone

Group

plc

6.15%,

02/27/37

.................

125

134,898

5.25%,

05/30/48

.................

151

143,656

4.88%,

06/19/49

.................

25

22,894

4.25%,

09/17/50

.................

50

41,777

(USD

Swap

Semi

5

Year

+

4.87%),

7.00%,

04/04/79

(a)

...................

515

505,189

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.45%),

3.25%,

06/04/81

(a)

..............

265

219,950

5,557,573

Total

Corporate

Bonds

—

40.3%

(Cost:

$411,090,615)

.............................

361,384,056

Equity-Linked

Notes

Air

Freight

&

Logistics

—

0.1%

Credit

Suisse

AG

(United

Parcel

Service,

Inc.),

7.40%, 07/27/22

(b)

................

4

644,368

Airlines

—

0.0%

Societe

Generale

SA

(Delta

Air

Lines,

Inc.),

11.86%, 07/12/22

(b)

...............

9

270,439

Auto

Components

—

0.0%

Royal

Bank

of

Canada

(Goodyear

Tire

&

Rubber

Co.

(The)),

29.20%, 08/05/22

(b)

..

7

80,979

Automobiles

—

0.1%

(b)

Credit

Suisse

AG

(Ford

Motor

Co.),

22.55%, 07/28/22

................

13

146,509

Credit

Suisse

AG

(Tesla,

Inc.),

19.00%, 07/14/22

................

1

385,797

Royal

Bank

of

Canada

(Volkswagen

AG),

13.91%, 07/25/22

................

EUR

2

288,962

821,268

Banks

—

0.3%

(b)

Citigroup,

Inc.

(JPMorgan

Chase

&

Co.),

21.82%, 07/15/22

................

USD

3

326,420

JPMorgan

Structured

Products

BV

(Bank

of

America

Corp.),

14.41%, 07/15/22

(d)

....

28

874,382

JPMorgan

Structured

Products

BV

(Citizens

Financial

Group,

Inc.),

14.75%, 07/20/22

(d)

4

147,346

JPMorgan

Structured

Products

BV

(Signature

Bank),

18.74%, 07/20/22

(d)

..........

—

(l)

57,066

Royal

Bank

of

Canada

(Banco

Bilbao

Vizcaya

Argentaria

SA),

13.54%, 07/25/22

.....

EUR

45

204,625

Royal

Bank

of

Canada

(

Truist

Financial

Corp.),

12.74%, 07/20/22

................

USD

3

166,400

Societe

Generale

SA

(First

Republic

Bank),

7.78%, 07/12/22

.................

3

374,880

BlackRock

Managed

Income

Fund

Schedule

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Societe

Generale

SA

(JPMorgan

Chase

&

Co.),

16.47%, 07/12/22

................

USD

4

$

398,146

2,549,265

Beverages

—

0.2%

(b)

Credit

Suisse

AG

(Anheuser-Busch

InBev

SA/

NV),

13.50%, 07/25/22

.............

EUR

4

212,485

JPMorgan

Structured

Products

BV

(Diageo

plc),

9.85%, 07/25/22

(d)

.............

GBP

8

346,168

Royal

Bank

of

Canada

(Coca-Cola

Co.

(The)),

10.57%, 07/21/22

................

USD

10

632,276

Royal

Bank

of

Canada

(PepsiCo,

Inc.),

14.55%, 07/13/22

................

4

605,664

1,796,593

Biotechnology

—

0.1%

(b)

Citigroup,

Inc.

(

Abcam

plc),

7.99%, 07/22/22

2

334,899

JPMorgan

Structured

Products

BV

(AbbVie,

Inc.),

9.25%, 07/26/22

(d)

............

3

385,954

Societe

Generale

SA

(

Abcam

plc),

10.27%, 07/12/22

................

2

277,617

998,470

Building

Products

—

0.1%

(b)

JPMorgan

Structured

Products

BV

(Owens

Corning),

11.85%, 07/29/22

(d)

.........

5

375,866

Royal

Bank

of

Canada

(Masco

Corp.),

8.91%, 07/29/22

.................

7

330,284

706,150

Capital

Markets

—

0.2%

(b)

BNP

Paribas

SA

(Bank

of

New

York

Mellon

Corp.

(The)),

15.14%, 07/15/22

.......

2

83,160

BNP

Paribas

SA

(KKR

&

Co.,

Inc.),

19.24%, 08/03/22

................

2

76,837

Credit

Suisse

AG

(Morgan

Stanley),

14.15%, 07/12/22

................

5

411,749

Credit

Suisse

AG

(TMX

Group

Ltd.),

18.85%, 07/14/22

................

23

423,414

Societe

Generale

SA

(Goldman

Sachs

Group,

Inc.

(The)),

16.36%, 07/12/22

........

1

422,141

Societe

Generale

SA

(Interactive

Brokers

Group,

Inc.),

17.52%, 07/20/22

.......

3

160,441

Societe

Generale

SA

(Raymond

James

Financial,

Inc.),

16.32%, 07/28/22

......

1

123,956

1,701,698

Chemicals

—

0.1%

(b)

BNP

Paribas

SA

(DuPont

de

Nemours,

Inc.),

17.28%, 08/03/22

................

3

189,570

Citigroup,

Inc.

(Mosaic

Co.

(The)),

25.49%, 08/03/22

................

6

303,339

JPMorgan

Structured

Products

BV

(

LyondellBasell

Industries

NV),

20.38%, 07/12/22

(d)

...............

5

457,209

Societe

Generale

SA

(Dow,

Inc.),

12.14%, 07/21/22

................

4

201,829

1,151,947

Commercial

Services

&

Supplies

—

0.1%

Royal

Bank

of

Canada

(Boyd

Group

Services,

Inc.),

21.69%, 08/11/22

(b)

............

6

319,680

Royal

Bank

of

Canada

(Waste

Management,

Inc.),

6.63%, 07/28/22

(b)

............

2

345,476

Societe

Generale

SA

(Waste

Management,

Inc.)

11.73%,

07/27/22

(b)

...............

1

168,601

10.54%,

07/28/22

(b)

...............

1

214,112

1,047,869

Security

Par

(000)

Par

(000)

Value

Communications

Equipment

—

0.0%

Societe

Generale

SA

(Juniper

Networks,

Inc.),

18.26%, 07/27/22

(b)

...............

USD

6

$

168,371

Consumer

Finance

—

0.1%

(b)

BNP

Paribas

SA

(Ally

Financial,

Inc.),

15.86%, 07/20/22

................

4

143,436

Royal

Bank

of

Canada

(American

Express

Co.),

14.45%, 07/14/22

................

4

502,731

Royal

Bank

of

Canada

(Synchrony

Financial),

15.07%, 07/20/22

................

6

160,384

806,551

Containers

&

Packaging

—

0.1%

(b)

Royal

Bank

of

Canada

(Ball

Corp.),

12.87%, 07/14/22

................

8

563,031

Royal

Bank

of

Canada

(Sealed

Air

Corp.),

16.34%, 08/03/22

................

3

166,706

729,737

Diversified

Financial

Services

—

0.3%

(b)

Credit

Suisse

AG

(Berkshire

Hathaway,

Inc.),

8.20%, 08/09/22

.................

6

1,530,133

JPMorgan

Structured

Products

BV

(Berkshire

Hathaway,

Inc.),

7.77%, 07/14/22

(d)

.....

2

671,654

Merrill

Lynch

International

&

Co.

(AMP

Ltd.),

13.57%, 07/27/22

................

—

(l)

80,183

UBS

AG

(AMP

Ltd.),

7.80%, 07/27/22

.....

1

326,587

2,608,557

Diversified

Telecommunication

Services

—

0.1%

(b)

Citigroup

Global

Markets

Holdings

(Telekom

Malaysia

Bhd.),

36.76%, 07/22/22

.....

20

413,452

Credit

Suisse

AG

(Verizon

Communications,

Inc.),

13.05%, 07/25/22

.............

5

226,174

639,626

Electrical

Equipment

—

0.1%

(b)

Royal

Bank

of

Canada

(Eaton

Corp.

plc),

12.88%, 08/03/22

................

2

231,621

Royal

Bank

of

Canada

(Schneider

Electric

SE),

14.69%, 07/25/22

................

EUR

2

288,700

520,321

Electronic

Equipment,

Instruments

&

Components

—

0.1%

(b)

Credit

Suisse

AG

(Corning,

Inc.),

9.50%, 07/28/22

.................

USD

13

403,017

Credit

Suisse

AG

(Zebra

Technologies

Corp.),

19.20%, 08/03/22

................

—

(l)

76,145

JPMorgan

Structured

Products

BV

(Corning,

Inc.),

15.66%, 07/27/22

(d)

...........

5

162,722

Societe

Generale

SA

(Flex

Ltd.),

20.09%, 07/29/22

................

11

162,713

804,597

Energy

Equipment

&

Services

—

0.0%

JPMorgan

Structured

Products

BV

(Halliburton

Co.),

18.43%, 07/20/22

(b)(d)

..........

2

69,523

Entertainment

—

0.1%

(b)

Citigroup

Global

Markets

Holdings

(Electronic

Arts,

Inc.),

17.49%, 08/03/22

.........

2

280,785

Societe

Generale

SA

(Walt

Disney

Co.

(The)),

17.90%, 08/11/22

................

3

325,707

606,492

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.2%

(b)

BNP

Paribas

SA

(American

Tower

Corp.),

9.86%, 07/26/22

.................

2

490,476

BNP

Paribas

SA

(Crown

Castle

International

Corp.),

18.21%, 07/22/22

...........

2

404,688

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

36

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

BNP

Paribas

SA

(

Outfront

Media,

Inc.),

21.09%, 08/03/22

................

USD

12

$

203,701

Goldman

Sachs

International

(Lamar

Advertising

Co.),

14.35%, 08/03/22

.....

2

203,414

Royal

Bank

of

Canada

(Host

Hotels

&

Resorts,

Inc.),

17.25%, 08/04/22

.............

9

136,996

Royal

Bank

of

Canada

(Prologis,

Inc.),

11.50%, 07/20/22

................

3

318,428

Societe

Generale

SA

(Prologis,

Inc.),

13.84%, 07/27/22

................

3

329,868

2,087,571

Food

&

Staples

Retailing

—

0.1%

Citigroup,

Inc.

(Costco

Wholesale

Corp.),

12.40%, 09/23/22

(b)

...............

2

863,258

JPMorgan

Structured

Products

BV

(Kroger

Co.

(The))

17.98%,

09/09/22

(b)(d)

..............

4

203,075

19.22%,

09/09/22

(b)(d)

..............

3

162,159

1,228,492

Food

Products

—

0.1%

(b)

Royal

Bank

of

Canada

(Tyson

Foods,

Inc.),

14.01%, 08/09/22

................

1

82,468

Societe

Generale

SA

(Hershey

Co.

(The)),

8.93%, 07/29/22

.................

1

298,449

Societe

Generale

SA

(

Mondelez

International,

Inc.),

8.66%, 07/28/22

.............

4

262,064

642,981

Health

Care

Equipment

&

Supplies

—

0.1%

Citigroup,

Inc.

(Abbott

Laboratories),

14.75%, 07/22/22

(b)

...............

4

484,934

Health

Care

Providers

&

Services

—

0.5%

Citigroup,

Inc.

(Cigna

Corp.),

11.65%, 08/05/22

(b)

...............

1

354,182

Credit

Suisse

AG

(CVS

Health

Corp.),

11.75%, 07/12/22

(b)

...............

6

544,532

Royal

Bank

of

Canada

(Laboratory

Corp.

of

America

Holdings),

15.35%, 07/29/22

(b)

..

1

123,935

Societe

Generale

SA

(McKesson

Corp.),

11.99%, 07/12/22

(b)

...............

2

556,093

Societe

Generale

SA

(UnitedHealth

Group,

Inc.)

15.09%,

07/12/22

(b)

...............

2

775,403

15.46%,

07/18/22

(b)

...............

3

1,685,780

4,039,925

Health

Care

Technology

—

0.0%

Royal

Bank

of

Canada

(

CompuGroup

Medical

SE

&

Co.

KgaA

),

26.46%, 08/03/22

(b)

...

2

161,435

Hotels,

Restaurants

&

Leisure

—

0.1%

(b)

BMO

Capital

Markets

Corp.

(Wendy's

Co.

(The)),

16.70%, 08/10/22

...........

7

137,009

BNP

Paribas

SA

(Chipotle

Mexican

Grill,

Inc.),

11.27%, 07/20/22

................

—

(l)

198,825

JPMorgan

Structured

Products

BV

(McDonald's

Corp.),

10.33%, 07/27/22

(d)

..........

1

220,409

Royal

Bank

of

Canada

(Choice

Hotels

International,

Inc.),

20.57%, 08/04/22

...

1

119,281

Royal

Bank

of

Canada

(Hilton

Worldwide

Holdings,

Inc.),

17.71%, 07/29/22

......

1

167,242

842,766

Security

Par

(000)

Par

(000)

Value

Household

Durables

—

0.0%

(b)

JPMorgan

Structured

Products

BV

(Whirlpool

Corp.),

7.35%, 07/26/22

(d)

...........

USD

1

$

205,965

Societe

Generale

SA

(Toll

Brothers,

Inc.),

23.23%, 08/24/22

................

4

164,897

370,862

Household

Products

—

0.1%

Citigroup,

Inc.

(Procter

&

Gamble

Co.

(The)),

12.35%, 07/29/22

(b)

...............

6

853,948

Insurance

—

0.1%

(b)

BMO

Capital

Markets

Corp.

(Admiral

Group

plc),

14.51%, 07/27/22

.............

2

192,838

BNP

Paribas

SA

(Principal

Financial

Group,

Inc.),

14.45%, 07/29/22

.............

2

131,724

Citigroup,

Inc.

(Marsh

&

McLennan

Cos.,

Inc.),

9.80%, 07/22/22

.................

1

213,490

Credit

Suisse

AG

(Admiral

Group

plc),

8.35%, 07/28/22

.................

5

394,177

932,229

Interactive

Media

&

Services

—

0.2%

(b)

Credit

Suisse

AG

(Meta

Platforms,

Inc.),

22.05%, 07/28/22

................

4

591,504

Credit

Suisse

AG

(TripAdvisor,

Inc.),

26.75%, 08/04/22

................

4

68,563

Nomura

Bank

International

plc

(Alphabet,

Inc.),

9.33%, 07/12/22

.................

1

1,545,595

2,205,662

Internet

&

Direct

Marketing

Retail

—

0.2%

(b)

Royal

Bank

of

Canada

(Amazon.com,

Inc.),

16.35%, 07/29/22

................

1

1,236,529

Societe

Generale

SA

(Amazon.com,

Inc.),

11.57%, 07/12/22

................

—

(l)

364,639

1,601,168

IT

Services

—

0.3%

(b)

BNP

Paribas

SA

(Fidelity

National

Information

Services,

Inc.),

16.83%, 08/03/22

......

3

248,872

BNP

Paribas

SA

(Global

Payments,

Inc.),

16.44%, 08/03/22

................

2

231,853

BNP

Paribas

SA

(Visa,

Inc.),

11.38%, 07/27/22

5

986,604

Credit

Suisse

AG

(

FleetCor

Technologies,

Inc.),

13.60%, 08/04/22

................

—

(l)

81,186

JPMorgan

Structured

Products

BV

(

Mastercard

,

Inc.),

13.92%, 07/29/22

(d)

...........

2

773,646

Royal

Bank

of

Canada

(PayPal

Holdings,

Inc.),

25.76%, 07/28/22

................

2

155,905

Societe

Generale

SA

(

GoDaddy

,

Inc.),

13.87%, 07/12/22

................

5

348,765

2,826,831

Leisure

Products

—

0.0%

(b)

Royal

Bank

of

Canada

(Hasbro,

Inc.),

11.96%, 07/26/22

................

1

84,956

Societe

Generale

SA

(Mattel,

Inc.),

19.81%, 07/27/22

................

7

165,509

250,465

Life

Sciences

Tools

&

Services

—

0.1%

(b)

BNP

Paribas

SA

(

Thermo

Fisher

Scientific,

Inc.),

12.33%, 07/27/22

.............

1

435,548

Citigroup,

Inc.

(Danaher

Corp.),

15.80%, 07/22/22

................

2

541,766

977,314

BlackRock

Managed

Income

Fund

Schedule

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Machinery

—

0.1%

(b)

BNP

Paribas

SA

(Caterpillar,

Inc.),

14.04%, 07/29/22

................

USD

1

$

187,199

Goldman

Sachs

International

(Deere

&

Co.),

19.21%, 08/22/22

................

1

303,011

JPMorgan

Structured

Products

BV

(

Middleby

Corp.

(The)),

18.51%, 08/12/22

(d)

......

1

75,737

565,947

Media

—

0.0%

Nomura

Bank

International

plc

(Comcast

Corp.),

15.32%, 07/29/22

(b)

..........

4

169,391

Metals

&

Mining

—

0.2%

(b)

BNP

Paribas

SA

(Freeport-McMoRan,

Inc.),

23.97%, 07/22/22

................

7

199,624

Citigroup,

Inc.

(Freeport-McMoRan,

Inc.),

21.10%, 07/21/22

................

5

155,397

Credit

Suisse

AG

(Cleveland-Cliffs,

Inc.),

19.20%, 07/14/22

................

25

394,186

JPMorgan

Structured

Products

BV

(Freeport-

McMoRan,

Inc.),

11.23%, 07/14/22

(d)

....

20

594,349

Royal

Bank

of

Canada

(

Ramelius

Resources

Ltd.),

11.28%, 07/25/22

.............

EUR

—

(l)

257,146

Societe

Generale

SA

(Aneka

Tambang

Tbk

.

PT),

13.15%, 07/21/22

.............

USD

1

511,532

2,112,234

Multiline

Retail

—

0.1%

(b)

Citigroup

Global

Markets

Holdings

(Macy's,

Inc.),

27.82%, 08/19/22

.............

10

184,695

Goldman

Sachs

International

(Target

Corp.),

16.20%, 08/17/22

................

2

320,160

504,855

Oil,

Gas

&

Consumable

Fuels

—

0.3%

(b)

BNP

Paribas

SA

(Chevron

Corp.),

15.50%, 07/29/22

................

6

825,688

Citigroup

Global

Markets

Holdings

(EOG

Resources,

Inc.),

22.80%, 08/05/22

....

1

140,613

Citigroup

Global

Markets

Holdings

(Pioneer

Natural

Resources

Co.),

31.91%, 08/03/22

2

396,644

Credit

Suisse

AG

(Occidental

Petroleum

Corp.),

43.60%, 08/03/22

................

1

87,108

Merrill

Lynch

International

&

Co.

(Exxon

Mobil

Corp.),

17.80%, 08/01/22

...........

5

437,759

Nomura

Bank

International

plc

(APA

Corp.),

18.48%, 07/14/22

................

13

465,229

Nomura

Bank

International

plc

(Diamondback

Energy,

Inc.),

16.69%, 07/14/22

.......

4

526,192

Nomura

Bank

International

plc

(EOG

Resources,

Inc.),

27.17%, 08/04/22

....

1

81,099

2,960,332

Pharmaceuticals

—

0.5%

(b)

BNP

Paribas

SA

(Bristol-Myers

Squibb

Co.),

10.98%, 07/27/22

................

7

503,881

BNP

Paribas

SA

(Eli

Lilly

&

Co.),

13.87%, 08/03/22

................

2

701,586

BNP

Paribas

SA

(Pfizer,

Inc.),

15.92%, 08/03/22

................

15

750,771

Credit

Suisse

AG

(Johnson

&

Johnson),

5.85%, 07/19/22

.................

2

348,046

JPMorgan

Structured

Products

BV

(Johnson

&

Johnson),

6.47%, 07/20/22

(d)

.........

3

616,450

Nomura

Bank

International

plc

(Merck

KGaA

),

14.37%, 07/12/22

................

8

757,158

Royal

Bank

of

Canada

(Merck

KGaA

),

11.35%, 07/27/22

................

8

687,622

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Royal

Bank

of

Canada

(Sanofi),

12.28%, 07/25/22

................

EUR

110

$

312,242

Societe

Generale

SA

(Bausch

Health

Cos.,

Inc.),

26.29%, 07/12/22

.............

USD

28

233,494

4,911,250

Professional

Services

—

0.1%

(b)

BMO

Capital

Markets

Corp.

(Equifax,

Inc.),

15.54%, 07/21/22

................

1

199,095

Societe

Generale

SA

(Equifax,

Inc.),

22.48%, 07/21/22

................

2

332,013

531,108

Road

&

Rail

—

0.2%

(b)

Citigroup,

Inc.

(Union

Pacific

Corp.),

9.91%, 07/22/22

.................

2

415,391

Goldman

Sachs

International

(Union

Pacific

Corp.),

8.97%, 07/22/22

............

1

208,499

Nomura

Bank

International

plc

(Union

Pacific

Corp.),

12.64%, 07/22/22

...........

2

418,171

Royal

Bank

of

Canada

(Old

Dominion

Freight

Line,

Inc.),

8.26%, 07/14/22

..........

2

590,724

Societe

Generale

SA

(CSX

Corp.),

11.09%, 07/21/22

................

8

235,866

Societe

Generale

SA

(Knight-Swift

Transportation

Holdings,

Inc.),

16.49%, 07/21/22

................

4

164,785

2,033,436

Semiconductors

&

Semiconductor

Equipment

—

0.2%

(b)

BNP

Paribas

SA

(KLA

Corp.),

22.88%, 07/29/22

1

314,977

Credit

Suisse

AG

(Advanced

Micro

Devices,

Inc.),

25.85%, 07/27/22

.............

2

188,698

Credit

Suisse

AG

(Analog

Devices,

Inc.),

15.90%, 08/17/22

................

3

402,444

Credit

Suisse

AG

(QUALCOMM,

Inc.),

24.40%, 07/28/22

................

3

412,160

Credit

Suisse

AG

(Texas

Instruments,

Inc.),

13.40%, 07/21/22

................

1

157,308

JPMorgan

Structured

Products

BV

(QUALCOMM,

Inc.),

20.26%, 07/28/22

(d)

.

2

210,916

Royal

Bank

of

Canada

(ASML

Holding

NV),

12.16%, 07/20/22

................

EUR

1

308,562

1,995,065

Software

—

0.5%

BNP

Paribas

Issuance

BV

(Microsoft

Corp.),

14.41%, 07/27/22

(b)

...............

USD

4

962,962

Citigroup,

Inc.

(Microsoft

Corp.),

12.42%, 07/27/22

(b)

...............

2

413,978

Credit

Suisse

AG

(Fortinet,

Inc.),

23.00%, 07/29/22

(b)

...............

2

439,663

Merrill

Lynch

International

&

Co.

(Fair

Isaac

Corp.),

17.63%, 08/03/22

(b)

..........

—

(l)

138,871

Royal

Bank

of

Canada

(Microsoft

Corp.)

13.85%,

07/05/22

(b)

...............

4

1,066,859

14.34%,

07/28/22

(b)

...............

1

207,968

14.79%,

07/28/22

................

1

322,322

Royal

Bank

of

Canada

(Palo

Alto

Networks,

Inc.),

14.01%, 07/14/22

(b)

...........

1

575,058

4,127,681

Specialty

Retail

—

0.3%

(b)

BNP

Paribas

SA

(O'Reilly

Automotive,

Inc.),

12.04%, 07/28/22

................

1

340,574

Citigroup,

Inc.

(AutoZone,

Inc.),

11.39%, 09/21/22

................

—

(l)

343,803

Credit

Suisse

AG

(Home

Depot,

Inc.

(The)),

16.55%, 08/17/22

................

2

426,393

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

38

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

Credit

Suisse

AG

(Lowe's

Cos.,

Inc.),

18.35%, 08/17/22

................

USD

1

$

211,559

Credit

Suisse

AG

(TJX

Cos.,

Inc.

(The)),

18.40%, 08/17/22

................

6

325,335

JPMorgan

Structured

Products

BV

(

Ulta

Beauty,

Inc.),

20.28%, 08/25/22

(d)

......

1

200,084

Societe

Generale

SA

(AutoZone,

Inc.),

15.71%, 09/21/22

................

—

(l)

413,333

Societe

Generale

SA

(Home

Depot,

Inc.

(The)),

17.89%, 08/17/22

................

3

826,974

3,088,055

Technology

Hardware,

Storage

&

Peripherals

—

0.3%

Credit

Suisse

AG

(Apple,

Inc.)

9.30%,

07/12/22

(b)

................

5

728,431

12.20%,

07/27/22

(b)

...............

12

1,615,495

Nomura

Bank

International

plc

(Apple,

Inc.),

14.12%, 07/28/22

(b)

...............

2

231,810

2,575,736

Trading

Companies

&

Distributors

—

0.0%

BNP

Paribas

SA

(United

Rentals,

Inc.),

14.48%, 07/27/22

(b)

...............

1

137,912

Wireless

Telecommunication

Services

—

0.0%

Societe

Generale

SA

(T-Mobile

US,

Inc.),

14.37%, 07/28/22

(b)

...............

2

221,752

Total

Equity-Linked

Notes

—

7.1%

(Cost:

$68,332,360)

..............................

64,164,158

Floating

Rate

Loan

Interests

Aerospace

&

Defense

—

0.4%

(a)

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

05/25/28

(m)

...................

762

702,401

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

C,

05/25/28

(m)

...................

155

142,830

Cobham

Ultra

US

Co.,

Term

Loan,

11/17/28

(m)

69

65,493

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 04/06/26

.................

478

439,559

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 04/06/26

.................

257

236,322

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 02/01/28

1,216

1,138,982

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

7.75%),

9.00%

,

 02/01/29

233

216,186

Sequa

Mezzanine

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

8.30%

,

 11/28/23

.................

55

54,834

TransDigm

,

Inc.,

Term

Loan

F,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 12/09/25

.....

113

107,285

TransDigm

,

Inc.,

Term

Loan

G,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 08/22/24

.....

500

481,418

3,585,310

Air

Freight

&

Logistics

—

0.0%

AIT

Worldwide

Logistics

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.72%

,

 04/06/28

(a)

................

110

99,518

Airlines

—

0.4%

(a)

AAdvantage

Loyalty

IP

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.81%

,

 04/20/28

550

523,973

Air

Canada,

Term

Loan,

08/11/28

(

i

)(m)

......

560

513,800

Security

Par

(000)

Par

(000)

Value

Airlines

(continued)

American

Airlines,

Inc.,

Term

Loan

(LIBOR

USD

1

Month

+

1.75%),

3.37%, 06/27/25

...............

USD

161

$

142,143

(LIBOR

USD

1

Month

+

1.75%),

3.40%, 01/29/27

...............

791

694,142

American

Airlines,

Inc.,

Term

Loan,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

2.84%

,

 12/15/23

.................

12

11,795

Kestrel

Bidco

,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

5.03%

,

 12/11/26

......

80

71,037

Mileage

Plus

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

7.31%

,

 06/21/27

732

721,783

United

Airlines,

Inc.,

Term

Loan

B,

04/21/28

(m)

486

450,519

3,129,192

Auto

Components

—

0.1%

(a)

Adient

US

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 04/10/28

.....

82

76,281

Clarios

Global

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 04/30/26

881

820,538

Truck

Hero,

Inc.,

Term

Loan,

01/31/28

(m)

...

235

209,185

1,106,004

Automobiles

—

0.0%

Dealer

Tire,

LLC,

Term

Loan

B1,

01/01/38

(a)(m)

410

391,107

Beverages

—

0.1%

(a)

Naked

Juice

LLC,

1st

Lien

Term

Loan,

(SOFR

3

Month

+

3.25%),

4.88%

-

5.40%

,

 01/24/29

861

799,666

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(SOFR

3

Month

+

6.00%),

8.15%

,

 01/24/30

(

i

)

...

254

228,212

Netsmart

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

5.06%

-

5.67%

,

 10/01/27

.................

217

206,159

1,234,037

Building

Products

—

0.2%

(a)

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

4.57%

,

 04/12/28

.................

212

174,744

CP

Atlas

Buyer,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

-

5.42%

,

 11/23/27

.................

606

530,224

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 10/02/28

.................

113

103,647

CP

Iris

Holdco

I,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan,

10/02/28

(m)

.............

23

20,787

CPG

International

LLC,

Term

Loan,

(SOFR

6

Month

+

2.50%),

4.09%

,

 04/28/29

(

i

)

.....

184

170,200

Jeld-Wen

,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 07/28/28

.....

150

142,032

MI

Windows

and

Doors

LLC,

Term

Loan

B1,

12/18/27

(m)

.....................

—

(l)

204

Oscar

AcquisitionCo

LLC,

Term

Loan

B,

04/29/29

(m)

.....................

218

193,354

Wilsonart

LLC,

Term

Loan

E,

12/31/26

(m)

...

666

588,220

1,923,412

Capital

Markets

—

0.2%

(a)

Advisor

Group

Holdings,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.50%),

6.17%

,

 07/31/26

.................

473

449,330

Azalea

TopCo

,

Inc.,

1st

Lien

Term

Loan,

07/24/26

(m)

.....................

592

552,497

BlackRock

Managed

Income

Fund

Schedule

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Azalea

TopCo

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.99%

,

 07/24/26

(

i

)

................

USD

89

$

84,139

Cogeco

Communications

Finance

(USA)

LP,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 09/01/28

...........

335

319,363

Focus

Financial

Partners

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 06/30/28

.................

256

245,113

Greenhill

&

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.31%

-

4.92%

,

 04/12/24

115

112,719

1,763,161

Chemicals

—

0.4%

(a)

Alpha

3

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 03/18/28

..........

717

683,309

ARC

Falcon

I,

Inc.,

Delayed

Draw

Term

Loan,

09/30/28

(m)

.....................

34

30,991

ARC

Falcon

I,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 09/30/28

.....

229

211,226

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

5.63%

,

 11/24/27

(

i

)

................

52

48,274

Ascend

Performance

Materials

Operations

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

7.00%

,

 08/27/26

...........

381

370,080

CPC

Acquisition

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

6.00%

,

 12/29/27

.................

55

48,157

Ecovyst

Catalyst

Technologies

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.74%

,

 06/09/28

.................

255

243,607

Element

Solutions,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.00%),

3.67%

,

 01/31/26

347

342,303

Greenrock

Finance,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Week

+

3.50%),

4.51%

-

5.09%

,

 06/28/24

.................

51

48,734

Herens

Holdco

SARL,

Facility

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.00%),

6.25%

,

 07/03/28

.................

150

133,161

Lummus

Technology

Holdings

V

LLC,

Term

Loan

B,

06/30/27

(m)

...............

143

131,795

Messer

Industries

GmbH,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

2.50%),

4.76%

,

 01/01/38

.................

463

440,615

Momentive

Performance

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 05/15/24

...........

429

413,771

Nouryon

Finance

BV,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

5.25%

,

 10/01/25

....

14

13,075

Oxea

Holding

Vier

GMBH,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.25%),

4.38%

,

 10/14/24

.................

218

201,237

Sparta

US

HoldCo

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.37%

,

 08/02/28

(

i

)

................

390

371,237

WR

Grace

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

6.06%

,

 09/22/28

99

93,235

3,824,807

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

—

0.5%

(a)

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 02/02/26

.................

USD

29

$

25,624

Allied

Universal

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 05/12/28

.................

767

701,668

Amentum

Government

Services

Holdings

LLC,

1st

Lien

Term

Loan,

(SOFR

6

Month

+

4.00%),

4.78%

-

5.60%

,

 02/15/29

......

169

160,445

Aramark

Intermediate

HoldCo

Corp.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

1.75%),

3.42%

,

 03/11/25

.................

43

41,183

Aramark

Intermediate

HoldCo

Corp.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 04/06/28

.................

181

172,354

Asplundh

Tree

Expert

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

3.42%

,

 09/07/27

620

597,019

Clean

Harbors,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

3.67%

,

 10/08/28

.....

189

187,160

Covanta

Holding

Corp.,

Term

Loan

B,

11/30/28

(m)

.....................

428

403,432

Covanta

Holding

Corp.,

Term

Loan

C,

11/30/28

(m)

.....................

32

30,507

GFL

Environmental,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

4.24%

,

 05/30/25

27

26,168

LABL,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

5.00%),

6.06%

-

6.67%

,

 10/29/28

......

273

251,275

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

2.75%),

3.50%

-

3.81%

,

 09/23/26

......

112

104,026

Tempo

Acquisition

LLC,

Term

Loan

B1,

08/31/28

(m)

.....................

955

903,408

TruGreen

Ltd.

Partnership,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

5.67%

,

 11/02/27

.................

123

116,643

Viad

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

5.00%),

6.67%

,

 07/30/28

...........

307

287,097

WCG

Purchaser

Corp.,

1st

Lien

Term

Loan,

01/08/27

(m)

.....................

208

196,115

4,204,124

Communications

Equipment

—

0.1%

ViaSat

,

Inc.,

Term

Loan,

(SOFR

1

Month

+

4.50%),

6.14%

,

 03/02/29

(a)

..........

560

520,406

Construction

&

Engineering

—

0.2%

(a)

Brand

Energy

&

Infrastructure

Services,

Inc.,

Term

Loan,

06/21/24

(m)

.............

989

852,119

Pike

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 01/21/28

...........

375

355,680

USIC

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 05/12/28

.................

393

364,475

1,572,274

Construction

Materials

—

0.1%

(a)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

3.67%

,

 01/15/27

...........

412

388,691

New

AMI

I

LLC,

1st

Lien

Term

Loan,

(SOFR

6

Month

+

6.00%),

7.08%

,

 03/08/29

.....

203

184,117

Standard

Industries,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.79%

,

 09/22/28

301

290,356

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

40

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Construction

Materials

(continued)

TAMKO

Building

Products

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

4.24%

-

5.25%

,

 05/29/26

.................

USD

166

$

154,674

1,017,838

Containers

&

Packaging

—

0.3%

(a)

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 12/01/27

.................

1,019

957,157

Mauser

Packaging

Solutions

Holding

Co.,

Term

Loan,

04/03/24

(m)

.................

554

520,072

Pactiv

Evergreen,

Inc.,

Term

Loan

B2,

02/05/26

(m)

.....................

140

130,558

Pregis

TopCo

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

5.67%

,

 07/31/26

135

127,789

Reynolds

Consumer

Products

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

3.42%

,

 02/04/27

.................

16

15,055

Tosca

Services

LLC,

Term

Loan,

08/18/27

(m)

.

296

262,792

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

Term

Loan

B3,

09/15/28

(m)

...............

18

16,881

Trident

TPI

Holdings,

Inc.,

Term

Loan

B3,

(LIBOR

USD

3

Month

+

4.00%),

6.25%

,

 09/15/28

.................

202

189,328

2,219,632

Distributors

—

0.0%

PAI

Holdco,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.99%

,

 10/28/27

(a)

170

159,963

Diversified

Consumer

Services

—

0.3%

(a)

Ascend

Learning

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 12/11/28

.................

583

537,542

Ascend

Learning

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.75%),

7.42%

,

 12/10/29

(

i

)

................

153

139,995

Bright

Horizons

Family

Solutions

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 11/24/28

(

i

)

................

183

174,384

Midas

Intermediate

Holdco

II

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

7.75%),

12.50%

,

 12/22/25

................

694

633,745

Sotheby's,

Term

Loan,

01/15/27

(m)

........

553

528,506

Spring

Education

Group,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

6.50%

,

 07/30/25

.................

159

147,502

Voyage

Australia

Pty

Ltd.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.56%

,

 07/20/28

.................

117

109,284

Wand

Newco

3,

Inc.,

1st

Lien

Term

Loan

B1,

02/05/26

(m)

.....................

564

522,372

2,793,330

Diversified

Financial

Services

—

1.1%

(a)

Acuris

Finance

US,

Inc.,

Term

Loan,

(SOFR

3

Month

+

4.00%),

6.20%

,

 02/16/28

.....

84

78,621

Alchemy

Copyrights

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.06%

,

 03/10/28

(

i

)

246

236,403

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

05/17/29

(m)

.....................

171

163,519

Belron

Finance

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

3.50%

,

 10/30/26

(

i

)

...

78

74,490

Belron

Group

SA,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.88%

,

 04/13/28

.....

391

374,684

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

(continued)

Castlelake

Aviation

One

DAC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

4.58%

,

 10/22/26

.................

USD

615

$

586,881

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

(SOFR

1

Month

+

3.75%),

5.28%

,

 04/09/27

.................

1,116

1,042,394

Deerfield

Dakota

Holding

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.75%),

8.42%

,

 04/07/28

.................

183

177,510

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.00%),

5.01%

-

6.25%

,

 10/01/27

.................

723

682,023

Grab

Holdings,

Inc.,

Term

Loan,

01/29/26

(m)

.

716

651,642

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

12/17/27

(m)

.....................

503

411,291

LEB

Holdings

(USA),

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 11/02/27

.

77

75,269

Lions

Gate

Capital

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 03/24/25

.................

208

201,000

Medline

Borrower

LP,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 10/23/28

....

1,346

1,246,505

Mercury

Borrower,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

5.81%

,

 08/02/28

(

i

)

................

767

713,106

Mercury

Borrower,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.50%),

7.50%

,

 08/02/29

(

i

)

................

103

95,842

OLA

Netherlands

BV,

Term

Loan,

(SOFR

1

Month

+

6.25%),

7.63%

,

 12/15/26

.....

158

133,552

PECF

USS

Intermediate

Holding

III

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

5.92%

,

 12/15/28

.................

309

277,785

Radiate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 09/25/26

....

396

367,646

RVR

Dealership

Holdings

LLC,

Term

Loan,

(SOFR

3

Month

+

3.75%),

5.17%

,

 02/08/28

70

58,780

Setanta

Aircraft

Leasing

DAC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.00%),

4.25%

,

 11/05/28

.................

264

250,581

SMG

US

Midco

2,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 01/23/25

.................

218

202,416

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

4.42%

,

 12/11/26

.................

386

366,217

Trans

Union

LLC,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

1.75%),

3.42%

,

 11/16/26

....

312

293,595

Travelport

Finance

(Luxembourg)

SARL,

Term

Loan,

(LIBOR

USD

3

Month

+

1.50%),

3.75%

-

9.75%

,

 02/28/25

...........

100

98,453

Travelport

Finance

SARL,

1st

Lien

Term

Loan,

05/29/26

(m)

.....................

320

245,960

UPC

Financing

Partnership,

Facility

Term

Loan

AX,

(LIBOR

USD

1

Month

+

3.00%),

4.32%

,

 01/31/29

.................

139

131,443

White

Cap

Supply

Holdings

LLC,

Term

Loan,

(SOFR

1

Month

+

3.75%),

5.28%

,

 10/19/27

247

226,624

9,464,232

Diversified

Telecommunication

Services

—

0.5%

(a)

Altice

Financing

SA,

Term

Loan

(LIBOR

USD

3

Month

+

2.75%),

3.79%, 07/15/25

...............

15

13,498

BlackRock

Managed

Income

Fund

Schedule

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

(LIBOR

USD

3

Month

+

2.75%),

3.79%, 01/31/26

...............

USD

506

$

455,693

Altice

France

SA,

Term

Loan

B13,

(LIBOR

USD

3

Month

+

4.00%),

5.41%

,

 08/14/26

....

518

472,239

Cablevision

Lightpath

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.57%

,

 11/30/27

.

35

33,355

Connect

Finco

SARL,

Term

Loan,

12/11/26

(m)

1,126

1,032,872

Consolidated

Communications,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

5.19%

,

 10/02/27

.................

54

47,843

Frontier

Communications

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

6.06%

,

 05/01/28

.................

170

158,284

Iridium

Satellite

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 11/04/26

.

319

304,973

Level

3

Financing,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

3.42%

,

 03/01/27

169

156,185

Orbcomm

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

5.92%

,

 09/01/28

169

155,302

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

N,

(LIBOR

USD

1

Month

+

2.50%),

3.82%

,

 01/31/28

.................

133

124,292

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

Q,

(LIBOR

USD

1

Month

+

3.25%),

4.57%

,

 01/31/29

.................

144

137,648

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 03/09/27

1,208

1,110,180

4,202,364

Electric

Utilities

—

0.0%

(a)

Calpine

Construction

Finance

Co.

LP,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

3.67%

,

 01/15/25

.................

34

32,521

Edgewater

Generation

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 12/13/25

.................

93

78,950

111,471

Electrical

Equipment

—

0.1%

(a)

Arcline

FM

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

7.63%

,

 06/23/28

(

i

)

................

382

358,447

AZZ,

Inc.,

Term

Loan,

(SOFR

1

Month

+

4.25%),

0.00%

-

5.88%

,

 05/13/29

(

i

)

.....

71

67,628

Graftech

International

Ltd.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 02/12/25

25

24,274

450,349

Electronic

Equipment,

Instruments

&

Components

—

0.0%

II-VI,

Inc.,

Term

Loan

B,

07/02/29

(a)(m)

......

295

282,094

Entertainment

—

0.4%

(a)

AMC

Entertainment

Holdings,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.00%),

4.20%

,

 04/22/26

.................

339

284,765

Aristocrat

Technologies,

Inc.,

Term

Loan

B,

(SOFR

3

Month

+

2.25%),

4.40%

,

 05/24/29

47

45,284

City

Football

Group

Ltd.,

Term

Loan,

07/21/28

(

i

)

(m)

...........................

285

260,672

Kingpin

Intermediate

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 07/03/24

.................

616

586,469

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

3.38%

,

 10/19/26

.................

653

609,249

Security

Par

(000)

Par

(000)

Value

Entertainment

(continued)

Playtika

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

4.42%

,

 03/13/28

USD

450

$

423,236

Renaissance

Holding

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 05/30/25

.................

39

36,824

William

Morris

Endeavor

Entertainment,

LLC

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

4.42%

,

 05/18/25

...........

1,012

949,678

WMG

Acquisition

Corp.,

Term

Loan

G,

(LIBOR

USD

1

Month

+

2.13%),

3.79%

,

 01/20/28

466

446,310

3,642,487

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

RHP

Hotel

Properties

LP,

Term

Loan

B,

05/11/24

(a)(m)

....................

94

91,766

Food

&

Staples

Retailing

—

0.1%

US

Foods,

Inc.,

Term

Loan

B

(a)

(LIBOR

USD

3

Month

+

2.00%),

3.57%, 09/13/26

...............

421

396,002

(LIBOR

USD

3

Month

+

2.75%),

4.32%, 11/22/28

...............

208

198,056

594,058

Food

Products

—

0.5%

(a)

8th

Avenue

Food

&

Provisions,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 10/01/25

.................

345

289,010

B&G

Foods,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 10/10/26

....

24

22,873

Chobani

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 10/25/27

.....

1,097

992,654

Froneri

International

Limited,

1st

Lien

Term

Loan

B2,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 01/29/27

.................

712

653,425

Hostess

Brands

LLC,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.25%),

3.49%

-

3.92%

,

 08/03/25

.................

247

236,523

JBS

USA

Lux

SA,

Term

Loan,

(LIBOR

USD

3

Month

+

2.00%),

2.80%

,

 05/01/26

.....

41

39,506

Nomad

Foods

Ltd.,

Facility

Term

Loan

B4,

(LIBOR

USD

3

Month

+

2.25%),

3.66%

,

 05/15/24

.................

459

441,304

Sovos

Brands

Intermediate,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 06/08/28

.................

200

188,066

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

5.75%

,

 03/31/28

.................

810

713,884

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 01/20/28

.................

613

583,252

4,160,497

Health

Care

Equipment

&

Supplies

—

0.1%

(a)

Chariot

Buyer

LLC,

1st

Lien

Term

Loan,

11/03/28

(m)

.....................

578

520,376

Femur

Buyer,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

6.75%

,

 03/05/26

244

212,250

Insulet

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 05/04/28

.....

229

217,330

949,956

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

42

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

—

0.4%

(a)

Change

Healthcare

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 03/01/24

.................

USD

640

$

621,130

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.75%

,

 09/29/28

.................

208

196,649

Electron

Bidco

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 11/01/28

.................

723

675,163

Envision

Healthcare

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.81%

-

5.42%

,

 10/10/25

.................

416

136,930

eResearchTechnology

,

Inc.,

1st

Lien

Term

Loan,

02/04/27

(m)

.................

565

520,213

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

(LIBOR

USD

3

Month

+

3.75%),

6.00%, 02/18/27

...............

164

151,039

(LIBOR

USD

3

Month

+

3.75%),

6.00%, 11/15/28

...............

87

80,253

EyeCare

Partners

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

9.00%

,

 11/15/29

.................

78

74,102

MED

ParentCo

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

5.92%

,

 08/31/26

384

345,465

Medical

Solutions

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

6.38%

,

 11/01/28

.................

483

452,158

Medical

Solutions

Holdings,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan,

11/01/28

(m)

.......

92

86,341

Option

Care

Health,

Inc.,

1st

Lien

Term

Loan,

10/27/28

(m)

.....................

113

107,407

PetVet

Care

Centers

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 02/14/25

.................

4

3,706

Vizient

,

Inc.,

Term

Loan

B7,

(SOFR

1

Month

+

2.25%),

3.68%

,

 05/16/29

...........

66

65,423

WP

CityMD

Bidco

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

5.50%

,

 12/22/28

470

441,764

3,957,743

Health

Care

Technology

—

0.2%

(a)

Athenahealth

Group,

Inc.,

Delayed

Draw

Term

Loan,

02/15/29

(m)

.................

103

94,865

Athenahealth

Group,

Inc.,

Term

Loan,

02/15/29

(m)

.....................

610

559,747

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

5.67%

,

 06/02/28

.................

456

420,088

Verscend

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.00%),

5.67%

,

 08/27/25

494

472,096

1,546,796

Hotels,

Restaurants

&

Leisure

—

0.7%

(a)

1011778

BC

Unlimited

Liability

Co.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

3.42%

,

 11/19/26

.................

704

670,638

Bally's

Corp.,

Facility

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

4.37%

,

 10/02/28

154

142,410

Caesars

Resort

Collection

LLC,

Term

Loan

B,

12/23/24

(m)

.....................

270

259,391

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 07/21/25

.................

502

482,478

Carnival

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

5.88%

,

 06/30/25

.....

151

140,346

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Churchill

Downs,

Inc.,

Facility

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

3.67%

,

 12/27/24

.................

USD

328

$

312,577

Churchill

Downs,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

3.67%

,

 03/17/28

67

63,177

Equinox

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.00%),

5.25%

,

 03/08/24

.................

1,131

836,811

Fertitta

Entertainment

LLC,

Term

Loan

B,

(SOFR

1

Month

+

4.00%),

5.53%

,

 01/27/29

1,093

1,005,370

Flutter

Entertainment

plc,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

4.50%

,

 07/21/26

231

218,976

Four

Seasons

Holdings

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

3.67%

,

 11/30/23

.................

73

71,905

Hilton

Worldwide

Finance

LLC,

Term

Loan

B2,

06/22/26

(m)

.....................

61

58,198

IRB

Holding

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

4.42%

,

 02/05/25

....

508

480,750

Packers

Holdings

LLC,

Term

Loan,

03/09/28

(m)

429

392,135

Penn

National

Gaming,

Inc.,

Term

Loan

B,

(SOFR

1

Month

+

2.75%),

4.38%

,

 05/03/29

303

290,288

Scientific

Games

International,

Inc.,

Term

Loan

B,

(SOFR

1

Month

+

3.00%),

4.36%

,

 04/14/29

.................

180

170,550

Station

Casinos

LLC,

Facility

Term

Loan

B1,

02/08/27

(m)

.....................

622

583,451

Whatabrands

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 08/03/28

....

419

391,667

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

B,

05/30/25

(m)

.....................

37

35,243

6,606,361

Household

Durables

—

0.1%

(a)

ACProducts

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

5.92%

-

6.50%

,

 05/17/28

.................

357

274,547

Hunter

Douglas

Holding

BV,

Term

Loan

B1,

(SOFR

3

Month

+

3.50%),

4.84%

,

 02/26/29

514

441,079

Snap

One

Holdings

Corp.,

Term

Loan,

12/08/28

(m)

.....................

217

196,854

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

5.60%

,

 10/06/28

.................

160

130,673

Weber-Stephen

Products

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 10/30/27

.................

149

135,094

1,178,247

Household

Products

—

0.1%

(a)

Diamond

(BC)

BV,

Term

Loan,

09/29/28

(m)

..

495

456,179

Pilot

Travel

Centers

LLC,

Term

Loan

B,

(SOFR

1

Month

+

2.00%),

3.63%

,

 08/04/28

....

192

183,172

Spectrum

Brands,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

3.67%

,

 03/03/28

42

40,817

680,168

BlackRock

Managed

Income

Fund

Schedule

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

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%),

3.67%

,

 08/12/26

.....

USD

54

$

51,233

Constellation

Renewables

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

4.08%

,

 12/15/27

.................

257

247,123

298,356

Insurance

—

0.5%

(a)

Alliant

Holdings

Intermediate

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 05/09/25

.................

419

393,290

Alliant

Holdings

Intermediate

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

3.50%),

5.01%

,

 11/05/27

.................

740

686,850

AmWINS

Group,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 02/19/28

....

581

547,417

AssuredPartners

,

Inc.,

Term

Loan

(LIBOR

USD

1

Month

+

3.50%),

5.17%, 02/12/27

...............

354

331,096

Asurion

LLC,

2nd

Lien

Term

Loan

B3,

(LIBOR

USD

1

Month

+

5.25%),

6.92%

,

 01/31/28

379

322,150

Asurion

LLC,

2nd

Lien

Term

Loan

B4,

(LIBOR

USD

1

Month

+

5.25%),

6.92%

,

 01/20/29

289

244,205

Hub

International

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

4.21%

,

 04/25/25

....

789

745,990

Hub

International

Ltd.,

Term

Loan

B3,

(LIBOR

USD

3

Month

+

3.25%),

4.35%

,

 04/25/25

368

347,836

NFP

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 02/15/27

...........

51

46,664

Ryan

Specialty

Group

LLC,

Term

Loan,

(SOFR

1

Month

+

3.00%),

4.63%

,

 09/01/27

(

i

)

...

101

97,150

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan

(LIBOR

USD

1

Month

+

3.25%),

4.92%, 12/31/25

...............

586

548,666

(LIBOR

USD

1

Month

+

4.25%),

5.92%, 09/03/26

...............

29

27,883

USI,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

5.25%

,

 05/16/24

...........

571

546,223

4,885,420

Interactive

Media

&

Services

—

0.2%

(a)

Adevinta

ASA,

Term

Loan

B2,

(LIBOR

USD

3

Month

+

3.00%),

5.25%

,

 06/26/28

.....

410

390,755

Arches

Buyer

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 12/06/27

.....

180

163,424

Camelot

US

Acquisition

1

Co.,

Term

Loan

(LIBOR

USD

1

Month

+

3.00%),

4.67%, 10/30/26

...............

1,441

1,358,655

GoodRx

,

Inc.,

1st

Lien

Term

Loan,

10/10/25

(m)

171

155,379

Research

Now

Group,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

6.50%

,

 12/20/24

.................

111

101,928

2,170,141

Internet

&

Direct

Marketing

Retail

—

0.1%

(a)

CNT

Holding

I

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.69%

,

 11/08/27

.................

153

144,799

Pug

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 02/12/27

(

i

)

...........

737

663,102

Security

Par

(000)

Par

(000)

Value

Internet

&

Direct

Marketing

Retail

(continued)

Pug

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

4.25%),

5.92%

,

 02/12/27

(

i

)

.........

USD

50

$

45,779

853,680

IT

Services

—

0.3%

(a)

Applied

Systems,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

6.51%

,

 09/19/25

.................

48

46,095

Asurion

LLC,

Term

Loan

B6,

11/03/23

(m)

....

216

207,133

Asurion

LLC,

Term

Loan

B7,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 11/03/24

......

428

400,261

Epicor

Software

Corp.,

Term

Loan

C,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 07/30/27

140

131,461

FleetCor

Technologies

Operating

Co.

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

3.42%

,

 04/28/28

...........

410

394,045

Go

Daddy

Operating

Co.

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

3.67%

,

 08/10/27

.................

286

274,624

ION

Trading

Finance

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

7.00%

,

 04/01/28

166

152,911

Maximus,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

3.69%

,

 05/28/28

.....

169

167,314

TierPoint

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 05/05/26

(

i

)

174

161,903

Trader

Interactive

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 07/28/28

(

i

)

103

98,510

Venga

Finance

SARL,

Term

Loan,

12/04/28

(

i

)(m)

117

108,670

Virtusa

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 02/11/28

......

163

153,468

WEX,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 03/31/28

..........

105

100,423

ZoomInfo

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 02/02/26

40

38,575

2,435,393

Leisure

Products

—

0.0%

(a)

Fender

Musical

Instruments

Corp.,

Term

Loan,

(SOFR

1

Month

+

4.00%),

5.23%

,

 12/01/28

153

144,700

Peloton

Interactive,

Inc.,

Term

Loan,

(SOFR

6

Month

+

6.50%),

8.35%

,

 05/25/27

.....

85

80,804

225,504

Life

Sciences

Tools

&

Services

—

0.3%

(a)

Avantor

Funding,

Inc.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 11/08/27

.

710

680,813

Catalent

Pharma

Solutions,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.00%),

3.63%

,

 02/22/28

.................

394

387,843

Icon

plc,

Term

Loan

(LIBOR

USD

3

Month

+

2.25%),

4.56%, 07/03/28

...............

703

678,652

Maravai

Intermediate

Holdings

LLC,

Term

Loan

B,

10/19/27

(

i

)(m)

..................

340

322,029

Phoenix

Newco

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 11/15/28

.................

721

675,421

2,744,758

Machinery

—

0.6%

(a)

Albion

Financing

3

SARL,

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

5.75%

-

6.43%

,

 08/17/26

.................

384

366,907

ASP

Blade

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

5.67%

,

 10/13/28

72

62,925

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

44

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

Clark

Equipment

Co.,

Term

Loan

B,

(SOFR

3

Month

+

2.50%),

4.65%

,

 04/20/29

.....

USD

85

$

81,502

Columbus

McKinnon

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

5.06%

,

 05/14/28

61

58,049

Filtration

Group

Corp.,

Term

Loan

(LIBOR

USD

1

Month

+

3.00%),

4.67%, 03/31/25

...............

653

617,147

(LIBOR

USD

1

Month

+

3.50%),

5.17%, 10/21/28

...............

221

206,388

Fluidra

SA,

Term

Loan,

(SOFR

1

Month

+

2.00%),

3.63%

,

 01/29/29

...........

66

63,563

Gardner

Denver,

Inc.,

Term

Loan

B2,

(SOFR

1

Month

+

1.75%),

3.38%

,

 03/01/27

.....

254

242,868

Gates

Global

LLC,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 03/31/27

....

248

233,353

Husky

Injection

Molding

Systems

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

5.88%

,

 03/28/25

.................

732

669,567

Ingersoll-Rand

Services

Co.,

Term

Loan

B1,

(SOFR

1

Month

+

1.75%),

3.38%

,

 03/01/27

370

353,313

Madison

IAQ

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.52%

,

 06/21/28

.....

885

803,768

SPX

Flow,

Inc.,

Term

Loan,

(SOFR

1

Month

+

4.50%),

6.13%

,

 04/05/29

...........

303

281,737

TK

Elevator

Midco

GmbH,

Facility

Term

Loan

B1,

(LIBOR

USD

6

Month

+

3.50%),

4.02%

,

 07/30/27

.................

382

357,229

Vertiv

Group

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

0.00%

-

3.87%

,

 03/02/27

788

730,541

Zurn

LLC,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 10/04/28

....

29

28,192

5,157,049

Media

—

0.5%

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

03/03/25

(a)(m)

....................

424

363,520

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

5.00%

,

 10/15/26

(n)

................

85

89,171

Charter

Communications

Operating

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

1.75%),

3.42%

,

 04/30/25

(a)

................

129

125,697

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.74%

,

 08/21/26

(a)

................

909

778,749

CMG

Media

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 12/17/26

(a)

................

190

174,275

CSC

Holdings

LLC,

Term

Loan

(a)

(LIBOR

USD

1

Month

+

2.25%),

3.57%, 07/17/25

...............

32

29,546

(LIBOR

USD

1

Month

+

2.50%),

3.82%, 04/15/27

...............

553

513,033

DirectTV

Financing

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

5.00%),

6.67%

,

 08/02/27

(a)

729

669,173

Eagle

Broadband

Investments

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

5.31%

,

 11/12/27

(a)

................

155

145,268

EW

Scripps

Co.

(The),

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.75%),

4.42%

,

 01/07/28

(a)

56

52,438

Learfield

Communications

LLC,

1st

Lien

Term

Loan,

12/01/23

(a)(

i

)(m)

...............

180

157,313

Sinclair

Television

Group,

Inc.,

Term

Loan

B4,

(SOFR

1

Month

+

3.75%),

5.38%

,

 04/21/29

(a)(

i

)

...............

427

392,840

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Trader

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.63%

,

 09/28/23

(a)(

i

)

..

USD

668

$

639,610

Voyage

Digital

(NZ)

Ltd.,

1st

Lien

Term

Loan,

(SOFR

3

Month

+

4.50%),

5.77%

,

 05/11/29

(a)

(

i

)

............................

221

209,950

Ziggo

Financing

Partnership,

Facility

Term

Loan

I,

(LIBOR

USD

1

Month

+

2.50%),

3.82%

,

 04/30/28

(a)

................

213

198,156

4,538,739

Metals

&

Mining

—

0.0%

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

03/16/27

(a)(m)

.................

219

194,845

Oil,

Gas

&

Consumable

Fuels

—

0.3%

(a)

Ascent

Resources

Utica

Holdings

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

9.00%),

10.02%

,

 11/01/25

...........

46

48,223

Freeport

LNG

investments

LLLP,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.56%

,

 12/21/28

.................

689

594,112

Lucid

Energy

Group

II

Borrower

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

5.87%

,

 11/24/28

.................

613

603,658

Medallion

Midland

Acquisition

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 10/18/28

.................

461

440,970

Oryx

Midstream

Services

Permian

Basin

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.71%

,

 10/05/28

.................

768

729,102

2,416,065

Personal

Products

—

0.1%

Sunshine

Luxembourg

VII

SARL,

Facility

Term

Loan

B3,

(LIBOR

USD

3

Month

+

3.75%),

6.00%

,

 10/01/26

(a)

................

1,389

1,282,140

Pharmaceuticals

—

0.3%

(a)

Amneal

Pharmaceuticals

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

5.19%

-

5.81%

,

 05/04/25

.................

314

283,222

Bausch

Health

Cos.,

Inc.,

Term

Loan

B,

02/01/27

(m)

.....................

499

426,509

Elanco

Animal

Health,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

2.81%

,

 08/01/27

355

335,011

Grifols

Worldwide

Operations

Ltd.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

3.67%

,

 11/15/27

.................

198

186,878

Jazz

Pharmaceuticals

plc,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 05/05/28

615

585,895

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.00%),

9.88%

,

 11/01/29

.................

110

101,200

Organon

&

Co.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

4.63%

,

 06/02/28

.....

233

223,498

Precision

Medicine

Group

LLC,

Delayed

Draw

Term

Loan,

11/18/27

(

i

)(m)

............

56

51,451

Precision

Medicine

Group

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

5.25%

,

 11/18/27

(

i

)

................

584

538,730

2,732,394

BlackRock

Managed

Income

Fund

Schedule

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Professional

Services

—

0.5%

(a)

AlixPartners

LLP,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

4.42%

,

 02/04/28

.....

USD

922

$

874,953

CoreLogic

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.19%

,

 06/02/28

1,034

857,406

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.87%

,

 02/06/26

.................

912

858,902

Dun

&

Bradstreet

Corp.

(The),

Term

Loan

B2,

(SOFR

1

Month

+

3.25%),

4.75%

,

 01/18/29

157

145,841

Element

Materials

Technology

Group

US

Holdings,

Inc.,

Term

Loan,

04/12/29

(m)

...

159

151,924

Element

Materials

Technology

Group

US

Holdings,

Inc.,

Term

Loan

B,

04/12/29

(m)

.

344

329,169

Galaxy

US

Opco

,

Inc.,

1st

Lien

Term

Loan,

(SOFR

1

Month

+

4.75%),

6.28%

,

 04/29/29

371

347,349

Genuine

Financial

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 07/11/25

.................

176

166,885

Trans

Union

LLC,

Term

Loan

B6,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 12/01/28

....

855

813,222

4,545,651

Real

Estate

Management

&

Development

—

0.1%

Cushman

&

Wakefield

US

Borrower

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

4.42%

,

 08/21/25

(a)

................

579

544,280

Road

&

Rail

—

0.2%

(a)

Avis

Budget

Car

Rental

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

3.42%

,

 08/06/27

.................

138

130,308

Genesee

&

Wyoming,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.00%),

4.25%

,

 12/30/26

387

370,903

SIRVA

Worldwide,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

0.00%

-

7.75%

,

 08/04/25

(

i

)

................

108

95,763

Uber

Technologies,

Inc.,

Term

Loan,

02/25/27

(m)

765

730,804

1,327,778

Semiconductors

&

Semiconductor

Equipment

—

0.0%

(a)

ON

Semiconductor

Corp.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

3.67%

,

 09/19/26

.................

21

21,141

Synaptics

,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

4.36%

,

 12/02/28

.....

113

109,851

130,992

Software

—

1.7%

(a)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

4.01%

-

5.25%

,

 09/19/24

.................

109

104,765

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

5.98%

,

 02/12/25

.................

827

817,596

Boxer

Parent

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 10/02/25

369

343,113

CCC

Intelligent

Solutions,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

4.50%

,

 09/21/28

.................

325

307,958

CDK

Global,

Inc.,

Term

Loan

B,

07/06/29

(m)

.

140

131,968

Cloudera,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 10/08/28

738

677,319

Cloudera,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.00%),

7.67%

,

 10/08/29

(

i

)

203

176,610

Security

Par

(000)

Par

(000)

Value

Software

(continued)

ConnectWise

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

5.75%

,

 09/29/28

.....

USD

220

$

201,341

Cornerstone

OnDemand

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 10/16/28

.................

231

206,350

Delta

Topco,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

5.84%

,

 12/01/27

385

347,811

Delta

Topco,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

9.34%

,

 12/01/28

(

i

)

40

34,000

E2open

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.83%

,

 02/04/28

..........

47

43,945

Epicor

Software

Corp.

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.75%),

9.42%

,

 07/31/28

.................

132

127,776

Greeneden

US

Holdings

I

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

5.67%

,

 12/01/27

.................

1,226

1,169,204

Helios

Software

Holdings,

Inc.,

Term

Loan,

(SOFR

3

Month

+

3.75%),

5.95%

,

 03/11/28

292

268,209

Informatica

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

4.44%

,

 10/27/28

.....

719

680,522

Instructure

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.27%

,

 10/30/28

(

i

)

139

131,373

Magenta

Buyer

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.98%

,

 07/27/28

.................

419

375,033

Magenta

Buyer

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

8.25%),

9.48%

,

 07/27/29

.................

441

401,121

McAfee

Corp.,

Term

Loan

B1,

03/01/29

(m)

...

721

654,308

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.25%),

7.92%

,

 02/23/29

252

236,920

MH

Sub

I,

LLC,

1st

Lien

Term

Loan

(LIBOR

USD

1

Month

+

3.75%),

4.56%

-

5.42%, 09/13/24

...............

830

780,096

(LIBOR

USD

1

Month

+

3.75%),

5.42%, 09/13/24

...............

591

555,850

Planview

Parent,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

5.67%

,

 12/17/27

.................

551

517,592

Proofpoint

,

Inc.,

1st

Lien

Term

Loan,

08/31/28

(m)

984

912,153

RealPage

,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 04/24/28

1,312

1,209,757

Severin

Acquisition,

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.62%

,

 08/01/25

.................

386

368,707

Sophia

LP,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.25%),

5.50%

,

 10/07/27

....

383

356,872

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

1.75%),

3.42%

,

 04/16/25

.................

16

15,385

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

3.42%

,

 04/16/25

.................

13

12,489

TIBCO

Software,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.25%),

8.31%

-

8.92%

,

 03/03/28

.................

583

570,451

UKG,

Inc.,

1st

Lien

Term

Loan

 05/04/26

(m)

.....................

210

196,194

(LIBOR

USD

1

Month

+

3.75%),

5.42%, 05/04/26

...............

807

761,019

UKG,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

6.21%

,

 05/03/27

.....

232

213,523

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

46

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Veritas

US

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

5.00%),

7.25%

,

 09/01/25

.....

USD

774

$

631,149

VS

Buyer,

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 02/28/27

.....

869

815,496

15,353,975

Specialty

Retail

—

0.3%

(a)

EG

Group

Ltd.,

Facility

Term

Loan

 02/07/25

(m)

.....................

321

300,678

(LIBOR

USD

3

Month

+

4.25%),

6.50%, 03/31/26

...............

168

158,244

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan,

(SOFR

1

Month

+

4.00%),

5.63%

,

 05/04/28

.................

497

458,629

PetSmart

LLC,

Term

Loan,

02/11/28

(m)

.....

840

788,375

Restoration

Hardware,

Inc.,

Term

Loan

(LIBOR

USD

1

Month

+

2.50%),

4.17%, 10/20/28

...............

208

181,982

(SOFR

1

Month

+

3.25%),

4.88%, 10/20/28

186

165,540

SRS

Distribution,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.02%

,

 06/02/28

....

820

755,042

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

5.81%

,

 12/21/27

(

i

)

................

260

242,706

3,051,196

Technology

Hardware,

Storage

&

Peripherals

—

0.0%

Electronics

for

Imaging,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.00%),

6.67%

,

 07/23/26

(a)

................

205

182,005

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

(a)

Crocs,

Inc.,

Term

Loan,

02/20/29

(m)

.......

359

325,757

Fanatics

Commerce

Intermediate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.31%

-

4.92%

,

 11/24/28

............

140

131,562

457,319

Trading

Companies

&

Distributors

—

0.2%

(a)

Beacon

Roofing

Supply,

Inc.,

Term

Loan,

05/19/28

(m)

.....................

344

327,977

Core

&

Main

LP,

Term

Loan

B,

07/27/28

(m)

..

830

788,752

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.49%

,

 01/31/28

(

i

)

................

266

231,476

SRS

Distribution,

Inc.,

Term

Loan,

(SOFR

3

Month

+

3.50%),

4.00%

,

 06/02/28

.....

209

192,393

TMK

Hawk

Parent

Corp.,

Term

Loan

A,

(LIBOR

USD

1

Month

+

7.50%),

9.17%

,

 05/30/24

(

i

)

37

34,579

TMK

Hawk

Parent

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

4.56%

-

5.17%

,

 08/28/24

(

i

)

................

120

90,864

1,666,041

Transportation

Infrastructure

—

0.0%

(a)

KKR

Apple

Bidco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

4.42%

,

 09/22/28

.................

110

103,369

KKR

Apple

Bidco

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.75%),

7.42%

,

 09/21/29

.................

45

42,919

146,288

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

—

0.1%

(a)

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan

B,

05/27/24

(

i

)(m)

...............

USD

396

$

341,717

Gogo

Intermediate

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.99%

,

 04/30/28

.................

123

115,911

MetroNet

Systems

Holdings

LLC,

1st

Lien

Term

Loan,

(SOFR

1

Month

+

3.75%),

4.66%

-

5.05%

,

 06/02/28

.................

101

93,262

SBA

Senior

Finance

II

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

3.42%

,

 04/11/25

.

288

277,149

828,039

Total

Floating

Rate

Loan

Interests

—

14.0%

(Cost:

$134,993,740)

.............................

125,630,752

Foreign

Agency

Obligations

Ireland

—

0.1%

AIB

Group

plc,

(LIBOR

USD

3

Month

+

1.87%),

4.26%

,

04/10/25

(a)(b)

...............

675

661,954

Mexico

—

0.0%

Petroleos

Mexicanos

6.88%,

08/04/26

.................

175

156,187

7.69%,

01/23/50

.................

360

240,300

396,487

Total

Foreign

Agency

Obligations

—

0.1%

(Cost:

$1,226,926)

..............................

1,058,441

Shares

Shares

Investment

Companies

(o)

BlackRock

Allocation

Target

Shares-

BATS

Series

A

.......................

6,885,757

64,381,831

BlackRock

Floating

Rate

Income

Po

rtfolio,

Class

K

Sh

ares

..................

1,932,884

17,840,518

BlackRock

GNMA

Po

rtfolio,

Class

K

Shares

.

3,467,787

28,747,953

BlackRock

High

Yield

Bond

Po

rtfolio,

Class

K

Shares

........................

1,853,186

12,231,030

iShares

Core

Dividend

Growth

ETF

......

362,934

17,290,176

Total

Investment

Companies

—

15.6%

(Cost:

$152,288,356)

.............................

140,491,508

Par

(000)

Par

(000)

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.2%

(b)

CHNGE

Mortgage

Trust,

Series

2022-2,

Class

A1,

3.76%,

03/25/67

(a)

.............

964

917,905

MFRA

Trust,

Series

2022-CHM1,

Class

A1,

3.88%,

09/25/56

(k)

................

847

817,336

1,735,241

Total

Non-Agency

Mortgage-Backed

Securities

—

0.2%

(Cost:

$1,811,697)

..............................

1,735,241

BlackRock

Managed

Income

Fund

Schedule

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Beneficial

Interest

(000)

Value

Other

Interests

(p)

Capital

Markets

—

0.0%

Lehman

Brothers

Holdings,

Inc.

(c)(h)(

i

)

......

USD

471

$

—

Total

Other

Interests

—

0.0%

(Cost:

$0)

....................................

—

Par

(000)

Pa

r

(

000)

Preferred

Securities

Capital

Trusts

—

1.8%

Banks

—

0.6%

(a)(g)

Bank

of

America

Corp.

Series

JJ,

(LIBOR

USD

3

Month

+

3.29%),

5.13%

......................

900

839,295

Series

RR,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.76%),

4.38%

......................

650

539,350

Citigroup,

Inc.

Series

U,

(SOFR

+

3.81%),

5.00%

.....

1,063

935,440

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%

......................

225

194,625

Series

Y,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%),

4.15%

......................

10

8,025

JPMorgan

Chase

&

Co.

Series

FF,

(SOFR

+

3.38%),

5.00%

....

644

568,330

Series

HH,

(SOFR

+

3.13%),

4.60%

....

40

33,781

PNC

Financial

Services

Group,

Inc.

(The),

Series

T,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%),

3.40%

........................

800

607,457

US

Bancorp,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.54%),

3.70%

........................

555

425,963

Wells

Fargo

&

Co.

Series

S,

(LIBOR

USD

3

Month

+

3.11%),

5.90%

......................

395

357,159

Series

U,

(LIBOR

USD

3

Month

+

3.99%),

5.88%

......................

375

365,588

Series

BB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%),

3.90%

......................

925

796,656

5,671,669

Capital

Markets

—

0.5%

(a)(g)

Bank

of

New

York

Mellon

Corp.

(The),

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%),

3.70%

775

685,772

Charles

Schwab

Corp.

(The)

Series

I,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.17%),

4.00%

......................

1,100

932,426

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%

................

760

585,010

Goldman

Sachs

Group,

Inc.

(The)

Series

Q,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.62%),

5.50%

......................

275

265,457

Series

R,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.95%

......................

284

255,694

Series

T,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.80%

......................

600

467,989

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Series

O,

(LIBOR

USD

3

Month

+

3.83%),

5.30%

......................

USD

600

$

564,174

3,756,522

Consumer

Finance

—

0.3%

(a)(g)

Ally

Financial,

Inc.,

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.87%),

4.70%

.............

1,325

1,050,745

Discover

Financial

Services,

Series

C,

(LIBOR

USD

3

Month

+

3.08%),

5.50%

.......

725

565,437

General

Motors

Financial

Co.,

Inc.,

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.00%),

5.70%

631

548,970

2,165,152

Diversified

Financial

Services

—

0.0%

Voya

Financial,

Inc.,

Series

A,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.36%),

6.13%

(a)(g)

...........

475

448,222

Electric

Utilities

—

0.1%

Edison

International,

Series

A,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.70%),

5.38%

(a)(g)

...........

1,250

1,015,625

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)(g)

.....................

94

85,305

Insurance

—

0.1%

MetLife,

Inc.,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.58%),

3.85%

(a)(g)

...............

950

845,931

Multi-Utilities

—

0.0%

Sempra

Energy,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.55%),

4.88%

(a)(g)

......................

450

413,991

Oil,

Gas

&

Consumable

Fuels

—

0.2%

(a)(g)

Energy

Transfer

LP,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%

.............

1,650

1,415,950

EnLink

Midstream

Partners

LP,

Series

C,

(LIBOR

USD

3

Month

+

4.11%),

6.00%

..

86

57,369

1,473,319

Total

Capital

Trusts

—

1.8%

(Cost:

$18,692,032)

..............................

15,875,736

Shares

Shares

Preferred

Stocks

—

0.2%

Banks

—

0.1%

PNC

Financial

Services

Group,

Inc.

(The),

Series

P,

(LIBOR

USD

3

Month

+

4.07%),

5.35%

(a)(g)

......................

25,000

634,000

Consumer

Finance

—

0.0%

SLM

Corp.,

Series

B,

(LIBOR

USD

3

Month

+

1.70%),

3.53%

(a)(g)

................

2,500

142,125

Insurance

—

0.0%

Allstate

Corp.

(The),

Series

H,

5.10%

(g)

....

15,000

335,400

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

48

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

—

0.1%

Energy

Transfer

LP,

Series

E,

(LIBOR

USD

3

Month

+

5.16%),

7.60%

(a)(g)

..........

25,000

$

582,500

Total

Preferred

Stocks

—

0.2%

(Cost:

$1,796,331)

..............................

1,694,025

Trust

Preferreds

—

0.0%

Commercial

Services

&

Supplies

—

0.0%

ILFC

E-Capital

Trust

I,

4.85%, 12/21/65

(a)(b)

..

100,000

73,001

Total

Trust

Preferreds

—

0.0%

(Cost:

$95,250)

................................

73,001

Total

Preferred

Securities

—

2.0%

(Cost:

$20,583,613)

..............................

17,642,762

Warrants

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)

(c)

....

52

534

Total

Warrants

—

0.0%

(Cost:

$0)

....................................

534

Total

Long-Term

Investments

—

97.3%

(Cost:

$963,222,728)

.............................

873,702,827

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

1.33%

(o)(q)

.................

18,957,643

$

18,957,643

Total

Short-Term

Securities

—

2.1%

(Cost:

$18,957,643)

..............................

18,957,643

Total

Options

Purchased

—

0.0%

(Cost:

$631,648)

................................

367,852

Total

Investments

Before

Options

Written

—

99.4%

(Cost:

$982,812,019

)

.............................

893,028,322

Total

Options

Written

—

(0.0)%

(Premium

Received

—

$(248,999))

...................

(118,316)

Total

Investments

Net

of

Options

Written

—

99.4%

(Cost:

$982,563,020

)

.............................

892,910,006

Other

Assets

Less

Liabilities

—

0.6%

...................

4,959,361

Net

Assets

—

100.0%

..............................

$

897,869,367

(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)

Non-income

producing

security.

(d)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(e)

Convertible

security.

(f)

Zero-coupon

bond.

(g)

Perpetual

security

with

no

stated

maturity

date.

(h)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(i)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(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.

(p)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(q)

Annualized

7-day

yield

as

of

period

end.

BlackRock

Managed

Income

Fund

Schedule

of

Investments

49

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/22

Shares

Held

at

06/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

35,824,234

$

—

$

(16,866,591)

$

—

$

—

$

18,957,643

18,957,643

$

40,964

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)(b)

.........

35,553,336

—

(35,553,336)

(796)

796

—

—

5,043

(c)

—

BlackRock

Allocation

Target

Shares-

BATS

Series

A

.....

68,719,858

—

—

—

(4,338,027)

64,381,831

6,885,757

954,268

—

BlackRock

Floating

Rate

Income

Portfolio,

Class

K

Shares

...

20,171,128

10,857,015

(11,260,447)

(539,242)

(1,387,936)

17,840,518

1,932,884

529,538

—

BlackRock

GNMA

Portfolio,

Class

K

Shares

..............

—

31,812,234

—

—

(3,064,281)

28,747,953

3,467,787

314,611

—

BlackRock

High

Yield

Bond

Portfolio,

Class

K

Shares

...

—

19,899,807

(5,120,887)

(282,581)

(2,265,309)

12,231,030

1,853,186

401,766

—

iShares

Core

Dividend

Growth

ETF

..................

20,580,329

10,304,444

(9,983,549)

1,629,601

(5,240,649)

17,290,176

362,934

204,926

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(b)

.....

19,892,139

—

(19,880,607)

516,578

(528,110)

—

—

—

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(b)

.....

9,426,678

—

(9,325,762)

195,698

(296,614)

—

—

—

—

iShares

MBS

ETF

(b)

.........

31,749,432

—

(31,627,717)

(469,621)

347,906

—

—

—

—

iShares

U.S.

Real

Estate

ETF

(b)

.

15,251,389

—

(14,266,201)

(249,027)

(736,161)

—

—

56,809

—

$

800,610

$

(17,508,385)

$

159,449,151

$

2,507,925

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

As

of

period

end,

the

entity

is

no

longer

held.

(c)

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

Managed

Income

Fund

50

Schedule

of

Investments

(unaudited)

(continued)

June

30,

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

S&P

500

E-Mini

Index

......................................................

28

09/16/22

$

5,305

$

(68,882)

U.S.

Treasury

10

Year

Note

...................................................

148

09/21/22

17,513

52,895

U.S.

Treasury

10

Year

Ultra

Note

...............................................

213

09/21/22

27,051

(344,659)

U.S.

Treasury

Long

Bond

....................................................

36

09/21/22

4,971

(74,918)

U.S.

Treasury

2

Year

Note

....................................................

5

09/30/22

1,049

5,073

U.S.

Treasury

5

Year

Note

....................................................

245

09/30/22

27,467

72,159

(358,332)

Short

Contracts

GBP

Currency

............................................................

186

09/19/22

14,181

469,582

JPY

Currency

............................................................

17

09/19/22

1,576

35,847

505,429

$

147,097

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

S&P

500

Index

..........

Citibank

NA

6,809

07/15/22

USD

4,350.00

USD

25,775

$

1,362

S&P

500

Index

..........

Citibank

NA

8,245

09/16/22

USD

4,100.00

USD

31,210

366,490

$

367,852

OTC

Options

Written

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

S&P

500

Index

.............

Citibank

NA

8,245

09/16/22

USD

4,300.00

USD

31,210

$

(118,316)

Balances

Reported

in

the

Statement

of

Assets

and

Liabilities

for

OTC

Swaps

and

Options

Written

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Options

Written

...................................................

—

—

130,683

—

(118,316)

BlackRock

Managed

Income

Fund

Schedule

of

Investments

51

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statement

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.....

$

—

$

—

$

—

$

505,429

$

130,127

$

—

$

635,556

Options

purchased

Investments

at

value

—

unaffiliated

(b)

...........

—

—

367,852

—

—

—

367,852

$

—

$

—

$

367,852

$

505,429

$

130,127

$

—

$

1,003,408

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

.....

—

—

68,882

—

419,577

—

488,459

Options

written

Options

written

at

value

.....................

—

—

118,316

—

—

—

118,316

$

—

$

—

$

187,198

$

—

$

419,577

$

—

$

606,775

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day's

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

options

purchased

at

value

as

reported

in

the

Schedule

of

Investments.

For

the

period

ended

June

30,

2022,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

contracts

.......................

$

—

$

—

$

(3,058,204)

$

835,155

$

5,735,761

$

75,890

$

3,588,602

Options

purchased

(a)

....................

—

—

1,663,413

—

—

—

1,663,413

Options

written

........................

—

—

(131,233)

—

—

—

(131,233)

Swaps

..............................

—

(44,342)

—

—

—

—

(44,342)

$

—

$

(44,342)

$

(1,526,024)

$

835,155

$

5,735,761

$

75,890

$

5,076,440

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(303,320)

$

838,973

$

(499,383)

$

—

$

36,270

Options

purchased

(b)

....................

—

—

(263,796)

—

—

—

(263,796)

Options

written

........................

—

—

130,683

—

—

—

130,683

Swaps

..............................

—

44,943

—

—

—

—

44,943

$

—

$

44,943

$

(436,433)

$

838,973

$

(499,383)

$

—

$

(51,900)

(a)

Options

purchased

are

included

in

net

realized

gain

(loss)

from

investments

—

unaffiliated.

(b)

Options

purchased

are

included

in

net

change

in

unrealized

appreciation

(depreciation)

on

investments

—

unaffiliated.

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

58,499,490

Average

notional

value

of

contracts

—

short

.................................................................................

$

35,920,183

Options

Average

value

of

option

contracts

purchased

................................................................................

$

183,926

Average

value

of

option

contracts

written

...................................................................................

$

59,158

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

$

—

(a)

Average

notional

value

—

sell

protection

...................................................................................

$

—

(a)

(a)

Derivative

financial

instrument

not

held

at

any

quarter-end.

The

risk

exposure

table

serves

as

an

indicator

of

activity

during

the

period.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

52

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

664,106

$

276,984

Options

(a)

.........................................................................................

367,852

118,316

Total

derivative

assets

a

nd

liabilities

in

the

Statement

of

Assets

and

Liabilities

.............................................

$

1,031,958

$

395,300

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(664,106)

(276,984)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

367,852

$

118,316

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Statement

of

Assets

and

Liabilities

and

reported

in

the

Schedule

of

Investments.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

Citibank

NA

....................................

$

367,852

$

(118,316)

$

—

$

(249,536)

$

—

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

Citibank

NA

....................................

$

118,316

$

(118,316)

$

—

$

—

$

—

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

BlackRock

Managed

Income

Fund

Schedule

of

Investments

53

Schedule

of

Investments

(unaudited)

(continued)

June

30,

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

...................................

$

—

$

78,319,852

$

—

$

78,319,852

Common

Stocks

Banks

...............................................

3,155,489

1,436,827

—

4,592,316

Beverages

...........................................

1,745,591

—

—

1,745,591

Biotechnology

.........................................

1,933,339

—

—

1,933,339

Building

Products

.......................................

904

—

—

904

Capital

Markets

........................................

1,883,809

—

—

1,883,809

Chemicals

............................................

698,877

719,856

—

1,418,733

Consumer

Finance

......................................

1,201,387

—

—

1,201,387

Diversified

Telecommunication

Services

........................

1,718,641

1,688,309

—

3,406,950

Electric

Utilities

........................................

—

1,852,241

—

1,852,241

Electrical

Equipment

.....................................

—

1,358,373

—

1,358,373

Electronic

Equipment,

Instruments

&

Components

.................

1,120,185

—

—

1,120,185

Energy

Equipment

&

Services

..............................

647,670

—

—

647,670

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

8,010,557

1,292,249

—

9,302,806

Food

&

Staples

Retailing

..................................

787,072

—

—

787,072

Health

Care

Equipment

&

Supplies

...........................

1,700,404

—

—

1,700,404

Health

Care

Providers

&

Services

............................

2,021,648

—

—

2,021,648

Household

Durables

.....................................

1,014,846

—

—

1,014,846

Household

Products

.....................................

—

2,311,724

—

2,311,724

Insurance

............................................

3,461,704

1,470,004

—

4,931,708

IT

Services

...........................................

4,252,327

643,751

—

4,896,078

Leisure

Products

.......................................

1,806,109

—

—

1,806,109

Machinery

............................................

1,438,488

1,218,217

—

2,656,705

Media

...............................................

1,643,803

—

—

1,643,803

Oil,

Gas

&

Consumable

Fuels

...............................

1,484,397

—

—

1,484,397

Personal

Products

......................................

1,569,531

—

—

1,569,531

Pharmaceuticals

.......................................

2,332,377

4,782,472

—

7,114,849

Professional

Services

....................................

—

2,198,810

—

2,198,810

Real

Estate

Management

&

Development

.......................

—

1,309,146

—

1,309,146

Semiconductors

&

Semiconductor

Equipment

....................

1,005,332

2,846,860

—

3,852,192

Software

.............................................

3,972,460

—

—

3,972,460

Textiles,

Apparel

&

Luxury

Goods

............................

—

3,554,845

—

3,554,845

Tobacco

.............................................

1,478,829

—

—

1,478,829

Trading

Companies

&

Distributors

............................

—

1,411,820

—

1,411,820

Wireless

Telecommunication

Services

.........................

—

1,094,243

—

1,094,243

Corporate

Bonds

Aerospace

&

Defense

....................................

—

7,638,797

—

7,638,797

Air

Freight

&

Logistics

....................................

—

431,734

—

431,734

Airlines

..............................................

—

3,395,343

—

3,395,343

Auto

Components

......................................

—

3,415,646

—

3,415,646

Automobiles

..........................................

—

6,773,166

—

6,773,166

Banks

...............................................

—

60,889,385

—

60,889,385

Beverages

...........................................

—

2,493,789

—

2,493,789

Biotechnology

.........................................

—

4,727,565

—

4,727,565

Building

Products

.......................................

—

1,275,392

—

1,275,392

Capital

Markets

........................................

—

24,505,029

—

24,505,029

Chemicals

............................................

—

4,871,076

—

4,871,076

Commercial

Services

&

Supplies

.............................

—

4,754,531

—

4,754,531

Communications

Equipment

................................

—

1,976,980

—

1,976,980

Construction

&

Engineering

................................

—

185,855

—

185,855

Consumer

Finance

......................................

—

15,232,586

—

15,232,586

Containers

&

Packaging

..................................

—

4,547,983

—

4,547,983

Distributors

...........................................

—

51,251

—

51,251

Diversified

Consumer

Services

..............................

—

862,961

—

862,961

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

54

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Level

1

Level

2

Level

3

Total

Diversified

Financial

Services

...............................

$

—

$

3,468,788

$

—

$

3,468,788

Diversified

Telecommunication

Services

........................

—

13,975,809

—

13,975,809

Electric

Utilities

........................................

—

17,966,061

—

17,966,061

Electrical

Equipment

.....................................

—

413,860

—

413,860

Electronic

Equipment,

Instruments

&

Components

.................

—

696,857

—

696,857

Energy

Equipment

&

Services

..............................

—

1,759,448

—

1,759,448

Entertainment

.........................................

—

2,186,233

—

2,186,233

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

—

11,249,793

—

11,249,793

Food

&

Staples

Retailing

..................................

—

1,464,920

—

1,464,920

Food

Products

.........................................

—

3,137,802

—

3,137,802

Gas

Utilities

...........................................

—

531,037

—

531,037

Health

Care

Equipment

&

Supplies

...........................

—

2,220,269

—

2,220,269

Health

Care

Providers

&

Services

............................

—

11,403,633

—

11,403,633

Health

Care

Technology

..................................

—

189,220

—

189,220

Hotels,

Restaurants

&

Leisure

..............................

—

9,216,143

86,328

9,302,471

Household

Durables

.....................................

—

1,277,178

—

1,277,178

Household

Products

.....................................

—

246,882

—

246,882

Independent

Power

and

Renewable

Electricity

Producers

............

—

1,480,901

—

1,480,901

Industrial

Conglomerates

..................................

—

353,984

—

353,984

Insurance

............................................

—

7,702,358

—

7,702,358

Interactive

Media

&

Services

...............................

—

635,653

—

635,653

Internet

&

Direct

Marketing

Retail

............................

—

2,173,903

—

2,173,903

IT

Services

...........................................

—

6,264,675

—

6,264,675

Leisure

Products

.......................................

—

241,008

—

241,008

Life

Sciences

Tools

&

Services

..............................

—

941,086

—

941,086

Machinery

............................................

—

2,355,636

—

2,355,636

Marine

..............................................

—

98,962

—

98,962

Media

...............................................

—

15,256,825

—

15,256,825

Metals

&

Mining

........................................

—

4,245,439

—

4,245,439

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

—

105,142

—

105,142

Multiline

Retail

.........................................

—

124,413

—

124,413

Multi-Utilities

..........................................

—

2,321,848

—

2,321,848

Oil,

Gas

&

Consumable

Fuels

...............................

—

33,132,866

—

33,132,866

Paper

&

Forest

Products

..................................

—

514,430

—

514,430

Personal

Products

......................................

—

697,834

—

697,834

Pharmaceuticals

.......................................

—

5,862,404

—

5,862,404

Professional

Services

....................................

—

694,604

—

694,604

Real

Estate

Management

&

Development

.......................

—

493,956

—

493,956

Road

&

Rail

...........................................

—

7,851,006

—

7,851,006

Semiconductors

&

Semiconductor

Equipment

....................

—

7,220,586

—

7,220,586

Software

.............................................

—

9,993,085

—

9,993,085

Specialty

Retail

........................................

—

5,119,868

—

5,119,868

Technology

Hardware,

Storage

&

Peripherals

....................

—

2,350,332

—

2,350,332

Textiles,

Apparel

&

Luxury

Goods

............................

—

88,280

—

88,280

Thrifts

&

Mortgage

Finance

................................

—

623,786

—

623,786

Tobacco

.............................................

—

3,595,897

—

3,595,897

Trading

Companies

&

Distributors

............................

—

3,766,386

—

3,766,386

Wireless

Telecommunication

Services

.........................

—

5,557,573

—

5,557,573

Equity-Linked

Notes

......................................

—

64,164,158

—

64,164,158

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

3,585,310

—

3,585,310

Air

Freight

&

Logistics

....................................

—

99,518

—

99,518

Airlines

..............................................

—

2,615,392

513,800

3,129,192

Auto

Components

......................................

—

1,106,004

—

1,106,004

Automobiles

..........................................

—

391,107

—

391,107

Beverages

...........................................

—

1,005,825

228,212

1,234,037

Building

Products

.......................................

—

1,753,212

170,200

1,923,412

Capital

Markets

........................................

—

1,679,022

84,139

1,763,161

Chemicals

............................................

—

3,405,296

419,511

3,824,807

Commercial

Services

&

Supplies

.............................

—

4,204,124

—

4,204,124

Communications

Equipment

................................

—

520,406

—

520,406

Construction

&

Engineering

................................

—

1,572,274

—

1,572,274

Construction

Materials

....................................

—

1,017,838

—

1,017,838

Containers

&

Packaging

..................................

—

2,219,632

—

2,219,632

Distributors

...........................................

—

159,963

—

159,963

Diversified

Consumer

Services

..............................

—

2,478,951

314,379

2,793,330

BlackRock

Managed

Income

Fund

Schedule

of

Investments

55

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Level

1

Level

2

Level

3

Total

Diversified

Financial

Services

...............................

$

—

$

8,344,391

$

1,119,841

$

9,464,232

Diversified

Telecommunication

Services

........................

—

4,202,364

—

4,202,364

Electric

Utilities

........................................

—

111,471

—

111,471

Electrical

Equipment

.....................................

—

24,274

426,075

450,349

Electronic

Equipment,

Instruments

&

Components

.................

—

282,094

—

282,094

Entertainment

.........................................

—

3,381,815

260,672

3,642,487

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

—

91,766

—

91,766

Food

&

Staples

Retailing

..................................

—

594,058

—

594,058

Food

Products

.........................................

—

4,160,497

—

4,160,497

Health

Care

Equipment

&

Supplies

...........................

—

949,956

—

949,956

Health

Care

Providers

&

Services

............................

—

3,957,743

—

3,957,743

Health

Care

Technology

..................................

—

1,546,796

—

1,546,796

Hotels,

Restaurants

&

Leisure

..............................

—

6,606,361

—

6,606,361

Household

Durables

.....................................

—

1,178,247

—

1,178,247

Household

Products

.....................................

—

680,168

—

680,168

Independent

Power

and

Renewable

Electricity

Producers

............

—

298,356

—

298,356

Insurance

............................................

—

4,788,270

97,150

4,885,420

Interactive

Media

&

Services

...............................

—

2,170,141

—

2,170,141

Internet

&

Direct

Marketing

Retail

............................

—

144,799

708,881

853,680

IT

Services

...........................................

—

2,066,310

369,083

2,435,393

Leisure

Products

.......................................

—

225,504

—

225,504

Life

Sciences

Tools

&

Services

..............................

—

2,422,729

322,029

2,744,758

Machinery

............................................

—

5,157,049

—

5,157,049

Media

...............................................

—

3,139,026

1,399,713

4,538,739

Metals

&

Mining

........................................

—

194,845

—

194,845

Oil,

Gas

&

Consumable

Fuels

...............................

—

2,416,065

—

2,416,065

Personal

Products

......................................

—

1,282,140

—

1,282,140

Pharmaceuticals

.......................................

—

2,142,213

590,181

2,732,394

Professional

Services

....................................

—

4,545,651

—

4,545,651

Real

Estate

Management

&

Development

.......................

—

544,280

—

544,280

Road

&

Rail

...........................................

—

1,232,015

95,763

1,327,778

Semiconductors

&

Semiconductor

Equipment

....................

—

130,992

—

130,992

Software

.............................................

—

15,011,992

341,983

15,353,975

Specialty

Retail

........................................

—

2,808,490

242,706

3,051,196

Technology

Hardware,

Storage

&

Peripherals

....................

—

182,005

—

182,005

Textiles,

Apparel

&

Luxury

Goods

............................

—

457,319

—

457,319

Trading

Companies

&

Distributors

............................

—

1,309,122

356,919

1,666,041

Transportation

Infrastructure

...............................

—

146,288

—

146,288

Wireless

Telecommunication

Services

.........................

—

486,322

341,717

828,039

Foreign

Agency

Obligations

.................................

—

1,058,441

—

1,058,441

Investment

Companies

....................................

76,109,677

—

—

76,109,677

Non-Agency

Mortgage-Backed

Securities

........................

—

1,735,241

—

1,735,241

Other

Interests

..........................................

—

—

—

—

Preferred

Securities

Banks

...............................................

634,000

5,671,669

—

6,305,669

Capital

Markets

........................................

—

3,756,522

—

3,756,522

Commercial

Services

&

Supplies

.............................

—

73,001

—

73,001

Consumer

Finance

......................................

142,125

2,165,152

—

2,307,277

Diversified

Financial

Services

...............................

—

448,222

—

448,222

Electric

Utilities

........................................

—

1,015,625

—

1,015,625

Independent

Power

and

Renewable

Electricity

Producers

............

—

85,305

—

85,305

Insurance

............................................

335,400

845,931

—

1,181,331

Multi-Utilities

..........................................

—

413,991

—

413,991

Oil,

Gas

&

Consumable

Fuels

...............................

582,500

1,473,319

—

2,055,819

Warrants

..............................................

534

—

—

534

Short-Term

Securities

Money

Market

Funds

......................................

18,957,643

—

—

18,957,643

Options

Purchased

Equity

contracts

..........................................

—

367,852

—

367,852

Liabilities

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

(688)

—

(688)

$

148,847,655

$

671,308,866

$

8,489,282

$

828,645,803

Investments

valued

at

NAV

(b)

......................................

64,381,831

$

—

$

893,027,634

$

—

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Managed

Income

Fund

56

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Derivative

Financial

Instruments

(c)

Assets

Foreign

currency

exchange

contracts

............................

$

505,429

$

—

$

—

$

505,429

Interest

rate

contracts

.......................................

130,127

—

—

130,127

Liabilities

Equity

contracts

...........................................

(68,882)

(118,316)

—

(187,198)

Interest

rate

contracts

.......................................

(419,577)

—

—

(419,577)

$

147,097

$

(118,316)

$

—

$

28,781

(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

futures

contracts

and

options

written.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

Statement

of

Assets

and

Liabilities

(unaudited)

June

30,

2022

57

Financial

Statements

BlackRock

Managed

Income

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

........................................................................................

$

733,579,171‌

Investments,

at

value

—

affiliated

(b)

.........................................................................................

159,449,151‌

Cash

.............................................................................................................

695,233‌

Cash

pledged:

–‌

Futures

contracts

....................................................................................................

1,879,000‌

Foreign

currency,

at

value

(c)

..............................................................................................

96,020‌

Receivables:

–‌

Investments

sold

....................................................................................................

10,163,564‌

Capital

shares

sold

...................................................................................................

1,285,187‌

Dividends

—

affiliated

.................................................................................................

420,535‌

Dividends

—

unaffiliated

...............................................................................................

130,897‌

Interest

—

unaffiliated

.................................................................................................

5,595,379‌

From

the

Manager

...................................................................................................

43,606‌

Variation

margin

on

futures

contracts

.......................................................................................

664,106‌

Prepaid

expenses

.....................................................................................................

83,850‌

Total

assets

.........................................................................................................

914,085,699‌

LIABILITIES

Cash

received:

–‌

Collateral

—

OTC

derivatives

............................................................................................

450,000‌

Options

written,

at

value

(d)

................................................................................................

118,316‌

Payables:

–‌

Investments

purchased

................................................................................................

10,589,553‌

Administration

fees

...................................................................................................

2,741‌

Capital

shares

redeemed

...............................................................................................

3,717,224‌

Income

dividend

distributions

............................................................................................

29,875‌

Investment

advisory

fees

..............................................................................................

241,219‌

Trustees'

and

Officer's

fees

.............................................................................................

151‌

Other

affiliate

fees

...................................................................................................

2,507‌

Service

and

distribution

fees

.............................................................................................

95,897‌

Variation

margin

on

futures

contracts

.......................................................................................

276,984‌

Other

accrued

expenses

...............................................................................................

691,177‌

Unrealized

depreciation

on:

–‌

Unfunded

floating

rate

loan

interests

.......................................................................................

688‌

Total

liabilities

........................................................................................................

16,216,332‌

NET

ASSETS

........................................................................................................

$

897,869,367‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

$

997,906,130‌

Accumulated

loss

.....................................................................................................

(100,036,763‌)

NET

ASSETS

........................................................................................................

$

897,869,367‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

811,566,020‌

(b)

  Investments,

at

cost

—

affiliated

..........................................................................................

$

171,245,999‌

(c)

  Foreign

currency,

at

cost

...............................................................................................

$

96,038‌

(d)

  Premiums

received

..................................................................................................

$

248,999‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

58

BlackRock

Managed

Income

Fund

NET

ASSET

VALUE

Institutional

Net

assets

.........................................................................................................

$

437,200,156‌

Shares

outstanding

..................................................................................................

48,035,959‌

Net

asset

value

.....................................................................................................

$

9.10‌

Shares

authorized

...................................................................................................

Unlimited

Par

value

.........................................................................................................

$

0.001‌

Investor

A

Net

assets

.........................................................................................................

$

343,638,102‌

Shares

outstanding

..................................................................................................

37,753,591‌

Net

asset

value

.....................................................................................................

$

9.10‌

Shares

authorized

...................................................................................................

Unlimited

Par

value

.........................................................................................................

$

0.001‌

Investor

C

Net

assets

.........................................................................................................

$

24,618,426‌

Shares

outstanding

..................................................................................................

2,703,251‌

Net

asset

value

.....................................................................................................

$

9.11‌

Shares

authorized

...................................................................................................

Unlimited

Par

value

.........................................................................................................

$

0.001‌

Class

K

Net

assets

.........................................................................................................

$

92,412,683‌

Shares

outstanding

..................................................................................................

10,127,291‌

Net

asset

value

.....................................................................................................

$

9.13‌

Shares

authorized

...................................................................................................

Unlimited

Par

value

.........................................................................................................

$

0.001‌

See

notes

to

financial

statements.

Statement

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2022

59

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Managed

Income

Fund

INVESTMENT

INCOME

Dividends

—

affiliated

.................................................................................................

$

2,502,882‌

Dividends

—

unaffiliated

...............................................................................................

5,254,413‌

Interest

—

unaffiliated

................................................................................................

11,988,829‌

Securities

lending

income

—

affiliated

—

net

.................................................................................

5,043‌

Foreign

taxes

withheld

................................................................................................

(111,096‌)

Total

investment

income

.................................................................................................

19,640,071‌

EXPENSES

Investment

advisory

..................................................................................................

1,724,960‌

Service

and

distribution

—

class

specific

....................................................................................

601,421‌

Transfer

agent

—

class

specific

..........................................................................................

309,269‌

Administration

.....................................................................................................

203,250‌

Accounting

services

..................................................................................................

199,388‌

Administration

—

class

specific

..........................................................................................

98,601‌

Registration

.......................................................................................................

84,148‌

Custodian

.........................................................................................................

33,652‌

Trustees

and

Officer

..................................................................................................

5,086‌

Miscellaneous

......................................................................................................

157,672‌

Total

expenses

.......................................................................................................

3,417,447‌

Less:

–‌

Administration

fees

waived

—

class

specific

................................................................................

(85,312‌)

Fees

waived

and/or

reimbursed

by

the

Manager

.............................................................................

(674,510‌)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

........................................................

(100,918‌)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................................

2,556,707‌

Net

investment

income

..................................................................................................

17,083,364‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(125,011,678‌)

Net

realized

gain

(loss)

from:

$

–‌

Investments

—

affiliated

.............................................................................................

800,610‌

Investments

—

unaffiliated

...........................................................................................

(17,802,431‌)

Foreign

currency

transactions

.........................................................................................

54,405‌

Futures

contracts

..................................................................................................

3,588,602‌

Options

written

...................................................................................................

(131,233‌)

Swaps

.........................................................................................................

(44,342‌)

A

(13,534,389‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

.............................................................................................

(17,508,385‌)

Investments

—

unaffiliated

...........................................................................................

(94,168,810‌)

Foreign

currency

translations

..........................................................................................

(11,098‌)

Futures

contracts

..................................................................................................

36,270‌

Options

written

...................................................................................................

130,683‌

Swaps

.........................................................................................................

44,943‌

Unfunded

floating

rate

loan

interests

.....................................................................................

(892‌)

A

(111,477,289‌)

Net

realized

and

unrealized

loss

............................................................................................

(125,011,678‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.................................................................

$

(107,928,314‌)

Statements

of

Changes

in

Net

Assets

2022

BlackRock

Semi-Annual

Report

to

Shareholders

60

See

notes

to

financial

statements.

BlackRock

Managed

Income

Fund

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

12/31/21

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

17,083,364‌

$

25,944,877‌

Net

realized

gain

(loss)

..............................................................................

(13,534,389‌)

21,879,225‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

(111,477,289‌)

(3,399,590‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.....................................................

(107,928,314‌)

44,424,512‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

....................................................................................

(7,736,534‌)

(21,513,873‌)

Investor

A

.....................................................................................

(5,416,859‌)

(17,731,220‌)

Investor

C

.....................................................................................

(288,663‌)

(1,196,903‌)

Class

K

.......................................................................................

(1,582,216‌)

(5,017,403‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(15,024,272‌)

(45,459,399‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

...................................................

40,211,979‌

292,417,674‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.....................................................................

(82,740,607‌)

291,382,787‌

Beginning

of

period

..................................................................................

980,609,974‌

689,227,187‌

End

of

period

......................................................................................

$

897,869,367‌

$

980,609,974‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

61

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Managed

Income

Fund

Institutional

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

.

$

10.31

‌

$

10.28

‌

$

10.08

‌

$

9.56

‌

$

10.02

‌

$

9.95

‌

Net

investment

income

(a)

.........

0.17

0.33

0.35

0.39

0.40

0.37

Net

realized

and

unrealized

gain

(loss)

(1.23)

0.24

0.21

0.52

(0.46)

0.15

Net

increase

(decrease)

from

investment

operations

................

(1.06

)

0.57

‌

0.56

‌

0.91

‌

(0.06

)

0.52

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

......

(0.15

)

(0.34

)

(0.34

)

(0.39

)

(0.38

)

(0.37

)

From

net

realized

gain

...........

—

‌

(0.20

)

(0.02

)

—

‌

(0.02

)

(0.08

)

Total

distributions

...............

(0.15

)

(0.54

)

(0.36

)

(0.39

)

(0.40

)

(0.45

)

Net

asset

value,

end

of

period

......

$

9.10

‌

$

10.31

‌

$

10.28

‌

$

10.08

‌

$

9.56

‌

$

10.02

‌

Total

Return

(c)

(10.33)%

—

—

—

—

—

Based

on

net

asset

value

..........

(10.33

)%

(d)

5.61

%

5.78

%

9.63

%

(0.57

)%

5.29

%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.................

0.60

%

(f)

0.61

%

0.62

%

0.59

%

0.72

%

1.03

%

Total

expenses

after

fees

waived

and/or

reimbursed

..................

0.40

%

(f)

0.40

%

0.38

%

0.34

%

0.27

%

0.38

%

Net

investment

income

...........

3.59

%

(f)

3.17

%

3.51

%

3.90

%

4.09

%

3.74

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......

$

437,200

‌

$

447,218

‌

$

317,679

‌

$

199,220

‌

$

117,904

‌

$

51,542

‌

Portfolio

turnover

rate

(g)

...........

28

%

45

%

76

%

71

%

79

%

68

%

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

December

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(including

equity-linked

notes)

........

48%

88%

94%

91%

100%

96%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

62

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Managed

Income

Fund

Investor

A

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

.

$

10.31

‌

$

10.28

‌

$

10.08

‌

$

9.56

‌

$

10.02

‌

$

9.95

‌

Net

investment

income

(a)

.........

0.16

0.30

0.32

0.36

0.38

0.35

Net

realized

and

unrealized

gain

(loss)

(1.23)

0.24

0.22

0.52

(0.46)

0.15

Net

increase

(decrease)

from

investment

operations

................

(1.07

)

0.54

‌

0.54

‌

0.88

‌

(0.08

)

0.50

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

......

(0.14

)

(0.31

)

(0.32

)

(0.36

)

(0.36

)

(0.35

)

From

net

realized

gain

...........

—

‌

(0.20

)

(0.02

)

—

‌

(0.02

)

(0.08

)

Total

distributions

...............

(0.14

)

(0.51

)

(0.34

)

(0.36

)

(0.38

)

(0.43

)

Net

asset

value,

end

of

period

......

$

9.10

‌

$

10.31

‌

$

10.28

‌

$

10.08

‌

$

9.56

‌

$

10.02

‌

Total

Return

(c)

(10.45)%

—

—

—

—

Based

on

net

asset

value

..........

(10.45

)%

(d)

5.36

%

5.51

%

9.36

%

(0.82

)%

5.03

%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.................

0.80

%

(f)

0.82

%

0.83

%

0.80

%

0.95

%

1.26

%

Total

expenses

after

fees

waived

and/or

reimbursed

..................

0.65

%

(f)

0.65

%

0.62

%

0.59

%

0.52

%

0.63

%

Net

investment

income

...........

3.32

%

(f)

2.91

%

3.27

%

3.65

%

3.83

%

3.45

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......

$

343,638

‌

$

401,138

‌

$

261,322

‌

$

190,848

‌

$

107,314

‌

$

59,591

‌

Portfolio

turnover

rate

(g)

...........

28

%

45

%

76

%

71

%

79

%

68

%

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

December

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(including

equity-linked

notes)

........

48%

88%

94%

91%

100%

96%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

63

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Managed

Income

Fund

Investor

C

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

.

$

10.31

‌

$

10.29

‌

$

10.09

‌

$

9.56

‌

$

10.03

‌

$

9.96

‌

Net

investment

income

(a)

.........

0.12

0.23

0.25

0.29

0.31

0.28

Net

realized

and

unrealized

gain

(loss)

(1.22)

0.23

0.21

0.53

(0.48)

0.14

Net

increase

(decrease)

from

investment

operations

................

(1.10

)

0.46

‌

0.46

‌

0.82

‌

(0.17

)

0.42

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

......

(0.10

)

(0.24

)

(0.24

)

(0.29

)

(0.28

)

(0.27

)

From

net

realized

gain

...........

—

‌

(0.20

)

(0.02

)

—

‌

(0.02

)

(0.08

)

Total

distributions

...............

(0.10

)

(0.44

)

(0.26

)

(0.29

)

(0.30

)

(0.35

)

Net

asset

value,

end

of

period

......

$

9.11

‌

$

10.31

‌

$

10.29

‌

$

10.09

‌

$

9.56

‌

$

10.03

‌

Total

Return

(c)

(10.69)%

—

—

—

—

—

Based

on

net

asset

value

..........

(10.69

)%

(d)

4.50

%

4.72

%

8.65

%

(1.67

)%

4.24

%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.................

1.58

%

(f)

1.59

%

1.60

%

1.58

%

1.74

%

1.95

%

Total

expenses

after

fees

waived

and/or

reimbursed

..................

1.40

%

(f)

1.40

%

1.37

%

1.34

%

1.28

%

1.38

%

Net

investment

income

...........

2.57

%

(f)

2.18

%

2.54

%

2.89

%

3.11

%

2.75

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......

$

24,618

‌

$

29,565

‌

$

26,419

‌

$

23,347

‌

$

11,983

‌

$

4,122

‌

Portfolio

turnover

rate

(g)

...........

28

%

45

%

76

%

71

%

79

%

68

%

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

December

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(including

equity-linked

notes)

........

48%

88%

94%

91%

100%

96%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

64

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Aggregate

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Annualized.

(g)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

BlackRock

Managed

Income

Fund

Class

K

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

December

31,

2021

2020

2019

2018

2017

Net

asset

value,

beginning

of

period

.

$

10.33

‌

$

10.30

‌

$

10.11

‌

$

9.58

‌

$

10.05

‌

$

9.97

‌

Net

investment

income

(a)

.........

0.18

0.34

0.36

0.39

0.41

0.38

Net

realized

and

unrealized

gain

(loss)

(1.22)

0.23

0.20

0.53

(0.47)

0.16

Net

increase

(decrease)

from

investment

operations

................

(1.04

)

0.57

‌

0.56

‌

0.92

‌

(0.06

)

0.54

‌

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

......

(0.16

)

(0.34

)

(0.35

)

(0.39

)

(0.39

)

(0.38

)

From

net

realized

gain

...........

—

‌

(0.20

)

(0.02

)

—

‌

(0.02

)

(0.08

)

Total

distributions

...............

(0.16

)

(0.54

)

(0.37

)

(0.39

)

(0.41

)

(0.46

)

Net

asset

value,

end

of

period

......

$

9.13

‌

$

10.33

‌

$

10.30

‌

$

10.11

‌

$

9.58

‌

$

10.05

‌

Total

Return

(c)

(10.19)%

—

—

—

—

—

Based

on

net

asset

value

..........

(10.19

)%

(d)

5.66

%

5.72

%

9.78

%

(0.61

)%

5.45

%

Ratios

to

Average

Net

Assets

(e)

Total

expenses

.................

0.51

%

(f)

0.52

%

0.52

%

0.50

%

0.64

%

0.87

%

Total

expenses

after

fees

waived

and/or

reimbursed

..................

0.35

%

(f)

0.35

%

0.33

%

0.29

%

0.22

%

0.33

%

Net

investment

income

...........

3.63

%

(f)

3.22

%

3.58

%

3.97

%

4.10

%

3.76

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......

$

92,413

‌

$

102,690

‌

$

83,808

‌

$

59,493

‌

$

59,030

‌

$

59,555

‌

Portfolio

turnover

rate

(g)

...........

28

%

45

%

76

%

71

%

79

%

68

%

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

December

31,

2021

2020

2019

2018

2017

Portfolio

turnover

rate

(including

equity-linked

notes)

........

48%

88%

94%

91%

100%

96%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

65

Notes

to

Financial

Statements

1.

ORGANIZATION 

BlackRock

Funds

II (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The Trust

is

organized

as

a Massachusetts

business trust.

BlackRock

Managed

Income

Fund

(the

"Fund")

is

a

series

of

the

Trust.

The

Fund

is

classified

as

diversified.

The

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional

and

Class K

Shares

are

sold

only

to

certain

eligible

investors.

Investor

A

and

Investor

C

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares,

and

Investor

C

Shares

also

bear

certain

expenses

related

to

the

distribution

of

such

shares.

Investor

A

and

Investor

C

Shares

are

generally

available

through

financial

intermediaries.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

C

shareholders

may

vote

on

material

changes

to

the

Investor

A

Shares

distribution

and

service

plan).

(a)

Investor

A

Shares

may

be

subject

to

a

CDSC

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

(b)

A

CDSC

of

1.00%

is

assessed

on

certain

redemptions

of

Investor

C

Shares

made

within

one

year

after

purchase.

The

Fund,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

is

included

in

a

complex

of

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.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income and

capital

gain

distributions,

if

any,

are recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value. Dividends

from

foreign

securities

where

the

ex-

dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets. For

convertible

securities,

premiums

attributable

to

the

debt

instrument

are

amortized,

but

premiums

attributable

to

the

conversion

feature

are

not

amortized.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

June

30,

2022

,

if

any,

are

disclosed

in

the Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

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)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

66

Segregation

and

Collateralization:

In

cases

where

the

Fund

enters

into

certain

investments

(e.g.,

futures

contracts

and

options

written) that

would

be

treated

as

“senior

securities”

for

1940

Act

purposes, the

Fund

may

segregate

or

designate

on

its

books

and

records

cash

or

liquid

assets

having

a

market

value

at

least

equal

to

the

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

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-dealer

or

custodian

as

collateral

for

certain

investments

or

obligations.  

Distributions:

Distributions

from

net

investment

income

are

declared

daily

and

paid

monthly. 

Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

dates

and

made

at

least

annually.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.  

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to the

Fund

or

its

classes

are

charged

to

the

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Fund

and

other

shared

expenses

prorated

to

the

Fund

are

allocated

daily

to

each

class

based

on

its

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods.  

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

policies

approved

by

the

Board

of

Trustees

of

the

Trust

(the

“Board”).

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value.

The

BlackRock

Global

Valuation

Methodologies

Committee

(the

“Global

Valuation

Committee”)

is

the

committee

formed

by

management

to

develop

global

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities: 

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day's official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

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”). 

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Exchange-traded

options

are

valued

at

the

mean

between

the

last bid

and

ask

prices

at

the

close

of

the

options

market in

which

the

options

trade.

An

exchange-

traded

option

for

which there

is

no

mean

price

is

valued

at

the

last

bid

(long

positions)

or

ask

(short

positions)

price.

If

no

bid

or

ask

price

is

available,

the

prior

day's

price will

be

used,

unless

it

is

determined

that

the

prior

day's

price

no

longer

reflects

the

fair

value

of

the

option.

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.

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

Fund

uses

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

the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.

Notes

to

Financial

Statements

(unaudited)

(continued)

67

Notes

to

Financial

Statements

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Global

Valuation

Committee

and

third-party

pricing

services

utilize

one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involve

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by the

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date the

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price the

Fund

could

receive

upon

the

sale

of

the

investment.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Global

Valuation

Committee's assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

As

of

June

30,

2022,

certain

investments

of

the

Fund were fair valued

using

NAV per

share

or

its

equivalent as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

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

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)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

68

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Multiple

Class

Pass-Through

Securities:

Multiple

class

pass-through

securities,

including

collateralized

mortgage

obligations

(“

CMOs”)

and

commercial

mortgage-backed

securities,

may

be

issued

by

Ginnie

Mae,

U.S.

Government

agencies

or

instrumentalities

or

by

trusts

formed

by

private

originators

of,

or

investors

in,

mortgage

loans.

In

general,

CMOs

are

debt

obligations

of

a

legal

entity

that

are

collateralized

by

a

pool

of

residential

or

commercial

mortgage

loans

or

Mortgage

Assets.

The

payments

on

these

are

used

to

make

payments

on

the

CMOs

or

multiple

pass-through

securities.

Multiple

class

pass-through

securities

represent

direct

ownership

interests

in

the

Mortgage

Assets.

Classes

of

CMOs

include

interest

only

(“IOs”),

principal

only

(“POs”),

planned

amortization

classes

and

targeted

amortization

classes.

IOs

and

POs

are

stripped

mortgage-backed

securities

representing

interests

in

a

pool

of

mortgages,

the

cash

flow

from

which

has

been

separated

into

interest

and

principal

components.

IOs

receive

the

interest

portion

of

the

cash

flow

while

POs

receive

the

principal

portion.

IOs

and

POs

can

be

extremely

volatile

in

response

to

changes

in

interest

rates.

As

interest

rates

rise

and

fall,

the

value

of

IOs

tends

to

move

in

the

same

direction

as

interest

rates.

POs

perform

best

when

prepayments

on

the

underlying

mortgages

rise

since

this

increases

the

rate

at

which

the

principal

is

returned

and

the

yield

to

maturity

on

the

PO.

When

payments

on

mortgages

underlying

a

PO

are

slower

than

anticipated,

the

life

of

the

PO

is

lengthened

and

the

yield

to

maturity

is

reduced.

If

the

underlying

Mortgage

Assets

experience

greater

than

anticipated

prepayments

of

principal,

a

fund’s

initial

investment

in

the

IOs

may

not

fully

recoup. 

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

at

a

significant

discount

from

face

value

and

do

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

in

market

value

than

other

debt

obligations

of

similar

maturity

which

provide

for

regular

interest

payments. 

Equity-Linked

Notes:

Equity-linked

notes

seek

to

generate

income

and

provide

exposure

to

the

performance

of

an

underlying

security,

group

of

securities

or

exchange-

traded

funds

(the

“underlying

reference

instrument”).

In

an

equity-linked

note,

a

fund

purchases

a

note

from

a

bank

or

broker-dealer

and

in

return,

the

issuer

provides

for

interest

payments

during

the

term

of

the

note.

At

maturity

or

when

the

security

is

sold,

a

fund

will

either

settle

by

taking

physical

delivery

of

the

underlying

reference

instrument

or

by

receipt

of

a

cash

settlement

amount

equal

to

the

value

of

the

note

at

termination

or

maturity.

The

use

of

equity-linked

notes

involves

the

risk

that

the

value

of

the

note

changes

unfavorably

due

to

movements

in

the

value

of

the

underlying

reference

instrument.

Equity-linked

notes

are

considered

general

unsecured

contractual

obligations

of

the

bank

or

broker-dealer.

A

fund

must

rely

on

the

creditworthiness

of

the

issuer

for

its

investment

returns.

Capital

Securities

and

Trust

Preferred

Securities:

Capital

securities,

including

trust

preferred

securities,

are

typically

issued

by

corporations,

generally

in

the

form

of

interest-bearing

notes

with

preferred

securities

characteristics.

In

the

case

of

trust

preferred

securities,

an

affiliated

business

trust

of

a

corporation

issues

these

securities,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

The

securities

can

be

structured

with

either

a

fixed

or

adjustable

coupon

that

can

have

either

a

perpetual

or

stated

maturity

date.

For

trust

preferred

securities,

the

issuing

bank

or

corporation

pays

interest

to

the

trust,

which

is

then

distributed

to

holders

of

these

securities

as

a

dividend.

Dividends

can

be

deferred

without

creating

an

event

of

default

or

acceleration,

although

maturity

cannot

take

place

unless

all

cumulative

payment

obligations

have

been

met.

The

deferral

of

payments

does

not

affect

the

purchase

or

sale

of

these

securities

in

the

open

market.

These

securities

generally

are

rated

below

that

of

the

issuing

company’s

senior

debt

securities

and

are

freely

callable

at

the

issuer’s

option. 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

to

companies

(the

“borrower”)

by

banks,

other

financial

institutions,

or

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged

or

in

bankruptcy

proceedings.

In

addition,

transactions

in

floating

rate

loan

interests

may

settle

on

a

delayed

basis,

which

may

result

in

proceeds

from

the

sale

not

being

readily

available

for

a

fund

to

make

additional

investments

or

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

or

revolving

lines

of

credit.

Floating

rate

loan

interests

are

typically

senior

in

the

corporate

capital

structure

of

the

borrower.

Floating

rate

loan

Notes

to

Financial

Statements

(unaudited)

(continued)

69

Notes

to

Financial

Statements

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.

In

connection

with

floating

rate

loan

interests,

the

Fund

may

also

enter

into

unfunded

floating

rate

loan

interests

(“commitments”).

In

connection

with

these

commitments,

the

fund

earns

a

commitment

fee,

typically

set

as

a

percentage

of

the

commitment

amount.

Such

fee

income,

which

is

included

in

interest

income

in

the Statement

of

Operations,

is

recognized

ratably

over

the

commitment

period.

Unfunded

floating

rate

loan

interests

are

marked-to-market

daily,

and

any

unrealized

appreciation

(depreciation)

is

included

in

the

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations.

As

of

period

end,

the

Fund

had

the

following

unfunded

floating

rate

loan

interests: 

Securities

Lending:

The

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

the

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to the

Fund,

or

excess

collateral

returned

by the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities,

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent, BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

collateral

are

shown

separately

in

the

Statement

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated

and

collateral

on

securities

loaned,

respectively.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received. Such

losses

are

borne

entirely

by

the

Fund.

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

BlackRock

Managed

Income

Fund

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

Term

Loan

B3

.......

$

10,754‌

$

10,754‌

$

10,066‌

$

(688‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

70

5.

Derivative

Financial

Instruments

The

Fund

engages

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Fund

and/or

to

manage

its

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedule

of

Investments.

These

contracts

may

be

transacted

on

an

exchange or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk)

.

Futures

contracts

are

exchange-traded agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Options:

The

Fund

may purchase

and

write

call

and

put

options

to

increase

or

decrease

its

exposure

to

the

risks

of

underlying

instruments,

including

equity

risk,

interest

rate

risk

and/or

commodity

price

risk

and/or,

in

the

case

of

options

written,

to

generate

gains

from

options

premiums.

A

call

option

gives

the

purchaser

(holder)

of

the

option

the

right

(but

not

the

obligation)

to

buy,

and

obligates

the

seller

(writer)

to

sell

(when

the

option

is

exercised)

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

A

put

option

gives

the

holder

the

right

to

sell

and

obligates

the

writer

to

buy

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

Premiums

paid

on

options

purchased

and

premiums

received

on

options

written,

as

well

as

the

daily

fluctuation

in

market

value,

are

included

in

investments

at

value

–

unaffiliated

and

options

written

at

value,

respectively,

in

the

Statement

of

Assets

and

Liabilities.

When

an

instrument

is

purchased

or

sold

through

the

exercise

of

an

option,

the

premium

is

offset

against

the

cost

or

proceeds

of

the

underlying

instrument.

When

an

option

expires,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

to

the

extent

of

the

premiums

received

or

paid.

When

an

option

is

closed

or

sold,

a

gain

or

loss

is

recorded

in

the

Statement

of

Operations

to

the

extent

the

cost

of

the

closing

transaction

exceeds

the

premiums

received

or

paid.

When

the

Fund

writes

a

call

option,

such

option

is

typically

“covered,”

meaning

that

it

holds

the

underlying

instrument

subject

to

being

called

by

the

option

counterparty.

When

the

Fund

writes

a

put

option,

cash

is

segregated in

an

amount

sufficient

to

cover

the

obligation.

These

amounts,

which

are

considered

restricted,

are

included

in

cash

pledged

as

collateral

for

options

written

in

the

Statement

of

Assets

and

Liabilities.

In

purchasing

and

writing

options,

the

Fund

bears

the

risk

of

an

unfavorable

change

in

the

value

of

the

underlying

instrument

or

the

risk

that

it

may

not

be

able

to

enter

into

a

closing

transaction

due

to

an

illiquid

market.

Exercise

of

a

written

option

could

result

in

the

Fund

purchasing

or

selling

a

security

when

it

otherwise

would

not,

or

at

a

price

different

from

the

current

market

value.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Fund

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statement

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

Swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statement

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Fund’s

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Fund’s

counterparty

on

the

swap.

The

Fund

is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap. Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities. Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statement

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and

recorded

as

realized

gains

(losses)

in

the

Statement

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Fund

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Fund

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

Notes

to

Financial

Statements

(unaudited)

(continued)

71

Notes

to

Financial

Statements

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Fund

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risk

in

excess

of

the

amounts

recognized

in

the

Statement

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, the

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Fund

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statement

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Fund,

if

any,

is

noted

in

the

Schedule

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Fund.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Fund

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

The

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Fund

from the

counterparties

are

not

fully

collateralized, the

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Fund

has

delivered

collateral

to

a

counterparty

and

stands

ready

to

perform

under

the

terms

of

its

agreement

with

such

counterparty, the

Fund bears the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statement

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Fund’s

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of the

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of the

Fund.

For

such

services,

the

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

the

Fund’s

net

assets:

The

Manager

entered

into

separate

sub-advisory

agreements

with

each

of

BlackRock

International

Limited

(“BIL”),

and

effective

February

8,

2022,

BlackRock

(Singapore)

Limited

("BSL"),

(collectively,

the

“Sub-Advisers”),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BIL

and

BSL

for

services

they

provide

for

that

portion

of

the

Fund

for

which

BIL

and

BSL

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

the

Fund

to

the

Manager.

Service

and

Distribution

Fees:

 The

Trust

,

on behalf

of

the

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL

”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

the

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

the

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services to

the

Fund.

The

ongoing

service

and/or

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

to

shareholders.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

.........................................................................................................

0.35%

$1

billion

-

$2

billion

.....................................................................................................

0.34

$2

billion

-

$3

billion

.....................................................................................................

0.33

Greater

than

$3

billion

...................................................................................................

0.32

Share

Class

Service

Fees

Distribution

Fees

Investor

A

.................................................................................................

0.25‌%

—‌%

Investor

C

.................................................................................................

0.25‌

0.75‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

72

For

the six

months

ended

June

30,

2022,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

the

Fund:

Administration:

The

Trust,

on

behalf

of

the

Fund,

entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

the

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statement

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Statement

of

Operations,

at

an

annual

rate

of

0.02% of

the

average

daily

net

assets

of

each

respective

class.

For

the

six

months

ended

June

30,

2022, the

following

table

shows

the

class

specific

administration

fees

borne

directly

by

each

share

class

of

the

Fund:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Fund

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the

six

months ended June

30,

2022,

the

Fund

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Fund.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the six

months

ended

June

30,

2022,

the

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statement

of

Operations:

For

the

six

months ended

June

30,

2022,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

the

Fund:

Other

Fees:

For

the 

six

months

ended 

June

30,

2022

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of

the

Fund’s Investor

A

Shares for

a

total

of

$5,093

.

For

the six

months

ended

June

30,

2022,

affiliates

received

CDSCs

as

follows:

Expense

Limitations,

Waivers

and

Reimbursements:

The

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

the

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2023.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

trustees

who

are

not

"interested

persons"

of

the

Fund,

as

defined

in

the

1940

Act

("Independent

Trustees"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitations

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

This

amount

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30,

202

2

,

the

amount

waived

was

$

7,234

.

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income

mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2023.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

the

Fund.

This

amount

is

included

in

fees

waived

and/

or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

For

the

six

months

ended

June

30,

2022,

the

Manager

waived

$184,015

in

investment

advisory

fees

pursuant

to

this

arrangement.

Service

and

Distribution

Fees

Investor

A

........................................................................................................

$

465,976‌

Investor

C

........................................................................................................

135,445‌

$

601,421‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

million

0.0425

%

$500

million

-

$1

billion

0.0400

$1

billion

-

$2

billion

0.0375

$2

billion

-

$4

billion

0.0350

$4

billion

-

$13

billion

0.0325

Greater

than

$13

billion

0.0300

Institutional

Investor

A

Investor

C

Class

K

Total

Administration

fees

-

class

specific

.............

$

48,776‌

$

37,276‌

$

2,709‌

$

9,840‌

$

98,601‌

Institutional

Investor

A

Investor

C

Class

K

Total

Reimbursed

amount

.......................

$

245‌

$

894‌

$

87‌

$

68‌

$

1,294‌

Institutional

Investor

A

Investor

C

Class

K

Total

Transfer

agent

fees

-

class

specific

.............

$

218,791‌

$

79,855‌

$

9,702‌

$

921‌

$

309,269‌

Investor

A

$

32,044‌

Investor

C

2,710‌

Notes

to

Financial

Statements

(unaudited)

(continued)

73

Notes

to

Financial

Statements

The

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

Other

Expenses

("expense

limitation")

through

June

30,

2023.

Other

expenses

include

accounting,

administration,

transfer

agency,

custody,

professional

and

registration

fees

and

exclude

dividend

expense,

interest

expense,

and

certain

other

fund

expenses

that

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

the

Fund's

business.

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 the

Fund. For

the

six

months

ended

June

30,

2022,

the

Manager

waived

and/

or

reimbursed

investment

advisory

fees

of $483,261

pursuant

to

this

arrangement,

which

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statement

of

Operations.

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in administration

fees

waived

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

by

Manager

—

class

specific,

respectively,

in

the

Statement

of

Operations.

For

the

six

months ended

June

30,

2022,

class

specific

expense

waivers

and/or

reimbursements were

as

follows: 

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Fund

is

responsible

for

expenses

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

expenses”).

The

cash

collateral

is

invested

in

a

private

investment

company, Money

Market

Series, managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

cap

the

collateral

investment

expenses

of

the Money

Market

Series to

an

annual

rate

of

0.04%.

The

investment

adviser

to

the Money

Market

Series will

not

charge

any

advisory

fees

with

respect

to

shares

purchased

by

the

Fund.

The

Money

Market

Series

may,

under

certain

circumstances,

impose

a

liquidity

fee

of

up

to

2%

of

the

value

withdrawn

or

temporarily

restrict

withdrawals

for

up

to

10

business

days

during

a

90

day

period,

in

the

event

that

the

private

investment

company’s

weekly

liquid

assets

fall

below

certain

thresholds. The

Money

Market

Series

seeks

current

income

consistent

with

maintaining

liquidity

and

preserving

capital.

Although

the

Money

Market

Series

is

not

registered

under

the

1940

Act,

its

investments

may

follow

the

parameters

of

investments

by

a

money

market

fund

that

is

subject

to

Rule

2a-7

under

the

1940

Act.

Securities

lending

income

is

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

net

of

fees

and

other

payments

to

and

from

borrowers

of

securities,

and

less

the

collateral

investment

expenses.

The

Fund

retains

a

portion

of

securities

lending

income

and

remits

a

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.  

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold, the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

85%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses. 

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the

Statement

of

Operations.

For

the six

months

ended June

30,

2022,

the

Fund

paid

BIM $645

for

securities

lending agent

services. 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

the

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

the

Fund’s

investment

policies

and

restrictions.

The

Fund

is

currently

permitted

to borrow

under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

Institutional

.............................................................................................................

0.09‌%

Investor

A

..............................................................................................................

0.09‌

Investor

C

..............................................................................................................

0.09‌

Class

K

...............................................................................................................

0.04‌

Fund

Name/Share

Class

Administration

fees

waived

–

Class

Specific

Transfer

agent

fees

waived

and/or

reimbursed

–

Class

Specific

BlackRock

Managed

Income

Fund

Institutional

....................................................................................

$

48,77

6‌

$

97,05

8‌

Investor

A

.....................................................................................

23,987‌

—‌

Investor

C

.....................................................................................

2,709‌

2,939‌

Class

K

......................................................................................

9,84

0‌

921‌

$

85,31

2‌

$

100,91

8‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

74

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

period

ended

June

30,

2022,

the

Fund

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Fund

reimburses

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Trust's

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statement

of

Operations. 

Other

Transactions:

The

Fund

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common

trustees.

For

the

six

months ended

June

30,

2022,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with

an

affiliated

fund

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

7.

PURCHASES

AND

SALES 

For

the

six

months

ended

June

30,

2022,

purchases

and

sales

of

investments,

excluding

short-term

investments

and

equity-linked

notes,

were $296,239,762

and

$251,629,086,

respectively.

For

the

six

months ended

June

30,

2022,

purchases

and

sales

related

to

equity-linked

notes

were

$226,324,361

and

$206,263,217.

8.

INCOME

TAX

INFORMATION 

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

The

Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

the

Fund's

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

years

after

they

are

filed.

The

statutes

of

limitations

on

the

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Fund

as

of

June

30,

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

Fund's

financial

statements.

As

of

June

30,

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

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.50

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Fund

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Fund,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Overnight

Bank

Funding

Rate

("OBFR")

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed

or

(c)

the

sum

of

(x)

Daily

Simple

Secured

Overnight

Financing

Rate

("SOFR")

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.10%

and

(y)

0.80%

per

annum. The

agreement

expires

in

April

2023

unless

extended

or

renewed. These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

six

months ended

June

30,

2022,

the

Fund

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject. 

Purchases

...............................................................................................................

$

9,476,638‌

Sales

...................................................................................................................

5,655,214‌

Net

Realized

Loss

..........................................................................................................

(585,169‌)

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

BlackRock

Managed

Income

Fund

......................................

$

983,691,190‌

$

6,143,088‌

$

(96,528,176‌)

$

(90,385,088‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

75

Notes

to

Financial

Statements

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Market Risk:

The

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

the

Fund

to

reinvest

in

lower

yielding

securities. The

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

the Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

the

Fund

portfolio’s

current

earnings

rate.

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

Although

vaccines

have

been

developed

and

approved

for

use

by

various

governments,

the duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which the

Fund

invests. 

The

price the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from the

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by the

Fund,

and the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment. The

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers. 

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

For

OTC

options

purchased,

the

Fund

bears

the

risk

of

loss

in

the

amount

of

the

premiums

paid

plus

the

positive

change

in

market

values

net

of

any

collateral

held

by

the

Fund

should

the

counterparty

fail

to

perform

under

the

contracts.

Options

written

by

the

Fund

do

not

typically

give

rise

to

counterparty

credit

risk,

as

options

written

generally

obligate

the

Fund,

and

not

the

counterparty,

to

perform.

The

Fund

may

be

exposed

to

counterparty

credit

risk

with

respect

to

options

written

to

the

extent

the

Fund

deposits

collateral

with

its

counterparty

to

a

written

option. 

With

exchange-traded

futures

and

exchange-traded

options

purchased,

there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in

high

yield

securities.

High

yield

securities

that

are

rated

below

investment-grade

(commonly

referred

to

as

“junk

bonds”)

or

are

unrated

may

be

deemed

speculative,

involve

greater

levels

of

risk

than

higher-rated

securities

of

similar

maturity

and

are

more

likely

to

default.

High

yield

securities

may

be

issued

by

less

creditworthy

issuers,

and

issuers

of

high

yield

securities

may

be

unable

to

meet

their

interest

or

principal

payment

obligations.

High

yield

securities

are

subject

to

extreme

price

fluctuations,

may

be

less

liquid

than

higher

rated

fixed-income

securities,

even

under

normal

economic

conditions,

and

frequently

have

redemption

features. 

The

Fund

invests

a

significant

portion

of

its

assets

in

fixed-income

securities

and/or

uses

derivatives

tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may

affect

the

value

and/or

liquidity

of

such

investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

increase

as

interest

rates

fall

and

decrease

as

interest

rates

rise.

The

Fund

may

be

subject

to

a

greater

risk

of

rising

interest

rates

due

to

the

current

period

of

historically

low

rates.

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

76

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

Fund

may

be

exposed

to

financial

instruments

tied

to

LIBOR

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

transition

process

away

from

LIBOR

might

lead

to

increased

volatility

and

illiquidity

in

markets

for,

and

reduce

the

effectiveness

of

new

hedges

placed

against

instruments

whose

terms

currently

include

LIBOR.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Fund

is

uncertain. 

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

12.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

06/30/22

Year

Ended

12/31/21

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

BlackRock

Managed

Income

Fund

Institutional

Shares

sold

.............................................

16,982,314‌

$

169,314,211‌

22,708,323‌

$

236,175,835‌

Shares

issued

in

reinvestment

of

distributions

........................

799,975‌

7,727,916‌

2,069,994‌

21,453,907‌

Shares

redeemed

.........................................

(13,142,876‌)

(126,159,134‌)

(12,287,499‌)

(127,910,759‌)

4,639,413‌

$

50,882,993‌

12,490,818‌

$

129,718,983‌

Investor

A

Shares

sold

and

automatic

conversion

of

shares

......................

5,776,190‌

$

56,335,665‌

21,582,431‌

$

224,980,947‌

Shares

issued

in

reinvestment

of

distributions

........................

558,926‌

5,401,830‌

1,706,724‌

17,686,847‌

Shares

redeemed

.........................................

(7,505,742‌)

(72,817,031‌)

(9,784,445‌)

(101,955,327‌)

(1,170,626‌)

$

(11,079,536‌)

13,504,710‌

$

140,712,467‌

Investor

C

Shares

sold

.............................................

232,953‌

$

2,281,591‌

813,169‌

$

8,483,411‌

Shares

issued

in

reinvestment

of

distributions

........................

29,775‌

288,025‌

115,335‌

1,195,073‌

Shares

redeemed

and

automatic

conversion

of

shares

..................

(427,118‌)

(4,138,540‌)

(628,997‌)

(6,550,879‌)

(164,390‌)

$

(1,568,924‌)

299,507‌

$

3,127,605‌

Class

K

Shares

sold

.............................................

1,675,480‌

$

16,508,290‌

3,303,108‌

$

34,517,332‌

Shares

issued

in

reinvestment

of

distributions

........................

147,312‌

1,426,085‌

443,099‌

4,602,542‌

Shares

redeemed

.........................................

(1,634,368‌)

(15,956,929‌)

(1,940,445‌)

(20,261,255‌)

188,424‌

$

1,977,446‌

1,805,762‌

$

18,858,619‌

3,492,821‌

$

40,211,979‌

28,100,797‌

$

292,417,674‌

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreement

77

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisroy

Agreement

The

Board

of

Trustees

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Funds

II

(the

“Trust”)

met

on

April

20,

2022

(the

“April

Meeting”)

and

May

10-11,

2022

(the

“May

Meeting”)

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Trust,

on

behalf

of

BlackRock

Managed

Income

Fund

(the

“Fund”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

the

Fund’s

investment

advisor.

The

Board

also

considered

the

approval

to

continue

the

sub-advisory

agreement

between

the

Manager

and

BlackRock

International

Limited

(the

“Sub-Advisor”)

with

respect

to

the

Fund

(the

“Sub-Advisory

Agreement”).

The

Manager

and

the

Sub-Advisor

are

referred

to

herein

as

“BlackRock.”

The

Advisory

Agreement

and

the

Sub-Advisory

Agreement

are

referred

to

herein

as

the

“Agreements.”

The

Approval

Process

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

considers

the

approval

of

the

continuation

of

the

Agreements

for

the

Fund

on

an

annual

basis.

The

Board

members

who

are

not

“interested

persons”

of

the

Trust,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board’s

consideration

entailed

a

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

to

the

Fund,

including

through

the

review

of

written

materials

and

oral

presentations,

and

the

review

of

additional

information

provided

in

response

to

requests

from

the

Independent

Board

Members.

The

Board

had

four

quarterly

meetings

per

year,

each

typically

extending

for

two

days,

as

well

as

additional

ad

hoc

meetings

and

executive

sessions

throughout

the

year,

as

needed.

The

committees

of

the

Board

similarly

met

throughout

the

year.

The

Board

also

had

an

additional

one-day

meeting

to

consider

specific

information

surrounding

the

renewal

of

the

Agreements.

In

particular,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

by

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal,

regulatory

and

compliance

services.

Throughout

the

year,

including

during

the

contract

renewal

process,

the

Independent

Board

Members

were

advised

by

independent

legal

counsel,

and

met

with

independent

legal

counsel

in

various

executive

sessions

outside

of

the

presence

of

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

to

its

annual

consideration

of

the

renewal

of

the

Agreements,

including

the

services

and

support

provided

by

BlackRock

to

the

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

to

the

Board

in

response

to

specific

questions

from

the

Board.

Among

the

matters

the

Board

considered

were:

(a)

investment

performance

for

one-year,

three-year,

five-year,

and/or

since

inception

periods,

as

applicable,

against

peer

funds,

relevant

benchmarks,

and

other

performance

metrics,

as

applicable,

as

well

as

BlackRock

senior

management’s

and

portfolio

managers’

analyses

of

the

reasons

for

any

outperformance

or

underperformance

relative

to

its

peers,

benchmarks,

and

other

performance

metrics,

as

applicable;

(b)

fees,

including

advisory,

administration,

if

applicable,

and

other

amounts

paid

to

BlackRock

and

its

affiliates

by

the

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

the

Fund;

(d)

the

resources

devoted

to,

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

the

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

the

Fund’s

adherence

to

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

of

non-investment

management

services

provided

by

BlackRock

and

its

affiliates

and

the

estimated

cost

of

such

services,

as

available;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

of

the

proxy

voting

policies

approved

by

the

Board;

(i)

the

use

of

brokerage

commissions

and

execution

quality

of

portfolio

transactions;

(j)

BlackRock’s

implementation

of

the

Fund’s

valuation

and

liquidity

procedures;

(k)

an

analysis

of

management

fees

paid

to

BlackRock

for

products

with

similar

investment

mandates

across

the

open-end

fund,

exchange-traded

fund

(“ETF”),

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

as

compared

to

the

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

it

creates,

along

with

investment

professionals’

investments

in

the

fund(s)

they

manage;

and

(m)

periodic

updates

on

BlackRock’s

business.

Prior

to

and

in

preparation

for

the

April

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Agreements.

The

Independent

Board

Members

continuously

engaged

in

a

process

with

their

independent

legal

counsel

and

BlackRock

to

review

the

nature

and

scope

of

the

information

provided

to

the

Board

to

better

assist

its

deliberations.

The

materials

provided

in

connection

with

the

April

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

on

either

a

Lipper

classification

or

Morningstar

category,

regarding

the

Fund’s

fees

and

expenses

as

compared

with

a

peer

group

of

funds

as

determined

by

Broadridge

(“Expense

Peers”)

and

the

investment

performance

of

the

Fund

as

compared

with

a

peer

group

of

funds

(“Performance

Peers”);

(b)

information

on

the

composition

of

the

Expense

Peers

and

Performance

Peers

and

a

description

of

Broadridge’s

methodology;

(c)

information

on

the

estimated

profits

realized

by

BlackRock

and

its

affiliates

pursuant

to

the

Agreements

and

a

discussion

of

fall-out

benefits

to

BlackRock

and

its

affiliates;

(d)

a

general

analysis

provided

by

BlackRock

concerning

investment

management

fees

received

in

connection

with

other

types

of

investment

products,

such

as

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts,

under

similar

investment

mandates,

as

well

as

the

performance

of

such

other

products,

as

applicable;

(e)

a

review

of

non-management

fees;

(f)

the

existence,

impact

and

sharing

of

potential

economies

of

scale,

if

any,

with

the

Fund;

(g)

a

summary

of

aggregate

amounts

paid

by

the

Fund

to

BlackRock;

(h)

sales

and

redemption

data

regarding

the

Fund’s

shares;

and

(i)

various

additional

information

requested

by

the

Board

as

appropriate

regarding

BlackRock's

and

the

Fund's

operations.

At

the

April

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreements

and

the

Independent

Board

Members

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

to

these

questions

and

requests

with

additional

written

information

in

advance

of

the

May

Meeting.

At

the

May

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a)

the

nature,

extent

and

quality

of

the

services

provided

by

BlackRock;

(b)

the

investment

performance

of

the

Fund

as

compared

to

its

Performance

Peers

and

to

other

metrics,

as

applicable;

(c)

the

advisory

fee

and

the

estimated

cost

of

the

services

and

estimated

profits

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

the

Fund;

(d)

the

Fund’s

fees

and

expenses

compared

to

its

Expense

Peers;

(e)

the

existence

and

sharing

of

potential

economies

of

scale;

(f)

any

fall-out

benefits

to

BlackRock

and

its

affiliates

as

a

result

of

BlackRock’s

relationship

with

the

Fund;

and

(g)

other

factors

deemed

relevant

by

the

Board

Members.

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

other

payments

made

to

BlackRock

or

its

affiliates

relating

to

securities

lending

and

cash

management,

and

BlackRock’s

services

related

to

the

valuation

and

pricing

of

Fund

portfolio

holdings.

The

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

Board

Members

evaluated

the

information

available

to

it

on

a

fund-by-fund

basis.

The

following

paragraphs

provide

more

information

about

some

of

the

primary

factors

that

were

relevant

to

the

Board’s

decision.

The

Board

Members

did

not

identify

any

particular

information,

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

items

and

factors

considered.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreement

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

78

A.

Nature,

Extent

and

Quality

of

the

Services

Provided

by

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

of

services

provided

by

BlackRock,

including

the

investment

advisory

services,

and

the

resulting

performance

of

the

Fund.

Throughout

the

year,

the

Board

compared

Fund

performance

to

the

performance

of

a

comparable

group

of

mutual

funds,

relevant

benchmarks,

and

performance

metrics,

as

applicable.

The

Board

met

with

BlackRock’s

senior

management

personnel

responsible

for

investment

activities,

including

the

senior

investment

officers.

The

Board

also

reviewed

the

materials

provided

by

the

Fund’s

portfolio

management

team

discussing

the

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

to

BlackRock:

the

number,

education

and

experience

of

investment

personnel

generally

and

the

Fund’s

portfolio

management

team;

research

capabilities;

investments

by

portfolio

managers

in

the

funds

they

manage;

portfolio

trading

capabilities;

use

of

technology;

commitment

to

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

to

training

and

retaining

portfolio

managers

and

other

research,

advisory

and

management

personnel.

The

Board

also

considered

BlackRock’s

overall

risk

management

program,

including

the

continued

efforts

of

BlackRock

and

its

affiliates

to

address

cybersecurity

risks

and

the

role

of

BlackRock’s

Risk

&

Quantitative

Analysis

Group.

The

Board

engaged

in

a

review

of

BlackRock’s

compensation

structure

with

respect

to

the

Fund’s

portfolio

management

team

and

BlackRock’s

ability

to

attract

and

retain

high-quality

talent

and

create

performance

incentives.

In

addition

to

investment

advisory

services,

the

Board

considered

the

nature

and

quality

of

the

administrative

and

other

non-investment

advisory

services

provided

to

the

Fund.

BlackRock

and

its

affiliates

provide

the

Fund

with

certain

administrative,

shareholder

and

other

services

(in

addition

to

any

such

services

provided

to

the

Fund

by

third

parties)

and

officers

and

other

personnel

as

are

necessary

for

the

operations

of

the

Fund.

In

particular,

BlackRock

and

its

affiliates

provide

the

Fund

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

as

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

of

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

of

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

of

third-party

service

providers

including,

among

others,

the

Fund's

custodian,

fund

accountant,

transfer

agent,

and

auditor;

(v)

organizing

Board

meetings

and

preparing

the

materials

for

such

Board

meetings;

(vi)

providing

legal

and

compliance

support;

(vii)

furnishing

analytical

and

other

support

to

assist

the

Board

in

its

consideration

of

strategic

issues

such

as

the

merger,

consolidation

or

repurposing

of

certain

open-end

funds;

and

(viii)

performing

or

managing

administrative

functions

necessary

for

the

operation

of

the

Fund,

such

as

tax

reporting,

expense

management,

fulfilling

regulatory

filing

requirements,

overseeing

the

Fund’s

distribution

partners,

and

shareholder

call

center

and

other

services.

The

Board

reviewed

the

structure

and

duties

of

BlackRock’s

fund

administration,

shareholder

services,

and

legal

and

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

The

Board

considered

the

operation

of

BlackRock’s

business

continuity

plans,

including

in

light

of

the

ongoing

COVID-19

pandemic.

B.

The

Investment

Performance

of

the

Fund

and

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

of

the

Fund

throughout

the

year

and

at

the

April

Meeting.

In

preparation

for

the

April

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

the

Fund’s

performance

as

of

December

31,

2021,

as

compared

to

its

Performance

Peers.

Broadridge

ranks

funds

in

quartiles,

ranging

from

first

to

fourth,

where

first

is

the

most

desirable

quartile

position

and

fourth

is

the

least

desirable.

In

connection

with

its

review,

the

Board

received

and

reviewed

information

regarding

the

investment

performance

of

the

Fund

as

compared

to

its

Performance

Peers.

The

Board

and

its

Performance

Oversight

Committee

regularly

review

and

meet

with

Fund

management

to

discuss

the

performance

of

the

Fund

throughout

the

year.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

The

Board

also

noted

that

while

it

found

the

data

provided

by

Broadridge

generally

useful,

it

recognized

the

limitations

of

such

data,

including

in

particular,

that

notable

differences

may

exist

between

a

fund

and

its

Performance

Peers

(for

example,

the

investment

objectives

and

strategies).

Further,

the

Board

recognized

that

the

performance

data

reflects

a

snapshot

of

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

also

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance,

and

that

a

single

investment

theme

could

have

the

ability

to

disproportionately

affect

long-term

performance.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

the

Fund

ranked

in

the

second,

fourth

and

third

quartiles,

respectively,

against

its

Performance

Peers.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Performance

Peers

during

the

applicable

periods.

C.

Consideration

of

the

Advisory/Management

Fees

and

the

Estimated

Cost

of

the

Services

and

Estimated

Profits

Realized

by

BlackRock

and

its

Affiliates

from

their

Relationship

with

the

Fund

The

Board,

including

the

Independent

Board

Members,

reviewed

the

Fund’s

contractual

management

fee

rate

compared

with

those

of

its

Expense

Peers.

The

contractual

management

fee

rate

represents

a

combination

of

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

or

fee

waivers.

The

Board

also

compared

the

Fund’s

total

expense

ratio,

as

well

as

its

actual

management

fee

rate,

to

those

of

its

Expense

Peers.

The

total

expense

ratio

represents

a

fund’s

total

net

operating

expenses,

including

any

12b-1

or

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

to

any

expense

reimbursements

or

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

to

any

management

fee

reimbursements

or

waivers.

The

Board

considered

the

services

provided

and

the

fees

charged

by

BlackRock

and

its

affiliates

to

other

types

of

clients

with

similar

investment

mandates,

as

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

by

third

parties).

The

Board

received

and

reviewed

statements

relating

to

BlackRock’s

financial

condition.

The

Board

reviewed

BlackRock’s

profitability

methodology

and

was

also

provided

with

an

estimated

profitability

analysis

that

detailed

the

revenues

earned

and

the

expenses

incurred

by

BlackRock

for

services

provided

to

the

Fund.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

the

Fund

and

other

funds

the

Board

currently

oversees

for

the

year

ended

December

31,

2021

compared

to

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

certain

other

U.S.

fund

complexes

managed

by

the

Manager

and/or

its

affiliates.

The

Board

reviewed

BlackRock’s

assumptions

and

methodology

of

allocating

expenses

in

the

estimated

profitability

analysis,

noting

the

inherent

limitations

in

allocating

costs

among

various

advisory

products.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

the

Manager,

the

types

of

funds

managed,

precision

of

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

the

individual

fund

level

is

difficult.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreement

(continued)

79

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisroy

Agreement

The

Board

noted

that,

in

general,

individual

fund

or

product

line

profitability

of

other

advisors

is

not

publicly

available.

The

Board

reviewed

BlackRock’s

overall

operating

margin,

in

general,

compared

to

that

of

certain

other

publicly

traded

asset

management

firms.

The

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

of

technology

at

BlackRock,

BlackRock’s

expense

management,

and

the

relative

product

mix.

The

Board

considered

whether

BlackRock

has

the

financial

resources

necessary

to

attract

and

retain

high

quality

investment

management

personnel

to

perform

its

obligations

under

the

Agreements

and

to

continue

to

provide

the

high

quality

of

services

that

is

expected

by

the

Board.

The

Board

further

considered

factors

including

but

not

limited

to

BlackRock’s

commitment

of

time,

assumption

of

risk,

and

liability

profile

in

servicing

the

Fund,

including

in

contrast

to

what

is

required

of

BlackRock

with

respect

to

other

products

with

similar

investment

mandates

across

the

open-end

fund,

ETF,

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable.

The

Board

noted

that

the

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

the

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

the

Fund

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

In

addition,

the

Board

noted

that,

the

Fund

is

party

to

an

expense

limitation

agreement

pursuant

to

which

BlackRock

has

contractually

agreed

to

waive

and/or

reimburse

certain

operating

and

other

expenses

to

a

specified

amount

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

D.

Economies

of

Scale

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

including

the

existence

of

fee

waivers

and/or

expense

caps,

as

applicable,

noting

that

any

contractual

fee

waivers

and

contractual

expense

caps

had

been

approved

by

the

Board.

In

its

consideration,

the

Board

further

considered

the

continuation

and/or

implementation

of

fee

waivers

and/or

expense

caps,

as

applicable.

The

Board

also

considered

the

extent

to

which

the

Fund

benefits

from

such

economies

of

scale

in

a

variety

of

ways,

and

whether

there

should

be

changes

in

the

advisory

fee

rate

or

breakpoint

structure

in

order

to

enable

the

Fund

to

more

fully

participate

in

these

economies

of

scale.

The

Board

considered

the

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

the

Fund,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

the

Fund,

including

for

administrative,

distribution,

securities

lending

and

cash

management

services.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

that,

subject

to

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

by

soft

dollars

generated

by

certain

registered

fund

transactions

to

assist

in

managing

all

or

a

number

of

its

other

client

accounts.

In

connection

with

its

consideration

of

the

Agreements,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

on

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

of

the

open-end

fund

marketplace,

and

that

shareholders

are

able

to

redeem

their

Fund

shares

if

they

believe

that

the

Fund’s

fees

and

expenses

are

too

high

or

if

they

are

dissatisfied

with

the

performance

of

the

Fund.

Conclusion

At

the

May

Meeting,

as

a

result

of

the

discussions

that

occurred

during

the

April

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

the

Advisory

Agreement

between

the

Manager

and

the

Trust,

on

behalf

of

the

Fund,

for

a

one-year

term

ending

June

30,

2023,

and

the

Sub-Advisory

Agreement

between

the

Manager

and

the

Sub-Advisor,

with

respect

to

the

Fund,

for

a

one-year

term

ending

June

30,

2023.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Agreements

were

fair

and

reasonable

and

in

the

best

interest

of

the

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Agreements,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

also

assisted

by

the

advice

of

independent

legal

counsel

in

making

this

determination.

Disclosure

of

Investment

Sub-Advisory

Agreement

2022

BlackRock

Semi-Annual

Report

to

Shareholders

80

The

Board

of

Trustees

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Funds

(the

“Trust”)

met

on

February

8,

2022

(the

“Meeting”)

to

consider

the

initial

approval

of

the

proposed

sub-advisory

agreement

(the

“Sub-Advisory

Agreement”)

between

BlackRock

Advisors

LLC

(the

“Manager”),

the

Trust’s

investment

advisor,

and

BlackRock

(Singapore)

Limited

(the

“Sub-Advisor”)

with

respect

to

BlackRock

Managed

Income

Fund

(the

“Fund”),

a

series

of

the

Trust.

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

at

the

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Sub-Advisory

Agreement.

The

Board

Members

who

are

not

“interested

persons”

of

the

Fund,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board

previously

met

on

May

10-12,

2021

(the

“May

2021

Meeting”)

to

consider

the

approval

of

the

continuation

of

the

Trust’s

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Trust

and

the

Manager

on

behalf

of

the

Fund.

At

the

May

2021

Meeting,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

the

Advisory

Agreement

for

a

one-year

term

ending

June

30,

2022.

A

discussion

of

the

basis

for

the

Board’s

approval

of

the

Advisory

Agreement

at

the

May

2021

Meeting

is

included

in

the

semi-annual

shareholder

report

for

the

Fund

for

the

period

ended

June

30,

2021.

The

factors

considered

by

the

Board

at

the

Meeting

in

connection

with

the

approval

of

the

proposed

Sub-Advisory

Agreement

were

substantially

the

same

as

the

factors

considered

at

the

May

2021

Meeting

with

respect

to

approval

of

the

Advisory

Agreement.

Following

discussion,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

Sub-Advisory

Agreement

between

the

Manager

and

the

Sub-Advisor,

with

respect

to

the

Fund,

for

a

two-year

term

beginning

on

the

effective

date

of

the

Sub-Advisory

Agreement.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

a

majority

of

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Sub-Advisory

Agreement

were

fair

and

reasonable

and

in

the

best

interest

of

the

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Sub-Advisory

Agreement,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

also

assisted

by

the

advice

of

independent

legal

counsel

in

making

this

determination.

Additional

Information

81

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

Fund

will

be

required

to

implement

and

comply

with

Rule

18f-4

by

August

19, 2022.

Once

implemented,

Rule

18f-4

will

impose

limits

on

the

amount

of

derivatives

a

fund

can

enter

into,

eliminate

the

asset

segregation

framework

currently

used

by

funds

to

comply

with

Section

18

of

the

1940

Act,

treat

derivatives

as

senior

securities

and

require

funds

whose

use

of

derivatives

is

more

than

a

limited

specified

exposure

amount

to

establish

and

maintain

a

comprehensive

derivatives

risk

management

program

and

appoint

a

derivatives

risk

manager.

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Fund

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Fund

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Fund

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Fund at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments 

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT is

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

the

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/

fundreports

.

Availability

of

Proxy

Voting

Policies,

Procedures and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

Fund

voted

proxies

relating

to

securities

held

in

the

Fund's

portfolio

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

by

calling

(800)

441-

7762

;

(2)

on

the

BlackRock

website

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800)

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

82

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Adviser

BlackRock

International

Limited

Edinburgh,

EH3

8BL

United

Kingdom

BlackRock

(Singapore)

Limited

079912

Singapore

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02116

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10022

Legal

Counsel

Sidley

Austin

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

Glossary

of

Terms

Used

in

this

Report

83

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

USD

United

States

Dollar

Portfolio

Abbreviation

CDI

Crest

Depository

Interests

CLO

Collateralized

Loan

Obligation

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

LIBOR

London

Interbank

Offered

Rate

MBS

Mortgage-Backed

Securities

MSCI

Morgan

Stanley

Capital

International

OTC

Over-the-counter

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

SOFR

Secured

Overnight

Financing

Rate

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Fund

unless

preceded

or

accompanied

by

the

Fund’s

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

MIIP-6/22-SAR

June

30,

2022

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2022

Semi-Annual

Report

(Unaudited)

BlackRock

Funds

II

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

Dear

Shareholder,

The

12-month

reporting

period

as

of

June

30,

2022

saw

the

emergence

of

significant

challenges

that

disrupted

the

economic

recovery

and

strong

financial

markets.

The

U.S.

economy

shrank

in

the

first

quarter

of

2022,

ending

the

run

of

robust

growth

that

followed

the

reopening

of

global

economies

and

the

development

of

COVID-19

vaccines.

Rapid

changes

in

consumer

spending

led

to

supply

constraints

and

elevated

inflation,

which

reached

a

40-year

high.

Moreover,

while

the

foremost

effect

of

Russia’s

invasion

of

Ukraine

has

been

a

severe

humanitarian

crisis,

the

ongoing

war

continued

to

present

challenges

for

both

investors

and

policymakers.

Equity

prices

fell,

as

persistently

high

inflation

drove

investors’

expectations

for

higher

interest

rates,

particularly

weighing

on

relatively

high-valuation

growth

stocks

and

economically

sensitive

small-capitalization

stocks.

While

both

large-

and

small-capitalization

U.S.

stocks

fell,

declines

for

small-capitalization

U.S.

stocks

were

particularly

steep.

Both

emerging

market

stocks

and

international

equities

from

developed

markets

fell

significantly,

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

notably

during

the

reporting

period

as

increasing

inflation

drove

investors’

expectations

for

higher

interest

rates.

The

corporate

bond

market

also

faced

inflationary

headwinds,

and

increasing

uncertainty

led

to

higher

corporate

bond

spreads

(the

difference

in

yield

between

U.S.

Treasuries

and

similarly-dated

corporate

bonds).

The

U.S.

Federal

Reserve

(the

“Fed”),

acknowledging

that

inflation

is

growing

faster

than

expected,

raised

interest

rates

three

times

while

indicating

that

additional

large

rate

hikes

were

likely.

Furthermore,

the

Fed

wound

down

its

bond-buying

programs

and

began

to

reduce

its

balance

sheet.

Continued

high

inflation

and

the

Fed’s

statements

led

many

analysts

to

anticipate

that

interest

rates

have

significant

room

to

rise

before

peaking.

Furthermore,

the

horrific

war

in

Ukraine

has

significantly

clouded

the

outlook

for

the

global

economy,

leading

to

major

volatility

in

energy

and

metals

markets.

Sanctions

on

Russia,

Europe’s

top

energy

supplier,

and

general

wartime

disruption

have

magnified

supply

problems

for

key

commodities.

We

believe

elevated

energy

prices

will

continue

to

exacerbate

inflationary

pressure

while

also

constraining

economic

growth.

Combating

inflation

without

stifling

a

recovery,

while

buffering

against

ongoing

supply

and

price

shocks,

will

be

an

especially

challenging

environment

for

setting

effective

monetary

policy.

Despite

the

likelihood

of

more

rate

increases

on

the

horizon,

we

believe

the

Fed

will

err

on

the

side

of

protecting

employment,

even

at

the

expense

of

higher

inflation.

However,

markets

have

been

primed

to

expect

sharp

tightening,

which

could

weigh

on

valuations

until

central

banks

begin

to

tap

the

brakes.

In

this

environment,

while

we

favor

an

overweight

to

equities

in

the

long-term,

the

market’s

concerns

over

excessive

rate

hikes

from

central

banks

moderate

our

outlook.

Furthermore,

the

energy

shock

and

a

deteriorating

economic

backdrop

in

China

and

Europe

are

likely

to

challenge

corporate

earnings,

so

we

are

underweight

equities

overall

in

the

near-term.

We

take

the

opposite

view

on

credit,

where

higher

spreads

provide

near-term

opportunities,

while

the

likelihood

of

a

higher

inflation

regime

leads

us

to

take

an

underweight

stance

on

credit

in

the

long-term.

We

believe

that

investment-grade

corporates,

U.K.

gilts,

local-currency

emerging

market

debt,

and

inflation-protected

bonds

(particularly

in

Europe)

offer

strong

opportunities

in

a

six-

to

twelve-month

horizon.

Overall,

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

black

rock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

June

30,

2022

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

(19.96)%

(10.62)%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(23.43)

(25.20)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(19.57)

(17.77)

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(17.63)

(25.28)

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

0.15

0.18

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(11.34)

(10.94)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(10.35)

(10.29)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(8.98)

(8.57)

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

(14.19)

(12.82)

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Fund

Summaries

.......................................................................................................

4

About

Fund

Performance

..................................................................................................

8

Disclosure

of

Expenses

...................................................................................................

8

Financial

Statements:

Schedules

of

Investments

...............................................................................................

9

Statements

of

Assets

and

Liabilities

.........................................................................................

13

Statements

of

Operations

................................................................................................

15

Statements

of

Changes

in

Net

Assets

........................................................................................

16

Financial

Highlights

.....................................................................................................

17

Notes

to

Financial

Statements

...............................................................................................

21

Disclosure

of

Investment

Advisory

Agreement

.....................................................................................

28

Additional

Information

....................................................................................................

31

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

33

Additional

Financial

Information:

Schedule

of

Investments

................................................................................................

35

Statement

of

Assets

and

Liabilities

..........................................................................................

111

Fund

Summary

as

of

June

30,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

4

BlackRock

Retirement

Income

2030

Fund

Investment

Objective

BlackRock

Retirement

Income

2030

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

maximize

current

income

while

decumulating

the

Fund’s

assets

to

a

predefined

target

Fund

net

asset

value

(“NAV”)

per

share,

as

a

percentage

of

the

Fund’s

NAV

per

share

at

inception,

over

the

term

of

the

Fund.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

June

30,

2022,

the

Fund

outperformed

its

custom

benchmark,

a

blend

of

50%

MSCI

World

Index/50%

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund

invests

substantially

all

of

its

assets

in

the

BlackRock

Multi-Asset

Income

Portfolio

(the

“Portfolio”).

What

factors

influenced

performance?

The

following

discussion

relates

to

absolute

performance

due

to

the

nature

of

the

Portfolio’s

approach.

The

Portfolio

employs

an

unconstrained

strategy

(i.e.

one

with

flexibility

to

invest

across

all

asset

classes)

that

is

managed

within

a

risk-controlled

framework

and

seeks

to

maintain

a

competitive

yield

with

a

risk

profile

less

than

or

similar

to

the

50/50

custom

benchmark.

The

Portfolio

may

use

derivatives

to

manage

the

portfolio’s

positioning

and

to

provide

an

element

of

protection

during

periods

of

market

stress.

The

Portfolio’s

risk-management

strategies

in

currencies,

which

it

executed

through

the

use

of

derivatives,

contributed

to

performance.

The

use

of

U.S.

equity

puts

used

for

downside

protection

helped

returns,

but

the

benefit

was

offset

by

a

negative

contribution

from

U.S.

equity

futures

and

calls.

(Calls

rise

in

value

when

the

price

of

the

underlying

security

increases;

puts

rise

in

value

when

the

price

of

the

underlying

security

declines.)

Stocks

and

bonds

both

produced

negative

returns

in

the

first

half

of

the

year,

as

rising

rates,

surging

inflation,

and

growth

concerns

weighed

on

market

sentiment.

The

Portfolio’s

allocation

to

high

yield

bonds

was

the

largest

detractor

from

performance.

Global

equities,

including

a

position

in

emerging

market

stocks,

also

detracted

amid

the

broader

market

weakness.

Similarly,

covered

calls

pressured

returns

as

income

generation

was

not

enough

to

offset

the

negative

price

movements

of

the

underlying

equities.

Positions

in

other

risk

assets,

such

as

preferred

stocks,

emerging

market

debt,

and

real

estate

investment

trusts

(“REITs”)

detracted,

as

well.

The

use

of

derivatives

to

manage

interest

rate

positioning

was

a

further

detractor.

The

Fund’s

practice

of

maintaining

a

specified

level

of

monthly

distributions

to

shareholders

did

not

have

a

material

impact

on

the

Fund’s

investment

strategy.

The

distribution

policy

did

not

result

in

return

of

capital

gain

for

the

period.

Refer

to

the

financial

highlights

and

income

tax

information

sections

in

this

report

for

further

information

about

distributions.

Describe

recent

portfolio

activity.

The

Portfolio’s

investment

adviser

reduced

risk

during

the

period,

primarily

by

lowering

its

allocations

to

equities,

high

yield

bonds,

emerging

market

debt

and

floating

rate

loan

interest

while

also

using

equity

puts.

This

positioning

reflected

the

investment

adviser’s

cautious

outlook

on

the

global

economy.

The

investment

adviser

also

took

advantage

of

the

rise

in

bond

yields

to

increase

the

Portfolio’s

duration

and

add

a

measure

of

ballast

at

a

time

of

elevated

market

volatility.

(Duration

is

a

measure

of

interest-

rate

sensitivity.)

However,

the

Portfolio

maintained

a

relatively

low

duration

profile

given

the

investment

adviser’s

view

that

the

Fed

would

continue

to

raise

interest

rates

to

control

surging

inflation.

In

the

latter

part

of

the

period,

the

team

added

equity

calls

to

help

the

Portfolio

participate

in

potential

upside

if

the

more

severe

growth

fears

do

not

come

to

fruition

and

the

markets

stabilize.

Describe

portfolio

positioning

at

period

end.

The

Fund

invested

nearly

the

entirety

of

its

assets

in

the

Portfolio,

while

maintaining

a

small

position

in

cash

for

operational

purposes.

The

Portfolio

was

allocated

across

a

number

of

diverse

asset

classes,

including

high

yield

corporate

bonds,

floating-rate

bank

loans

and

collateralized

loan

obligations,

global

dividend

stocks,

equity

covered

calls,

preferred

stocks,

emerging

markets

debt,

investment-grade

corporates,

mortgage-backed

securities,

global

real

estate

investment

trusts

and

global

infrastructure

stocks.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

June

30,

2022

(continued)

5

Fund

Summary

BlackRock

Retirement

Income

2030

Fund

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.

Portfolio

Information

Average

Annual

Total

Returns

(a)(b)

1

Year

Since

Inception

(c)

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

......................................

5.14‌%

0.94‌%

(12.88‌)%

(11.59‌)%

N/A‌

(0.22‌)%

N/A‌

Investor

A

.......................................

4.62‌

0.57‌

(13.00‌)

(11.82‌)

(16.45‌)

%

(0.46‌)

(3.23‌)

%

Bloomberg

U.S.

Aggregate

Bond

Index

(d)

................

—‌

—‌

(10.35‌)

(10.29‌)

N/A‌

(6.40‌)

N/A‌

MSCI

World

Index

(e)

...............................

—‌

—‌

(20.51‌)

(14.34‌)

N/A‌

6.91‌

N/A‌

50%

MSCI

World

Index/50%

Bloomberg

U.S.

Aggregate

Bond

Index

(f)

.......................................

—‌

—‌

(15.45‌)

(12.12‌)

N/A‌

0.34‌

N/A‌

(a)

Assuming

maximum

sales

charge,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

The

Fund,

indirectly

through

its

investment

in

BlackRock

Multi-Asset

Income

Portfolio

("MAI"),

may

invest

in

both

equity

securities

(including

common

stock,

preferred

stock,

securities

convertible

into

common

and

preferred

stock

and

non-convertible

preferred

stock)

and

fixed

income

securities

(including

corporate

bonds

and

notes,

mortgage-backed

securities,

asset-backed

securities,

convertible

securities,

preferred

securities

and

government

obligations).

Under

normal

circumstances,

the

Fund,

indirectly

through

its

investment

in

MAI,

may

invest

up

to

60%

of

its

assets

in

equity

securities

and

up

to

100%

of

its

assets

in

fixed-income

securities.

Additionally,

the

Fund,

indirectly

through

its

investment

in

MAI,

may

invest

in

structured

notes

that

provide

exposure

to

covered

call

options

or

other

types

of

financial

instruments.

(c)

The

Fund

commenced

operations

on

July

31,

2020.

(d)

A

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market.

(e)

A

broad

global

equity

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

markets

countries.

(f)

A

customized

weighted

index

comprised

of

returns

of

50%

MSCI

World

Index/50%

Bloomberg

U.S.

Aggregate

Bond

Index.

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(01/01/22)

Ending

Account

Value

(06/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(01/01/22)

Ending

Account

Value

(06/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

...............................

$

1,000.00‌

$

871.20‌

$

1.16‌

$

1,000.00‌

$

1,023.55‌

$

1.25‌

0.25‌%

Investor

A

................................

1,000.00‌

870.00‌

2.32‌

1,000.00‌

1,022.32‌

2.51‌

0.50‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

six

month

period

shown).

PORTFOLIO

COMPOSITION

–%

–%

Asset

Type

 Percent

of

Affiliated

Investment

Companies

–%

–%

Fixed-Income

Funds

...............................

98.0‌

%

Short-Term

Securities

..............................

2.0‌

–%

–‌

Fund

Summary

as

of

June

30,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

6

BlackRock

Retirement

Income

2040

Fund

Investment

Objective

BlackRock

Retirement

Income

2040

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

maximize

current

income

while

decumulating

the

Fund’s

assets

to

a

predefined

target

Fund

net

asset

value

(“NAV”)

per

share,

as

a

percentage

of

the

Fund’s

NAV

per

share

at

inception,

over

the

term

of

the

Fund.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

six-month

period

ended

June

30,

2022,

the

Fund

outperformed

its

benchmark,

a

blend

of

50%

MSCI

World

Index/50%

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund

invests

substantially

all

of

its

assets

in

the

BlackRock

Multi-Asset

Income

Portfolio

(the

“Portfolio”).

What

factors

influenced

performance?

The

following

discussion

relates

to

absolute

performance

due

to

the

nature

of

the

Portfolio’s

approach.

The

Portfolio

employs

an

unconstrained

strategy

(i.e.

one

with

flexibility

to

invest

across

all

asset

classes)

that

is

managed

within

a

risk-controlled

framework

and

seeks

to

maintain

a

competitive

yield

with

a

risk

profile

less

than

or

similar

to

the

50/50

custom

benchmark.

The

Portfolio

may

use

derivatives

to

manage

the

portfolio’s

positioning

and

to

provide

an

element

of

protection

during

periods

of

market

stress.

Stocks

and

bonds

both

produced

negative

returns

in

the

first

half

of

the

year,

as

rising

rates,

surging

inflation,

and

growth

concerns

weighed

on

market

sentiment.

The

Portfolio’s

allocation

to

high

yield

bonds

was

the

largest

detractor

from

performance.

Global

equities,

including

a

position

in

emerging

market

stocks,

also

detracted

amid

the

broader

market

weakness.

Similarly,

covered

calls

pressured

returns

as

income

generation

was

not

enough

to

offset

the

negative

price

movements

of

the

underlying

equities.

Positions

in

other

risk

assets,

such

as

preferred

stocks,

emerging

market

debt,

and

real

estate

investment

trusts

(“REITs”)

detracted,

as

well.

The

use

of

derivatives

to

manage

interest

rate

positioning

was

a

further

detractor.

The

Portfolio’s

risk-management

strategies

in

currencies,

which

it

executed

through

the

use

of

derivatives,

contributed

to

performance.

The

use

of

U.S.

equity

puts

used

for

downside

protection

helped

returns,

but

the

benefit

was

offset

by

a

negative

contribution

from

U.S.

equity

futures

and

calls.

(Calls

rise

in

value

when

the

price

of

the

underlying

security

increases;

puts

rise

in

value

when

the

price

of

the

underlying

security

declines.)

The

Fund’s

practice

of

maintaining

a

specified

level

of

monthly

distributions

to

shareholders

did

not

have

a

material

impact

on

the

Fund’s

investment

strategy.

The

distribution

policy

did

not

result

in

return

of

capital

gain

for

the

period.

Refer

to

the

financial

highlights

and

income

tax

information

sections

in

this

report

for

further

information

about

distributions.

Describe

recent

portfolio

activity.

The

investment

adviser

reduced

risk

during

the

period,

primarily

by

lowering

allocations

to

equities,

high

yield

bonds,

emerging

market

debt

and

floating

rate

loan

interest

while

also

using

equity

puts.

This

positioning

reflected

the

investment

adviser’s

cautious

outlook

on

the

global

economy.

The

investment

adviser

also

took

advantage

of

the

rise

in

bond

yields

to

increase

the

Portfolio’s

duration

and

add

a

measure

of

ballast

at

a

time

of

elevated

market

volatility.

(Duration

is

a

measure

of

interest-rate

sensitivity.)

However,

the

Portfolio

maintained

a

relatively

low

duration

profile

given

the

investment

adviser’s

view

that

the

Fed

would

continue

to

raise

interest

rates

to

control

surging

inflation.

In

the

latter

part

of

the

period,

the

investment

adviser

added

equity

calls

to

help

the

Portfolio

participate

in

potential

upside

if

the

more

severe

growth

fears

do

not

come

to

fruition

and

the

markets

stabilize.

Describe

portfolio

positioning

at

period

end.

The

Fund

invested

nearly

the

entirety

of

its

assets

in

the

Portfolio,

while

maintaining

a

small

position

in

cash

for

operational

purposes.

The

Portfolio

was

allocated

across

a

number

of

diverse

asset

classes,

including

high

yield

corporate

bonds,

floating-rate

bank

loans

and

collateralized

loan

obligations,

global

dividend

stocks,

equity

covered

calls,

preferred

stocks,

emerging

markets

debt,

investment-grade

corporates,

mortgage-backed

securities,

global

real

estate

investment

trusts

and

global

infrastructure

stocks.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

June

30,

2022

(continued)

7

Fund

Summary

BlackRock

Retirement

Income

2040

Fund

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.

Portfolio

Information

Average

Annual

Total

Returns

(a)(b)

1

Year

Since

Inception

(c)

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

6-Month

Total

Returns

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

......................................

5.10‌%

0.93‌%

(12.84‌)%

(11.54‌)%

N/A‌

(0.16‌)%

N/A‌

Investor

A

.......................................

4.59‌

0.59‌

(12.94‌)

(11.77‌)

(16.40‌)%

(0.41‌)

(3.18‌)

%

Bloomberg

U.S.

Aggregate

Bond

Index

(d)

................

—‌

—‌

(10.35‌)

(10.29‌)

N/A‌

(6.40‌)

N/A‌

MSCI

World

Index

(e)

...............................

—‌

—‌

(20.51‌)

(14.34‌)

N/A‌

6.91‌

N/A‌

50%

MSCI

World

Index/50%

Bloomberg

U.S.

Aggregate

Bond

Index

(f)

.......................................

—‌

—‌

(15.45‌)

(12.12‌)

N/A‌

0.34‌

N/A‌

(a)

Assuming

maximum

sales

charge,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

The

Fund,

indirectly

through

its

investment

in

BlackRock

Multi-Asset

Income

Portfolio

("MAI"),

may

invest

in

both

equity

securities

(including

common

stock,

preferred

stock,

securities

convertible

into

common

and

preferred

stock

and

non-convertible

preferred

stock)

and

fixed

income

securities

(including

corporate

bonds

and

notes,

mortgage-backed

securities,

asset-backed

securities,

convertible

securities,

preferred

securities

and

government

obligations).

Under

normal

circumstances,

the

Fund,

indirectly

through

its

investment

in

MAI,

may

invest

up

to

60%

of

its

assets

in

equity

securities

and

up

to

100%

of

its

assets

in

fixed-income

securities.

Additionally,

the

Fund,

indirectly

through

its

investment

in

MAI,

may

invest

in

structured

notes

that

provide

exposure

to

covered

call

options

or

other

types

of

financial

instruments.

(c)

The

Fund

commenced

operations

on

July

31,

2020.

(d)

A

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market.

(e)

A

broad

global

equity

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

markets

countries.

(f)

A

customized

weighted

index

comprised

of

returns

of

50%

MSCI

World

Index/50%

Bloomberg

U.S.

Aggregate

Bond

Index.

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(01/01/22)

Ending

Account

Value

(06/30/22)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(01/01/22)

Ending

Account

Value

(06/30/22)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

...............................

$

1,000.00‌

$

871.60‌

$

1.16‌

$

1,000.00‌

$

1,023.55‌

$

1.25‌

0.25‌%

Investor

A

................................

1,000.00‌

870.60‌

2.32‌

1,000.00‌

1,022.32‌

2.51‌

0.50‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

181/365

(to

reflect

the

six

month

period

shown).

PORTFOLIO

COMPOSITION

–%

–%

Asset

Type

 Percent

of

Affiliated

Investment

Companies

–%

–%

Fixed-Income

Funds

...............................

97.4‌

%

Short-Term

Securities

..............................

2.6‌

–%

–‌

About

Fund

Performance

2022

BlackRock

Semi-Annual

Report

to

Shareholders

8

Institutional

Shares

are

not

subject

to

any

sales

charge.

These

shares

bear

no

ongoing

distribution

or

service

fees

and

are

available

only

to

certain

eligible

investors.

Investor

A

Shares

are

subject

to

a

maximum

initial

sales

charge

(front-end

load)

of

5.25%

and

a

service

fee

of

0.25%

per

year

(but

no

distribution

fee).

Certain

redemptions

of

these

shares

may

be

subject

to

a

contingent

deferred

sales

charge

("CDSC")

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

These

shares

are

generally

available

through

financial

intermediaries.

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of each

Fund's

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Refer

to

blackrock.com 

to

obtain

performance

data

current

to

the

most

recent

month-end.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Figures

shown

in

the

performance

table(s) assume

reinvestment

of

all

distributions,

if

any,

at

net

asset

value

("NAV")

on

the

ex-dividend

date

or

payable

date,

as

applicable.

Investment

return

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Distributions

paid

to

each

class

of

shares

will

vary

because

of

the

different

levels

of

service,

distribution

and

transfer

agency

fees

applicable

to

each

class,

which

are

deducted

from

the

income

available

to

be

paid

to

shareholders. 

BlackRock

Advisors,

LLC

(the

"Manager”),

each

Fund's

investment

adviser,

has

contractually

and/or

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

each

Fund’s

expenses.

Without

such

waiver(s)

and/or

reimbursement(s),

each

Fund's

performance

would

have

been

lower.

With

respect

to

each

Fund's

voluntary

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

waive

and/or

reimburse

or

to

continue

waiving

and/or

reimbursing

its

fees

and

such

voluntary

waiver(s)

may

be

reduced

or

discontinued

at

any

time. With

respect

to

each

Fund's

contractual

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

continue

waiving

and/or

reimbursing

its

fees

after

the

applicable

termination

date

of

such agreement.

See

the

Notes

to

Financial

Statements

for

additional

information

on

waivers

and/or

reimbursements. 

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements. 

Disclosure

of

Expenses

Shareholders

of

each

Fund

may

incur

the

following

charges:

(a)

transactional

expenses,

such

as

sales

charges;

and

(b)

operating

expenses,

including

investment

advisory

fees, administration

fees,

service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

examples shown

(which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their

Fund and

share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

these

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

BlackRock

Retirement

Income

2030

Fund

Schedule

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2022

Security

Shares

Value

Affiliated

Investment

Companies

Fixed-Income

Funds

—

99.4%

BlackRock

Multi-Asset

Income

Portfolio,

Class

K

(a)

..........................

459,704

$

4,440,744

Security

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

2.0%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

1.33%

(a)(b)

..................

91,228

$

91,228

Total

Affiliated

Investment

Companies

—

101.4%

(Cost:

$4,974,218)

(c)

..............................

4,531,972

Liabilities

in

Excess

of

Other

Assets

—

(1.4)

%

............

(63,410)

Net

Assets

—

100.0%

..............................

$

4,468,562

(a)

Affiliate

of

the

Fund.

(b)

Annualized

7-day

yield

as

of

period

end.

(c)

Cost

for

U.S.

federal

income

tax

purposes.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/22

Shares

Held

at

06/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

113,760

$

—

$

(22,532)

$

—

$

—

$

91,228

91,228

$

110

$

—

BlackRock

Multi-Asset

Income

Portfolio,

Class

K

.........

5,217,643

—

—

—

(776,899)

4,440,744

459,704

108,744

—

$

—

$

(776,899)

$

4,531,972

$

108,854

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Retirement

Income

2030

Fund

10

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Affiliated

Investment

Companies

................................

$

4,440,744

$

—

$

—

$

4,440,744

Short-Term

Securities

Money

Market

Funds

......................................

91,228

—

—

91,228

$

4,531,972

$

—

$

—

$

4,531,972

BlackRock

Retirement

Income

2040

Fund

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2022

Security

Shares

Value

Affiliated

Investment

Companies

Fixed-Income

Funds

—

98.7%

BlackRock

Multi-Asset

Income

Portfolio,

Class

K

(a)

..........................

455,515

$

4,400,275

Security

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

2

.

6

%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

1.33%

(a)(b)

..................

115,180

$

115,180

Total

Affiliated

Investment

Companies

—

101.3%

(Cost:

$4,948,195)

(c)

..............................

4,515,455

Liabilities

in

Excess

of

Other

Assets

—

(1.3)

%

............

(56,448)

Net

Assets

—

100.0%

..............................

$

4,459,007

(a)

Affiliate

of

the

Fund.

(b)

Annualized

7-day

yield

as

of

period

end.

(c)

Cost

for

U.S.

federal

income

tax

purposes.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

June

30,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

12/31/21

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

06/30/22

Shares

Held

at

06/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

121,830

$

—

$

(6,650)

$

—

$

—

$

115,180

115,180

$

140

$

—

BlackRock

Multi-Asset

Income

Portfolio,

Class

K

.........

5,170,096

—

—

—

(769,821)

4,400,275

455,515

107,755

—

$

—

$

(769,821)

$

4,515,455

$

107,895

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Retirement

Income

2040

Fund

12

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

See

notes

to

financial

statements.

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Affiliated

Investment

Companies

................................

$

4,400,275

$

—

$

—

$

4,400,275

Short-Term

Securities

Money

Market

Funds

......................................

115,180

—

—

115,180

$

4,515,455

$

—

$

—

$

4,515,455

Statements

of

Assets

and

Liabilities

(unaudited)

June

30,

2022

13

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

ASSETS

Investments,

at

value

—

affiliated

(a)

..........................................................................

$

4,531,972‌

$

4,515,455‌

Receivables:

–‌

–‌

Dividends

—

affiliated

..................................................................................

20,545‌

20,372‌

From

the

Manager

....................................................................................

14,896‌

14,772‌

Prepaid

expenses

......................................................................................

12,124‌

12,143‌

Total

assets

..........................................................................................

4,579,537‌

4,562,742‌

LIABILITIES

Payables:

–‌

–‌

Accounting

services

fees

................................................................................

33,736‌

34,025‌

Custodian

fees

.......................................................................................

945‌

878‌

Income

dividend

distributions

.............................................................................

30,092‌

22,896‌

Trustees'

and

Officer's

fees

..............................................................................

480‌

480‌

Printing

and

postage

fees

...............................................................................

13,431‌

13,379‌

Professional

fees

.....................................................................................

31,666‌

31,349‌

Transfer

agent

fees

...................................................................................

625‌

728‌

Total

liabilities

.........................................................................................

110,975‌

103,735‌

NET

ASSETS

.........................................................................................

$

4,468,562‌

$

4,459,007‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

4,999,638‌

$

4,938,149‌

Accumulated

loss

......................................................................................

(531,076‌)

(479,142‌)

NET

ASSETS

.........................................................................................

$

4,468,562‌

$

4,459,007‌

(a)

  Investments,

at

cost

—

affiliated

...........................................................................

$

4,974,218‌

$

4,948,195‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

14

See

notes

to

financial

statements.

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

NET

ASSET

VALUE

Institutional

Net

assets

...........................................................................................

$

4,225,942‌

$

4,334,697‌

Shares

outstanding

....................................................................................

48,896.26‌

48,619.05‌

Net

asset

value

.......................................................................................

$

86.43‌

$

89.16‌

Shares

authorized

.....................................................................................

Unlimited

Unlimited

Par

value

...........................................................................................

$

0.001‌

$

0.001‌

Investor

A

Net

assets

...........................................................................................

$

242,620‌

$

124,310‌

Shares

outstanding

....................................................................................

2,807.11‌

1,394.30‌

Net

asset

value

.......................................................................................

$

86.43‌

$

89.16‌

Shares

authorized

.....................................................................................

Unlimited

Unlimited

Par

value

...........................................................................................

$

0.001‌

$

0.001‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

June

30,

2022

15

Financial

Statements

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

INVESTMENT

INCOME

–

–

Dividends

—

affiliated

..................................................................................

$

108,854‌

$

107,895‌

Total

investment

income

..................................................................................

108,854‌

107,895‌

EXPENSES

Professional

........................................................................................

36,022‌

35,570‌

Accounting

services

...................................................................................

23,797‌

22,962‌

Registration

........................................................................................

19,351‌

19,351‌

Printing

and

postage

..................................................................................

13,446‌

13,394‌

Trustees

and

Officer

...................................................................................

3,330‌

3,330‌

Investment

advisory

...................................................................................

2,443‌

2,432‌

Administration

......................................................................................

1,038‌

1,033‌

Custodian

..........................................................................................

603‌

558‌

Administration

—

class

specific

...........................................................................

489‌

486‌

Service

and

distribution

—

class

specific

.....................................................................

328‌

169‌

Transfer

agent

—

class

specific

...........................................................................

303‌

253‌

Miscellaneous

.......................................................................................

2,188‌

2,193‌

Total

expenses

........................................................................................

103,338‌

101,731‌

Less:

–‌

–‌

Fees

waived

and/or

reimbursed

by

the

Manager

..............................................................

(95,075‌)

(93,720‌)

Administration

fees

waived

............................................................................

(1,038‌)

(1,033‌)

Administration

fees

waived

—

class

specific

.................................................................

(489‌)

(486‌)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

.........................................

(299‌)

(243‌)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................................................

6,437‌

6,249‌

Net

investment

income

...................................................................................

102,417‌

101,646‌

REALIZED

AND

UNREALIZED

LOSS

$

(776,899‌)

$

(769,821‌)

Net

change

in

unrealized

depreciation

on

investments

............................................................

(776,899‌)

(769,821‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..................................................

$

(674,482‌)

$

(668,175‌)

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

2022

BlackRock

Semi-Annual

Report

to

Shareholders

16

See

notes

to

financial

statements.

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

12/31/21

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

12/31/21

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

....................................................

$

102,417‌

$

206,338‌

$

101,646‌

$

207,083‌

Net

realized

gain

........................................................

—‌

68,139‌

—‌

65,587‌

Net

change

in

unrealized

appreciation

(depreciation)

................................

(776,899‌)

76,860‌

(769,821‌)

78,865‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...........................

(674,482‌)

351,337‌

(668,175‌)

351,535‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

From

net

investment

income

and

net

realized

gain:

  Institutional

...........................................................

(181,309‌)

(270,105‌)

(144,098‌)

(270,356‌)

  Investor

A

............................................................

(9,938‌)

(9,098‌)

(3,950‌)

(7,330‌)

Return

of

capital:

–

–

–

–

  Institutional

...........................................................

—‌

(96,534‌)

—‌

(22,227‌)

  Investor

A

............................................................

—‌

(3,251‌)

—‌

(603‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.........................

(191,247‌)

(378,988‌)

(148,048‌)

(300,516‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.................

4,265‌

150,021‌

(18,038‌)

20,478‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...........................................

(861,464‌)

122,370‌

(834,261‌)

71,497‌

Beginning

of

period

........................................................

5,330,026‌

5,207,656‌

5,293,268‌

5,221,771‌

End

of

period

............................................................

$

4,468,562‌

$

5,330,026‌

$

4,459,007‌

$

5,293,268‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

17

Financial

Highlights

BlackRock

Retirement

Income

2030

Fund

Institutional

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

12/31/21

Period

from

07/31/20

(a)

to

12/31/20

Net

asset

value,

beginning

of

period

.................................................

$

103.18

‌

$

103.74

‌

$

100.00

‌

Net

investment

income

(b)

.........................................................

1.99

4.09

1.69

Net

realized

and

unrealized

gain

(loss)

................................................

(15.03)

2.85

5.14

Net

increase

(decrease)

from

investment

operations

........................................

(13.04

)

6.94

‌

6.83

‌

Distributions

(c)

–

–

–

From

net

investment

income

......................................................

(3.71

)

(5.42

)

(1.74

)

From

net

realized

gain

...........................................................

—

‌

(0.11

)

—

‌

Return

of

capital

...............................................................

—

‌

(1.97

)

(1.35

)

Total

distributions

...............................................................

(3.71

)

(7.50

)

(3.09

)

Net

asset

value,

end

of

period

......................................................

$

86.43

‌

$

103.18

‌

$

103.74

‌

Total

Return

(d)

(12.88)%

—

—

Based

on

net

asset

value

..........................................................

(12.88

)%

(e)

6.87

%

6.96

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.................................................................

4.21

%

(g)

5.91

%

3.86

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

........................................

0.25

%

(g)

0.25

%

0.25

%

(g)

Net

investment

income

...........................................................

4.21

%

(g)

3.92

%

4.05

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

......................................................

$

4,226

‌

$

5,044

‌

$

5,070

‌

Portfolio

turnover

rate

............................................................

—

%

5

%

2

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

6.72%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

18

BlackRock

Retirement

Income

2030

Fund

Investor

A

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

12/31/21

Period

from

07/31/20

(a)

to

12/31/20

Net

asset

value,

beginning

of

period

.................................................

$

103.19

‌

$

103.74

‌

$

100.00

‌

Net

investment

income

(b)

.........................................................

1.87

3.76

1.63

Net

realized

and

unrealized

gain

(loss)

................................................

(15.04)

2.93

5.10

Net

increase

(decrease)

from

investment

operations

........................................

(13.17

)

6.69

‌

6.73

‌

Distributions

(c)

–

–

–

From

net

investment

income

......................................................

(3.59

)

(5.22

)

(1.67

)

From

net

realized

gain

...........................................................

—

‌

(0.11

)

—

‌

Return

of

capital

...............................................................

—

‌

(1.91

)

(1.32

)

Total

distributions

...............................................................

(3.59

)

(7.24

)

(2.99

)

Net

asset

value,

end

of

period

......................................................

$

86.43

‌

$

103.19

‌

$

103.74

‌

Total

Return

(d)

(13.00)%

—

—

Based

on

net

asset

value

..........................................................

(13.00

)%

(e)

6.62

%

6.86

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.................................................................

4.58

%

(g)

6.58

%

4.13

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

........................................

0.50

%

(g)

0.50

%

0.50

%

(g)

Net

investment

income

...........................................................

3.96

%

(g)

3.61

%

3.93

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

......................................................

$

243

‌

$

286

‌

$

137

‌

Portfolio

turnover

rate

............................................................

—

%

5

%

2

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

7.00%.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

19

Financial

Highlights

BlackRock

Retirement

Income

2040

Fund

Institutional

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

12/31/21

Period

from

07/31/20

(a)

to

12/31/20

Net

asset

value,

beginning

of

period

.................................................

$

105.46

‌

$

104.44

‌

$

100.00

‌

Net

investment

income

(b)

.........................................................

2.03

4.14

1.71

Net

realized

and

unrealized

gain

(loss)

................................................

(15.37)

2.88

5.21

Net

increase

(decrease)

from

investment

operations

........................................

(13.34

)

7.02

‌

6.92

‌

Distributions

(c)

–

–

–

From

net

investment

income

......................................................

(2.96

)

(5.47

)

(1.76

)

From

net

realized

gain

...........................................................

—

‌

(0.07

)

(0.04

)

Return

of

capital

...............................................................

—

‌

(0.46

)

(0.68

)

Total

distributions

...............................................................

(2.96

)

(6.00

)

(2.48

)

Net

asset

value,

end

of

period

......................................................

$

89.16

‌

$

105.46

‌

$

104.44

‌

Total

Return

(d)

(12.84)%

6.87%

7.02%

Based

on

net

asset

value

..........................................................

(12.84

)%

(e)

6.87

%

7.02

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.................................................................

4.17

%

(g)

5.88

%

3.88

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

........................................

0.25

%

(g)

0.25

%

0.25

%

(g)

Net

investment

income

...........................................................

4.19

%

(g)

3.91

%

4.07

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

......................................................

$

4,335

‌

$

5,146

‌

$

5,078

‌

Portfolio

turnover

rate

............................................................

—

%

—

%

2

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

6.78%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

20

BlackRock

Retirement

Income

2040

Fund

Investor

A

Six

Months

Ended

06/30/22

(unaudited)

Year

Ended

12/31/21

Period

from

07/31/20

(a)

to

12/31/20

Net

asset

value,

beginning

of

period

.................................................

$

105.45

‌

$

104.43

‌

$

100.00

‌

Net

investment

income

(b)

.........................................................

1.91

3.87

1.63

Net

realized

and

unrealized

gain

(loss)

................................................

(15.37)

2.89

5.17

Net

increase

(decrease)

from

investment

operations

........................................

(13.46

)

6.76

‌

6.80

‌

Distributions

(c)

–

–

–

From

net

investment

income

......................................................

(2.83

)

(5.23

)

(1.67

)

From

net

realized

gain

...........................................................

—

‌

(0.07

)

(0.04

)

Return

of

capital

...............................................................

—

‌

(0.44

)

(0.66

)

Total

distributions

...............................................................

(2.83

)

(5.74

)

(2.37

)

Net

asset

value,

end

of

period

......................................................

$

89.16

‌

$

105.45

‌

$

104.43

‌

Total

Return

(d)

(12.94)%

6.60%

6.90%

Based

on

net

asset

value

..........................................................

(12.94

)%

(e)

6.60

%

6.90

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

.................................................................

4.59

%

(g)

6.35

%

4.16

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

........................................

0.50

%

(g)

0.50

%

0.50

%

(g)

Net

investment

income

...........................................................

3.94

%

(g)

3.66

%

3.93

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

......................................................

$

124

‌

$

147

‌

$

144

‌

Portfolio

turnover

rate

............................................................

—

%

—

%

2

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Aggregate

total

return.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

7.06%.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

21

Notes

to

Financial

Statements

1.

ORGANIZATION 

BlackRock

Funds

II

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Massachusetts

business

trust.

The

following,

each

of

which

is

a

series

of

the

Trust,

are

referred

to

herein

collectively

as

the

“Funds”

or

individually

as

a

“Fund”:

Each

Fund

seeks

to

achieve

its

investment

objective

by

investing

primarily

in

BlackRock

Multi-Asset

Income

Portfolio

("Multi-Asset

Income").

The

Schedule

of

Investments

and

Statement

of

Assets

and

Liabilities

for

Multi-Asset

Income

are

included

elsewhere

in

this

report

and

should

be

read

in

conjunction

with

the

Funds’

financial

statements.

Multi-Asset

Income's

financial

statements

are

available,

without

charge,

on

the

U.S.

Securities

and

Exchange

Commission's

(“SEC's”)

website

at

www.sec.gov

.

Each

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional

Shares

are

sold

only

to

certain

eligible

investors.

Investor

A

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares.

Investor

A

Shares

are

generally

available

through

financial

intermediaries.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures.

(a)

Investor

A

Shares

may

be

subject

to

a

CDSC

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

The

Funds,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

"Manager") or

its

affiliates,

are

included

in

a

complex

of

open-end

equity,

multi-asset,

index

and

money

market

funds

referred

to

as

the

BlackRock

Multi-Asset

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets. 

Distributions:

Distributions

paid

by the

Funds

are

recorded

on

the

ex-dividend

dates.

The

Funds

intend

to

make

monthly

cash

distributions

to

shareholders,

which

may

consist

of

net

investment

income,

and

net

realized

and

unrealized

gains

on

investments

and/or

return

of

capital

.

The

character

of

distributions

is

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

The

portion

of

distributions

that

exceeds

a

Fund's

current

and

accumulated

earnings

and

profits,

which

are

measured

on

a

tax

basis,

will

constitute

a

non-taxable

return

of

capital.

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.

Fund

Name

Herein

Referred

To

As

Diversification

Classification

BlackRock

Retirement

Income

2030

Fund

........................................

Retirement

Income

2030

Diversified

BlackRock

Retirement

Income

2040

Fund

........................................

Retirement

Income

2040

Diversified

Share

Class

Initial

Sales

Charge

Contingent

Deferred

Sales

Charges

("CDSC")

Conversion

Privilege

Institutional

Shares

...........................................

No

No

None

Investor

A

Shares

............................................

Yes

No

(a)

None

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

22

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities: 

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day's

published net

asset

value

(“NAV”). 

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Global

Valuation

Committee,

or

its

delegate,

in

accordance

with

a

policy

approved

by

the

Board

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Global

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Global

Valuation

Committee,

or

its

delegate,

seeks

to

determine

the

price

that

each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Global

Valuation

Committee,

or

its

delegate,

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

The

pricing

of

all

Fair

Valued

Investments

is

subsequently

reported

to

the

Board

or

a

committee

thereof

on

a

quarterly

basis.  

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

each

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Global

Valuation

Committee's

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Funds,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Funds'

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of each

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of each

Fund.

For

such

services,

each

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

each

Fund’s

net

assets:

Service

and

Distribution

Fees:

The

Trust

,

on behalf

of

the

Funds,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“

BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

each

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

each

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services

to

the

Funds.

The

ongoing

service

and/or

distribution

fee

compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

to

shareholders.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

.........................................................................................................

0.100

%

$1

billion

-

$3

billion

.....................................................................................................

0.094

$3

billion

-

$5

billion

.....................................................................................................

0.090

$5

billion

-

$10

billion

....................................................................................................

0.087

Greater

than

$10

billion

...................................................................................................

0.085

Share

Class

Service

Fees

Investor

A

..............................................................................................................

0.25‌%

Notes

to

Financial

Statements

(unaudited)

(continued)

23

Notes

to

Financial

Statements

For

the six

months

ended

June

30,

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

June

30,

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 June

30,

2022,

the

Funds 

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Funds.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the six

months

ended

June

30,

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

June

30,

2022,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

each

Fund:

Expense

Limitations,

Waivers,

Reimbursements

and

Recoupments:

With

respect

to each

Fund,

the

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

each

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2023

.

The

contractual

agreement

may

be

terminated upon

90

days’

notice

by

a

majority

of

the

trustees

who

are

not

"interested

persons"

of

the

Trust,

as

defined

in

the

1940

Act

("Independent

Trustees")

,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of a

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the

six

months

ended

June

3

0

,

202

2

,

the

amounts

waived

were

as

follows:

Fund

Name

Investor

A

Retirement

Income

2030

.....................................................................................................

$

328‌

Retirement

Income

2040

.....................................................................................................

169‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

million

0.0425

%

$500

million

-

$1

billion

0.0400

$1

billion

-

$2

billion

0.0375

$2

billion

-

$4

billion

0.0350

$4

billion

-

$13

billion

0.0325

Greater

than

$13

billion

0.0300

Fund

Name

Institutional

Investor

A

Total

Retirement

Income

2030

................................................................................

$

463‌

$

26‌

$

489‌

Retirement

Income

2040

................................................................................

472‌

14‌

486‌

Fund

Name

Institutional

Investor

A

Total

Retirement

Income

2030

.............................................................................

$

14

$

9

$

23

Retirement

Income

2040

.............................................................................

14

9

23

Fund

Name

Institutional

Investor

A

Total

Retirement

Income

2030

................................................................................

$

136‌

$

167‌

$

303‌

Retirement

Income

2040

................................................................................

139‌

114‌

253‌

Fund

Name

Amounts

Waived

Retirement

Income

203

0

................................................................................................

$

18‌

Retirement

Income

2040

................................................................................................

23‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

24

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

June

30,

2022,

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operation

were

as

follows:

The

following

Funds

also

had

a

waiver

of

administration

fees,

which

are

included

in

administration

fees

waived

in

the

Statements

of

Operations. For

the

six

months

ended

June

30,

2022,

the

amounts

were

as

follows:

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in administration

fees

waived

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific,

respectively,

in

the

Statements

of

Operations.

For

the

six

months ended

June

30,

2022,

class

specific

expense

waivers

and/

or

reimbursements were

as

follows: 

With

respect

to

the

contractual

expense

limitation,

if

during

a

Fund’s

fiscal

year

the

operating

expenses

of

a

share

class,

that

at

any

time

during

the

prior

two

fiscal

years

received

a

waiver

and/or

reimbursement

from

the

Manager,

are

less

than

the

current

expense

limitation

for

that

share

class,

the

Manager

is

entitled

to

be

reimbursed

by

such

share

class

up

to

the

lesser

of:

(a)

the

amount

of

fees

waived

and/or

expenses

reimbursed

during

those

prior

two

fiscal

years

under

the

agreement

and

(b)

an

amount

not

to

exceed

either

the

current

expense

limitation

of

that

share

class

or

the

expense

limitation

of

the

share

class

in

effect

at

the

time

that

the

share

class

received

the

applicable

waiver

and/or

reimbursement,

provided

that:

(1)

each

Fund,

of

which

the

share

class

is

a

part,

has

more

than

$50

million

in

assets

for

the

fiscal

year,

and

(2)

the

Manager

or

an

affiliate

continues

to

serve

as

a

Fund’s

investment

adviser

or

administrator.

This

repayment

applies

only

to

the

contractual

expense

limitation

on

net

expenses

and

does

not

apply

to

the

contractual

investment

advisory

fee

waiver

described

above

or

any

voluntary

waivers

that

may

be

in

effect

from

time

to

time.

Effective

July

31,

2027,

the

repayment

arrangement

between each

Fund

and

the

Manager

pursuant

to

which

such

Fund

may

be

required

to

repay

amounts

waived

and/or

reimbursed

under each

Fund's

contractual

caps

on

net

expenses will

be terminated.

Fund

Name

Institutional

Investor

A

Retirement

Income

2030

.........................................................................................

0.25‌%

0.50‌%

Retirement

Income

2040

.........................................................................................

0.25‌

0.50‌

Fund

Name

Retirement

Income

2030

....................................................................................................

$

95,057‌

Retirement

Income

2040

....................................................................................................

93,697‌

Fund

Name

Retirement

Income

2030

....................................................................................................

$

1,038‌

Retirement

Income

2040

....................................................................................................

1,033‌

Fund

Name/Share

Class

Administration

Fees

Waived

-

Class

Specific

Transfer

Agent

Fees

Waived

and/or

Reimbursed

by

the

Manager

-

Class

Specific

Retirement

Income

2030

Institutional

....................................................................................

$

46

3‌

$

133‌

Investor

A

.....................................................................................

26‌

16

6‌

$

48

9‌

$

299‌

Retirement

Income

2040

Institutional

....................................................................................

$

47

2‌

$

129‌

Investor

A

.....................................................................................

14‌

114‌

$

486‌

$

243‌

Notes

to

Financial

Statements

(unaudited)

(continued)

25

Notes

to

Financial

Statements

As

of June

30,

2022,

the

fund

level

and

class

specific

waivers

and/or

reimbursements

subject

to

possible

future

recoupment

under

the

expense

limitation

agreement

are

as

follows:  

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

each

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

each

Fund’s

investment

policies

and

restrictions.

Each

Fund

is

currently

permitted

to borrow

and

lend under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During

the

period

ended

June

30,

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 

Trust's

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statements

of

Operations. 

5.

PURCHASES

AND

SALES 

For

the

six

months ended

June

30,

2022,

there

were

no

purchases

or

sales.

6.

INCOME

TAX

INFORMATION 

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

Each Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

each

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

years

after

they

are

filed.

The

statutes

of

limitations

on

each

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Funds

as

of

June

30,

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

June

30,

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: 

7.

BANK

BORROWINGS 

The

Trust,

on

behalf

of

the

Funds,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”),

is

a

party

to

a

364-day,

$2.50

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Funds

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Funds,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed

or

(c)

the

sum

of

(x)

Daily

Simple

Secured

Overnight

Financing

Rate

(“SOFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.10%

and

(y)

0.80%

per

annum.

The

agreement

expires

in

Expiring

December

31,

2022

2023

2024

Retirement

Income

2030

............................................................

Fund

Level

...................................................................

$

116,955‌

$

29

8,12

3‌

$

9

6

,09

5‌

Institutional

...................................................................

475‌

1,34

3‌

59

6‌

Investor

A

....................................................................

238‌

3

69‌

19

2‌

Retirement

Income

2040

Fund

Level

...................................................................

118

,

4

55‌

297,790‌

94,730‌

Institutional

...................................................................

475‌

1,36

7‌

60

1‌

Investor

A

....................................................................

239‌

35

3‌

128‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Retirement

Income

2030

.............................................

$

4,974,218‌

$

–‌

$

(442,246‌)

$

(442,246‌)

Retirement

Income

2040

.............................................

4,948,195‌

–‌

(432,740‌)

(432,740‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

26

April

2023

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

six

months ended

June

30,

2022,

the

Funds

did

not

borrow

under

the

credit

agreement.

8.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business, the

Funds

invest

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

each

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

each

Fund

is

subject. 

Market

Risk:

An

outbreak

of

respiratory

disease

caused

by

a

novel

coronavirus

has

developed

into

a

global

pandemic

and

has

resulted

in

closing

borders,

quarantines,

disruptions

to

supply

chains

and

customer

activity,

as

well

as

general

concern

and

uncertainty.

The

impact

of

this

pandemic,

and

other

global

health

crises

that

may

arise

in

the

future,

could

affect

the

economies

of

many

nations,

individual

companies

and

the

market

in

general

in

ways

that

cannot

necessarily

be

foreseen

at

the

present

time.

This

pandemic

may

result

in

substantial

market

volatility

and

may

adversely

impact

the

prices

and

liquidity

of

a

fund's

investments.

Although

vaccines

have

been

developed

and

approved

for

use

by

various

governments,

the duration

of

this

pandemic

and

its

effects

cannot

be

determined

with

certainty.

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds. 

Concentration

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund's

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each Fund's

portfolio

are

disclosed

in

its Schedule

of

Investments.

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

the

London

Interbank

Offered

Rate

(“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. 

9.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

d

Six

Months

Ended

06/30/22

Year

Ended

12/31/21

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Retirement

Income

2030

Institutional

Shares

sold

.............................................

8‌

$

807‌

1,648‌

$

171,281‌

Shares

redeemed

.........................................

—‌

—‌

(1,636‌)

(170,000‌)

8‌

$

807‌

12‌

$

1,281‌

Investor

A

Shares

sold

.............................................

40‌

$

3,458‌

1,491‌

$

153,669‌

Shares

redeemed

.........................................

—‌

—‌

(48‌)

(4,929‌)

40‌

$

3,458‌

1,443‌

$

148,740‌

48‌

$

4,265‌

1,455‌

$

150,021‌

Retirement

Income

2040

Institutional

Shares

sold

.............................................

3‌

$

302‌

182‌

$

19,224‌

Shares

redeemed

.........................................

(185‌)

(18,490‌)

—‌

—‌

(182‌)

$

(18,188‌)

182‌

$

19,224‌

Notes

to

Financial

Statements

(unaudited)

(continued)

27

Notes

to

Financial

Statements

As

of

June

30,

2022,

shares

owned

by

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Funds,

were

as

follows:  

10.

SUBSEQUENT

EVENTS

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

d

Six

Months

Ended

06/30/22

Year

Ended

12/31/21

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Investor

A

Shares

sold

.............................................

1‌

$

150‌

12‌

$

1,254‌

1‌

$

150‌

12‌

$

1,254‌

(181‌)

$

(18,038‌)

194‌

$

20,478‌

Institutional

Investor

A

Retirement

Income

2030

.........................................................................................

$

48,676‌

$

1,324‌

Retirement

Income

2040

.........................................................................................

48,619‌

1,381‌

Disclosure

of

Investment

Advisory

Agreement

2022

BlackRock

Semi-Annual

Report

to

Shareholders

28

The

Board

of

Trustees

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Funds

II

(the

“Trust”)

met

on

April

20,

2022

(the

“April

Meeting”)

and

May

10-11,

2022

(the

“May

Meeting”)

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Agreement”)

between

the

Trust,

on

behalf

of

BlackRock

Retirement

Income

2030

Fund

(“Retirement

Income

2030

Fund”)

and

BlackRock

Retirement

Income

2040

Fund

(“Retirement

Income

2040

Fund,”

and

together

with

BlackRock

Retirement

Income

2030

Fund,

the

“Funds”),

and

BlackRock

Advisors,

LLC

(the

“Manager”

or

“BlackRock”),

each

Fund’s

investment

advisor.

The

Approval

Process

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

considers

the

approval

of

the

continuation

of

the

Agreement

for

each

Fund

on

an

annual

basis.

The

Board

members

who

are

not

“interested

persons”

of

the

Trust,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board’s

consideration

entailed

a

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

to

each

Fund,

including

through

the

review

of

written

materials

and

oral

presentations,

and

the

review

of

additional

information

provided

in

response

to

requests

from

the

Independent

Board

Members.

The

Board

had

four

quarterly

meetings

per

year,

each

typically

extending

for

two

days,

as

well

as

additional

ad

hoc

meetings

and

executive

sessions

throughout

the

year,

as

needed.

The

committees

of

the

Board

similarly

met

throughout

the

year.

The

Board

also

had

an

additional

one-day

meeting

to

consider

specific

information

surrounding

the

renewal

of

the

Agreement.

In

particular,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

by

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal,

regulatory

and

compliance

services.

Throughout

the

year,

including

during

the

contract

renewal

process,

the

Independent

Board

Members

were

advised

by

independent

legal

counsel,

and

met

with

independent

legal

counsel

in

various

executive

sessions

outside

of

the

presence

of

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

to

its

annual

consideration

of

the

renewal

of

the

Agreement,

including

the

services

and

support

provided

by

BlackRock

to

the

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

to

the

Board

in

response

to

specific

questions

from

the

Board.

Among

the

matters

the

Board

considered

were:

(a)

investment

performance

for

one-year,

three-year,

five-year,

and/or

since

inception

periods,

as

applicable,

against

peer

funds,

an

applicable

benchmark,

and

other

performance

metrics,

as

applicable,

as

well

as

BlackRock

senior

management’s

and

portfolio

managers’

analyses

of

the

reasons

for

any

outperformance

or

underperformance

relative

to

its

peers,

benchmarks,

and

other

performance

metrics,

as

applicable;

(b)

fees,

including

advisory,

administration,

if

applicable,

and

other

amounts

paid

to

BlackRock

and

its

affiliates

by

the

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

the

Fund;

(d)

the

resources

devoted

to

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

the

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

the

Fund’s

adherence

to

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

of

non-investment

management

services

provided

by

BlackRock

and

its

affiliates

and

the

estimated

cost

of

such

services,

as

available;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

of

the

proxy

voting

policies

approved

by

the

Board;

(i)

the

use

of

brokerage

commissions

and

execution

quality

of

portfolio

transactions;

(j)

BlackRock’s

implementation

of

the

Fund’s

valuation

and

liquidity

procedures;

(k)

an

analysis

of

management

fees

paid

to

BlackRock

for

products

with

similar

investment

mandates

across

the

open-end

fund,

exchange-traded

fund

(“ETF”),

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

as

compared

to

the

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

it

creates,

along

with

investment

professionals’

investments

in

the

fund(s)

they

manage;

and

(m)

periodic

updates

on

BlackRock’s

business.

Prior

to

and

in

preparation

for

the

April

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Agreement.

The

Independent

Board

Members

continuously

engaged

in

a

process

with

their

independent

legal

counsel

and

BlackRock

to

review

the

nature

and

scope

of

the

information

provided

to

the

Board

to

better

assist

its

deliberations.

The

materials

provided

in

connection

with

the

April

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

on

either

a

Lipper

classification

or

Morningstar

category,

regarding

each

Fund’s

fees

and

expenses

as

compared

with

a

peer

group

of

funds

as

determined

by

Broadridge

(“Expense

Peers”)

and

the

investment

performance

of

each

Fund

as

compared

with

a

peer

group

of

funds

(“Performance

Peers”);

(b)

information

on

the

composition

of

the

Expense

Peers

and

Performance

Peers

and

a

description

of

Broadridge’s

methodology;

(c)

information

on

the

estimated

profits

realized

by

BlackRock

and

its

affiliates

pursuant

to

the

Agreement

and

a

discussion

of

fall-out

benefits

to

BlackRock

and

its

affiliates;

(d)

a

general

analysis

provided

by

BlackRock

concerning

investment

management

fees

received

in

connection

with

other

types

of

investment

products,

such

as

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts

under

similar

investment

mandates,

as

well

as

the

performance

of

such

other

products,

as

applicable;

(e)

a

review

of

non-management

fees;

(f)

the

existence,

impact

and

sharing

of

potential

economies

of

scale,

if

any,

with

the

Funds;

(g)

a

summary

of

aggregate

amounts

paid

by

each

Fund

to

BlackRock;

(h)

sales

and

redemption

data

regarding

each

Fund’s

shares;

and

(i)

various

additional

information

requested

by

the

Board

as

appropriate

regarding

BlackRock’s

and

the

Funds’

operations.

At

the

April

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreement

and

the

Independent

Board

Members

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

to

these

questions

and

requests

with

additional

written

information

in

advance

of

the

May

Meeting.

At

the

May

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a)

the

nature,

extent

and

quality

of

the

services

provided

by

BlackRock;

(b)

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and

to

other

metrics,

as

applicable;

(c)

the

advisory

fee

and

the

estimated

cost

of

the

services

and

estimated

profits

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

the

Funds;

(d)

each

Fund’s

fees

and

expenses

compared

to

its

Expense

Peers;

(e)

the

existence

and

sharing

of

potential

economies

of

scale;

(f)

any

fall-out

benefits

to

BlackRock

and

its

affiliates

as

a

result

of

BlackRock’s

relationship

with

the

Funds;

and

(g)

other

factors

deemed

relevant

by

the

Board

Members.

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

other

payments

made

to

BlackRock

or

its

affiliates

relating

to

securities

lending

and

cash

management,

and

BlackRock’s

services

related

to

the

valuation

and

pricing

of

Fund

portfolio

holdings.

The

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

Board

Members

evaluated

the

information

available

to

it

on

a

fund-by-fund

basis.

The

following

paragraphs

provide

more

information

about

some

of

the

primary

factors

that

were

relevant

to

the

Board’s

decision.

The

Board

Members

did

not

identify

any

particular

information,

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

items

and

factors

considered.

Disclosure

of

Investment

Advisory

Agreement

(continued)

29

Disclosure

of

Investment

Advisory

Agreement

A.

Nature,

Extent

and

Quality

of

the

Services

Provided

by

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

of

services

provided

by

BlackRock,

including

the

investment

advisory

services

and

the

resulting

performance

of

each

Fund.

Throughout

the

year,

the

Board

compared

each

Fund’s

performance

to

the

performance

of

a

comparable

group

of

mutual

funds,

relevant

benchmark,

and

performance

metrics,

as

applicable.

The

Board

met

with

BlackRock’s

senior

management

personnel

responsible

for

investment

activities,

including

the

senior

investment

officers.

The

Board

also

reviewed

the

materials

provided

by

each

Fund’s

portfolio

management

team

discussing

the

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

to

BlackRock:

the

number,

education

and

experience

of

investment

personnel

generally

and

each

Fund’s

portfolio

management

team;

research

capabilities;

investments

by

portfolio

managers

in

the

funds

they

manage;

portfolio

trading

capabilities;

use

of

technology;

commitment

to

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

to

training

and

retaining

portfolio

managers

and

other

research,

advisory

and

management

personnel.

The

Board

also

considered

BlackRock’s

overall

risk

management

program,

including

the

continued

efforts

of

BlackRock

and

its

affiliates

to

address

cybersecurity

risks

and

the

role

of

BlackRock’s

Risk

&

Quantitative

Analysis

Group.

The

Board

engaged

in

a

review

of

BlackRock’s

compensation

structure

with

respect

to

each

Fund’s

portfolio

management

team

and

BlackRock’s

ability

to

attract

and

retain

high-quality

talent

and

create

performance

incentives.

In

addition

to

investment

advisory

services,

the

Board

considered

the

nature

and

quality

of

the

administrative

and

other

non-investment

advisory

services

provided

to

each

Fund.

BlackRock

and

its

affiliates

provide

the

Funds

with

certain

administrative,

shareholder

and

other

services

(in

addition

to

any

such

services

provided

to

the

Funds

by

third-parties)

and

officers

and

other

personnel

as

are

necessary

for

the

operations

of

the

Funds.

In

particular,

BlackRock

and

its

affiliates

provide

the

Funds

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

as

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

of

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

of

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

of

third-party

service

providers

including,

among

others,

each

Fund’s

custodian,

fund

accountant,

transfer

agent,

and

auditor;

(v)

organizing

Board

meetings

and

preparing

the

materials

for

such

Board

meetings;

(vi)

providing

legal

and

compliance

support;

(vii)

furnishing

analytical

and

other

support

to

assist

the

Board

in

its

consideration

of

strategic

issues

such

as

the

merger,

consolidation

or

repurposing

of

certain

open-end

funds;

and

(viii)

performing

or

managing

administrative

functions

necessary

for

the

operation

of

the

Funds,

such

as

tax

reporting,

expense

management,

fulfilling

regulatory

filing

requirements,

overseeing

each

Fund’s

distribution

partners,

and

shareholder

call

center

and

other

services.

The

Board

reviewed

the

structure

and

duties

of

BlackRock’s

fund

administration,

shareholder

services,

and

legal

and

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

The

Board

considered

the

operation

of

BlackRock’s

business

continuity

plans,

including

in

light

of

the

ongoing

COVID-19

pandemic.

B.

The

Investment

Performance

of

the

Funds

and

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

of

each

Fund

throughout

the

year

and

at

the

April

Meeting.

In

preparation

for

the

April

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

each

Fund’s

performance

as

of

December

31,

2021,

as

compared

to

its

Performance

Peers.

Broadridge

ranks

funds

in

quartiles,

ranging

from

first

to

fourth,

where

first

is

the

most

desirable

quartile

position

and

fourth

is

the

least

desirable.

In

connection

with

its

review,

with

respect

to

each

Fund,

the

Board

received

and

reviewed

information

regarding

the

investment

performance

of

the

Fund

as

compared

to

its

Performance

Peers.

The

Board

and

its

Performance

Oversight

Committee

regularly

review

and

meet

with

Fund

management

to

discuss

the

performance

of

each

Fund

throughout

the

year.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

The

Board

also

noted

that

while

it

found

the

data

provided

by

Broadridge

generally

useful,

it

recognized

the

limitations

of

such

data,

including

in

particular,

that

notable

differences

may

exist

between

a

fund

and

its

Performance

Peers

(for

example,

the

investment

objectives

and

strategies).

Further,

the

Board

recognized

that

the

performance

data

reflects

a

snapshot

of

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

also

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance,

and

that

a

single

investment

theme

could

have

the

ability

to

disproportionately

affect

long-term

performance.

The

Board

noted

that

for

each

of

the

one-year

and

since-inception

periods

reported,

Retirement

Income

2040

Fund

ranked

in

the

third

quartile

against

its

Performance

Peers.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Performance

Peers

during

the

applicable

periods.

The

Board

noted

that

for

the

one-year

and

since-inception

periods

reported,

Retirement

Income

2030

Fund

ranked

in

the

third

and

fourth

quartiles,

respectively,

against

its

Performance

Peers.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Performance

Peers

during

the

applicable

periods.

C.

Consideration

of

the

Advisory/Management

Fees

and

the

Estimated

Cost

of

the

Services

and

Estimated

Profits

Realized

by

BlackRock

and

its

Affiliates

from

their

Relationship

with

the

Funds

The

Board,

including

the

Independent

Board

Members,

reviewed

each

Fund’s

contractual

management

fee

rate

compared

with

those

of

its

Expense

Peers.

The

contractual

management

fee

rate

represents

a

combination

of

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

or

fee

waivers.

The

Board

also

compared

each

Fund’s

total

expense

ratio,

as

well

as

its

actual

management

fee

rate,

to

those

of

its

Expense

Peers.

The

total

expense

ratio

represents

a

fund’s

total

net

operating

expenses,

including

any

12b-1

or

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

to

any

expense

reimbursements

or

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

to

any

management

fee

reimbursements

or

waivers.

The

Board

considered

the

services

provided

and

the

fees

charged

by

BlackRock

and

its

affiliates

to

other

types

of

clients

with

similar

investment

mandates,

as

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

by

third

parties).

The

Board

received

and

reviewed

statements

relating

to

BlackRock’s

financial

condition.

The

Board

reviewed

BlackRock’s

profitability

methodology

and

was

also

provided

with

an

estimated

profitability

analysis

that

detailed

the

revenues

earned

and

the

expenses

incurred

by

BlackRock

for

services

provided

to

each

Fund.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

each

Fund

and

other

funds

the

Board

currently

oversees

for

the

year

ended

December

31,

2021

compared

to

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

certain

other

U.S.

fund

complexes

managed

by

the

Manager

and/or

its

affiliates.

The

Board

reviewed

BlackRock’s

assumptions

and

methodology

of

allocating

expenses

in

the

estimated

profitability

Disclosure

of

Investment

Advisory

Agreement

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

30

analysis,

noting

the

inherent

limitations

in

allocating

costs

among

various

advisory

products.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

the

Manager,

the

types

of

funds

managed,

precision

of

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

the

individual

fund

level

is

difficult.

The

Board

noted

that,

in

general,

individual

fund

or

product

line

profitability

of

other

advisors

is

not

publicly

available.

The

Board

reviewed

BlackRock’s

overall

operating

margin,

in

general,

compared

to

that

of

certain

other

publicly

traded

asset

management

firms.

The

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

of

technology

at

BlackRock,

BlackRock’s

expense

management,

and

the

relative

product

mix.

The

Board

considered

whether

BlackRock

has

the

financial

resources

necessary

to

attract

and

retain

high

quality

investment

management

personnel

to

perform

its

obligations

under

the

Agreement

and

to

continue

to

provide

the

high

quality

of

services

that

is

expected

by

the

Board.

The

Board

further

considered

factors

including

but

not

limited

to

BlackRock’s

commitment

of

time,

assumption

of

risk,

and

liability

profile

in

servicing

the

Funds,

including

in

contrast

to

what

is

required

of

BlackRock

with

respect

to

other

products

with

similar

investment

mandates

across

the

open-end

fund,

ETF,

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable.

The

Board

noted

that

the

varying

fee

structures

for

fund

of

funds

can

limit

the

value

of

advisory

fee

comparisons.

The

Board

noted

that

each

Fund’s

contractual

management

fee

rate

ranked

in

the

first

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

each

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

noted

that

if

the

size

of

a

Fund

were

to

decrease,

the

Fund

could

lose

the

benefit

of

one

or

more

breakpoints.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

each

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

D.

Economies

of

Scale

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Funds

increase,

including

the

existence

of

fee

waivers

and/or

expense

caps,

as

applicable,

noting

that

any

contractual

fee

waivers

and

contractual

expense

caps

had

been

approved

by

the

Board.

In

its

consideration,

the

Board

further

considered

the

continuation

and/or

implementation

of

fee

waivers

and/or

expense

caps,

as

applicable.

The

Board

also

considered

the

extent

to

which

the

Funds

benefit

from

such

economies

of

scale

in

a

variety

of

ways,

and

whether

there

should

be

changes

in

the

advisory

fee

rate

or

breakpoint

structure

in

order

to

enable

the

Funds

to

more

fully

participate

in

these

economies

of

scale.

The

Board

considered

each

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

the

Funds,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

the

Funds,

including

for

administrative,

distribution,

securities

lending

and

cash

management

services.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

that,

subject

to

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

by

soft

dollars

generated

by

certain

registered

fund

transactions

to

assist

in

managing

all

or

a

number

of

its

other

client

accounts.

In

connection

with

its

consideration

of

the

Agreement,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

on

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

of

the

open-end

fund

marketplace,

and

that

shareholders

are

able

to

redeem

their

Fund

shares

if

they

believe

that

the

pertinent

Fund’s

fees

and

expenses

are

too

high

or

if

they

are

dissatisfied

with

the

performance

of

the

Fund.

Conclusion

At

the

May

Meeting,

as

a

result

of

the

discussions

that

occurred

during

the

April

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

the

Agreement

between

the

Manager

and

the

Trust,

on

behalf

of

each

Fund,

for

a

one-year

term

ending

June

30,

2023.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Agreement

were

fair

and

reasonable

and,

in

the

best

interest

of

each

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Agreement,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

also

assisted

by

the

advice

of

independent

legal

counsel

in

making

this

determination.

Additional

Information

31

Additional

Information

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Funds

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Funds

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Funds

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Funds at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedules

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/fundreports

.

Availability

of

Proxy

Voting

Policies,

Procedures

and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

Funds

voted

proxies

relating

to

securities

held

in

the

Funds'

portfolios

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

by

calling

(800)

441-

7762

;

(2)

on

the

BlackRock

website

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800)

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

Additional

Information

(continued)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

32

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

19103

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10022

Legal

Counsel

Sidley

Austin

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

Delaware

19809

Glossary

of

Terms

Used

in

this

Report

33

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

USD

United

States

Dollar

2022

BlackRock

Semi-Annual

Report

to

Shareholders

34

Additional

Financial

Information

Schedule

of

Investments

(UNAUDITED)

June

30,

2022

Statement

of

Assets

and

Liabilities

(UNAUDITED)

June

30,

2022

BlackRock

Funds

II

BlackRock

Multi-Asset

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

AB

BSL

CLO

2

Ltd.

(a)(b)

Series

2021-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.10%),

2.14%,

04/15/34

...

USD

15,000

$

14,445,681

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.35%),

4.39%,

04/15/34

...

1,000

924,744

Accredited

Mortgage

Loan

Trust,

Series

2004-4,

Class

M2,

(LIBOR

USD

1

Month

+

1.58%),

3.20%,

01/25/35

(a)

..........

679

643,528

AGL

CLO

17

Ltd.

(a)(b)

Series

2022-17A,

Class

C,

(3

Month

CME

Term

SOFR

+

2.10%),

2.34%,

01/21/35

1,500

1,395,370

Series

2022-17A,

Class

E,

(3

Month

CME

Term

SOFR

+

6.35%),

6.59%,

01/21/35

1,000

873,893

AGL

CLO

3

Ltd.,

Series

2020-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.15%),

3.19%,

01/15/33

(a)(b)

....................

2,000

1,887,286

AIG

CLO

LLC

(a)(b)

Series

2018-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

3.11%,

04/20/32

...

2,500

2,351,268

Series

2018-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

4.16%,

04/20/32

...

1,000

891,661

Series

2020-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

3.04%,

04/15/34

...

4,000

3,710,001

Series

2020-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.00%),

4.04%,

04/15/34

...

3,100

2,874,062

Series

2021-2A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

2.81%,

07/20/34

...

14,000

13,085,156

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.00%),

3.06%,

07/20/34

...

5,000

4,705,175

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

4.11%,

07/20/34

...

2,500

2,292,035

Series

2021-2A,

Class

E,

(LIBOR

USD

3

Month

+

6.50%),

7.56%,

07/20/34

...

2,325

2,115,482

Series

2021-3A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

2.93%,

01/25/35

...

5,000

4,742,097

Series

2021-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

3.23%,

01/25/35

...

3,000

2,780,023

Series

2021-3A,

Class

D,

(LIBOR

USD

3

Month

+

3.10%),

4.28%,

01/25/35

...

1,000

920,307

AIG

CLO

Ltd.,

Series

2019-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.10%),

2.28%,

10/25/33

(a)(b)

....................

7,300

7,087,877

AIMCO

CLO

(a)(b)

Series

2015-AA,

Class

BR2,

(LIBOR

USD

3

Month

+

1.60%),

2.64%,

10/17/34

...

1,500

1,414,288

Series

2015-AA,

Class

CR2,

(LIBOR

USD

3

Month

+

2.00%),

3.04%,

10/17/34

...

3,000

2,810,393

Series

2015-AA,

Class

DR2,

(LIBOR

USD

3

Month

+

3.05%),

4.09%,

10/17/34

...

4,500

4,211,262

AIMCO

CLO

10

Ltd.

(a)(b)

Series

2019-10A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

3.04%,

07/22/32

...

7,500

7,034,902

Series

2019-10A,

Class

DR,

(LIBOR

USD

3

Month

+

2.90%),

4.04%,

07/22/32

...

3,500

3,261,241

AIMCO

CLO

11

Ltd.,

Series

2020-11A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

3.04%,

10/17/34

(a)(b)

....................

4,500

4,185,967

AIMCO

CLO

15

Ltd.,

Series

2021-15A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.99%,

10/17/34

(a)(b)

....................

1,500

1,389,279

AIMCO

CLO

Ltd.,

Series

2020-12A,

Class

BR,

(3

Month

CME

Term

SOFR

+

1.70%),

2.55%,

01/17/32

(a)(b)

...............

10,000

9,546,194

Ajax

Mortgage

Loan

Trust

(b)

Series

2018-E,

Class

C,

0.00%,

06/25/58

(a)

5

4,971

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2018-F,

Class

C,

0.00%,

11/25/58

.

USD

86

$

56,917

Allegro

CLO

II-S

Ltd.,

Series

2014-1RA,

Class

B,

(LIBOR

USD

3

Month

+

2.15%),

3.25%,

10/21/28

(a)(b)

....................

1,300

1,259,115

Allegro

CLO

VI

Ltd.,

Series

2017-2A,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

2.54%,

01/17/31

(a)(b)

....................

1,000

945,167

Allegro

CLO

VII

Ltd.,

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

2.69%,

06/13/31

(a)(b)

....................

1,000

949,544

Allegro

CLO

XI

Ltd.,

Series

2019-2A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.39%),

2.43%,

01/19/33

(a)(b)

...............

2,000

1,961,028

ALM

Ltd.,

Series

2020-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.85%),

2.89%,

10/15/29

(a)(b)

3,500

3,412,544

AMMC

CLO

21

Ltd.,

Series

2017-21A,

Class

A,

(LIBOR

USD

3

Month

+

1.25%),

2.54%,

11/02/30

(a)(b)

....................

1,750

1,721,217

AMSR

Trust

(b)

Series

2020-SFR1,

Class

E,

3.22%,

04/17/37

....................

10,250

9,719,886

Series

2020-SFR1,

Class

F,

3.57%,

04/17/37

....................

19,850

18,827,993

Series

2020-SFR1,

Class

G,

4.31%,

04/17/37

....................

7,500

7,174,426

Series

2021-SFR3,

Class

F,

3.23%,

10/17/38

....................

11,000

9,576,563

Anchorage

Capital

CLO

11

Ltd.,

Series

2019-

11A,

Class

CR,

(LIBOR

USD

3

Month

+

2.30%),

3.44%,

07/22/32

(a)(b)

.........

700

665,959

Anchorage

Capital

CLO

15

Ltd.,

Series

2020-

15A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

2.26%,

07/20/34

(a)(b)

.........

7,000

6,755,120

Anchorage

Capital

CLO

3-R

Ltd.

(a)(b)

Series

2014-3RA,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

2.74%,

01/28/31

...

3,400

3,259,182

Series

2014-3RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

3.09%,

01/28/31

...

1,250

1,187,078

Anchorage

Capital

CLO

4-R

Ltd.

(a)(b)

Series

2014-4RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

3.09%,

01/28/31

...

600

570,089

Series

2014-4RA,

Class

D,

(LIBOR

USD

3

Month

+

2.60%),

3.84%,

01/28/31

...

2,250

2,022,125

Anchorage

Capital

CLO

5-R

Ltd.,

Series

2014-5RA,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.89%,

01/15/30

(a)(b)

.........

1,850

1,789,015

Anchorage

Capital

CLO

9

Ltd.,

Series

2016-9A,

Class

ER2,

(LIBOR

USD

3

Month

+

6.82%),

7.86%,

07/15/32

(a)(b)

...............

825

736,125

Anchorage

Capital

CLO

Ltd.

(a)(b)

Series

2018-1RA,

Class

E,

(LIBOR

USD

3

Month

+

5.50%),

6.52%,

04/13/31

...

1,500

1,303,538

Series

2018-10A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.20%),

2.24%,

10/15/31

...

7,650

7,498,997

Series

2018-10A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

2.79%,

10/15/31

...

3,000

2,878,729

Series

2018-10A,

Class

D,

(LIBOR

USD

3

Month

+

3.15%),

4.19%,

10/15/31

...

1,500

1,388,236

Series

2022-25A,

Class

C,

(3

Month

CME

Term

SOFR

+

2.35%),

2.59%,

04/20/35

5,000

4,666,863

Anchorage

Capital

Europe

CLO

2

DAC,

Series

2X,

Class

ER,

(EURIBOR

3

Month

+

6.45%),

6.45%,

04/15/34

(a)(c)

.........

EUR

499

435,468

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

36

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Anchorage

Capital

Europe

CLO

DAC,

Series

4X,

Class

E,

(EURIBOR

3

Month

+

5.71%),

5.71%,

04/25/34

(a)(c)

...............

EUR

300

$

253,801

Apidos

CLO

XII,

Series

2013-12A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

2.12%,

04/15/31

(a)(b)

....................

USD

2,400

2,354,132

Apidos

CLO

XV

(a)(b)

Series

2013-15A,

Class

CRR,

(LIBOR

USD

3

Month

+

1.85%),

2.91%,

04/20/31

..

7,000

6,599,623

Series

2013-15A,

Class

DRR,

(LIBOR

USD

3

Month

+

2.70%),

3.76%,

04/20/31

..

2,000

1,798,187

Apidos

CLO

XX,

Series

2015-20A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.95%),

2.99%,

07/16/31

(a)(b)

....................

1,750

1,659,708

Apidos

CLO

XXII,

Series

2015-22A,

Class

CR,

(LIBOR

USD

3

Month

+

2.95%),

4.01%,

04/20/31

(a)(b)

....................

1,000

926,387

Apidos

CLO

XXIX

(a)(b)

Series

2018-29A,

Class

A2,

(LIBOR

USD

3

Month

+

1.55%),

2.73%,

07/25/30

...

1,000

943,499

Series

2018-29A,

Class

B,

(LIBOR

USD

3

Month

+

1.90%),

3.08%,

07/25/30

...

1,000

940,304

Apidos

CLO

XXV,

Series

2016-25A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.17%),

2.23%,

10/20/31

(a)(b)

....................

4,500

4,410,088

Apidos

CLO

XXXII,

Series

2019-32A,

Class

C,

(LIBOR

USD

3

Month

+

2.40%),

3.46%,

01/20/33

(a)(b)

....................

1,000

945,940

Aqueduct

European

CLO

2

DAC,

Series

2017-

2X,

Class

E,

(EURIBOR

3

Month

+

4.40%),

4.40%,

10/15/30

(a)(c)

...............

EUR

219

191,266

Ares

L

CLO

Ltd.,

Series

2018-50A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

2.64%,

01/15/32

(a)(b)

....................

USD

6,000

5,729,136

Ares

LIII

CLO

Ltd.

(a)(b)

Series

2019-53A,

Class

C,

(LIBOR

USD

3

Month

+

2.65%),

3.83%,

04/24/31

...

4,500

4,291,453

Series

2019-53A,

Class

D,

(LIBOR

USD

3

Month

+

3.75%),

4.93%,

04/24/31

...

3,000

2,903,103

Ares

XLVII

CLO

Ltd.,

Series

2018-47A,

Class

SUB,

0.00%,

04/15/30

(a)(b)

...........

4,500

2,198,700

Ares

XLVIII

CLO

Ltd.,

Series

2018-48A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

2.86%,

07/20/30

(a)(b)

....................

1,000

940,317

Ares

XXXIR

CLO

Ltd.,

Series

2014-31RA,

Class

A2,

(LIBOR

USD

3

Month

+

1.30%),

2.81%,

05/24/30

(a)(b)

...............

1,000

962,253

Ares

XXXIV

CLO

Ltd.,

Series

2015-2A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

4.14%,

04/17/33

(a)(b)

....................

7,250

6,501,171

Ares

XXXVII

CLO

Ltd.

(a)(b)

Series

2015-4A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.17%),

2.21%,

10/15/30

...

3,000

2,958,192

Series

2015-4A,

Class

A3R,

(LIBOR

USD

3

Month

+

1.50%),

2.54%,

10/15/30

...

1,500

1,414,957

Series

2015-4A,

Class

BR,

(LIBOR

USD

3

Month

+

1.80%),

2.84%,

10/15/30

...

1,017

963,716

Ares

XXXVR

CLO

Ltd.

(a)(b)

Series

2015-35RA,

Class

A2,

(LIBOR

USD

3

Month

+

1.40%),

2.44%,

07/15/30

...

1,500

1,437,072

Series

2015-35RA,

Class

C,

(LIBOR

USD

3

Month

+

1.90%),

2.94%,

07/15/30

...

1,000

945,744

Atlas

Senior

Loan

Fund

VII

Ltd.,

Series

2016-

7A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.55%),

3.10%,

11/27/31

(a)(b)

.........

5,500

5,346,149

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Atlas

Senior

Loan

Fund

XI

Ltd.,

Series

2018-

11A,

Class

A1L,

(LIBOR

USD

3

Month

+

1.10%),

2.31%,

07/26/31

(a)(b)

.........

USD

2,000

$

1,962,207

Atlas

Senior

Loan

Fund

XII

Ltd.,

Series

2018-

12A,

Class

A1,

(LIBOR

USD

3

Month

+

1.18%),

2.36%,

10/24/31

(a)(b)

.........

1,700

1,662,577

Atrium

VIII,

Series

8A,

Class

SUB,

0.00%,

10/23/24

(a)(b)

....................

11,500

20,930

Atrium

XIV

LLC,

Series

14A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.99%,

08/23/30

(a)(b)

1,000

947,739

Atrium

XV

(a)(b)

Series

15A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

2.93%,

01/23/31

........

1,000

958,303

Series

15A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

4.18%,

01/23/31

........

500

469,713

Aurium

CLO

II

DAC,

Series

2X,

Class

ERR,

(EURIBOR

3

Month

+

6.08%),

6.08%,

06/22/34

(a)(c)

....................

EUR

200

171,246

Avoca

CLO

XV

DAC,

Series

15X,

Class

ER,

(EURIBOR

3

Month

+

4.13%),

4.13%,

04/15/31

(a)(c)

....................

670

571,386

Bain

Capital

Credit

CLO

Ltd.

(a)(b)

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

3.14%,

10/17/32

...

USD

1,250

1,180,679

Series

2019-2A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

4.19%,

10/17/32

...

1,000

926,047

Series

2021-3A,

Class

A,

(LIBOR

USD

3

Month

+

1.16%),

2.34%,

07/24/34

...

6,750

6,537,634

Series

2021-7A,

Class

C,

(LIBOR

USD

3

Month

+

2.10%),

2.47%,

01/22/35

...

2,250

2,095,847

Series

2022-1A,

Class

B,

(3

Month

CME

Term

SOFR

+

1.85%),

2.75%,

04/18/35

5,000

4,773,863

Series

2022-1A,

Class

C,

(3

Month

CME

Term

SOFR

+

2.20%),

3.10%,

04/18/35

7,000

6,497,093

Series

2022-1A,

Class

D,

(3

Month

CME

Term

SOFR

+

3.20%),

4.10%,

04/18/35

2,500

2,305,237

Ballyrock

CLO

Ltd.

(a)(b)

Series

2020-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.95%),

3.01%,

10/20/31

...

4,500

4,244,683

Series

2020-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.95%),

4.01%,

10/20/31

...

2,000

1,883,671

Bardot

CLO

Ltd.,

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

3.04%,

10/22/32

(a)(b)

....................

3,250

3,046,747

Battalion

CLO

17

Ltd.,

Series

2021-17A,

Class

C,

(LIBOR

USD

3

Month

+

2.10%),

3.16%,

03/09/34

(a)(b)

....................

1,000

930,571

Battalion

CLO

18

Ltd.,

Series

2020-18A,

Class

DR,

(LIBOR

USD

3

Month

+

3.45%),

4.49%,

10/15/36

(a)(b)

....................

2,000

1,824,980

Battalion

CLO

X

Ltd.,

Series

2016-10A,

Class

BR2,

(LIBOR

USD

3

Month

+

2.05%),

3.23%,

01/25/35

(a)(b)

...............

2,000

1,859,467

Battalion

CLO

XIX

Ltd.

(a)(b)

Series

2021-19A,

Class

C,

(LIBOR

USD

3

Month

+

2.00%),

3.04%,

04/15/34

...

3,000

2,784,444

Series

2021-19A,

Class

D,

(LIBOR

USD

3

Month

+

3.25%),

4.29%,

04/15/34

...

3,000

2,712,953

Battalion

CLO

XVI

Ltd.,

Series

2019-16A,

Class

AR,

(LIBOR

USD

3

Month

+

1.12%),

2.18%,

12/19/32

(a)(b)

....................

5,000

4,850,106

BBAM

European

CLO

I

DAC,

Series

1X,

Class

ER,

(EURIBOR

3

Month

+

5.91%),

5.91%,

07/22/34

(a)(c)

....................

EUR

200

171,773

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

Series

2005-HE1,

Class

M2,

(LIBOR

USD

1

Month

+

1.25%),

2.87%,

01/25/35

...

USD

560

$

554,390

Series

2006-HE7,

Class

1A2,

(LIBOR

USD

1

Month

+

0.34%),

1.96%,

09/25/36

..

610

588,675

Series

2007-HE1,

Class

21A2,

(LIBOR

USD

1

Month

+

0.16%),

1.78%,

01/25/37

..

707

701,007

Series

2007-HE2,

Class

22A,

(LIBOR

USD

1

Month

+

0.14%),

1.76%,

03/25/37

..

2,315

2,199,236

Series

2007-HE2,

Class

23A,

(LIBOR

USD

1

Month

+

0.14%),

1.76%,

03/25/37

..

3,023

2,860,071

Series

2007-HE3,

Class

2A,

(LIBOR

USD

1

Month

+

0.14%),

1.76%,

04/25/37

...

3,885

5,295,611

Bear

Stearns

Asset-Backed

Securities

Trust,

Series

2004-HE3,

Class

M2,

(LIBOR

USD

1

Month

+

1.73%),

3.35%,

04/25/34

(a)

....

2,186

2,115,825

Benefit

Street

Partners

CLO

VIII

Ltd.,

Series

2015-8A,

Class

A1AR,

(LIBOR

USD

3

Month

+

1.10%),

2.16%,

01/20/31

(a)(b)

...

1,500

1,469,935

Benefit

Street

Partners

CLO

XIX

Ltd.

(a)(b)

Series

2019-19A,

Class

A,

(LIBOR

USD

3

Month

+

1.35%),

2.39%,

01/15/33

...

7,000

6,825,078

Series

2019-19A,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

3.04%,

01/15/33

...

4,250

4,102,186

Benefit

Street

Partners

CLO

XV

Ltd.

(a)(b)

Series

2018-15A,

Class

A1,

(LIBOR

USD

3

Month

+

1.15%),

2.19%,

07/18/31

...

2,200

2,158,428

Series

2018-15A,

Class

A2A,

(LIBOR

USD

3

Month

+

1.70%),

2.74%,

07/18/31

...

1,000

958,380

Bilbao

CLO

I

DAC,

Series

1X,

Class

D,

(EURIBOR

3

Month

+

4.73%),

4.73%,

07/20/31

(a)(c)

....................

EUR

550

462,601

Bilbao

CLO

II

DAC,

Series

2X,

Class

DR,

(EURIBOR

3

Month

+

5.97%),

5.97%,

08/20/35

(a)(c)

....................

700

588,265

Birch

Grove

CLO

3

Ltd.

(a)(b)

Series

2021-3A,

Class

B1,

(LIBOR

USD

3

Month

+

1.80%),

2.00%,

01/19/35

...

USD

7,500

7,162,517

Series

2021-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.25%),

2.45%,

01/19/35

...

5,000

4,656,390

Birch

Grove

CLO

Ltd.,

Series

19A,

Class

CR,

(LIBOR

USD

3

Month

+

2.20%),

4.03%,

06/15/31

(a)(b)

....................

2,000

1,912,735

BlueMountain

CLO

Ltd.,

Series

2013-2A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.18%),

2.32%,

10/22/30

(a)(b)

...............

980

968,638

BlueMountain

EUR

CLO

DAC,

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.41%),

5.41%,

04/15/34

(a)(c)

...............

EUR

300

248,537

BlueMountain

Fuji

EUR

CLO

IV

DAC,

Series

4X,

Class

ER,

(EURIBOR

3

Month

+

6.21%),

6.21%,

02/25/34

(a)(c)

.........

700

606,562

Boyce

Park

CLO

Ltd.

(a)(b)

Series

2022-1A,

Class

C,

(3

Month

CME

Term

SOFR

+

2.10%),

2.65%,

04/21/35

USD

1,500

1,389,640

Series

2022-1A,

Class

E,

(3

Month

CME

Term

SOFR

+

6.25%),

6.80%,

04/21/35

1,000

886,354

Bridge

Street

CLO

II

Ltd.,

Series

2021-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.75%),

2.81%,

07/20/34

(a)(b)

...............

5,000

4,705,980

Buckhorn

Park

CLO

Ltd.

(a)(b)

Series

2019-1A,

Class

B1R,

(LIBOR

USD

3

Month

+

1.65%),

2.69%,

07/18/34

...

9,000

8,417,988

Series

2019-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

3.04%,

07/18/34

...

2,500

2,316,132

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Canyon

Capital

CLO

Ltd.

(a)(b)

Series

2016-1A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

2.94%,

07/15/31

...

USD

1,500

$

1,414,440

Series

2016-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.75%),

2.79%,

10/15/31

...

1,250

1,189,131

Series

2017-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

3.04%,

07/15/30

...

5,000

4,789,206

Series

2022-1A,

Class

C,

(3

Month

CME

Term

SOFR

+

2.20%),

2.73%,

04/15/35

2,000

1,861,179

Canyon

CLO

Ltd.

(a)(b)

Series

2018-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.90%),

2.94%,

07/15/31

...

1,000

941,803

Series

2020-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

3.09%,

07/15/34

...

1,000

931,662

Series

2020-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

4.19%,

07/15/34

...

1,000

926,098

Series

2020-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.50%),

3.54%,

01/15/34

...

1,000

937,801

Capital

Four

CLO

II

DAC,

Series

2X,

Class

E,

(EURIBOR

3

Month

+

5.91%),

5.91%,

01/15/34

(a)(c)

....................

EUR

300

260,128

Carlyle

CLO

Ltd.,

Series

C17A,

Class

BR,

(LIBOR

USD

3

Month

+

1.85%),

3.14%,

04/30/31

(a)(b)

....................

USD

1,000

942,176

Carlyle

US

CLO

Ltd.

(a)(b)

Series

2019-3A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.70%),

2.76%,

10/20/32

...

5,000

4,736,317

Series

2019-3A,

Class

BR,

(LIBOR

USD

3

Month

+

2.30%),

3.36%,

10/20/32

...

4,000

3,798,166

Carrington

Mortgage

Loan

Trust,

Series

2006-

FRE1,

Class

A4,

(LIBOR

USD

1

Month

+

0.25%),

1.87%,

04/25/36

(a)

..........

2,876

2,486,012

CarVal

CLO

I

Ltd.,

Series

2018-1A,

Class

D,

(LIBOR

USD

3

Month

+

2.89%),

3.93%,

07/16/31

(a)(b)

....................

1,995

1,879,759

CarVal

CLO

III

Ltd.,

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

1.95%),

3.01%,

07/20/32

(a)(b)

....................

7,000

6,599,548

CarVal

CLO

IV

Ltd.

(a)(b)

Series

2021-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

2.81%,

07/20/34

...

6,500

6,180,909

Series

2021-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.25%),

4.31%,

07/20/34

...

5,000

4,666,360

CarVal

CLO

VC

Ltd.

(a)(b)

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.20%),

2.41%,

10/15/34

...

2,000

1,878,196

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.25%),

3.46%,

10/15/34

...

3,000

2,827,525

Catskill

Park

CLO

Ltd.,

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

3.70%),

4.76%,

04/20/29

(a)(b)

....................

1,000

940,714

CBAM

Ltd.

(a)(b)

Series

2017-1A,

Class

A1,

(LIBOR

USD

3

Month

+

1.25%),

2.31%,

07/20/30

...

1,000

988,180

Series

2020-13A,

Class

A,

(LIBOR

USD

3

Month

+

1.43%),

2.49%,

01/20/34

...

4,000

3,890,901

Cedar

Funding

IV

CLO

Ltd.,

Series

2014-4A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.65%),

2.83%,

07/23/34

(a)(b)

...............

5,000

4,709,738

Cedar

Funding

IX

CLO

Ltd.,

Series

2018-9A,

Class

SUB,

0.00%,

04/20/31

(a)(b)

.......

3,950

2,084,020

Cedar

Funding

V

CLO

Ltd.,

Series

2016-5A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.10%),

2.14%,

07/17/31

(a)(b)

...............

1,750

1,714,351

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

38

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Cedar

Funding

VI

CLO

Ltd.,

Series

2016-6A,

Class

DRR,

(LIBOR

USD

3

Month

+

3.31%),

4.37%,

04/20/34

(a)(b)

...............

USD

1,950

$

1,822,497

CIFC

European

Funding

CLO

III

DAC,

Series

3X,

Class

E,

(EURIBOR

3

Month

+

5.61%),

5.61%,

01/15/34

(a)(c)

...............

EUR

200

170,435

CIFC

Funding

Ltd.

(a)(b)

Series

2013-4A,

Class

A2RR,

(LIBOR

USD

3

Month

+

1.30%),

2.52%,

04/27/31

..

USD

1,700

1,640,254

Series

2013-4A,

Class

DRR,

(LIBOR

USD

3

Month

+

2.80%),

4.02%,

04/27/31

...

1,000

939,308

Series

2014-2RA,

Class

A3,

(LIBOR

USD

3

Month

+

1.90%),

3.08%,

04/24/30

...

500

479,330

Series

2014-3A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.35%),

3.49%,

10/22/31

...

1,000

957,595

Series

2015-1A,

Class

CRR,

(LIBOR

USD

3

Month

+

1.90%),

3.04%,

01/22/31

...

1,000

949,317

Series

2017-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.22%),

2.28%,

07/20/30

...

3,500

3,466,436

Series

2017-5A,

Class

B,

(LIBOR

USD

3

Month

+

1.85%),

2.89%,

11/16/30

...

500

475,413

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.40%),

2.44%,

04/18/31

...

1,000

949,291

Series

2018-4A,

Class

A1,

(LIBOR

USD

3

Month

+

1.15%),

2.19%,

10/17/31

...

2,700

2,646,219

Series

2018-4A,

Class

B,

(LIBOR

USD

3

Month

+

2.10%),

3.14%,

10/17/31

...

2,000

1,912,173

Series

2019-6A,

Class

A1,

(LIBOR

USD

3

Month

+

1.33%),

2.37%,

01/16/33

...

8,500

8,353,134

Series

2019-6A,

Class

D,

(LIBOR

USD

3

Month

+

3.95%),

4.99%,

01/16/33

...

1,150

1,140,500

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

2.98%,

04/25/33

...

9,000

8,431,017

Series

2021-3A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

4.04%,

07/15/36

...

1,500

1,388,416

Series

2021-6A,

Class

A,

(LIBOR

USD

3

Month

+

1.14%),

2.18%,

10/15/34

...

600

576,755

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2006-WFH2,

Class

M3,

(LIBOR

USD

1

Month

+

0.47%),

2.09%,

08/25/36

(a)

....

2,846

2,617,134

Clear

Creek

CLO

(a)(b)

Series

2015-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

2.26%,

10/20/30

...

7,000

6,887,858

Series

2015-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

2.66%,

10/20/30

...

3,000

2,864,409

Conseco

Finance

Corp.

(a)

Series

1996-5,

Class

M1,

8.05%,

07/15/27

484

481,337

Series

1997-7,

Class

M1,

7.03%,

07/15/28

2,158

2,041,975

Contego

CLO

IX

DAC,

Series

9X,

Class

E,

(EURIBOR

3

Month

+

6.01%),

6.01%,

01/24/34

(a)(c)

....................

EUR

472

405,944

Credit-Based

Asset

Servicing

&

Securitization

LLC,

Series

2007-CB6,

Class

A4,

(LIBOR

USD

1

Month

+

0.34%),

1.96%,

07/25/37

(a)(b)

USD

1,320

928,824

CVC

Cordatus

Loan

Fund

XX

DAC,

Series

20X,

Class

E,

(EURIBOR

3

Month

+

5.61%),

5.61%,

06/22/34

(a)(c)

...............

EUR

100

83,511

Deer

Creek

CLO

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

2.24%,

10/20/30

(a)(b)

....................

USD

1,000

983,748

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

3.09%,

07/18/30

(a)(b)

...............

2,000

1,913,865

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Dryden

50

Senior

Loan

Fund,

Series

2017-50A,

Class

C,

(LIBOR

USD

3

Month

+

2.25%),

3.29%,

07/15/30

(a)(b)

...............

USD

1,000

$

957,641

Dryden

61

CLO

Ltd.,

Series

2018-61A,

Class

CR,

(LIBOR

USD

3

Month

+

1.75%),

2.79%,

01/17/32

(a)(b)

....................

8,000

7,495,068

Dryden

70

CLO

Ltd.,

Series

2018-70A,

Class

D,

(LIBOR

USD

3

Month

+

3.75%),

4.81%,

01/16/32

(a)(b)

....................

1,000

968,478

Dryden

86

CLO

Ltd.,

Series

2020-86A,

Class

DR,

(LIBOR

USD

3

Month

+

3.20%),

4.24%,

07/17/34

(a)(b)

....................

6,000

5,594,135

Dryden

Senior

Loan

Fund,

Series

2017-47A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

3.09%,

04/15/28

(a)(b)

...............

5,250

5,083,434

Dryden

XXVI

Senior

Loan

Fund,

Series

2013-

26A,

Class

CR,

(LIBOR

USD

3

Month

+

1.85%),

2.89%,

04/15/29

(a)(b)

.........

6,000

5,768,025

Dryden

XXVIII

Senior

Loan

Fund,

Series

2013-

28A,

Class

B1LR,

(LIBOR

USD

3

Month

+

3.15%),

4.56%,

08/15/30

(a)(b)

.........

1,500

1,405,428

Eaton

Vance

CLO

Ltd.

(a)(b)

Series

2013-1A,

Class

B3R,

(LIBOR

USD

3

Month

+

2.15%),

3.19%,

01/15/34

...

3,500

3,297,201

Series

2018-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.20%),

3.24%,

10/15/30

...

1,000

948,663

Series

2019-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.10%),

2.14%,

04/15/31

...

2,500

2,432,722

Series

2020-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

3.09%,

10/15/34

...

3,500

3,259,123

Series

2020-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

4.14%,

10/15/34

...

3,000

2,771,302

Elevation

CLO

Ltd.,

Series

2017-8A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

3.23%,

10/25/30

(a)(b)

....................

3,000

2,863,365

Elmwood

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.45%),

2.51%,

10/20/33

...

2,500

2,454,903

Series

2019-1A,

Class

DR,

(LIBOR

USD

3

Month

+

4.40%),

5.46%,

10/20/33

...

2,000

1,935,810

Elmwood

CLO

IV

Ltd.

(a)(b)

Series

2020-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

2.74%,

04/15/33

...

1,250

1,188,909

Series

2020-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.15%),

4.19%,

04/15/33

...

5,500

5,080,735

Elmwood

CLO

IX

Ltd.,

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

1.90%),

2.96%,

07/20/34

(a)(b)

....................

1,500

1,389,058

Elmwood

CLO

V

Ltd.,

Series

2020-2A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

4.16%,

10/20/34

(a)(b)

....................

2,000

1,854,870

Elmwood

CLO

XI

Ltd.,

Series

2021-4A,

Class

D,

(LIBOR

USD

3

Month

+

2.95%),

4.01%,

10/20/34

(a)(b)

....................

2,000

1,853,975

First

Franklin

Mortgage

Loan

Trust

(a)

Series

2006-FF9,

Class

2A4,

(LIBOR

USD

1

Month

+

0.50%),

2.12%,

06/25/36

...

1,450

1,267,264

Series

2006-FF13,

Class

A1,

(LIBOR

USD

1

Month

+

0.24%),

1.86%,

10/25/36

...

3,371

2,419,251

Series

2006-FF13,

Class

A2C,

(LIBOR

USD

1

Month

+

0.32%),

1.94%,

10/25/36

..

1,977

1,419,196

Series

2006-FF17,

Class

A5,

(LIBOR

USD

1

Month

+

0.15%),

1.77%,

12/25/36

...

2,537

2,384,513

Series

2006-FFH1,

Class

M1,

(LIBOR

USD

1

Month

+

0.56%),

2.18%,

01/25/36

..

6,135

5,898,693

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

FirstKey

Homes

Trust

(b)

Series

2022-SFR1,

Class

E1,

5.00%,

05/17/39

....................

USD

6,000

$

5,581,130

Series

2022-SFR2,

Class

E1,

4.50%,

07/17/39

....................

6,382

5,770,879

Flatiron

CLO

17

Ltd.

(a)(b)

Series

2017-1A,

Class

AR,

(LIBOR

USD

3

Month

+

0.98%),

2.39%,

05/15/30

...

3,000

2,950,586

Series

2017-1A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

3.31%,

05/15/30

...

1,000

955,234

Flatiron

CLO

20

Ltd.,

Series

2020-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.79%),

5.27%,

11/20/33

(a)(b)

....................

1,000

939,902

Flatiron

CLO

21

Ltd.

(a)(b)

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

2.89%,

07/19/34

...

2,000

1,855,770

Series

2021-1A,

Class

D,

(LIBOR

USD

3

Month

+

2.90%),

3.94%,

07/19/34

...

2,500

2,320,576

FRTKL,

Series

2021-SFR1,

Class

F,

3.17%,

09/17/38

(b)

.....................

2,900

2,484,470

Galaxy

XX

CLO

Ltd.,

Series

2015-20A,

Class

D1R,

(LIBOR

USD

3

Month

+

2.60%),

3.66%,

04/20/31

(a)(b)

...............

1,800

1,677,467

Galaxy

XXIV

CLO

Ltd.,

Series

2017-24A,

Class

C,

(LIBOR

USD

3

Month

+

1.70%),

2.74%,

01/15/31

(a)(b)

....................

500

469,388

Galaxy

XXVII

CLO

Ltd.,

Series

2018-27A,

Class

A,

(LIBOR

USD

3

Month

+

1.02%),

2.43%,

05/16/31

(a)(b)

...............

3,000

2,937,069

Generate

CLO

2

Ltd.,

Series

2015-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.15%),

2.29%,

01/22/31

(a)(b)

....................

7,660

7,530,771

Generate

CLO

3

Ltd.,

Series

2016-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.60%),

4.66%,

10/20/29

(a)(b)

....................

2,000

1,933,473

Generate

CLO

6

Ltd.,

Series

6A,

Class

CR,

(LIBOR

USD

3

Month

+

2.45%),

3.59%,

01/22/35

(a)(b)

....................

1,000

928,639

Generate

CLO

7

Ltd.,

Series

2019-2A,

Class

A1,

(LIBOR

USD

3

Month

+

1.37%),

2.51%,

01/22/33

(a)(b)

....................

3,000

2,932,547

Generate

CLO

9

Ltd.

(a)(b)

Series

9A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

2.81%,

10/20/34

.........

8,500

7,966,020

Series

9A,

Class

C,

(LIBOR

USD

3

Month

+

2.25%),

3.31%,

10/20/34

.........

3,000

2,798,811

Series

9A,

Class

D,

(LIBOR

USD

3

Month

+

3.35%),

4.41%,

10/20/34

.........

3,000

2,814,859

Series

9A,

Class

E,

(LIBOR

USD

3

Month

+

6.85%),

7.91%,

10/20/34

.........

1,000

944,502

Gilbert

Park

CLO

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.19%),

2.23%,

10/15/30

(a)(b)

....................

2,250

2,214,723

GoldenTree

Loan

Management

US

CLO

1

Ltd.,

Series

2017-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

1.80%),

2.86%,

04/20/34

(a)(b)

...

9,500

8,773,374

GoldenTree

Loan

Management

US

CLO

3

Ltd.,

Series

2018-3A,

Class

AJ,

(LIBOR

USD

3

Month

+

1.30%),

2.36%,

04/20/30

(a)(b)

...

2,000

1,913,531

GoldenTree

Loan

Management

US

CLO

4

Ltd.,

Series

2019-4A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

3.18%,

04/24/31

(a)(b)

...

1,000

945,358

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

GoldenTree

Loan

Management

US

CLO

5

Ltd.

(a)(b)

Series

2019-5A,

Class

CR,

(LIBOR

USD

3

Month

+

2.05%),

3.11%,

10/20/32

...

USD

2,000

$

1,895,857

Series

2019-5A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

4.21%,

10/20/32

...

1,000

931,651

GoldenTree

Loan

Management

US

CLO

6

Ltd.,

Series

2019-6A,

Class

BR,

(3

Month

CME

Term

SOFR

+

1.80%),

2.65%,

04/20/35

(a)(b)

800

766,062

GoldenTree

Loan

Opportunities

IX

Ltd.,

Series

2014-9A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.60%),

2.84%,

10/29/29

(a)(b)

........

900

871,529

GoldenTree

Loan

Opportunities

X

Ltd.

(a)(b)

Series

2015-10A,

Class

AR,

(LIBOR

USD

3

Month

+

1.12%),

2.18%,

07/20/31

...

3,300

3,233,533

Series

2015-10A,

Class

C1R,

(LIBOR

USD

3

Month

+

2.10%),

3.16%,

07/20/31

..

1,000

957,680

GoldentTree

Loan

Management

US

CLO

1

Ltd.

(a)(b)

Series

2021-11A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

3.01%,

10/20/34

...

3,000

2,772,960

Series

2021-11A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

4.06%,

10/20/34

...

1,000

924,297

Golub

Capital

Partners

CLO

53B

Ltd.,

Series

2021-53A,

Class

B,

(LIBOR

USD

3

Month

+

1.80%),

2.86%,

07/20/34

(a)(b)

.........

4,000

3,786,298

Golub

Capital

Partners

CLO

55B

Ltd.,

Series

2021-55A,

Class

D,

(LIBOR

USD

3

Month

+

3.20%),

4.26%,

07/20/34

(a)(b)

.........

2,500

2,347,984

Greene

King

Finance

plc

(a)

Series

B1,  (SONIO/N

+

1.92%),

3.11%,

12/15/34

....................

GBP

100

99,673

Series

B2,  (SONIO/N

+

2.20%),

3.39%,

03/15/36

(c)

...................

100

98,601

Greenpoint

Manufactured

Housing,

Series

2000-1,

Class

A4,

8.14%,

03/20/30

(a)

....

USD

5,177

4,050,696

Greywolf

CLO

II

Ltd.,

Series

2013-1A,

Class

B1RR,

(LIBOR

USD

3

Month

+

2.30%),

3.34%,

04/15/34

(a)(b)

...............

1,500

1,401,146

Greywolf

CLO

III

Ltd.

(a)(b)

Series

2020-3RA,

Class

BR,

(3

Month

CME

Term

SOFR

+

2.71%),

3.61%,

04/15/33

3,000

2,823,599

Series

2020-3RA,

Class

CR,

(3

Month

CME

Term

SOFR

+

3.61%),

4.51%,

04/15/33

1,000

931,354

Greywolf

CLO

V

Ltd.,

Series

2015-1A,

Class

CR,

(LIBOR

USD

3

Month

+

3.00%),

4.18%,

01/27/31

(a)(b)

....................

450

405,707

Grippen

Park

CLO

Ltd.,

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.30%),

3.36%,

01/20/30

(a)(b)

....................

1,000

967,309

GSAA

Home

Equity

Trust

Series

2005-14,

Class

1A2,

(LIBOR

USD

1

Month

+

0.70%),

2.32%,

12/25/35

(a)

..

1,025

478,973

Series

2006-4,

Class

1A1,

2.94%,

03/25/36

(a)

...................

2,737

2,068,840

Series

2006-5,

Class

1A1,

(LIBOR

USD

1

Month

+

0.36%),

1.98%,

03/25/36

(a)

..

3,654

1,388,971

Series

2006-18,

Class

AF6,

6.18%,

11/25/36

(d)

...................

3,391

978,179

GSAMP

Trust

(a)

Series

2006-FM3,

Class

A1,

(LIBOR

USD

1

Month

+

0.14%),

1.76%,

11/25/36

...

6,852

3,602,858

Series

2006-HE6,

Class

A4,

(LIBOR

USD

1

Month

+

0.48%),

2.10%,

08/25/36

...

1,494

1,247,969

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

40

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

GT

Loan

Financing

I

Ltd.,

Series

2013-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

3.34%,

07/28/31

(a)(b)

...............

USD

1,000

$

965,205

Gulf

Stream

Meridian

1

Ltd.

(a)(b)

Series

2020-IA,

Class

A1,

(LIBOR

USD

3

Month

+

1.37%),

2.41%,

04/15/33

...

7,500

7,286,832

Series

2020-IA,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

3.04%,

04/15/33

...

2,000

1,924,603

Gulf

Stream

Meridian

4

Ltd.

(a)(b)

Series

2021-4A,

Class

A1,

(LIBOR

USD

3

Month

+

1.20%),

2.24%,

07/15/34

...

7,000

6,786,608

Series

2021-4A,

Class

A2,

(LIBOR

USD

3

Month

+

1.85%),

2.89%,

07/15/34

...

1,250

1,210,978

HalseyPoint

CLO

3

Ltd.,

Series

2020-3A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.45%),

2.74%,

11/30/32

(a)(b)

...............

11,000

10,807,736

HalseyPoint

CLO

4

Ltd.,

Series

2021-4A,

Class

C,

(LIBOR

USD

3

Month

+

2.15%),

3.21%,

04/20/34

(a)(b)

....................

1,750

1,632,542

HalseyPoint

CLO

5

Ltd.

(a)(b)

Series

2021-5A,

Class

B,

(LIBOR

USD

3

Month

+

1.80%),

2.06%,

01/30/35

...

3,500

3,352,722

Series

2021-5A,

Class

D,

(LIBOR

USD

3

Month

+

3.50%),

3.76%,

01/30/35

...

3,000

2,769,721

HalseyPoint

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

A1A1,

(LIBOR

USD

3

Month

+

1.35%),

2.41%,

01/20/33

...

5,000

4,862,764

Series

2019-1A,

Class

B1,

(LIBOR

USD

3

Month

+

2.20%),

3.26%,

01/20/33

...

2,500

2,400,509

Harvest

CLO

XVI

DAC,

Series

16X,

Class

ER,

(EURIBOR

3

Month

+

5.57%),

5.57%,

10/15/31

(a)(c)

....................

EUR

235

206,093

Henley

CLO

IV

DAC,

Series

4X,

Class

E,

(EURIBOR

3

Month

+

5.25%),

5.25%,

04/25/34

(a)(c)

....................

300

250,817

Highbridge

Loan

Management

Ltd.,

Series

12A-18,

Class

B,

(LIBOR

USD

3

Month

+

1.85%),

2.89%,

07/18/31

(a)(b)

.........

USD

1,000

942,966

Home

Partners

of

America

Trust,

Series

2021-

2,

Class

F,

3.80%,

12/17/26

(b)

.........

9,818

8,536,132

HPS

Loan

Management

Ltd.,

Series

8A-2016,

Class

CR,

(LIBOR

USD

3

Month

+

1.95%),

3.01%,

07/20/30

(a)(b)

...............

1,000

946,377

Invesco

CLO

Ltd.

(a)(b)

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

2.90%),

3.94%,

07/15/34

...

500

463,031

Series

2022-1A,

Class

B,

(3

Month

CME

Term

SOFR

+

1.80%),

2.49%,

04/20/35

3,125

2,970,715

Series

2022-1A,

Class

C,

(3

Month

CME

Term

SOFR

+

2.15%),

2.84%,

04/20/35

5,000

4,623,571

Series

2022-1A,

Class

D,

(3

Month

CME

Term

SOFR

+

3.05%),

3.74%,

04/20/35

2,550

2,342,872

Invesco

Euro

CLO,

Series

6X,

Class

E,

(EURIBOR

3

Month

+

5.99%),

5.99%,

07/15/34

(a)(c)

....................

EUR

300

259,796

Invesco

Euro

CLO

III

DAC,

Series

3X,

Class

F,

(EURIBOR

3

Month

+

8.07%),

8.07%,

07/15/32

(a)(c)

....................

237

206,201

Invesco

Euro

CLO

V

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.81%),

5.81%,

01/15/34

(a)(c)

....................

200

174,680

Invitation

Homes

Trust,

Series

2018-SFR4,

Class

A,

(LIBOR

USD

1

Month

+

1.10%),

2.62%,

01/17/38

(a)(b)

...............

USD

2,794

2,778,509

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

JPMorgan

Mortgage

Acquisition

Trust,

Series

2006-CH1,

Class

M7,

(LIBOR

USD

1

Month

+

0.80%),

2.42%,

07/25/36

(a)

.........

USD

2,975

$

2,723,040

KKR

CLO

18

Ltd.,

Series

18,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

3.14%,

07/18/30

(a)(b)

8,050

7,754,483

KKR

CLO

22

Ltd.,

Series

22A,

Class

D,

(LIBOR

USD

3

Month

+

3.10%),

4.16%,

07/20/31

(a)(b)

1,200

1,118,936

KKR

CLO

23

Ltd.,

Series

23,

Class

D,

(LIBOR

USD

3

Month

+

3.10%),

4.16%,

10/20/31

(a)(b)

1,300

1,210,902

KKR

CLO

27

Ltd.

(a)(b)

Series

27A,

Class

BR,

(3

Month

CME

Term

SOFR

+

1.85%),

2.70%,

10/15/32

...

4,250

4,123,086

Series

27A,

Class

CR,

(3

Month

CME

Term

SOFR

+

2.25%),

3.10%,

10/15/32

...

1,450

1,377,543

KKR

CLO

30

Ltd.,

Series

30A,

Class

ER,

(LIBOR

USD

3

Month

+

6.40%),

7.44%,

10/17/31

(a)(b)

....................

2,000

1,810,355

KKR

CLO

35

Ltd.,

Series

35A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

2.76%,

10/20/34

(a)(b)

3,657

3,432,441

KKR

CLO

41

Ltd.,

Series

2022-41A,

Class

D,

(3

Month

CME

Term

SOFR

+

3.25%),

3.94%,

04/15/35

(a)(b)

...............

5,250

4,887,978

LCM

XXV

Ltd.,

Series

25A,

Class

B2,

(LIBOR

USD

3

Month

+

1.65%),

2.71%,

07/20/30

(a)(b)

350

336,334

Long

Beach

Mortgage

Loan

Trust

(a)

Series

2005-3,

Class

1A,

(LIBOR

USD

1

Month

+

0.52%),

2.14%,

08/25/45

...

1,903

1,834,597

Series

2006-4,

Class

1A,

(LIBOR

USD

1

Month

+

0.30%),

1.92%,

05/25/36

...

22,565

13,602,599

Series

2006-6,

Class

2A3,

(LIBOR

USD

1

Month

+

0.30%),

1.92%,

07/25/36

...

5,963

2,524,230

Series

2006-7,

Class

1A,

(LIBOR

USD

1

Month

+

0.31%),

1.93%,

08/25/36

...

6,770

3,690,276

Series

2006-WL3,

Class

2A4,

(LIBOR

USD

1

Month

+

0.60%),

2.22%,

01/25/36

..

1,512

1,388,402

Lucali

CLO

Ltd.,

Series

2020-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.60%),

4.64%,

01/15/33

(a)(b)

....................

2,250

2,161,312

Madison

Park

Funding

XX

Ltd.

(a)(b)

Series

2016-20A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

3.12%,

07/27/30

...

4,080

3,846,698

Series

2016-20A,

Class

DR,

(LIBOR

USD

3

Month

+

3.00%),

4.22%,

07/27/30

...

1,315

1,217,845

Madison

Park

Funding

XXIX

Ltd.,

Series

2018-29A,

Class

C,

(LIBOR

USD

3

Month

+

2.20%),

3.24%,

10/18/30

(a)(b)

.........

5,450

5,211,207

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-

26A,

Class

AR,

(LIBOR

USD

3

Month

+

1.20%),

2.44%,

07/29/30

(a)(b)

.........

3,500

3,475,255

Madison

Park

Funding

XXVII

Ltd.

(a)(b)

Series

2018-27A,

Class

B,

(LIBOR

USD

3

Month

+

1.80%),

2.86%,

04/20/30

...

1,600

1,509,722

Series

2018-27A,

Class

C,

(LIBOR

USD

3

Month

+

2.60%),

3.66%,

04/20/30

...

1,000

911,648

Madison

Park

Funding

XXXI

Ltd.

(a)(b)

Series

2018-31A,

Class

C,

(LIBOR

USD

3

Month

+

2.15%),

3.33%,

01/23/31

...

600

572,880

Series

2018-31A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

4.18%,

01/23/31

...

750

707,574

Madison

Park

Funding

XXXIII

Ltd.

(a)(b)

Series

2019-33A,

Class

BR,

(3

Month

CME

Term

SOFR

+

1.80%),

2.65%,

10/15/32

6,000

5,832,572

Series

2019-33A,

Class

CR,

(3

Month

CME

Term

SOFR

+

2.20%),

3.05%,

10/15/32

4,750

4,503,203

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2019-33A,

Class

DR,

(3

Month

CME

Term

SOFR

+

3.10%),

3.95%,

10/15/32

USD

2,000

$

1,842,033

Marble

Point

CLO

XI

Ltd.,

Series

2017-2A,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

2.54%,

12/18/30

(a)(b)

...............

1,500

1,413,003

Marino

Park

CLO

DAC,

Series

1X,

Class

D,

(EURIBOR

3

Month

+

5.67%),

5.67%,

01/16/34

(a)(c)

....................

EUR

100

86,575

MASTR

Asset-Backed

Securities

Trust,

Series

2006-AM2,

Class

A4,

(LIBOR

USD

1

Month

+

0.52%),

2.14%,

06/25/36

(a)(b)

........

USD

2,163

1,948,830

Milos

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.55%),

2.61%,

10/20/30

...

5,862

5,558,515

Series

2017-1A,

Class

CR,

(LIBOR

USD

3

Month

+

1.90%),

2.96%,

10/20/30

...

2,000

1,899,752

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2007-1XS,

Class

2A3,

6.42%,

09/25/46

(d)

.

620

184,343

Neuberger

Berman

CLO

XVIII

Ltd.

(a)(b)

Series

2014-18A,

Class

BR2,

(LIBOR

USD

3

Month

+

2.15%),

3.25%,

10/21/30

..

1,500

1,425,937

Series

2014-18A,

Class

CR2,

(LIBOR

USD

3

Month

+

3.00%),

4.10%,

10/21/30

..

1,250

1,152,384

Neuberger

Berman

CLO

XX

Ltd.,

Series

2015-

20A,

Class

ERR,

(LIBOR

USD

3

Month

+

6.50%),

7.54%,

07/15/34

(a)(b)

.........

2,600

2,294,995

Neuberger

Berman

CLO

XXI

Ltd.,

Series

2016-

21A,

Class

DR2,

(LIBOR

USD

3

Month

+

3.30%),

4.36%,

04/20/34

(a)(b)

.........

1,000

930,694

Neuberger

Berman

CLO

XXII

Ltd.

(a)(b)

Series

2016-22A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

2.69%,

10/17/30

...

800

767,372

Series

2016-22A,

Class

CR,

(LIBOR

USD

3

Month

+

2.20%),

3.24%,

10/17/30

...

1,000

953,025

Neuberger

Berman

Loan

Advisers

CLO

26

Ltd.

(a)(b)

Series

2017-26A,

Class

C,

(LIBOR

USD

3

Month

+

1.75%),

2.79%,

10/18/30

...

2,000

1,895,352

Series

2017-26A,

Class

D,

(LIBOR

USD

3

Month

+

2.65%),

3.69%,

10/18/30

...

3,250

2,993,840

Neuberger

Berman

Loan

Advisers

CLO

29

Ltd.,

Series

2018-29A,

Class

D,

(LIBOR

USD

3

Month

+

3.10%),

4.14%,

10/19/31

(a)(b)

...

500

464,127

Neuberger

Berman

Loan

Advisers

CLO

35

Ltd.,

Series

2019-35A,

Class

A1,

(LIBOR

USD

3

Month

+

1.34%),

2.38%,

01/19/33

(a)(b)

...

8,450

8,298,710

Neuberger

Berman

Loan

Advisers

CLO

37

Ltd.,

Series

2020-37A,

Class

CR,

(LIBOR

USD

3

Month

+

1.80%),

2.86%,

07/20/31

(a)(b)

...

1,563

1,475,014

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.,

Series

2021-40A,

Class

C,

(LIBOR

USD

3

Month

+

1.75%),

2.79%,

04/16/33

(a)(b)

...

1,000

934,958

Neuberger

Berman

Loan

Advisers

CLO

45

Ltd.,

Series

2021-45A,

Class

A,

(LIBOR

USD

3

Month

+

1.13%),

2.17%,

10/14/35

(a)(b)

...

10,250

9,878,472

Neuberger

Berman

Loan

Advisers

CLO

Ltd.,

Series

2018-27A,

Class

D,

(LIBOR

USD

3

Month

+

2.60%),

3.64%,

01/15/30

(a)(b)

...

1,000

922,093

Neuberger

Berman

Loan

Advisers

Euro

CLO,

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.52%),

5.52%,

04/17/34

(a)(c)

...

EUR

188

157,985

Newark

BSL

CLO

1

Ltd.,

Series

2016-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.10%),

2.32%,

12/21/29

(a)(b)

...............

USD

4,699

4,634,862

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

North

Westerly

VII

ESG

CLO

DAC,

Series

VII-X,

Class

E,

(EURIBOR

3

Month

+

5.66%),

5.66%,

05/15/34

(a)(c)

.........

EUR

100

$

83,814

Northwoods

Capital

21

Euro

DAC,

Series

2020-21X,

Class

ER,

(EURIBOR

3

Month

+

6.06%),

6.06%,

07/22/34

(a)(c)

.........

200

171,362

Northwoods

Capital

23

Euro

DAC,

Series

2021-

23X,

Class

E,

(EURIBOR

3

Month

+

6.21%),

6.21%,

03/15/34

(a)(c)

...............

200

169,962

NYACK

Park

CLO

Ltd.,

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

3.01%,

10/20/34

(a)(b)

....................

USD

2,500

2,307,010

Oakwood

Mortgage

Investors,

Inc.

Series

1998-D,

Class

M1,

7.42%,

01/15/29

(b)

553

538,291

Series

1999-C,

Class

A2,

7.48%,

08/15/27

2,897

2,552,503

Series

2001-D,

Class

A3,

5.90%,

09/15/22

(a)

337

199,033

Series

2002-B,

Class

A4,

7.09%,

06/15/32

(a)

18

17,873

OCP

CLO

Ltd.

(a)(b)

Series

2014-5A,

Class

CR,

(LIBOR

USD

3

Month

+

2.90%),

4.11%,

04/26/31

...

3,100

2,813,291

Series

2014-6A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.26%),

2.30%,

10/17/30

...

10,800

10,654,969

Series

2014-6A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.72%),

2.76%,

10/17/30

...

7,500

7,219,245

Series

2015-10A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.05%),

3.26%,

01/26/34

..

3,700

3,467,443

Series

2015-10A,

Class

DR2,

(LIBOR

USD

3

Month

+

2.95%),

4.16%,

01/26/34

..

2,000

1,866,088

Series

2016-11A,

Class

A1AR,

(LIBOR

USD

3

Month

+

1.27%),

2.48%,

10/26/30

..

1,000

986,278

Series

2018-15A,

Class

A3,

(LIBOR

USD

3

Month

+

1.70%),

2.76%,

07/20/31

...

1,000

956,444

Series

2019-16A,

Class

CR,

(LIBOR

USD

3

Month

+

1.85%),

2.84%,

04/10/33

...

2,500

2,336,694

Series

2019-17A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

3.06%,

07/20/32

...

6,000

5,643,825

Series

2019-17A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

4.16%,

07/20/32

...

1,500

1,371,186

Series

2020-19A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

3.16%,

10/20/34

...

7,500

6,974,590

Series

2020-19A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

4.21%,

10/20/34

...

1,000

924,332

Series

2021-22A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

3.11%,

12/02/34

...

4,500

4,172,435

Series

2021-22A,

Class

D,

(LIBOR

USD

3

Month

+

3.10%),

4.16%,

12/02/34

...

1,250

1,149,401

OCP

Euro

CLO

DAC

(a)(c)

Series

2017-2X,

Class

E,

(EURIBOR

3

Month

+

5.00%),

5.00%,

01/15/32

...

EUR

298

260,430

Series

2017-2X,

Class

F,

(EURIBOR

3

Month

+

6.40%),

6.40%,

01/15/32

...

200

162,512

Series

2019-3X,

Class

ER,

(EURIBOR

3

Month

+

6.02%),

6.02%,

04/20/33

...

400

347,488

Series

2022-5X,

Class

E,

(EURIBOR

3

Month

+

6.47%),

6.47%,

04/20/35

...

500

432,344

Octagon

Investment

Partners

26

Ltd.

(a)(b)

Series

2016-1A,

Class

BR,

(LIBOR

USD

3

Month

+

1.60%),

2.64%,

07/15/30

...

USD

6,000

5,727,046

Series

2016-1A,

Class

CR,

(LIBOR

USD

3

Month

+

1.80%),

2.84%,

07/15/30

...

2,250

2,105,160

Series

2016-1A,

Class

DR,

(LIBOR

USD

3

Month

+

2.85%),

3.89%,

07/15/30

...

1,250

1,106,542

Octagon

Investment

Partners

27

Ltd.,

Series

2016-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

3.14%,

07/15/30

(a)(b)

.........

1,500

1,423,968

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

42

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Octagon

Investment

Partners

28

Ltd.,

Series

2016-1A,

Class

C1R,

(LIBOR

USD

3

Month

+

2.25%),

3.43%,

10/24/30

(a)(b)

........

USD

4,000

$

3,790,000

Octagon

Investment

Partners

29

Ltd.,

Series

2016-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

4.28%,

01/24/33

(a)(b)

.........

1,532

1,402,031

Octagon

Investment

Partners

34

Ltd.,

Series

2017-1A,

Class

B1,

(LIBOR

USD

3

Month

+

1.40%),

2.46%,

01/20/30

(a)(b)

.........

2,000

1,904,006

Octagon

Investment

Partners

35

Ltd.,

Series

2018-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.60%),

3.66%,

01/20/31

(a)(b)

.........

1,000

895,365

Octagon

Investment

Partners

40

Ltd.

(a)(b)

Series

2019-1A,

Class

C1R,

(LIBOR

USD

3

Month

+

2.15%),

3.21%,

01/20/35

...

3,000

2,798,103

Series

2019-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.35%),

4.41%,

01/20/35

...

3,000

2,789,999

Octagon

Investment

Partners

41

Ltd.

(a)(b)

Series

2019-2A,

Class

B1R,

(LIBOR

USD

3

Month

+

1.70%),

2.74%,

10/15/33

...

8,500

8,059,976

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.15%),

3.19%,

10/15/33

...

3,800

3,558,738

Series

2019-2A,

Class

DR,

(LIBOR

USD

3

Month

+

3.20%),

4.24%,

10/15/33

...

4,250

3,988,187

Octagon

Loan

Funding

Ltd.

(a)(b)

Series

2014-1A,

Class

ARR,

(LIBOR

USD

3

Month

+

1.18%),

2.63%,

11/18/31

...

13,212

12,931,233

Series

2014-1A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.70%),

3.16%,

11/18/31

...

1,500

1,431,926

Series

2014-1A,

Class

CRR,

(LIBOR

USD

3

Month

+

2.20%),

3.66%,

11/18/31

...

1,000

955,000

OHA

Credit

Funding

11

Ltd.,

Series

2022-11A,

Class

D,

(3

Month

CME

Term

SOFR

+

3.60%),

4.70%,

07/19/33

(a)(b)

.........

1,000

959,766

OHA

Credit

Funding

2

Ltd.

(a)(b)

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.20%),

3.30%,

04/21/34

...

1,500

1,410,216

Series

2019-2A,

Class

DR,

(LIBOR

USD

3

Month

+

3.30%),

4.40%,

04/21/34

...

1,000

947,092

OHA

Credit

Funding

6

Ltd.,

Series

2020-6A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

4.21%,

07/20/34

(a)(b)

...............

1,000

935,750

OHA

Credit

Partners

VII

Ltd.,

Series

2012-7A,

Class

D1R3,

(LIBOR

USD

3

Month

+

2.90%),

4.38%,

02/20/34

(a)(b)

.........

5,970

5,537,031

OHA

Credit

Partners

XI

Ltd.,

Series

2015-11A,

Class

DR,

(LIBOR

USD

3

Month

+

2.95%),

4.01%,

01/20/32

(a)(b)

...............

400

373,097

OHA

Credit

Partners

XIV

Ltd.

(a)(b)

Series

2017-14A,

Class

B,

(LIBOR

USD

3

Month

+

1.50%),

2.60%,

01/21/30

...

1,000

953,380

Series

2017-14A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

2.90%,

01/21/30

...

1,500

1,418,755

OHA

Credit

Partners

XVI,

Series

2021-16A,

Class

A,

(LIBOR

USD

3

Month

+

1.15%),

2.19%,

10/18/34

(a)(b)

...............

10,000

9,675,157

OHA

Loan

Funding

Ltd.

(a)(b)

Series

2015-1A,

Class

DR3,

(LIBOR

USD

3

Month

+

3.20%),

4.24%,

01/19/37

...

4,750

4,353,249

Series

2016-1A,

Class

CR,

(LIBOR

USD

3

Month

+

1.95%),

3.01%,

01/20/33

...

2,250

2,109,023

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2013-2A,

Class

BR3,

(LIBOR

USD

3

Month

+

1.85%),

2.89%,

10/17/31

...

2,950

2,783,976

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2014-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.65%),

3.69%,

01/17/31

...

USD

500

$

466,349

Series

2015-1A,

Class

CR4,

(LIBOR

USD

3

Month

+

2.85%),

4.35%,

05/21/34

...

4,100

3,785,657

Series

2015-2A,

Class

A1R2,

(LIBOR

USD

3

Month

+

1.10%),

2.16%,

07/20/30

...

8,000

7,888,899

Series

2015-2A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.75%),

3.81%,

07/20/30

...

1,400

1,303,346

Series

2018-1A,

Class

A2,

(LIBOR

USD

3

Month

+

1.45%),

2.49%,

04/18/31

...

10,000

9,534,912

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

2.79%,

04/18/31

...

2,000

1,887,651

Series

2018-2A,

Class

A2,

(LIBOR

USD

3

Month

+

1.65%),

2.69%,

07/16/31

...

1,000

961,173

Series

2019-1A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.15%),

2.56%,

11/14/34

...

7,000

6,751,000

Series

2019-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.70%),

3.11%,

11/14/34

....

7,000

6,580,217

Series

2019-1A,

Class

BR,

(LIBOR

USD

3

Month

+

2.00%),

3.41%,

11/14/34

...

2,500

2,333,095

Series

2019-1A,

Class

CR,

(LIBOR

USD

3

Month

+

3.05%),

4.46%,

11/14/34

...

3,750

3,476,455

Series

2020-3A,

Class

BR,

(LIBOR

USD

3

Month

+

1.95%),

3.36%,

11/15/31

...

2,000

1,890,461

Series

2020-3A,

Class

CR,

(LIBOR

USD

3

Month

+

2.95%),

4.36%,

11/15/31

...

1,500

1,406,744

Series

2021-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

2.76%,

04/20/34

...

7,000

6,443,977

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

2.84%,

07/15/34

...

2,000

1,846,698

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

2.90%),

3.94%,

07/15/34

...

4,000

3,703,695

Series

2021-3A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

1.88%,

01/15/35

...

7,000

6,581,702

Series

2021-3A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.18%,

01/15/35

...

5,000

4,627,813

Series

2021-3A,

Class

D,

(LIBOR

USD

3

Month

+

2.95%),

3.18%,

01/15/35

...

2,000

1,852,480

Series

2021-4A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

2.69%,

10/15/34

...

7,250

6,823,856

Series

2021-4A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

2.99%,

10/15/34

...

4,850

4,492,545

Series

2021-4A,

Class

D,

(LIBOR

USD

3

Month

+

2.95%),

3.99%,

10/15/34

...

6,000

5,564,157

Series

2022-1A,

Class

B,

(3

Month

CME

Term

SOFR

+

1.80%),

2.27%,

04/20/35

1,000

929,350

Series

2022-1A,

Class

C,

(3

Month

CME

Term

SOFR

+

2.05%),

2.52%,

04/20/35

3,500

3,267,702

Series

2022-1A,

Class

D,

(3

Month

CME

Term

SOFR

+

3.05%),

3.52%,

04/20/35

3,250

3,012,381

Series

2022-1A,

Class

E,

(3

Month

CME

Term

SOFR

+

6.35%),

6.82%,

04/20/35

2,000

1,801,897

Park

Avenue

Institutional

Advisers

CLO

Ltd.

(a)(b)

Series

2016-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.80%),

3.30%,

08/23/31

...

2,600

2,526,604

Series

2018-1A,

Class

A2R,

(LIBOR

USD

3

Month

+

1.60%),

2.66%,

10/20/31

...

4,700

4,447,944

Series

2019-1A,

Class

C,

(LIBOR

USD

3

Month

+

3.85%),

5.26%,

05/15/32

...

2,500

2,337,891

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.25%),

3.29%,

07/15/34

...

6,000

5,619,031

Pikes

Peak

CLO

2

(a)(b)

Series

2018-2A,

Class

B1R,

(LIBOR

USD

3

Month

+

1.75%),

2.79%,

10/18/34

...

5,000

4,739,323

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2018-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.25%),

3.29%,

10/18/34

...

USD

2,350

$

2,191,690

Pikes

Peak

CLO

6,

Series

2020-6A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.70%),

3.16%,

05/18/34

(a)(b)

....................

1,000

939,745

Pikes

Peak

CLO

8,

Series

2021-8A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

2.81%,

07/20/34

(a)(b)

....................

2,000

1,905,602

Pikes

Peak

CLO

9,

Series

2021-9A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

2.97%,

10/27/34

(a)(b)

....................

7,000

6,561,335

Post

CLO

Ltd.

(a)(b)

Series

2021-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.75%),

2.79%,

10/15/34

...

10,000

9,384,585

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.20%),

3.24%,

10/15/34

...

3,500

3,269,551

Series

2021-1A,

Class

D,

(LIBOR

USD

3

Month

+

3.30%),

4.34%,

10/15/34

...

1,200

1,133,912

Series

2022-1A,

Class

D,

(3

Month

CME

Term

SOFR

+

3.20%),

3.91%,

04/20/35

1,750

1,614,030

PPM

CLO

4

Ltd.

(a)(b)

Series

2020-4A,

Class

BR,

(LIBOR

USD

3

Month

+

1.65%),

2.69%,

10/18/34

...

3,000

2,802,334

Series

2020-4A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

3.14%,

10/18/34

...

1,250

1,164,682

Progress

Residential

Trust

(b)

Series

2019-SFR3,

Class

F,

3.87%,

09/17/36

....................

3,000

2,885,806

Series

2019-SFR4,

Class

E,

3.44%,

10/17/36

....................

12,500

12,074,384

Series

2020-SFR1,

Class

F,

3.43%,

04/17/37

....................

5,500

5,117,658

Series

2020-SFR1,

Class

G,

4.03%,

04/17/37

....................

3,500

3,275,568

Series

2021-SFR10,

Class

F,

4.61%,

12/17/40

....................

8,500

7,079,806

Series

2021-SFR10,

Class

G,

4.86%,

12/17/40

....................

6,000

5,061,654

Series

2021-SFR7,

Class

F,

3.83%,

08/17/40

....................

7,777

6,451,969

Series

2021-SFR8,

Class

F,

3.18%,

10/17/38

....................

22,000

18,672,102

Series

2021-SFR8,

Class

G,

4.01%,

10/17/38

....................

10,000

8,635,329

Series

2022-SFR5,

Class

E1,

6.62%,

06/17/39

....................

2,000

2,000,078

Providus

CLO

III

DAC,

Series

3X,

Class

ER,

(EURIBOR

3

Month

+

6.26%),

6.26%,

07/18/34

(a)(c)

....................

EUR

300

261,335

Providus

CLO

V

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.29%),

5.29%,

02/15/35

(a)(c)

....................

171

141,400

Rad

CLO

10

Ltd.

(a)(b)

Series

2021-10A,

Class

C,

(LIBOR

USD

3

Month

+

1.75%),

2.93%,

04/23/34

...

USD

3,750

3,433,051

Series

2021-10A,

Class

D,

(LIBOR

USD

3

Month

+

2.75%),

3.93%,

04/23/34

...

2,000

1,833,733

Rad

CLO

12

Ltd.

(a)(b)

Series

2021-12A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

3.34%,

10/30/34

...

1,375

1,275,704

Series

2021-12A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

4.34%,

10/30/34

...

3,375

3,094,725

Rad

CLO

14

Ltd.

(a)(b)

Series

2021-14A,

Class

C,

(LIBOR

USD

3

Month

+

2.00%),

2.23%,

01/15/35

...

3,500

3,239,539

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2021-14A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

3.23%,

01/15/35

...

USD

1,000

$

922,710

Rad

CLO

15

Ltd.

(a)(b)

Series

2021-15A,

Class

B,

(LIBOR

USD

3

Month

+

1.65%),

1.90%,

01/20/34

...

7,000

6,615,033

Series

2021-15A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

2.30%,

01/20/34

...

1,650

1,551,566

Series

2021-15A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

3.30%,

01/20/34

...

2,900

2,648,077

Rad

CLO

2

Ltd.

(a)(b)

Series

2018-2A,

Class

AR,

(LIBOR

USD

3

Month

+

1.08%),

2.12%,

10/15/31

...

5,375

5,246,000

Series

2018-2A,

Class

BR,

(LIBOR

USD

3

Month

+

1.50%),

2.54%,

10/15/31

...

5,000

4,680,941

Rad

CLO

3

Ltd.

(a)(b)

Series

2019-3A,

Class

A,

(LIBOR

USD

3

Month

+

1.48%),

2.52%,

04/15/32

...

15,500

15,249,517

Series

2019-3A,

Class

BR,

(LIBOR

USD

3

Month

+

1.55%),

2.59%,

04/15/32

...

4,000

3,759,331

Rad

CLO

5

Ltd.

(a)(b)

Series

2019-5A,

Class

BR,

(LIBOR

USD

3

Month

+

1.70%),

2.88%,

07/24/32

...

3,000

2,848,944

Series

2019-5A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

4.33%,

07/24/32

...

3,500

3,311,498

Rad

CLO

9

Ltd.,

Series

2020-9A,

Class

A1,

(LIBOR

USD

3

Month

+

1.40%),

2.44%,

01/15/34

(a)(b)

....................

1,250

1,214,727

Regata

XII

Funding

Ltd.

(a)(b)

Series

2019-1A,

Class

AR,

(LIBOR

USD

3

Month

+

1.10%),

2.14%,

10/15/32

...

10,000

9,690,180

Series

2019-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

4.14%,

10/15/32

...

1,000

928,795

Regatta

Funding

LP,

Series

2013-2A,

Class

CR2,

(LIBOR

USD

3

Month

+

3.70%),

4.74%,

01/15/29

(a)(b)

...............

4,500

4,346,848

Regatta

IX

Funding

Ltd.

(a)(b)

Series

2017-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.80%),

2.84%,

04/17/30

...

10,000

9,806,551

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.45%),

3.49%,

04/17/30

...

1,000

966,225

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.15%),

3.21%,

04/20/34

(a)(b)

...............

1,000

945,451

Regatta

VII

Funding

Ltd.

(a)(b)

Series

2016-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

2.05%),

4.15%,

06/20/34

...

750

703,366

Series

2016-1A,

Class

DR2,

(LIBOR

USD

3

Month

+

3.05%),

5.15%,

06/20/34

...

2,000

1,862,220

Regatta

VIII

Funding

Ltd.,

Series

2017-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.25%),

2.29%,

10/17/30

(a)(b)

...............

3,500

3,456,781

Regatta

X

Funding

Ltd.,

Series

2017-3A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

2.84%,

01/17/31

(a)(b)

....................

1,500

1,414,849

Regatta

XIII

Funding

Ltd.,

Series

2018-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.10%),

3.14%,

07/15/31

(a)(b)

...............

1,250

1,193,597

Regatta

XV

Funding

Ltd.,

Series

2018-4A,

Class

C,

(LIBOR

USD

3

Month

+

3.30%),

4.48%,

10/25/31

(a)(b)

...............

1,000

933,159

Regatta

XVI

Funding

Ltd.

(a)(b)

Series

2019-2A,

Class

B,

(LIBOR

USD

3

Month

+

2.05%),

3.09%,

01/15/33

...

6,700

6,489,729

Series

2019-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.90%),

4.94%,

01/15/33

...

1,000

988,555

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

44

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Regatta

XVII

Funding

Ltd.,

Series

2020-1A,

Class

C,

(LIBOR

USD

3

Month

+

2.55%),

3.59%,

10/15/33

(a)(b)

...............

USD

500

$

472,359

Regatta

XXIII

Funding

Ltd.

(a)(b)

Series

2021-4A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

3.11%,

01/20/35

...

3,000

2,797,204

Series

2021-4A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

4.11%,

01/20/35

...

2,000

1,861,125

Riserva

CLO

Ltd.

(a)(b)

Series

2016-3A,

Class

CRR,

(LIBOR

USD

3

Month

+

1.80%),

2.84%,

01/18/34

...

1,000

922,371

Series

2016-3A,

Class

DRR,

(LIBOR

USD

3

Month

+

3.25%),

4.29%,

01/18/34

...

1,250

1,161,784

Rockfield

Park

CLO

DAC,

Series

1X,

Class

D,

(EURIBOR

3

Month

+

5.95%),

5.95%,

07/16/34

(a)(c)

....................

EUR

357

308,687

Rockford

Tower

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

BR2A,

(LIBOR

USD

3

Month

+

1.65%),

2.71%,

04/20/34

..

USD

3,500

3,305,935

Series

2017-3A,

Class

C,

(LIBOR

USD

3

Month

+

1.80%),

2.86%,

10/20/30

...

2,300

2,178,860

Series

2018-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.72%),

3.20%,

05/20/31

...

1,000

957,852

Series

2018-2A,

Class

A,

(LIBOR

USD

3

Month

+

1.16%),

2.22%,

10/20/31

...

3,500

3,430,525

Series

2018-2A,

Class

B,

(LIBOR

USD

3

Month

+

1.80%),

2.86%,

10/20/31

...

1,125

1,093,619

Series

2018-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.20%),

3.26%,

10/20/31

...

700

668,019

Series

2018-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.10%),

4.16%,

10/20/31

...

1,600

1,482,140

Series

2019-1A,

Class

DR,

(LIBOR

USD

3

Month

+

3.10%),

4.16%,

04/20/34

...

1,500

1,379,465

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.00%),

3.48%,

08/20/32

...

5,500

5,198,041

Series

2019-2A,

Class

DR,

(LIBOR

USD

3

Month

+

2.90%),

4.38%,

08/20/32

...

3,500

3,270,309

Series

2020-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.28%),

2.34%,

01/20/32

...

10,000

9,825,464

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.10%),

3.16%,

07/20/34

...

2,000

1,862,895

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.25%),

4.31%,

07/20/34

...

1,250

1,166,544

Series

2021-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.15%),

3.21%,

10/20/34

...

3,000

2,793,612

Rockford

Tower

Europe

CLO

DAC,

Series

2021-1X,

Class

E,

(EURIBOR

3

Month

+

5.96%),

5.96%,

04/20/34

(a)(c)

.........

EUR

300

254,332

RR

5

Ltd.,

Series

2018-5A,

Class

B,

(LIBOR

USD

3

Month

+

2.25%),

3.29%,

10/15/31

(a)(b)

USD

1,250

1,198,435

Signal

Peak

CLO

2

LLC,

Series

2015-1A,

Class

CR2,

(LIBOR

USD

3

Month

+

1.90%),

2.96%,

04/20/29

(a)(b)

...............

2,000

1,918,384

Signal

Peak

CLO

4

Ltd.

(a)(b)

Series

2017-4A,

Class

CR,

(LIBOR

USD

3

Month

+

2.15%),

3.36%,

10/26/34

...

5,000

4,623,213

Series

2017-4A,

Class

DR,

(LIBOR

USD

3

Month

+

3.20%),

4.41%,

10/26/34

...

2,300

2,044,792

Signal

Peak

CLO

7

Ltd.

(a)(b)

Series

2019-1A,

Class

A,

(LIBOR

USD

3

Month

+

1.50%),

2.79%,

04/30/32

...

5,000

4,907,685

Series

2019-1A,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

3.29%,

04/30/32

...

5,000

4,805,459

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Signal

Peak

CLO

9

Ltd.

(a)(b)

Series

2021-9A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

2.80%,

07/21/34

...

USD

9,500

$

9,030,233

Series

2021-9A,

Class

C,

(LIBOR

USD

3

Month

+

2.05%),

3.15%,

07/21/34

...

2,000

1,859,355

Sixth

Street

CLO

XIX

Ltd.

(a)(b)

Series

2021-19A,

Class

B,

(LIBOR

USD

3

Month

+

1.70%),

2.76%,

07/20/34

...

3,000

2,853,562

Series

2021-19A,

Class

C,

(LIBOR

USD

3

Month

+

2.00%),

3.06%,

07/20/34

...

1,000

930,176

Series

2021-19A,

Class

D,

(LIBOR

USD

3

Month

+

3.00%),

4.06%,

07/20/34

...

4,000

3,701,633

Sixth

Street

CLO

XVII

Ltd.,

Series

2021-17A,

Class

A,

(LIBOR

USD

3

Month

+

1.24%),

2.30%,

01/20/34

(a)(b)

...............

8,500

8,241,282

Sixth

Street

CLO

XVIII

Ltd.,

Series

2021-18A,

Class

D,

(LIBOR

USD

3

Month

+

2.90%),

3.96%,

04/20/34

(a)(b)

...............

1,045

968,846

Sound

Point

CLO

XXI

Ltd.,

Series

2018-3A,

Class

A1A,

(LIBOR

USD

3

Month

+

1.18%),

2.39%,

10/26/31

(a)(b)

...............

6,600

6,475,015

Sound

Point

CLO

XXIII,

Series

2019-2A,

Class

CR,

(LIBOR

USD

3

Month

+

2.25%),

3.29%,

07/15/34

(a)(b)

....................

2,250

2,103,662

Sound

Point

CLO

XXIX

Ltd.,

Series

2021-1A,

Class

B1,

(LIBOR

USD

3

Month

+

1.70%),

2.88%,

04/25/34

(a)(b)

...............

3,350

3,177,034

Sound

Point

CLO

XXVIII

Ltd.,

Series

2020-3A,

Class

A1,

(LIBOR

USD

3

Month

+

1.28%),

2.46%,

01/25/32

(a)(b)

...............

1,500

1,466,060

Sound

Point

CLO

XXXIII

Ltd.,

Series

2022-1A,

Class

B,

(3

Month

CME

Term

SOFR

+

1.90%),

2.18%,

04/25/35

(a)(b)

.........

5,200

4,968,635

Sound

Point

Euro

CLO

V

Funding

DAC,

Series

5X,

Class

E,

(EURIBOR

3

Month

+

5.84%),

5.84%,

07/25/35

(a)(c)

...............

EUR

300

250,651

Southwick

Park

CLO

LLC

(a)(b)

Series

2019-4A,

Class

CR,

(LIBOR

USD

3

Month

+

1.95%),

3.01%,

07/20/32

...

USD

2,550

2,390,375

Series

2019-4A,

Class

ER,

(LIBOR

USD

3

Month

+

6.25%),

7.31%,

07/20/32

...

1,000

878,728

Stewart

Park

CLO

Ltd.,

Series

2015-1A,

Class

DR,

(LIBOR

USD

3

Month

+

2.60%),

3.64%,

01/15/30

(a)(b)

....................

1,700

1,524,098

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust

(a)

Series

2006-BC3,

Class

A1,

(LIBOR

USD

1

Month

+

0.32%),

1.94%,

10/25/36

...

5,748

4,351,990

Series

2007-MN1A,

Class

A1,

(LIBOR

USD

1

Month

+

0.23%),

1.85%,

01/25/37

(b)

.

1,499

1,003,063

Symphony

CLO

XX

Ltd.,

Series

2018-20A,

Class

DR,

(LIBOR

USD

3

Month

+

3.75%),

4.79%,

01/16/32

(a)(b)

...............

2,750

2,700,598

Tallman

Park

CLO

Ltd.,

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.95%),

3.01%,

04/20/34

(a)(b)

....................

830

768,497

TCI-Flatiron

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.85%),

3.29%,

11/18/30

...

1,250

1,186,446

Series

2018-1A,

Class

CR,

(LIBOR

USD

3

Month

+

1.75%),

2.99%,

01/29/32

...

4,000

3,756,687

Series

2018-1A,

Class

DR,

(LIBOR

USD

3

Month

+

2.75%),

3.99%,

01/29/32

...

2,000

1,861,369

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

TCW

CLO

Ltd.

(a)(b)

Series

2020-1A,

Class

CRR,

(LIBOR

USD

3

Month

+

2.05%),

3.11%,

04/20/34

...

USD

3,500

$

3,259,365

Series

2020-1A,

Class

DRR,

(LIBOR

USD

3

Month

+

3.40%),

4.46%,

04/20/34

...

2,250

2,109,566

Series

2021-1A,

Class

C,

(LIBOR

USD

3

Month

+

1.90%),

2.96%,

03/18/34

...

1,000

920,798

Series

2021-2A,

Class

C,

(LIBOR

USD

3

Month

+

2.10%),

3.28%,

07/25/34

...

2,500

2,327,577

Series

2021-2A,

Class

D,

(LIBOR

USD

3

Month

+

3.25%),

4.43%,

07/25/34

...

5,000

4,599,248

TICP

CLO

IX

Ltd.

(a)(b)

Series

2017-9A,

Class

B,

(LIBOR

USD

3

Month

+

1.60%),

2.66%,

01/20/31

...

1,000

966,167

Series

2017-9A,

Class

D,

(LIBOR

USD

3

Month

+

2.90%),

3.96%,

01/20/31

...

1,000

943,137

TICP

CLO

V

Ltd.,

Series

2016-5A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

4.19%,

07/17/31

(a)(b)

....................

2,500

2,275,635

TICP

CLO

VI

Ltd.

(a)(b)

Series

2016-6A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.50%),

2.54%,

01/15/34

...

2,000

1,868,171

Series

2016-6A,

Class

CR2,

(LIBOR

USD

3

Month

+

1.90%),

2.94%,

01/15/34

...

1,650

1,533,055

TICP

CLO

VII

Ltd.

(a)(b)

Series

2017-7A,

Class

BR,

(LIBOR

USD

3

Month

+

1.70%),

2.74%,

04/15/33

...

2,000

1,903,040

Series

2017-7A,

Class

CR,

(LIBOR

USD

3

Month

+

2.15%),

3.19%,

04/15/33

...

6,500

6,133,680

Series

2017-7A,

Class

DR,

(LIBOR

USD

3

Month

+

3.20%),

4.24%,

04/15/33

...

4,000

3,694,867

TICP

CLO

XI

Ltd.

(a)(b)

Series

2018-11A,

Class

A,

(LIBOR

USD

3

Month

+

1.18%),

2.24%,

10/20/31

...

8,545

8,349,068

Series

2018-11A,

Class

D,

(LIBOR

USD

3

Month

+

3.05%),

4.11%,

10/20/31

...

1,100

1,028,141

Series

2018-11A,

Class

E,

(LIBOR

USD

3

Month

+

6.00%),

7.06%,

10/20/31

...

1,000

893,728

TICP

CLO

XII

Ltd.

(a)(b)

Series

2018-12A,

Class

CR,

(LIBOR

USD

3

Month

+

2.10%),

3.14%,

07/15/34

...

13,450

12,524,888

Series

2018-12A,

Class

DR,

(LIBOR

USD

3

Month

+

3.30%),

4.34%,

07/15/34

...

1,500

1,406,907

TICP

CLO

XIII

Ltd.,

Series

2019-13A,

Class

DR,

(LIBOR

USD

3

Month

+

3.15%),

4.19%,

04/15/34

(a)(b)

....................

2,000

1,874,686

TICP

CLO

XIV

Ltd.,

Series

2019-14A,

Class

BR,

(LIBOR

USD

3

Month

+

2.20%),

3.26%,

10/20/32

(a)(b)

....................

3,250

3,089,233

Trestles

CLO

III

Ltd.,

Series

2020-3A,

Class

C,

(LIBOR

USD

3

Month

+

2.25%),

3.31%,

01/20/33

(a)(b)

....................

1,450

1,371,379

Tricon

American

Homes

Trust

(b)

Series

2019-SFR1,

Class

E,

3.40%,

03/17/38

....................

7,000

6,580,215

Series

2020-SFR2,

Class

E2,

3.08%,

11/17/39

....................

1,000

863,079

Tricon

Residential

Trust

(b)

Series

2021-SFR1,

Class

F,

3.69%,

07/17/38

....................

5,500

4,882,219

Series

2021-SFR1,

Class

G,

4.13%,

07/17/38

....................

3,551

3,127,157

Series

2022-SFR2,

Class

E,

7.51%,

07/17/40

....................

10,000

9,999,757

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Upland

CLO

Ltd.,

Series

2016-1A,

Class

CR,

(LIBOR

USD

3

Month

+

2.90%),

3.96%,

04/20/31

(a)(b)

....................

USD

1,500

$

1,355,662

Voya

CLO

Ltd.

(a)(b)

Series

2014-1A,

Class

BR2,

(LIBOR

USD

3

Month

+

1.90%),

2.94%,

04/18/31

...

1,000

939,925

Series

2014-4A,

Class

BR2,

(LIBOR

USD

3

Month

+

2.09%),

3.13%,

07/14/31

...

500

473,450

Series

2016-3A,

Class

A1R,

(LIBOR

USD

3

Month

+

1.19%),

2.23%,

10/18/31

...

500

489,070

Voya

Euro

CLO

II

DAC,

Series

2X,

Class

ER,

(EURIBOR

3

Month

+

6.02%),

6.02%,

07/15/35

(a)(c)

....................

EUR

390

334,642

Washington

Mutual

Asset-Backed

CertificatesTrust,

Series

2006-HE5,

Class

1A,

(LIBOR

USD

1

Month

+

0.16%),

1.78%,

10/25/36

(a)

.....................

USD

12,698

10,125,692

Webster

Park

CLO

Ltd.,

Series

2015-1A,

Class

A1BR,

(LIBOR

USD

3

Month

+

1.35%),

2.41%,

07/20/30

(a)(b)

...............

3,800

3,668,595

Wellman

Park

CLO

Ltd.,

Series

2021-1A,

Class

B,

(LIBOR

USD

3

Month

+

1.60%),

2.64%,

07/15/34

(a)(b)

....................

7,000

6,561,893

Whetstone

Park

CLO

Ltd.,

Series

2021-1A,

Class

D,

(LIBOR

USD

3

Month

+

2.90%),

3.96%,

01/20/35

(a)(b)

...............

2,500

2,317,765

Whitebox

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

ANBR,

(LIBOR

USD

3

Month

+

1.70%),

2.88%,

07/24/32

..

10,415

9,857,674

Series

2019-1A,

Class

BR,

(LIBOR

USD

3

Month

+

2.05%),

3.23%,

07/24/32

...

5,000

4,707,219

York

CLO

1

Ltd.,

Series

2014-1A,

Class

BRR,

(LIBOR

USD

3

Month

+

1.65%),

2.79%,

10/22/29

(a)(b)

....................

2,100

2,031,029

Total

Asset-Backed

Securities

—

10.8%

(Cost:

$1,708,973,933)

...........................

1,605,812,634

Shares

Shares

Common

Stocks

Aerospace

&

Defense

—

0.2%

Airbus

SE

........................

36,480

3,568,105

BAE

Systems

plc

...................

641,242

6,491,930

Huntington

Ingalls

Industries,

Inc.

........

28,929

6,301,315

Lockheed

Martin

Corp.

...............

7,157

3,077,224

MTU

Aero

Engines

AG

...............

19,341

3,543,108

Raytheon

Technologies

Corp.

..........

50,170

4,821,838

27,803,520

Air

Freight

&

Logistics

—

0.1%

DSV

A/S

.........................

23,767

3,342,052

FedEx

Corp.

......................

13,028

2,953,578

ZTO

Express

Cayman,

Inc.,

ADR

........

13,289

364,783

6,660,413

Airlines

—

0.1%

(e)

Copa

Holdings

SA,

Class

A

(f)

...........

142,793

9,048,792

InterGlobe

Aviation

Ltd.

(b)(c)

............

416,524

8,523,726

17,572,518

Auto

Components

—

0.0%

Lear

Corp.

.......................

40,791

5,135,179

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

46

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Shares

Shares

Value

Automobiles

—

0.1%

BYD

Co.

Ltd.,

Class

A

................

17,900

$

894,631

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

...

286,000

217,731

General

Motors

Co.

(e)

................

235,992

7,495,106

Maruti

Suzuki

India

Ltd.

..............

88,944

9,587,092

18,194,560

Banks

—

1.7%

Absa

Group

Ltd.

...................

655,479

6,258,720

Abu

Dhabi

Commercial

Bank

PJSC

......

3,939,382

9,513,487

Abu

Dhabi

Islamic

Bank

PJSC

..........

184,545

377,403

Al

Rajhi

Bank

.....................

375,581

8,274,590

AMMB

Holdings

Bhd.

................

236,100

199,933

Axis

Bank

Ltd.

(e)

....................

1,197,032

9,696,045

Bandhan

Bank

Ltd.

(b)(c)

...............

2,605,544

8,742,245

Bank

of

Beijing

Co.

Ltd.,

Class

A

........

887,900

602,956

Bank

of

Changsha

Co.

Ltd.,

Class

A

......

560,200

664,787

Bank

of

China

Ltd.,

Class

A

(e)

...........

1,108,300

540,194

Bank

of

China

Ltd.,

Class

H

(e)

...........

39,422,000

15,751,903

Bank

of

Communications

Co.

Ltd.,

Class

A

..

482,400

359,311

Bank

of

Communications

Co.

Ltd.,

Class

H

.

1,600,000

1,109,040

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

...

71,729,413

20,031,571

BNP

Paribas

SA

...................

70,209

3,358,235

Boubyan

Bank

KSCP

................

62,924

158,541

Capitec

Bank

Holdings

Ltd.

............

436

53,436

Chang

Hwa

Commercial

Bank

Ltd.

.......

787,890

460,213

China

CITIC

Bank

Corp.

Ltd.,

Class

H

.....

477,000

213,655

China

Construction

Bank

Corp.,

Class

A

...

264,100

239,369

China

Construction

Bank

Corp.,

Class

H

...

1,644,000

1,108,469

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

.......................

255,300

141,292

CIMB

Group

Holdings

Bhd.

............

898,200

1,010,766

Citigroup,

Inc.

.....................

176,517

8,118,017

Citizens

Financial

Group,

Inc.

..........

415,862

14,842,115

Comerica,

Inc.

.....................

19,717

1,446,833

Commercial

Bank

PSQC

(The)

..........

171,546

321,215

Commercial

International

Bank

Egypt

SAE

..

1,766,070

3,497,852

Credicorp

Ltd.

.....................

4,940

592,355

CTBC

Financial

Holding

Co.

Ltd.

........

2,760,000

2,334,549

DBS

Group

Holdings

Ltd.

.............

384,300

8,223,025

Dubai

Islamic

Bank

PJSC

.............

496,642

779,917

E.Sun

Financial

Holding

Co.

Ltd.

........

1,610,686

1,572,301

Emirates

NBD

Bank

PJSC

.............

149,531

538,583

First

Abu

Dhabi

Bank

PJSC

............

350,784

1,795,003

First

Citizens

BancShares,

Inc.,

Class

A

....

11,446

7,483,166

First

Financial

Holding

Co.

Ltd.

..........

1,097,830

968,903

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

2,507,504

14,015,438

Hana

Financial

Group,

Inc.

............

335,020

10,182,509

Hong

Leong

Bank

Bhd.

...............

62,200

289,010

Hong

Leong

Financial

Group

Bhd.

.......

18,200

76,408

Hua

Nan

Financial

Holdings

Co.

Ltd.

......

770,572

586,698

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

.......................

115,100

82,092

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

(e)

......................

17,817,000

10,630,496

Industrial

Bank

Co.

Ltd.,

Class

A

.........

70,700

210,771

KB

Financial

Group,

Inc.

..............

198,808

7,424,151

KBC

Group

NV

....................

59,517

3,348,485

Kotak

Mahindra

Bank

Ltd.

.............

101,535

2,147,440

Kuwait

Finance

House

KSCP

...........

518,835

1,475,102

M&T

Bank

Corp.

...................

138,706

22,108,349

Malayan

Banking

Bhd.

...............

503,400

981,103

Masraf

Al

Rayan

QSC

................

608,428

687,013

National

Bank

of

Kuwait

SAKP

..........

376,181

1,279,849

Nordea

Bank

Abp

..................

387,730

3,425,022

OTP

Bank

Nyrt.

....................

72,583

1,628,456

Security

Shares

Shares

Value

Banks

(continued)

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H

(b)(c)

.........................

691,000

$

550,671

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

(e)

.........................

1,135,728

7,123,717

Public

Bank

Bhd.

...................

1,343,200

1,332,408

Qatar

International

Islamic

Bank

QSC

.....

93,964

273,793

Qatar

Islamic

Bank

SAQ

..............

139,070

845,081

Qatar

National

Bank

QPSC

............

271,586

1,482,847

RHB

Bank

Bhd.

....................

291,600

379,133

Sberbank

of

Russia

PJSC

(e)(g)

...........

877,548

160

Shanghai

Commercial

&

Savings

Bank

Ltd.

(The)

.........................

270,000

482,957

Standard

Chartered

plc

...............

1,336,999

10,093,536

TCS

Group

Holding

plc,

GDR

(c)(e)(g)

.......

78,717

787

Wells

Fargo

&

Co.

..................

303,967

11,906,387

256,429,864

Beverages

—

0.3%

Arca

Continental

SAB

de

CV

...........

41,093

271,025

Carlsberg

A/S,

Class

B

...............

28,791

3,679,568

Coca-Cola

Femsa

SAB

de

CV

..........

37,145

205,900

Coca-Cola

Femsa

SAB

de

CV,

ADR

......

8,514

470,654

Diageo

plc

.......................

434,196

18,754,105

Fomento

Economico

Mexicano

SAB

de

CV

.

683,766

4,615,110

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

.........................

68,477

4,621,513

Kweichow

Moutai

Co.

Ltd.,

Class

A

.......

53,200

16,275,606

48,893,481

Biotechnology

—

0.2%

3SBio,

Inc.

(b)(c)

.....................

882,000

702,796

AbbVie,

Inc.

......................

131,615

20,158,154

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co.

Ltd.,

Class

A

.................

33,944

788,105

BGI

Genomics

Co.

Ltd.,

Class

A

.........

65,900

706,528

Biocon

Ltd.

.......................

208,557

816,541

Bloomage

Biotechnology

Corp.

Ltd.,

Class

A

86,085

1,836,151

Legend

Biotech

Corp.,

ADR

(e)

...........

8,402

462,110

Shanghai

RAAS

Blood

Products

Co.

Ltd.,

Class

A

...........................

106,700

94,621

25,565,006

Building

Products

—

0.0%

Cie

de

Saint-Gobain

.................

64,254

2,776,367

Capital

Markets

—

0.2%

B3

SA

-

Brasil

Bolsa

Balcao

............

3,867,965

8,137,327

Intercontinental

Exchange,

Inc.

.........

194,109

18,254,011

Invesco

Ltd.

......................

160,072

2,581,961

28,973,299

Chemicals

—

0.2%

Air

Liquide

SA

.....................

55,739

7,502,628

Albemarle

Corp.

...................

34,567

7,223,812

Formosa

Chemicals

&

Fibre

Corp.

.......

284,000

713,820

Formosa

Plastics

Corp.

...............

43,000

157,012

International

Flavors

&

Fragrances,

Inc.

....

61,166

7,286,094

Linde

plc

........................

8,736

2,513,350

Mesaieed

Petrochemical

Holding

Co.

.....

70,782

48,177

PPG

Industries,

Inc.

.................

31,472

3,598,508

Saudi

Basic

Industries

Corp.

...........

88,238

2,392,792

Sika

AG

(Registered)

................

10,244

2,364,697

Taiwan

Fertilizer

Co.

Ltd.

..............

97,000

208,543

UPL

Ltd.

.........................

19,477

156,393

Yanbu

National

Petrochemical

Co.

.......

45,373

611,119

34,776,945

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

—

0.0%

Preston

Holdings

LLC

(e)(g)

.............

24,388

$

4,048

Communications

Equipment

—

0.1%

Accton

Technology

Corp.

.............

1,236,300

9,944,808

Cisco

Systems,

Inc.

.................

237,370

10,121,457

Telefonaktiebolaget

LM

Ericsson,

ADR

....

123,233

911,924

Wistron

NeWeb

Corp.

................

195,000

454,281

21,432,470

Construction

&

Engineering

—

0.0%

Eiffage

SA

.......................

63,400

5,735,164

Mcdermott

International

Ltd.

(e)

..........

165,884

94,554

5,829,718

Construction

Materials

—

0.1%

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

....

1,995,000

8,658,145

Consumer

Finance

—

0.2%

Capital

One

Financial

Corp.

............

28,427

2,961,809

Kaspi.KZ

JSC,

GDR

(c)

................

157,126

7,149,233

Synchrony

Financial

.................

453,275

12,519,456

22,630,498

Containers

&

Packaging

—

0.1%

Sealed

Air

Corp.

...................

129,736

7,488,362

Diversified

Financial

Services

—

0.1%

Apollo

Global

Management,

Inc.

.........

159,546

7,734,790

Equitable

Holdings,

Inc.

..............

182,719

4,763,485

Metro

Pacific

Investments

Corp.

.........

1,157,000

74,310

12,572,585

Diversified

Telecommunication

Services

—

0.7%

AT&T,

Inc.

........................

279,268

5,853,457

Cellnex

Telecom

SA

(b)(c)

...............

995,925

38,759,607

China

Tower

Corp.

Ltd.,

Class

H

(b)(c)

......

4,708,000

606,635

Chunghwa

Telecom

Co.

Ltd.

...........

566,000

2,324,241

Hellenic

Telecommunications

Organization

SA

625,949

10,932,116

Koninklijke

KPN

NV

.................

3,651,092

12,991,062

Liberty

Global

plc,

Class

A

(e)

............

10,811

227,572

Ooredoo

QPSC

....................

121,899

256,344

Saudi

Telecom

Co.

..................

61,772

1,601,829

Telekom

Malaysia

Bhd.

...............

220,400

262,689

Telkom

Indonesia

Persero

Tbk.

PT

.......

7,416,800

1,995,230

Telkom

Indonesia

Persero

Tbk.

PT,

ADR

...

16,307

440,941

TELUS

Corp.

.....................

804,320

17,914,741

Verizon

Communications,

Inc.

..........

125,653

6,376,890

100,543,354

Electric

Utilities

—

1.1%

American

Electric

Power

Co.,

Inc.

........

182,867

17,544,260

CEZ

A/S

.........................

21,634

976,170

CLP

Holdings

Ltd.

..................

613,000

5,094,203

Constellation

Energy

Corp.

............

78,817

4,513,061

Duke

Energy

Corp.

.................

223,724

23,985,450

Edison

International

.................

101,163

6,397,548

EDP

-

Energias

de

Portugal

SA

.........

6,091,974

28,390,647

Electricite

de

France

SA

..............

24,878

204,344

Enel

SpA

........................

1,410,038

7,732,962

Entergy

Corp.

.....................

93,618

10,545,132

Eversource

Energy

.................

128,461

10,851,101

Manila

Electric

Co.

..................

17,180

112,520

NextEra

Energy,

Inc.

................

356,176

27,589,393

Southern

Co.

(The)

.................

142,754

10,179,788

Tenaga

Nasional

Bhd.

...............

280,300

507,467

Terna

-

Rete

Elettrica

Nazionale

.........

572,476

4,500,940

Xcel

Energy,

Inc.

...................

146,402

10,359,406

169,484,392

Security

Shares

Shares

Value

Electrical

Equipment

—

0.1%

Havells

India

Ltd.

...................

57,875

$

808,061

Schneider

Electric

SE

................

118,862

14,163,069

14,971,130

Electronic

Equipment,

Instruments

&

Components

—

0.2%

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

A

....................

1,085,900

735,609

Delta

Electronics,

Inc.

................

237,000

1,767,133

Hon

Hai

Precision

Industry

Co.

Ltd.

.......

650,000

2,386,243

Largan

Precision

Co.

Ltd.

.............

12,000

697,360

Primax

Electronics

Ltd.

...............

290,000

603,494

Samsung

SDI

Co.

Ltd.

...............

13,602

5,609,262

Simplo

Technology

Co.

Ltd.

............

45,000

386,188

TE

Connectivity

Ltd.

.................

103,222

11,679,569

Tripod

Technology

Corp.

..............

71,000

266,382

24,131,240

Energy

Equipment

&

Services

—

0.1%

Baker

Hughes

Co.

..................

233,847

6,751,163

Equity

Real

Estate

Investment

Trusts

(REITs)

—

3.6%

Alexandria

Real

Estate

Equities,

Inc.

......

155,878

22,606,986

American

Tower

Corp.

...............

167,257

42,749,217

Assura

plc

.......................

30,886,587

24,589,250

Boston

Properties,

Inc.

...............

193,975

17,259,895

Community

Healthcare

Trust,

Inc.

........

191,717

6,942,083

Covivio

.........................

171,134

9,560,859

Cromwell

European

REIT

(c)

............

5,253,720

10,735,990

Crown

Castle

International

Corp.

........

116,526

19,620,648

Digital

Realty

Trust,

Inc.

..............

125,336

16,272,373

EPR

Properties

....................

340,572

15,983,044

Equinix,

Inc.

......................

25,136

16,514,855

ESR

Kendall

Square

REIT

Co.

Ltd.

.......

3,684,313

15,972,853

Goodman

Group

...................

1,483,658

18,319,807

LondonMetric

Property

plc

.............

3,354,251

9,322,197

Medical

Properties

Trust,

Inc.

...........

412,673

6,301,517

Outfront

Media,

Inc.

.................

1,455,979

24,678,844

Physicians

Realty

Trust

...............

1,207,529

21,071,381

Prologis,

Inc.

......................

267,768

31,502,905

Rexford

Industrial

Realty,

Inc.

..........

330,643

19,041,730

SBA

Communications

Corp.

...........

39,891

12,767,115

Secure

Income

REIT

plc

..............

1,661,908

9,528,521

SL

Green

Realty

Corp.

...............

406,419

18,756,237

Spirit

Realty

Capital,

Inc.

..............

534,977

20,211,431

Sun

Communities,

Inc.

...............

150,167

23,930,613

Target

Healthcare

REIT

plc

............

9,455,219

12,476,664

UDR,

Inc.

........................

521,145

23,993,516

VICI

Properties,

Inc.

.................

742,244

22,111,449

Warehouses

De

Pauw

CVA

............

444,349

14,021,059

Welltower,

Inc.

.....................

292,498

24,087,210

530,930,249

Food

&

Staples

Retailing

—

0.2%

Al-Dawaa

Medical

Services

Co.

(e)

........

8,971

160,192

BGF

retail

Co.

Ltd.

..................

2,727

397,968

BIM

Birlesik

Magazalar

A/S

............

41,964

203,268

Clicks

Group

Ltd.

...................

28,976

486,788

President

Chain

Store

Corp.

...........

98,000

897,767

Sendas

Distribuidora

SA

..............

2,881,722

7,868,578

Shoprite

Holdings

Ltd.

...............

93,171

1,135,196

Wal-Mart

de

Mexico

SAB

de

CV

.........

6,553,561

22,551,850

X5

Retail

Group

NV,

GDR

(c)(g)

...........

207,497

2,075

33,703,682

Food

Products

—

0.2%

Almarai

Co.

JSC

...................

38,167

534,095

China

Mengniu

Dairy

Co.

Ltd.

(e)

.........

2,775,000

13,911,506

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

48

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Shares

Shares

Value

Food

Products

(continued)

CJ

CheilJedang

Corp.

................

2,241

$

656,040

Dali

Foods

Group

Co.

Ltd.

(b)(c)

...........

366,000

194,666

Danone

SA

.......................

45,334

2,538,803

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

.......................

57,500

335,055

IOI

Corp.

Bhd.

.....................

236,900

206,397

Kraft

Heinz

Co.

(The)

................

72,881

2,779,681

Kuala

Lumpur

Kepong

Bhd.

............

72,100

358,905

Mondelez

International,

Inc.,

Class

A

......

39,529

2,454,356

Nestle

Malaysia

Bhd.

................

4,500

135,383

Nestle

SA

(Registered)

...............

61,022

7,131,810

PPB

Group

Bhd.

...................

35,500

127,744

QL

Resources

Bhd.

.................

58,200

68,665

Savola

Group

(The)

.................

11,683

104,797

Sime

Darby

Plantation

Bhd.

............

297,100

291,956

Tingyi

Cayman

Islands

Holding

Corp.

.....

492,000

845,537

Uni-President

China

Holdings

Ltd.

.......

318,000

273,451

Uni-President

Enterprises

Corp.

.........

464,000

1,046,185

Universal

Robina

Corp.

...............

36,140

72,977

Want

Want

China

Holdings

Ltd.

.........

447,000

389,813

34,457,822

Gas

Utilities

—

0.2%

Atmos

Energy

Corp.

.................

65,818

7,378,198

Beijing

Enterprises

Holdings

Ltd.

........

128,000

455,097

China

Resources

Gas

Group

Ltd.

........

138,100

643,742

ENN

Energy

Holdings

Ltd.

.............

796,400

13,163,473

Indraprastha

Gas

Ltd.

................

143,436

647,845

Kunlun

Energy

Co.

Ltd.

...............

10,774,000

8,835,206

Mahanagar

Gas

Ltd.

(c)

...............

19,479

187,780

Perusahaan

Gas

Negara

Tbk.

PT

........

595,000

63,610

Petronas

Gas

Bhd.

..................

44,200

164,807

Tokyo

Gas

Co.

Ltd.

.................

202,300

4,192,476

35,732,234

Health

Care

Equipment

&

Supplies

—

0.2%

Dentsply

Sirona,

Inc.

................

102,625

3,666,791

Medtronic

plc

.....................

278,465

24,992,234

Zimmer

Biomet

Holdings,

Inc.

..........

46,486

4,883,819

33,542,844

Health

Care

Providers

&

Services

—

0.4%

Bangkok

Dusit

Medical

Services

PCL,

NVDR

3,167,500

2,241,959

Bumrungrad

Hospital

PCL,

NVDR

.......

288,000

1,458,715

Cardinal

Health,

Inc.

.................

84,236

4,403,016

Cigna

Corp.

......................

18,680

4,922,554

CVS

Health

Corp.

..................

24,841

2,301,767

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

..........................

11,863

614,705

Elevance

Health,

Inc.

................

11,420

5,511,064

Hapvida

Participacoes

e

Investimentos

SA

(b)(c)(e)

7,220,189

7,532,743

Humana,

Inc.

.....................

10,528

4,927,841

IHH

Healthcare

Bhd.

................

353,500

517,325

Laboratory

Corp.

of

America

Holdings

.....

27,730

6,498,803

Mouwasat

Medical

Services

Co.

.........

6,555

372,275

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

.......................

245,900

408,292

Sinopharm

Group

Co.

Ltd.,

Class

H

......

356,800

863,860

UnitedHealth

Group,

Inc.

..............

41,023

21,070,643

63,645,562

Hotels,

Restaurants

&

Leisure

—

0.1%

Genting

Malaysia

Bhd.

...............

630,300

406,791

NEW

Top

YK

(e)(g)(h)

..................

12,874

—

Sands

China

Ltd.

(e)

..................

2,544,800

6,122,028

Seera

Group

Holding

(e)

...............

228,240

973,431

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Yum

China

Holdings,

Inc.

(f)

............

184,422

$

8,944,467

16,446,717

Household

Durables

—

0.2%

Haier

Smart

Home

Co.

Ltd.,

Class

A

......

1,700,608

6,995,858

Haier

Smart

Home

Co.

Ltd.,

Class

H

......

243,000

904,435

Newell

Brands,

Inc.

.................

228,426

4,349,231

Persimmon

plc

....................

107,383

2,443,167

Taylor

Wimpey

plc

..................

7,428,231

10,581,079

25,273,770

Household

Products

—

0.2%

Kimberly-Clark

Corp.

................

39,633

5,356,400

Reckitt

Benckiser

Group

plc

............

357,404

26,881,163

32,237,563

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

CGN

Power

Co.

Ltd.,

Class

H

(b)(c)

........

802,000

194,276

China

Yangtze

Power

Co.

Ltd.,

Class

A

....

176,116

608,819

RWE

AG

........................

85,556

3,164,379

3,967,474

Industrial

Conglomerates

—

0.0%

Far

Eastern

New

Century

Corp.

.........

471,000

504,181

Fosun

International

Ltd.

..............

262,000

242,026

HAP

Seng

Consolidated

Bhd.

..........

30,000

48,531

Industries

Qatar

QSC

................

191,189

834,296

Siemens

AG

(Registered)

.............

17,361

1,784,650

Sime

Darby

Bhd.

...................

456,800

221,016

3,634,700

Insurance

—

0.9%

American

International

Group,

Inc.

.......

103,720

5,303,204

Assurant,

Inc.

.....................

93,992

16,246,517

Bupa

Arabia

for

Cooperative

Insurance

Co.

(e)

7,872

334,168

Direct

Line

Insurance

Group

plc

.........

1,203,211

3,693,183

Fidelity

National

Financial,

Inc.

..........

122,258

4,518,656

Gjensidige

Forsikring

ASA

.............

165,475

3,368,495

Phoenix

Group

Holdings

plc

...........

651,934

4,696,885

Prudential

Financial,

Inc.

..............

37,274

3,566,376

Prudential

plc

.....................

2,249,849

27,986,401

Qatar

Insurance

Co.

SAQ

.............

72,642

47,703

Sampo

OYJ,

Class

A

................

77,959

3,406,897

Sanlam

Ltd.

......................

2,262,531

7,353,742

Seguridade

Participacoes

SA

...........

3,267,054

16,230,862

Tryg

A/S

.........................

242,535

5,464,291

Willis

Towers

Watson

plc

..............

31,411

6,200,217

Zurich

Insurance

Group

AG

............

51,318

22,378,416

130,796,013

Interactive

Media

&

Services

—

0.1%

Auto

Trader

Group

plc

(b)(c)

.............

407,439

2,759,402

Baidu,

Inc.,

Class

A

(e)

................

36,050

682,902

Tencent

Holdings

Ltd.

................

257,300

11,646,723

Tencent

Holdings

Ltd.,

ADR

(f)

...........

40,723

1,848,417

16,937,444

Internet

&

Direct

Marketing

Retail

—

0.2%

(e)

Alibaba

Group

Holding

Ltd.

............

756,100

10,786,064

Alibaba

Group

Holding

Ltd.,

ADR

........

95,435

10,849,051

21,635,115

IT

Services

—

0.8%

Arabian

Internet

&

Communications

Services

Co.

..........................

41,384

2,185,850

Cognizant

Technology

Solutions

Corp.,

Class

A

86,634

5,846,929

Fidelity

National

Information

Services,

Inc.

..

295,127

27,054,292

GDS

Holdings

Ltd.,

Class

A

(e)

...........

3,884,260

16,334,063

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Shares

Shares

Value

IT

Services

(continued)

HCL

Technologies

Ltd.

...............

18,800

$

232,780

Infosys

Ltd.

.......................

64,310

1,195,300

Infosys

Ltd.,

ADR

...................

42,944

794,893

NEXTDC

Ltd.

(e)

....................

2,054,401

15,120,274

Paychex,

Inc.

.....................

67,504

7,686,681

Samsung

SDS

Co.

Ltd.

...............

2,375

238,512

SS&C

Technologies

Holdings,

Inc.

.......

94,159

5,467,813

SUNeVision

Holdings

Ltd.

.............

10,762,000

8,218,469

Tata

Consultancy

Services

Ltd.

.........

263,450

10,940,262

Tech

Mahindra

Ltd.

.................

22,046

280,449

Visa,

Inc.,

Class

A

..................

88,322

17,389,719

118,986,286

Leisure

Products

—

0.1%

Hasbro,

Inc.

......................

220,247

18,033,824

Life

Sciences

Tools

&

Services

—

0.1%

Lonza

Group

AG

(Registered)

..........

9,620

5,138,402

WuXi

AppTec

Co.

Ltd.,

Class

A

..........

265,300

4,132,589

WuXi

AppTec

Co.

Ltd.,

Class

H

(b)(c)

.......

405,040

5,418,606

14,689,597

Machinery

—

0.4%

Alfa

Laval

AB

.....................

70,978

1,720,657

Epiroc

AB,

Class

A

..................

819,053

12,699,468

Epiroc

AB,

Class

B

..................

125,592

1,701,949

Han's

Laser

Technology

Industry

Group

Co.

Ltd.,

Class

A

....................

2,257,094

11,208,163

Komatsu

Ltd.

.....................

472,700

10,525,692

Otis

Worldwide

Corp.

................

218,642

15,451,430

Volvo

AB,

Class

B

..................

164,095

2,553,218

55,860,577

Marine

—

0.0%

MISC

Bhd.

.......................

137,700

221,868

Project

Investor

Holdings

LLC,

(Acquired

02/12/19,

cost

$0)

(e)(g)(i)

.............

24,388

—

221,868

Media

—

0.2%

Comcast

Corp.,

Class

A

..............

483,676

18,979,446

Publicis

Groupe

SA

(e)

................

58,940

2,898,701

Telenet

Group

Holding

NV

.............

7,142

148,405

22,026,552

Metals

&

Mining

—

0.2%

Alrosa

PJSC

(g)

.....................

607,124

110

Aneka

Tambang

Tbk.

................

2,744,200

331,338

CMOC

Group

Ltd.,

Class

H

............

13,116,000

7,324,081

Gold

Fields

Ltd.

....................

446,252

4,115,868

Gold

Fields

Ltd.,

ADR

(f)

...............

436,338

3,979,403

Hochschild

Mining

plc

................

107,064

125,970

Korea

Zinc

Co.

Ltd.

.................

16,057

6,043,748

Maanshan

Iron

&

Steel

Co.

Ltd.,

Class

H

...

946,000

287,413

Novolipetsk

Steel

PJSC

(g)

.............

14

—

POSCO

Holdings,

Inc.

...............

12,174

2,171,077

POSCO

Holdings,

Inc.,

ADR

...........

14,291

636,235

Shandong

Gold

Mining

Co.

Ltd.,

Class

A

...

645,144

1,776,668

Zijin

Mining

Group

Co.

Ltd.,

Class

A

......

1,660,800

2,314,880

Zijin

Mining

Group

Co.

Ltd.,

Class

H

......

4,944,000

6,016,290

35,123,081

Multiline

Retail

—

0.0%

Dollar

General

Corp.

................

17,953

4,406,384

Fix

Price

Group

Ltd.,

GDR

(c)(g)

..........

1,377,673

13,777

Woolworths

Holdings

Ltd.

.............

22,093

73,672

4,493,833

Security

Shares

Shares

Value

Multi-Utilities

—

0.5%

Ameren

Corp.

.....................

124,839

$

11,280,452

CenterPoint

Energy,

Inc.

..............

362,932

10,735,528

CMS

Energy

Corp.

..................

128,478

8,672,265

Dominion

Energy,

Inc.

................

87,944

7,018,811

DTE

Energy

Co.

...................

38,105

4,829,809

National

Grid

plc

...................

172,506

2,216,864

NiSource,

Inc.

.....................

159,802

4,712,561

Public

Service

Enterprise

Group,

Inc.

.....

218,559

13,830,413

Qatar

Electricity

&

Water

Co.

QSC

.......

31,180

149,192

Sempra

Energy

....................

73,000

10,969,710

WEC

Energy

Group,

Inc.

..............

39,328

3,957,970

78,373,575

Oil,

Gas

&

Consumable

Fuels

—

1.1%

BP

plc

..........................

3,535,924

16,602,914

Cheniere

Energy,

Inc.

................

70,941

9,437,281

Chesapeake

Energy

Corp.

............

68,747

5,575,382

Chevron

Corp.

.....................

51,341

7,433,150

China

Petroleum

&

Chemical

Corp.,

Class

H

18,836,000

8,487,500

ConocoPhillips

....................

27,249

2,447,233

Ecopetrol

SA,

ADR

..................

664,308

7,214,385

Enbridge,

Inc.

.....................

468,683

19,793,045

Energy

Transfer

LP

.................

188,092

1,877,158

Enterprise

Products

Partners

LP

.........

86,720

2,113,366

EQT

Corp.

.......................

164,873

5,671,631

Equitrans

Midstream

Corp.

............

54,247

345,011

Gibson

Energy,

Inc.

.................

23,833

441,407

Hess

Corp.

.......................

36,647

3,882,383

Kinder

Morgan,

Inc.

.................

33,263

557,488

LUKOIL

PJSC

(g)

....................

23,639

4

LUKOIL

PJSC,

ADR

(g)

................

393,475

71

Magellan

Midstream

Partners

LP

........

38,940

1,859,774

MOL

Hungarian

Oil

&

Gas

plc

..........

915,065

7,078,434

Novatek

PJSC,

GDR

(c)(g)

..............

69

1

ONEOK,

Inc.

......................

5,524

306,582

Pembina

Pipeline

Corp.

..............

9,636

340,614

PetroChina

Co.

Ltd.,

Class

A

...........

1,469,600

1,158,842

PetroChina

Co.

Ltd.,

Class

H

...........

140,000

65,661

Petroleo

Brasileiro

SA,

ADR

...........

367,653

4,294,187

Petronet

LNG

Ltd.

..................

3,944,600

10,871,709

Plains

All

American

Pipeline

LP

.........

198,670

1,950,939

PTT

Exploration

&

Production

PCL,

NVDR

..

184,900

833,522

Qatar

Fuel

QSC

....................

37,378

182,217

Qatar

Gas

Transport

Co.

Ltd.

...........

497,810

509,257

Saudi

Arabian

Oil

Co.

(b)(c)

..............

163,777

1,692,653

Shell

plc

.........................

86,772

2,259,784

Targa

Resources

Corp.

...............

161,080

9,611,644

TC

Energy

Corp.

...................

5,246

271,795

TotalEnergies

SE

...................

99,531

5,239,010

Williams

Cos.,

Inc.

(The)

..............

648,010

20,224,392

160,630,426

Personal

Products

—

0.2%

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

....

64,243

16,360,765

Hengan

International

Group

Co.

Ltd.

......

182,500

859,038

Hindustan

Unilever

Ltd.

...............

53,149

1,506,961

L'Oreal

SA

.......................

10,328

3,585,939

Unilever

plc,

ADR

..................

127,695

5,852,262

Yunnan

Botanee

Bio-Technology

Group

Co.

Ltd.,

Class

A

....................

7,800

253,613

28,418,578

Pharmaceuticals

—

1.0%

Alkem

Laboratories

Ltd.

..............

11,355

431,797

AstraZeneca

plc

...................

318,389

42,002,453

Bayer

AG

(Registered)

...............

140,386

8,383,346

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

50

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

China

Medical

System

Holdings

Ltd.

......

165,000

$

257,237

China

Traditional

Chinese

Medicine

Holdings

Co.

Ltd.

.......................

956,000

593,594

Cipla

Ltd.

........................

81,816

952,239

CSPC

Pharmaceutical

Group

Ltd.

........

1,126,000

1,125,465

Dr.

Reddy's

Laboratories

Ltd.

...........

9,808

546,767

Euroapi

SA

(e)

......................

119,430

1,884,108

Joincare

Pharmaceutical

Group

Industry

Co.

Ltd.,

Class

A

....................

110,000

203,147

Kalbe

Farma

Tbk.

PT

................

900,500

100,449

Merck

&

Co.,

Inc.

...................

40,627

3,703,964

Novartis

AG

(Registered)

.............

42,209

3,578,506

Novo

Nordisk

A/S,

Class

B

............

278,706

30,909,163

Roche

Holding

AG

..................

22,492

7,519,072

Sanofi

..........................

452,854

45,668,544

Shenzhen

Salubris

Pharmaceuticals

Co.

Ltd.,

Class

A

.......................

185,700

780,707

Sun

Pharmaceutical

Industries

Ltd.

.......

52,226

550,078

Torrent

Pharmaceuticals

Ltd.

...........

6,589

239,105

149,429,741

Professional

Services

—

0.2%

Leidos

Holdings,

Inc.

................

39,397

3,967,672

NMG,

Inc.

(e)

.......................

3,714

646,236

RELX

plc

........................

1,045,408

28,291,625

Teleperformance

...................

9,074

2,801,907

35,707,440

Real

Estate

Management

&

Development

—

0.6%

Aldar

Properties

PJSC

...............

281,412

341,470

Aroundtown

SA

....................

3,379,416

10,808,721

Barwa

Real

Estate

Co.

...............

234,595

214,225

Emaar

Properties

PJSC

..............

5,125,476

7,275,851

ESR

Group

Ltd.

(b)(c)(e)

................

4,860,400

13,179,717

Hang

Lung

Properties

Ltd.

.............

3,155,000

6,003,406

Hulic

Co.

Ltd.

.....................

2,020,900

15,674,607

Land

&

Houses

PCL,

NVDR

...........

357,700

84,521

Longfor

Group

Holdings

Ltd.

(b)

..........

2,327,500

11,069,924

VGP

NV

.........................

36,447

5,814,069

Vonovia

SE

.......................

738,504

22,849,664

93,316,175

Road

&

Rail

—

0.2%

BTS

Group

Holdings

PCL,

NVDR

........

3,009,200

728,260

Canadian

Pacific

Railway

Ltd.

..........

150,665

10,523,689

CSX

Corp.

.......................

422,012

12,263,669

Daqin

Railway

Co.

Ltd.,

Class

A

.........

1,362,861

1,342,520

Union

Pacific

Corp.

.................

21,523

4,590,425

West

Japan

Railway

Co.

..............

81,500

2,998,259

32,446,822

Semiconductors

&

Semiconductor

Equipment

—

0.7%

Applied

Materials,

Inc.

...............

20,122

1,830,700

ASE

Technology

Holding

Co.

Ltd.

........

49,000

126,200

ASML

Holding

NV

..................

3,398

1,605,344

Broadcom,

Inc.

....................

9,563

4,645,801

MediaTek,

Inc.

.....................

486,000

10,668,274

Realtek

Semiconductor

Corp.

..........

160,000

1,956,882

SG

Micro

Corp.,

Class

A

..............

10,350

282,630

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

4,589,000

73,544,932

Texas

Instruments,

Inc.

...............

68,217

10,481,542

United

Microelectronics

Corp.

..........

514,000

687,056

United

Microelectronics

Corp.,

ADR

......

32,424

219,510

Vanguard

International

Semiconductor

Corp.

333,000

866,262

106,915,133

Security

Shares

Shares

Value

Software

—

0.3%

Intuit,

Inc.

........................

31,208

$

12,028,812

Microsoft

Corp.

....................

128,070

32,892,218

44,921,030

Specialty

Retail

—

0.1%

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

........................

770,028

885,373

China

Yongda

Automobiles

Services

Holdings

Ltd.

..........................

378,500

358,846

Home

Product

Center

PCL,

NVDR

.......

3,968,500

1,427,746

Industria

de

Diseno

Textil

SA

...........

197,205

4,481,576

Jarir

Marketing

Co.

..................

9,423

409,049

JUMBO

SA

.......................

13,987

203,635

Mr

Price

Group

Ltd.

.................

4,222

46,297

PTT

Oil

&

Retail

Business

PCL,

NVDR

....

123,000

88,847

Ross

Stores,

Inc.

...................

68,270

4,794,602

Topsports

International

Holdings

Ltd.

(b)(c)

...

287,000

261,375

Truworths

International

Ltd.

............

123,858

385,687

13,343,033

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

Advantech

Co.

Ltd.

.................

70,000

814,612

Chicony

Electronics

Co.

Ltd.

...........

168,000

418,806

Inventec

Corp.

.....................

668,000

564,802

Lenovo

Group

Ltd.

..................

632,000

593,896

Lite-On

Technology

Corp.

.............

422,000

821,257

Micro-Star

International

Co.

Ltd.

.........

109,000

416,399

Pegatron

Corp.

....................

480,000

920,367

Samsung

Electronics

Co.

Ltd.

..........

51,558

2,274,087

Wistron

Corp.

.....................

436,000

391,489

7,215,715

Textiles,

Apparel

&

Luxury

Goods

—

0.3%

EssilorLuxottica

SA

.................

101,132

15,332,896

Feng

TAY

Enterprise

Co.

Ltd.

...........

34,000

200,621

Kering

SA

........................

21,262

11,018,542

LVMH

Moet

Hennessy

Louis

Vuitton

SE

....

22,090

13,538,476

Makalot

Industrial

Co.

Ltd.

.............

11,000

52,263

Pou

Chen

Corp.

....................

382,000

379,396

Ralph

Lauren

Corp.

.................

40,059

3,591,289

44,113,483

Thrifts

&

Mortgage

Finance

—

0.1%

Housing

Development

Finance

Corp.

Ltd.

..

297,524

8,231,511

Tobacco

—

0.2%

Altria

Group,

Inc.

...................

98,609

4,118,898

British

American

Tobacco

plc

...........

111,508

4,779,709

Eastern

Co.

SAE

...................

82,901

45,360

ITC

Ltd.

.........................

710,239

2,467,476

KT&G

Corp.

......................

26,855

1,702,199

Philip

Morris

International,

Inc.

..........

156,198

15,422,990

28,536,632

Trading

Companies

&

Distributors

—

0.2%

Azelis

Group

NV

...................

34,854

762,647

BOC

Aviation

Ltd.

(b)(c)

................

970,700

8,206,898

Ferguson

plc

......................

131,389

14,718,524

23,688,069

Transportation

Infrastructure

—

0.9%

Aena

SME

SA

(b)(c)(e)

.................

132,887

16,956,514

Atlantia

SpA

......................

1,044,308

24,514,587

Atlas

Arteria

Ltd.

(h)

..................

782,519

4,359,989

Auckland

International

Airport

Ltd.

(e)

......

994,857

4,456,567

Flughafen

Zurich

AG

(Registered)

(e)

......

5,302

803,384

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(e)

....................

292,976

12,812,524

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Shares

Shares

Value

Transportation

Infrastructure

(continued)

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

.......................

871,519

$

12,183,801

Hamburger

Hafen

und

Logistik

AG

.......

144,280

2,049,216

Japan

Airport

Terminal

Co.

Ltd.

(e)

........

141,800

5,634,028

Jiangsu

Expressway

Co.

Ltd.,

Class

H

(e)

...

11,970,000

12,075,376

Malaysia

Airports

Holdings

Bhd.

(e)

........

110,700

165,728

Shenzhen

International

Holdings

Ltd.

.....

219,500

216,347

Transurban

Group

(h)

.................

3,535,022

35,171,020

131,399,081

Water

Utilities

—

0.1%

AlKhorayef

Water

&

Power

Technologies

Co.

7,538

229,290

American

Water

Works

Co.,

Inc.

.........

9,404

1,399,033

Beijing

Enterprises

Water

Group

Ltd.

......

1,008,000

304,113

Guangdong

Investment

Ltd.

............

542,000

572,912

Severn

Trent

plc

...................

195,389

6,486,948

8,992,296

Wireless

Telecommunication

Services

—

0.3%

Advanced

Info

Service

PCL,

NVDR

.......

388,700

2,140,656

Axiata

Group

Bhd.

..................

244,600

157,055

Bharti

Airtel

Ltd.

(e)

...................

44,098

383,571

China

United

Network

Communications

Ltd.,

Class

A

.......................

850,500

440,149

DiGi.Com

Bhd.

....................

230,700

183,363

Etihad

Etisalat

Co.

..................

105,057

980,864

Far

EasTone

Telecommunications

Co.

Ltd.

..

299,000

841,475

Global

Telecom

Holding

SAE

(e)(g)

.........

201,938

52,633

Intouch

Holdings

PCL,

NVDR

..........

207,200

402,028

KDDI

Corp.

.......................

362,200

11,421,750

Maxis

Bhd.

.......................

127,400

95,418

Mobile

Telecommunications

Co.

KSCP

....

253,289

490,840

Mobile

Telecommunications

Co.

Saudi

Arabia

(e)

291,778

876,479

Mobile

TeleSystems

PJSC

(g)

...........

26,804

5

Rogers

Communications,

Inc.,

Class

B

....

119,755

5,738,415

SK

Telecom

Co.

Ltd.

.................

43,564

1,748,271

SK

Telecom

Co.

Ltd.,

ADR

.............

17,147

382,721

Taiwan

Mobile

Co.

Ltd.

...............

235,000

853,923

Tele2

AB,

Class

B

..................

530,155

6,045,287

Turkcell

Iletisim

Hizmetleri

A/S

..........

191,338

186,664

Turkcell

Iletisim

Hizmetleri

A/S,

ADR

......

37,370

93,425

Vodacom

Group

Ltd.

................

106,183

859,870

Vodafone

Group

plc

.................

5,791,216

9,004,720

43,379,582

Total

Common

Stocks

—

21.3%

(Cost:

$3,179,492,192)

...........................

3,158,713,386

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

0.7%

Boeing

Co.

(The)

3.65%,

03/01/47

.................

USD

730

493,927

3.63%,

03/01/48

.................

310

207,626

3.85%,

11/01/48

.................

325

229,482

3.90%,

05/01/49

.................

300

212,836

5.81%,

05/01/50

.................

2,125

1,951,753

5.93%,

05/01/60

.................

200

182,084

Bombardier,

Inc.

(b)

7.50%,

03/15/25

.................

2,536

2,291,910

7.13%,

06/15/26

.................

8,833

7,282,632

7.88%,

04/15/27

.................

2,190

1,822,978

6.00%,

02/15/28

.................

923

691,696

7.45%,

05/01/34

.................

362

271,482

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

F-Brasile

SpA,

Series

XR,

7.38%,

08/15/26

(b)

USD

2,497

$

1,988,811

General

Dynamics

Corp.,

4.25%,

04/01/40

.

300

286,802

Howmet

Aerospace,

Inc.,

5.13%,

10/01/24

.

306

303,322

L3Harris

Technologies,

Inc.

3.83%,

04/27/25

.................

355

352,062

4.40%,

06/15/28

.................

1,450

1,424,060

2.90%,

12/15/29

.................

235

208,278

1.80%,

01/15/31

.................

1,565

1,248,915

4.85%,

04/27/35

.................

200

196,714

5.05%,

04/27/45

.................

120

116,627

Lockheed

Martin

Corp.,

4.07%,

12/15/42

..

645

598,849

Maxar

Technologies,

Inc.,

7.75%,

06/15/27

(b)

664

657,705

Northrop

Grumman

Corp.

3.20%,

02/01/27

.................

1,300

1,248,698

3.25%,

01/15/28

.................

1,100

1,045,574

5.25%,

05/01/50

.................

725

767,532

Raytheon

Technologies

Corp.

4.50%,

06/01/42

.................

2,100

2,002,557

3.03%,

03/15/52

.................

1,600

1,191,441

Rolls-Royce

plc,

5.75%,

10/15/27

(b)

......

5,455

4,916,592

Spirit

AeroSystems,

Inc.

(b)

5.50%,

01/15/25

.................

1,090

1,008,250

7.50%,

04/15/25

.................

372

345,495

TransDigm,

Inc.

8.00%,

12/15/25

(b)

................

16,280

16,462,987

6.25%,

03/15/26

(b)

................

33,954

32,723,167

6.38%,

06/15/26

.................

1,190

1,112,650

7.50%,

03/15/27

.................

2,071

1,953,802

4.63%,

01/15/29

.................

2,680

2,157,454

4.88%,

05/01/29

.................

2,289

1,863,338

Triumph

Group,

Inc.,

8.88%,

06/01/24

(b)

...

8,259

8,319,869

100,139,957

Air

Freight

&

Logistics

—

0.0%

FedEx

Corp.

3.10%,

08/05/29

.................

781

711,804

4.25%,

05/15/30

.................

100

97,064

4.55%,

04/01/46

.................

795

713,486

5.25%,

05/15/50

.................

200

199,135

1,721,489

Airlines

—

0.5%

Air

Canada,

3.88%,

08/15/26

(b)

.........

2,479

2,096,962

Air

France-KLM,

3.88%,

07/01/26

(c)

......

EUR

1,400

1,188,375

American

Airlines,

Inc.

(b)

11.75%,

07/15/25

................

USD

10,973

11,355,958

5.50%,

04/20/26

.................

7,654

7,032,163

5.75%,

04/20/29

.................

11,870

10,134,490

Avianca

Midco

2

Ltd.,

9.00%,

12/01/28

(b)

...

10,039

8,670,104

Delta

Air

Lines,

Inc.,

4.75%,

10/20/28

(b)

....

3,731

3,523,951

Deutsche

Lufthansa

AG

(c)

2.00%,

07/14/24

.................

EUR

1,000

979,070

2.88%,

05/16/27

.................

600

496,161

3.75%,

02/11/28

.................

500

420,490

3.50%,

07/14/29

.................

1,200

943,676

Hawaiian

Brand

Intellectual

Property

Ltd.,

5.75%,

01/20/26

(b)

...............

USD

2,941

2,635,724

International

Consolidated

Airlines

Group

SA

(c)

0.63%,

11/17/22

(j)

................

EUR

600

615,270

2.75%,

03/25/25

.................

800

708,942

1.13%,

05/18/28

(j)

................

1,200

844,840

3.75%,

03/25/29

.................

600

443,912

Mileage

Plus

Holdings

LLC,

6.50%,

06/20/27

(b)

USD

6,660

6,545,448

Spirit

Loyalty

Cayman

Ltd.,

8.00%,

09/20/25

(b)

599

614,439

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

B,

4.88%,

01/15/26

378

358,620

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

52

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Airlines

(continued)

Series

2020-1,

Class

A,

5.88%,

10/15/27

USD

8,153

$

8,009,789

United

Airlines,

Inc.

(b)

4.38%,

04/15/26

.................

5,578

4,915,166

4.63%,

04/15/29

.................

7,325

6,213,578

78,747,128

Auto

Components

—

0.4%

Allison

Transmission,

Inc.,

5.88%,

06/01/29

(b)

4,415

4,105,950

Aptiv

plc

3.25%,

03/01/32

.................

985

836,846

3.10%,

12/01/51

.................

715

461,128

4.15%,

05/01/52

.................

200

151,141

Clarios

Global

LP

6.75%,

05/15/25

(b)

................

4,587

4,543,194

4.38%,

05/15/26

(c)

................

EUR

1,500

1,368,625

6.25%,

05/15/26

(b)

................

USD

8,698

8,371,825

8.50%,

05/15/27

(b)

................

22,396

21,645,174

Dana

Financing

Luxembourg

SARL,

3.00%,

07/15/29

(c)

....................

EUR

650

485,332

Dealer

Tire

LLC,

8.00%,

02/01/28

(b)

......

USD

2,378

2,054,354

Dornoch

Debt

Merger

Sub,

Inc.,

6.63%,

10/15/29

(b)

....................

845

624,032

Faurecia

SE

(c)

2.75%,

02/15/27

.................

EUR

999

813,966

3.75%,

06/15/28

.................

590

476,771

Gestamp

Automocion

SA,

3.25%,

04/30/26

(c)

100

91,958

Goodyear

Tire

&

Rubber

Co.

(The)

5.00%,

07/15/29

.................

USD

1,233

1,021,118

5.63%,

04/30/33

.................

3,109

2,489,936

Grupo

Antolin-Irausa

SA

(c)

3.38%,

04/30/26

.................

EUR

273

211,707

3.50%,

04/30/28

.................

977

681,485

Icahn

Enterprises

LP

4.75%,

09/15/24

.................

USD

916

854,909

6.25%,

05/15/26

.................

2,462

2,304,826

5.25%,

05/15/27

.................

4,320

3,826,829

4.38%,

02/01/29

.................

4,106

3,318,305

IHO

Verwaltungs

GmbH

(k)

3.88%,

(3.88%

Cash

or

4.63%

PIK),

05/15/27

(a)(c)

..................

EUR

906

738,271

6.00%,

(6.00%

Cash

or

6.75%

PIK),

05/15/27

(b)

...................

USD

200

178,009

Patrick

Industries,

Inc.,

4.75%,

05/01/29

(b)

..

486

361,696

ZF

Europe

Finance

BV

(c)

2.00%,

02/23/26

.................

EUR

1,200

1,038,992

2.50%,

10/23/27

.................

500

399,894

ZF

Finance

GmbH

(c)

3.00%,

09/21/25

.................

200

183,693

2.00%,

05/06/27

.................

700

564,552

2.75%,

05/25/27

.................

400

330,188

64,534,706

Automobiles

—

0.2%

Ford

Motor

Co.

4.35%,

12/08/26

.................

USD

264

244,682

3.25%,

02/12/32

.................

6,809

5,092,451

4.75%,

01/15/43

.................

1,044

743,677

5.29%,

12/08/46

.................

704

539,901

General

Motors

Co.

4.00%,

04/01/25

.................

600

591,983

6.13%,

10/01/25

.................

3,300

3,411,337

5.00%,

10/01/28

.................

200

193,781

6.25%,

10/02/43

.................

745

709,752

5.20%,

04/01/45

.................

910

764,351

5.40%,

04/01/48

.................

395

343,611

5.95%,

04/01/49

.................

325

301,800

Security

Par

(000)

Par

(000)

Value

Automobiles

(continued)

Honda

Motor

Co.

Ltd.,

2.27%,

03/10/25

...

USD

1,300

$

1,250,500

Hyundai

Capital

America

(b)

1.25%,

09/18/23

.................

480

465,047

0.80%,

01/08/24

.................

3,620

3,438,072

1.00%,

09/17/24

.................

1,865

1,730,668

Jaguar

Land

Rover

Automotive

plc

7.75%,

10/15/25

(b)

................

400

370,440

6.88%,

11/15/26

(c)

................

EUR

400

367,029

5.88%,

01/15/28

(b)

................

USD

200

152,776

4.50%,

07/15/28

(c)

................

EUR

848

634,389

Mclaren

Finance

plc,

7.50%,

08/01/26

(b)

...

USD

375

277,088

Nissan

Motor

Acceptance

Co.

LLC,

2.75%,

03/09/28

(b)

....................

675

564,322

Nissan

Motor

Co.

Ltd.

(b)

4.35%,

09/17/27

.................

2,885

2,647,712

4.81%,

09/17/30

.................

340

302,033

RCI

Banque

SA,

(EUR

Swap

Annual

5

Year

+

2.85%),

2.63%,

02/18/30

(a)(c)

.........

EUR

2,200

1,998,191

Renault

SA

(c)

1.25%,

06/24/25

.................

100

90,694

2.38%,

05/25/26

.................

500

448,449

Thor

Industries,

Inc.,

4.00%,

10/15/29

(b)

...

USD

1,283

1,016,136

TML

Holdings

Pte.

Ltd.,

4.35%,

06/09/26

(c)

..

2,339

2,044,140

Volkswagen

Group

of

America

Finance

LLC

(b)

0.75%,

11/23/22

.................

1,880

1,864,880

1.25%,

11/24/25

.................

505

451,860

3.20%,

09/26/26

.................

305

288,550

Volvo

Car

AB,

2.50%,

10/07/27

(c)

.......

EUR

728

660,962

Winnebago

Industries,

Inc.,

6.25%,

07/15/28

(b)

USD

1,501

1,374,533

35,375,797

Banks

—

3.9%

ABN

AMRO

Bank

NV,

(EUR

Swap

Annual

5

Year

+

4.67%),

4.38%

(a)(c)(l)

..........

EUR

3,000

2,782,307

Australia

&

New

Zealand

Banking

Group

Ltd.,

(USD

Swap

Rate

5

Year

+

5.17%),

6.75%

(a)(c)

(l)

.........................

USD

1,062

1,043,415

Banco

Bilbao

Vizcaya

Argentaria

SA

(a)(l)

(EUR

Swap

Annual

5

Year

+

5.66%),

5.88%

(c)

.....................

EUR

200

201,206

(EUR

Swap

Annual

5

Year

+

6.04%),

6.00%

(c)

.....................

8,200

8,056,116

(USD

Swap

Semi

5

Year

+

3.87%),

6.13%

USD

20,400

17,169,887

Banco

BPM

SpA

(a)(c)

(EUR

Swap

Annual

5

Year

+

5.42%),

5.00%,

09/14/30

...............

EUR

352

350,907

(EUR

Swap

Annual

5

Year

+

3.17%),

2.88%,

06/29/31

...............

5,114

4,541,936

(EUR

Swap

Annual

5

Year

+

3.40%),

3.38%,

01/19/32

...............

625

549,355

Banco

de

Sabadell

SA

(a)(c)

(EUR

Swap

Annual

5

Year

+

6.20%),

5.75%

(l)

.....................

3,800

3,272,580

(EUR

Swap

Annual

1

Year

+

2.20%),

2.63%,

03/24/26

...............

100

99,383

(EUR

Swap

Annual

5

Year

+

2.20%),

2.00%,

01/17/30

...............

700

638,202

(EUR

Swap

Annual

5

Year

+

2.95%),

2.50%,

04/15/31

...............

3,200

2,786,038

Banco

do

Brasil

SA,

4.75%,

03/20/24

(c)

....

USD

2,804

2,793,135

Banco

Espirito

Santo

SA

(c)(e)(m)

2.63%,

05/08/17

.................

EUR

800

121,562

4.75%,

01/15/18

.................

1,500

227,929

4.00%,

01/21/23

.................

5,400

820,545

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Banco

Mercantil

del

Norte

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.64%),

5.88%

(a)(b)(l)

..........

USD

1,725

$

1,438,542

Banco

Nacional

de

Panama,

2.50%,

08/11/30

(b)

2,704

2,122,640

Banco

Santander

SA

2.75%,

05/28/25

.................

800

757,514

(EUR

Swap

Annual

5

Year

+

4.53%),

4.38%

(a)(c)(l)

...................

EUR

12,000

10,575,283

1.85%,

03/25/26

.................

USD

600

539,234

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.72%,

09/14/27

(a)

..............

1,000

867,977

3.31%,

06/27/29

.................

600

544,805

Bangkok

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.90%),

3.73%,

09/25/34

(a)(c)

.........

4,334

3,786,291

Bank

Leumi

Le-Israel

BM,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.63%),

3.28%,

01/29/31

(a)(b)(c)

.......

3,405

2,984,695

Bank

of

America

Corp.

4.20%,

08/26/24

.................

2,650

2,655,067

Series

L,

3.95%,

04/21/25

..........

700

690,412

(SOFR

+

0.91%),

0.98%,

09/25/25

(a)

...

1,990

1,841,130

1.32%,

06/19/26

.................

2,886

2,623,489

Series

N,

(SOFR

+

0.91%),

1.66%,

03/11/27

(a)

...................

374

335,190

(SOFR

+

1.58%),

4.38%,

04/27/28

(a)

...

925

910,635

3.42%,

12/20/28

.................

4,860

4,525,914

(LIBOR

USD

3

Month

+

1.19%),

2.88%,

10/22/30

(a)

...................

25

21,831

(SOFR

+

1.37%),

1.92%,

10/24/31

(a)

...

265

211,679

Series

N,

(SOFR

+

1.22%),

2.65%,

03/11/32

(a)

...................

1,090

915,993

(SOFR

+

1.32%),

2.69%,

04/22/32

(a)

...

1,625

1,364,217

(SOFR

+

1.33%),

2.97%,

02/04/33

(a)

...

1,310

1,116,020

(SOFR

+

1.83%),

4.57%,

04/27/33

(a)

...

3,505

3,411,105

Series

L,

4.75%,

04/21/45

..........

420

381,217

(LIBOR

USD

3

Month

+

1.99%),

4.44%,

01/20/48

(a)

...................

235

214,822

(LIBOR

USD

3

Month

+

3.15%),

4.08%,

03/20/51

(a)

...................

1,200

1,034,231

(SOFR

+

1.88%),

2.83%,

10/24/51

(a)

...

790

540,979

Bank

of

Communications

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.35%),

3.80%

(a)(c)(l)

...

4,500

4,404,375

Bank

of

Communications

Hong

Kong

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.53%),

3.73%

(a)(c)(l)

...

1,000

980,000

Bank

of

Cyprus

PCL,

(EUR

Swap

Annual

1

Year

+

2.79%),

2.50%,

06/24/27

(a)(c)

....

EUR

525

426,033

Bank

of

East

Asia

Ltd.

(The),

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.53%),

5.83%

(a)(c)(l)

..........

USD

4,653

4,490,145

Bank

of

Ireland

Group

plc

(a)(c)(l)

(EUR

Swap

Annual

5

Year

+

7.92%),

7.50%

EUR

800

829,976

(EUR

Swap

Annual

5

Year

+

6.43%),

6.00%

2,700

2,603,108

Bank

of

Montreal,

(USD

Swap

Semi

5

Year

+

1.43%),

3.80%,

12/15/32

(a)

..........

USD

300

278,066

Bank

of

Nova

Scotia

(The)

0.70%,

04/15/24

.................

300

284,436

3.45%,

04/11/25

.................

100

98,680

2.95%,

03/11/27

.................

300

282,209

Barclays

plc

(USD

Swap

Semi

5

Year

+

4.84%),

7.75%

(a)

(l)

..........................

18,490

18,166,425

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.67%),

8.00%

(a)(l)

....................

USD

2,900

$

2,849,250

3.65%,

03/16/25

.................

395

386,269

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

6.58%),

7.13%

(a)(l)

.

GBP

3,252

3,795,365

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.87%),

6.13%

(a)(l)

....................

USD

22,075

20,496,132

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

6.02%),

6.38%

(a)(c)(l)

GBP

3,226

3,612,849

5.20%,

05/12/26

.................

USD

2,100

2,091,037

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

6.96%),

8.88%

(a)(c)(l)

GBP

2,400

2,897,435

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.41%),

4.38%

(a)(l)

....................

USD

4,905

3,761,466

4.84%,

05/09/28

.................

640

615,682

(LIBOR

USD

3

Month

+

3.05%),

5.09%,

06/20/30

(a)

...................

1,300

1,227,067

BBVA

Bancomer

SA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.65%),

5.13%,

01/18/33

(a)(c)

.........

1,666

1,412,768

BNP

Paribas

SA

(a)

(LIBOR

USD

6

Month

+

0.08%),

1.57%

(l)

.

450

331,245

(LIBOR

USD

3

Month

+

2.24%),

4.71%,

01/10/25

(b)

...................

5,035

5,032,367

(USD

Swap

Semi

5

Year

+

3.98%),

7.00%

(b)

(l)

..........................

4,429

4,210,383

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.34%),

4.63%

(b)(l)

....................

10,475

7,730,531

BPER

Banca,

(EUR

Swap

Annual

5

Year

+

3.73%),

3.88%,

07/25/32

(a)(c)

.........

EUR

750

666,174

Burgan

Bank

SAK,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.01%),

5.75%

(a)(c)(l)

..............

USD

975

898,402

CaixaBank

SA

(a)(c)(l)

(EUR

Swap

Annual

5

Year

+

6.22%),

6.38%

EUR

3,000

3,112,412

(EUR

Swap

Annual

5

Year

+

6.50%),

6.75%

6,600

6,657,102

(EUR

Swap

Annual

5

Year

+

4.50%),

5.25%

1,800

1,603,363

(EUR

Swap

Annual

5

Year

+

6.35%),

5.88%

1,800

1,657,595

Chong

Hing

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.86%),

5.70%

(a)(c)(l)

.............

USD

380

377,340

Citibank

NA,

3.65%,

01/23/24

.........

300

300,868

Citigroup,

Inc.

(LIBOR

USD

3

Month

+

0.95%),

2.88%,

07/24/23

(a)

...................

1,000

999,562

(LIBOR

USD

3

Month

+

0.90%),

3.35%,

04/24/25

(a)

...................

1,025

1,003,936

3.20%,

10/21/26

.................

200

190,309

4.45%,

09/29/27

.................

4,525

4,431,475

(SOFR

+

1.89%),

4.66%,

05/24/28

(a)

...

2,100

2,083,825

(LIBOR

USD

3

Month

+

1.15%),

3.52%,

10/27/28

(a)

...................

350

327,016

(SOFR

+

1.42%),

2.98%,

11/05/30

(a)

....

425

370,944

(SOFR

+

1.15%),

2.67%,

01/29/31

(a)

...

1,775

1,507,143

(SOFR

+

2.11%),

2.57%,

06/03/31

(a)

....

1,555

1,307,115

(SOFR

+

1.17%),

2.56%,

05/01/32

(a)

...

665

547,536

(SOFR

+

1.35%),

3.06%,

01/25/33

(a)

...

245

207,675

(SOFR

+

1.94%),

3.79%,

03/17/33

(a)

...

1,270

1,144,261

(SOFR

+

2.09%),

4.91%,

05/24/33

(a)

...

355

350,288

(SOFR

+

1.38%),

2.90%,

11/03/42

(a)

....

145

105,092

Commerzbank

AG,

(EUR

Swap

Annual

5

Year

+

6.36%),

6.13%

(a)(c)(l)

.............

EUR

14,000

13,240,848

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Commonwealth

Bank

of

Australia,

3.78%,

03/14/32

(b)

....................

USD

555

$

488,921

Cooperatieve

Rabobank

UA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.73%),

1.98%,

12/15/27

(a)(b)

....

1,925

1,711,637

Credit

Agricole

SA

(a)(b)(l)

(USD

Swap

Semi

5

Year

+

4.90%),

7.88%

3,600

3,550,428

(USD

Swap

Semi

5

Year

+

6.19%),

8.13%

3,886

3,980,430

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.24%),

4.75%

......................

23,460

18,232,328

Credit

Suisse

Group

Funding

Guernsey

Ltd.,

3.80%,

09/15/22

................

270

270,216

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

1,440,523

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.45%),

3.77%,

03/28/25

(b)

..............

545

536,015

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

7

Year

+

4.13%),

7.00%

(c)(l)

....................

24,620

23,128,914

Discover

Bank,

(USD

Swap

Semi

5

Year

+

1.73%),

4.68%,

08/09/28

(a)

..........

1,050

1,020,758

DNB

Bank

ASA,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.14%),

4.88%

(a)(c)(l)

...................

2,000

1,865,000

Emirates

NBD

Bank

PJSC,

(CMTUSD6Y

+

3.66%),

6.13%

(a)(c)(l)

..............

1,108

1,108,000

Erste

Group

Bank

AG,

(EUR

Swap

Annual

5

Year

+

6.20%),

6.50%

(a)(c)(l)

..........

EUR

3,600

3,668,873

HDFC

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.93%),

3.70%

(a)(c)(l)

..............

USD

3,300

2,739,000

HSBC

Bank

plc,

Series

1M,

(LIBOR

USD

6

Month

+

0.25%),

3.12%

(a)(l)

..........

4,810

3,670,030

HSBC

Holdings

plc

(LIBOR

USD

3

Month

+

1.21%),

3.80%,

03/11/25

(a)

...................

1,160

1,143,758

(USD

Swap

Rate

5

Year

+

4.37%),

6.38%

(a)

(l)

..........................

4,019

3,886,169

(SOFR

+

0.71%),

0.98%,

05/24/25

(a)

...

1,710

1,594,449

4.25%,

08/18/25

.................

500

492,925

(SOFR

+

1.51%),

4.18%,

12/09/25

(a)

...

2,490

2,450,438

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.00%

(a)(l)

....................

990

829,930

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.65%),

4.60%

(a)(l)

....................

9,830

7,555,875

(SOFR

+

1.19%),

2.80%,

05/24/32

(a)

...

1,495

1,227,662

5.25%,

03/14/44

.................

340

314,256

HSBC

USA,

Inc.,

3.75%,

05/24/24

......

200

198,825

Huntington

National

Bank

(The),

(SOFRINDX

+

1.65%),

4.55%,

05/17/28

(a)

..........

1,505

1,494,501

ING

Groep

NV

3.55%,

04/09/24

.................

430

426,126

(USD

Swap

Rate

5

Year

+

4.20%),

6.75%

(a)

(c)(l)

........................

5,877

5,677,946

(USD

Swap

Semi

5

Year

+

4.45%),

6.50%

(a)

(l)

..........................

2,010

1,892,218

(SOFR

+

1.64%),

3.87%,

03/28/26

(a)

...

300

293,975

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.86%),

3.88%

(a)(l)

....................

17,590

12,738,932

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Intesa

Sanpaolo

SpA

(EUR

Swap

Annual

5

Year

+

6.07%),

5.88%

(a)(c)(l)

...................

EUR

1,650

$

1,588,627

(EUR

Swap

Annual

5

Year

+

7.19%),

7.75%

(a)(c)(l)

...................

10,244

10,171,602

(EUR

Swap

Annual

5

Year

+

5.85%),

5.50%

(a)(c)(l)

...................

1,250

1,047,950

(EUR

Swap

Annual

5

Year

+

5.56%),

6.38%

(a)(c)(l)

...................

1,500

1,326,491

5.15%,

06/10/30

(c)

................

GBP

1,525

1,603,283

(EUR

Swap

Annual

5

Year

+

6.09%),

5.88%

(a)(c)(l)

...................

EUR

1,250

1,019,341

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.60%),

4.20%,

06/01/32

(a)(b)

.............

USD

2,695

1,973,969

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.75%),

4.95%,

06/01/42

(a)(b)

.............

940

635,100

Itau

Unibanco

Holding

SA,

3.25%,

01/24/25

(b)

1,612

1,531,400

JPMorgan

Chase

&

Co.

3.38%,

05/01/23

.................

1,680

1,680,047

(SOFR

+

1.16%),

2.30%,

10/15/25

(a)

...

350

333,271

(SOFR

+

1.32%),

4.08%,

04/26/26

(a)

...

4,600

4,542,624

4.25%,

10/01/27

.................

1,400

1,386,880

(LIBOR

USD

3

Month

+

1.34%),

3.78%,

02/01/28

(a)

...................

225

216,060

(SOFR

+

1.56%),

4.32%,

04/26/28

(a)

...

2,200

2,163,757

(SOFR

+

1.89%),

2.18%,

06/01/28

(a)

...

1,520

1,351,384

(LIBOR

USD

3

Month

+

1.12%),

4.01%,

04/23/29

(a)

...................

100

95,847

(LIBOR

USD

3

Month

+

1.33%),

4.45%,

12/05/29

(a)

...................

140

136,347

(SOFR

+

3.79%),

4.49%,

03/24/31

(a)

...

290

283,218

(SOFR

+

1.25%),

2.58%,

04/22/32

(a)

...

1,050

883,474

(SOFR

+

1.18%),

2.55%,

11/08/32

(a)

....

280

232,635

(SOFR

+

1.26%),

2.96%,

01/25/33

(a)

...

750

643,771

(LIBOR

USD

3

Month

+

1.36%),

3.88%,

07/24/38

(a)

...................

2,335

2,058,042

5.50%,

10/15/40

.................

970

998,294

(SOFR

+

2.46%),

3.11%,

04/22/41

(a)

....

140

108,527

5.40%,

01/06/42

.................

480

490,005

(SOFR

+

1.46%),

3.16%,

04/22/42

(a)

...

1,215

943,957

5.63%,

08/16/43

.................

15

15,570

4.95%,

06/01/45

.................

765

730,053

Series

W,

(LIBOR

USD

3

Month

+

1.00%),

2.41%,

05/15/47

(a)

..............

19,006

14,445,054

Kasikornbank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.94%),

5.28%

(a)(c)(l)

..............

4,210

3,858,202

KBC

Group

NV,

(EUR

Swap

Annual

5

Year

+

4.69%),

4.75%

(a)(c)(l)

..............

EUR

10,200

10,101,190

Krung

Thai

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.53%),

4.40%

(a)(c)(l)

.............

USD

300

259,500

Lloyds

Banking

Group

plc

(LIBOR

USD

3

Month

+

0.81%),

2.91%,

11/07/23

(a)

...................

1,000

996,528

4.50%,

11/04/24

.................

800

798,027

4.45%,

05/08/25

.................

500

500,436

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

3.50%),

3.87%,

07/09/25

(a)

..............

1,100

1,086,306

(USD

Swap

Semi

5

Year

+

4.50%),

7.50%

(a)

(l)

..........................

3,975

3,874,322

4.58%,

12/10/25

.................

2,250

2,206,063

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

55

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%),

6.75%

(a)(l)

....................

USD

7,290

$

6,862,223

4.55%,

08/16/28

.................

265

258,944

Mitsubishi

UFJ

Financial

Group,

Inc.

3.76%,

07/26/23

.................

15

14,986

1.41%,

07/17/25

.................

1,595

1,464,452

3.74%,

03/07/29

.................

500

473,918

3.20%,

07/18/29

.................

365

329,290

2.05%,

07/17/30

.................

1,000

815,433

Mizuho

Financial

Group,

Inc.,

(SOFR

+

1.25%),

1.24%,

07/10/24

(a)

...............

900

874,920

Nanyang

Commercial

Bank

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.51%),

6.50%

(a)(c)(l)

..........

920

924,600

NatWest

Group

plc

(a)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.15%),

2.36%,

05/22/24

...............

590

579,421

(LIBOR

USD

3

Month

+

1.76%),

4.27%,

03/22/25

....................

800

791,774

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.99%),

5.13%

(l)

..

GBP

750

771,133

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.90%),

1.64%,

06/14/27

...............

USD

665

583,037

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.55%),

3.07%,

05/22/28

...............

2,340

2,127,179

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.27%),

5.52%,

09/30/28

...............

785

790,592

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.35%),

3.03%,

11/28/35

...............

1,585

1,265,288

Nordea

Bank

Abp

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.11%),

6.63%

(a)(c)(l)

...................

2,202

2,100,533

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.11%),

6.63%

(a)(b)(l)

...................

14,225

13,569,519

1.50%,

09/30/26

(b)

................

2,500

2,220,953

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.60%),

3.75%

(a)(b)(l)

...................

8,215

6,050,408

PNC

Financial

Services

Group,

Inc.

(The)

3.90%,

04/29/24

.................

100

100,243

2.20%,

11/01/24

.................

100

96,851

2.55%,

01/22/30

.................

650

565,323

Regions

Financial

Corp.,

2.25%,

05/18/25

..

100

95,401

Santander

UK

Group

Holdings

plc

(a)

(BPSWS5

+

6.07%),

6.75%

(c)(l)

.......

GBP

6,725

7,858,889

(SOFR

+

0.99%),

1.67%,

06/14/27

.....

USD

1,150

1,003,797

Shinhan

Financial

Group

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.06%),

2.88%

(a)(c)(l)

...

3,200

2,796,000

Skandinaviska

Enskilda

Banken

AB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.07%),

6.88%

(a)(c)(l)

...

600

573,000

Societe

Generale

SA

(USD

Swap

Semi

5

Year

+

4.98%),

7.88%

(a)

(c)(l)

........................

9,635

9,440,473

(USD

Swap

Semi

5

Year

+

4.98%),

7.88%

(a)

(b)(l)

........................

300

293,943

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(USD

Swap

Rate

5

Year

+

5.87%),

8.00%

(a)

(b)(l)

........................

USD

16,275

$

15,942,166

(USD

Swap

Rate

5

Year

+

5.87%),

8.00%

(a)

(c)(l)

........................

3,783

3,705,635

4.00%,

01/12/27

(b)

................

360

342,313

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.51%),

5.38%

(a)(b)(l)

...................

12,900

9,997,500

Standard

Chartered

plc

(a)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.17%),

1.32%,

10/14/23

(b)

..............

925

918,315

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.66%),

6.00%

(c)(l)

....................

1,200

1,136,415

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.95%),

1.82%,

11/23/25

(b)

..............

1,475

1,365,889

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.14%),

4.30%

(b)(l)

....................

11,150

8,149,698

Sumitomo

Mitsui

Financial

Group,

Inc.

2.35%,

01/15/25

.................

1,675

1,601,869

3.04%,

07/16/29

.................

900

801,283

2.75%,

01/15/30

.................

950

826,028

TMBThanachart

Bank

PCL,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.26%),

4.90%

(a)(c)(l)

.............

2,431

2,217,224

Toronto-Dominion

Bank

(The)

3.77%,

06/06/25

.................

1,585

1,576,001

(USD

Swap

Semi

5

Year

+

2.21%),

3.63%,

09/15/31

(a)

...................

100

96,387

UniCredit

SpA

(a)(c)

(EUR

Swap

Annual

5

Year

+

6.39%),

6.63%

(l)

.....................

EUR

8,000

7,941,365

(USD

Swap

Semi

5

Year

+

5.18%),

8.00%

(l)

USD

24,210

22,696,875

(EUR

Swap

Annual

5

Year

+

4.93%),

5.38%

(l)

.....................

EUR

1,000

901,463

(EURIBOR

Swap

Rate

5

Year

+

7.33%),

7.50%

(l)

.....................

6,018

5,812,419

(EURIBOR

Swap

Rate

5

Year

+

4.08%),

3.88%

(l)

.....................

2,000

1,497,734

(EUR

Swap

Annual

5

Year

+

2.80%),

2.73%,

01/15/32

...............

400

354,675

US

Bancorp,

3.00%,

07/30/29

.........

USD

200

181,960

Wells

Fargo

&

Co.

(SOFR

+

1.32%),

3.91%,

04/25/26

(a)

...

2,535

2,493,135

(SOFR

+

1.51%),

3.53%,

03/24/28

(a)

...

1,655

1,567,529

(LIBOR

USD

3

Month

+

1.31%),

3.58%,

05/22/28

(a)

...................

715

678,327

5.61%,

01/15/44

.................

950

956,034

4.65%,

11/04/44

.................

210

188,869

4.40%,

06/14/46

.................

425

369,927

4.75%,

12/07/46

.................

1,000

915,455

(SOFR

+

4.50%),

5.01%,

04/04/51

(a)

...

955

936,663

Westpac

Banking

Corp.

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.75%),

2.67%,

11/15/35

(a)

..............

460

366,125

3.13%,

11/18/41

.................

590

432,512

Woori

Bank,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.66%),

4.25%

(a)(c)(l)

...................

2,203

2,111,851

580,967,371

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Beverages

—

0.1%

Anheuser-Busch

Cos.

LLC

4.70%,

02/01/36

.................

USD

145

$

138,914

4.90%,

02/01/46

.................

2,545

2,392,019

Anheuser-Busch

InBev

Worldwide,

Inc.

4.75%,

01/23/29

.................

1,170

1,190,316

4.95%,

01/15/42

.................

80

76,148

4.60%,

04/15/48

.................

460

412,984

5.55%,

01/23/49

.................

160

163,411

4.50%,

06/01/50

.................

710

638,273

4.75%,

04/15/58

.................

2,101

1,880,210

5.80%,

01/23/59

.................

195

202,817

Coca-Cola

Femsa

SAB

de

CV,

1.85%,

09/01/32

595

459,377

Fomento

Economico

Mexicano

SAB

de

CV,

3.50%,

01/16/50

................

700

546,098

Keurig

Dr

Pepper,

Inc.,

4.50%,

04/15/52

...

420

370,227

8,470,794

Biotechnology

—

0.1%

AbbVie,

Inc.

2.60%,

11/21/24

.................

1,100

1,064,756

3.80%,

03/15/25

.................

1,550

1,537,592

3.60%,

05/14/25

.................

605

595,162

4.55%,

03/15/35

.................

150

145,905

4.05%,

11/21/39

.................

200

178,346

4.40%,

11/06/42

.................

1,405

1,276,866

4.70%,

05/14/45

.................

630

593,028

4.45%,

05/14/46

.................

880

798,256

4.88%,

11/14/48

.................

840

804,956

4.25%,

11/21/49

.................

710

630,289

Amgen,

Inc.

3.00%,

01/15/52

.................

995

705,544

4.20%,

02/22/52

.................

1,020

894,914

4.40%,

02/22/62

.................

428

372,499

Biogen,

Inc.,

3.63%,

09/15/22

.........

600

600,086

Cidron

Aida

Finco

SARL

(c)

5.00%,

04/01/28

.................

EUR

1,556

1,354,483

6.25%,

04/01/28

.................

GBP

663

659,779

Gilead

Sciences,

Inc.

4.50%,

02/01/45

.................

USD

900

828,541

4.75%,

03/01/46

.................

375

359,502

4.15%,

03/01/47

.................

100

87,795

2.80%,

10/01/50

.................

300

209,352

Grifols

Escrow

Issuer

SA,

3.88%,

10/15/28

(c)

EUR

235

202,868

13,900,519

Building

Products

—

0.2%

Advanced

Drainage

Systems,

Inc.

(b)

5.00%,

09/30/27

.................

USD

2,389

2,202,706

6.38%,

06/15/30

.................

3,172

3,097,680

Carlisle

Cos.,

Inc.,

2.20%,

03/01/32

......

1,210

949,176

Cornerstone

Building

Brands,

Inc.,

6.13%,

01/15/29

(b)

....................

2,685

1,724,958

CP

Atlas

Buyer,

Inc.,

7.00%,

12/01/28

(b)

...

725

523,580

HT

Troplast

GmbH,

9.25%,

07/15/25

(c)

....

EUR

376

348,716

James

Hardie

International

Finance

DAC,

5.00%,

01/15/28

(b)

...............

USD

484

430,760

JELD-WEN,

Inc.

(b)

6.25%,

05/15/25

.................

902

865,920

4.63%,

12/15/25

.................

616

523,600

Masonite

International

Corp.

(b)

5.38%,

02/01/28

.................

2,046

1,851,630

3.50%,

02/15/30

.................

1,633

1,299,819

New

Enterprise

Stone

&

Lime

Co.,

Inc.

(b)

5.25%,

07/15/28

.................

799

656,806

9.75%,

07/15/28

.................

773

660,915

Security

Par

(000)

Par

(000)

Value

Building

Products

(continued)

PCF

GmbH

(c)

4.75%,

04/15/26

.................

EUR

589

$

486,078

(EURIBOR

3

Month

+

4.75%),

4.75%,

04/15/26

(a)

...................

395

350,823

SRM

Escrow

Issuer

LLC,

6.00%,

11/01/28

(b)

USD

8,565

7,239,395

Standard

Industries,

Inc.

2.25%,

11/21/26

(c)

................

EUR

419

342,754

5.00%,

02/15/27

(b)

................

USD

810

722,971

4.75%,

01/15/28

(b)

................

625

534,375

4.38%,

07/15/30

(b)

................

5,585

4,405,169

3.38%,

01/15/31

(b)

................

1,354

998,735

Summit

Materials

LLC,

5.25%,

01/15/29

(b)

..

1,062

926,595

31,143,161

Capital

Markets

—

1.3%

Aretec

Escrow

Issuer,

Inc.,

7.50%,

04/01/29

(b)

847

721,814

Bank

of

New

York

Mellon

Corp.

(The),

3.00%,

10/30/28

.....................

100

91,800

Blackstone

Private

Credit

Fund

(b)

4.70%,

03/24/25

.................

890

854,978

2.63%,

12/15/26

.................

400

335,132

3.25%,

03/15/27

.................

1,185

1,005,380

Codere

New

Holdco

SA

7.50%,

11/30/27

.................

EUR

357

297,992

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(b)

...............

USD

2,917

2,406,525

Credit

Suisse

AG

3.63%,

09/09/24

.................

300

294,571

3.70%,

02/21/25

.................

800

781,128

Credit

Suisse

Group

AG

3.80%,

06/09/23

.................

1,380

1,366,897

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%

(a)

(b)(l)

........................

6,225

5,742,562

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%

(a)

(b)(l)

........................

2,772

2,637,663

(USD

Swap

Semi

5

Year

+

4.60%),

7.50%

(a)

(c)(l)

........................

1,200

1,141,846

(LIBOR

USD

3

Month

+

1.24%),

4.21%,

06/12/24

(a)(b)

..................

250

247,701

(USD

Swap

Semi

5

Year

+

3.46%),

6.25%

(a)

(b)(l)

........................

7,172

6,526,520

(USD

Swap

Semi

5

Year

+

3.46%),

6.25%

(a)

(c)(l)

........................

600

546,000

(USD

Swap

Rate

5

Year

+

4.33%),

7.25%

(a)

(c)(l)

........................

1,000

868,849

4.55%,

04/17/26

.................

250

244,341

(SOFR

+

2.04%),

2.19%,

06/05/26

(a)(b)

..

300

271,904

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.82%),

6.38%

(a)(b)(l)

...................

1,476

1,219,542

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.89%),

5.25%

(a)(b)(l)

...................

4,848

3,745,007

Deutsche

Bank

AG

2.22%,

09/18/24

.................

3,440

3,316,524

Series

2020,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.52%),

6.00%

(a)(l)

..............

23,000

19,837,500

(SOFR

+

2.58%),

3.96%,

11/26/25

(a)

....

600

579,631

(SOFR

+

1.87%),

2.13%,

11/24/26

(a)

....

595

528,284

(EUR

Swap

Annual

5

Year

+

4.55%),

4.50%

(a)(c)(l)

...................

EUR

1,600

1,304,274

(EUR

Swap

Annual

5

Year

+

5.69%),

6.75%

(a)(c)(l)

...................

1,400

1,310,355

(EURIBOR

Swap

Rate

5

Year

+

3.30%),

4.00%,

06/24/32

(a)(c)

.............

800

766,680

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

57

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Drawbridge

Special

Opportunities

Fund

LP,

3.88%,

02/15/26

(b)

...............

USD

250

$

229,206

Goldman

Sachs

Group,

Inc.

(The)

(SOFR

+

0.57%),

0.67%,

03/08/24

(a)

...

1,400

1,367,751

(LIBOR

USD

3

Month

+

1.20%),

3.27%,

09/29/25

(a)

...................

930

903,559

4.25%,

10/21/25

.................

2,000

1,984,560

3.75%,

02/25/26

.................

675

661,667

Series

U,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.92%),

3.65%

(a)(l)

....................

11,000

8,539,535

(SOFR

+

0.91%),

1.95%,

10/21/27

(a)

...

275

243,389

(LIBOR

USD

3

Month

+

1.30%),

4.22%,

05/01/29

(a)

...................

695

668,029

(SOFR

+

1.09%),

1.99%,

01/27/32

(a)

...

2,370

1,872,158

(SOFR

+

1.28%),

2.62%,

04/22/32

(a)

...

710

589,467

2.38%,

07/21/32

.................

780

630,752

(SOFR

+

1.41%),

3.10%,

02/24/33

(a)

...

6,122

5,228,654

6.75%,

10/01/37

.................

650

719,824

5.15%,

05/22/45

.................

195

185,216

Huarong

Finance

Co.

Ltd.

(c)

2.50%,

02/24/23

.................

534

524,655

(LIBOR

USD

3

Month

+

1.13%),

2.63%,

02/24/23

(a)

...................

616

603,680

3.75%,

05/29/24

.................

900

859,500

3.25%,

11/13/24

.................

200

187,500

4.75%,

04/27/27

.................

1,900

1,705,250

3.63%,

09/30/30

.................

1,985

1,498,675

Intercontinental

Exchange,

Inc.

3.10%,

09/15/27

.................

25

23,669

4.60%,

03/15/33

.................

570

566,687

4.25%,

09/21/48

.................

15

13,352

5.20%,

06/15/62

.................

375

373,844

Kane

Bidco

Ltd.

(c)

5.00%,

02/15/27

.................

EUR

300

277,779

6.50%,

02/15/27

.................

GBP

569

604,817

Morgan

Stanley

(SOFR

+

1.16%),

3.62%,

04/17/25

(a)

...

USD

990

977,324

2.19%,

04/28/26

.................

2,295

2,148,471

3.13%,

07/27/26

.................

200

190,789

3.63%,

01/20/27

.................

475

460,065

3.95%,

04/23/27

.................

1,325

1,283,045

(SOFR

+

0.88%),

1.59%,

05/04/27

(a)

...

855

758,949

(SOFR

+

0.86%),

1.51%,

07/20/27

(a)

...

1,690

1,482,181

3.59%,

07/22/28

.................

1,620

1,533,615

(SOFR

+

1.14%),

2.70%,

01/22/31

(a)

...

1,985

1,719,248

(SOFR

+

3.12%),

3.62%,

04/01/31

(a)

...

285

261,785

(SOFR

+

1.29%),

2.94%,

01/21/33

(a)

...

2,435

2,086,925

(SOFR

+

1.49%),

3.22%,

04/22/42

(a)

...

180

141,664

(SOFR

+

1.43%),

2.80%,

01/25/52

(a)

...

160

111,083

MSCI,

Inc.

(b)

4.00%,

11/15/29

.................

1,438

1,274,542

3.63%,

09/01/30

.................

2,053

1,711,543

3.88%,

02/15/31

.................

1,673

1,430,415

3.63%,

11/01/31

.................

1,086

893,939

3.25%,

08/15/33

.................

1,998

1,592,586

Nomura

Holdings,

Inc.

1.65%,

07/14/26

.................

455

398,413

2.68%,

07/16/30

.................

500

408,968

2.61%,

07/14/31

.................

880

701,856

Northern

Trust

Corp.

3.95%,

10/30/25

.................

100

100,407

1.95%,

05/01/30

.................

200

169,846

OWL

Rock

Core

Income

Corp.,

5.50%,

03/21/25

(b)

....................

1,381

1,325,802

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

S&P

Global,

Inc.

(b)

2.90%,

03/01/32

.................

USD

405

$

360,943

3.70%,

03/01/52

.................

80

68,296

Sherwood

Financing

plc

(c)

4.50%,

11/15/26

.................

EUR

713

625,023

6.00%,

11/15/26

.................

GBP

234

228,033

(EURIBOR

3

Month

+

4.63%),

4.62%,

11/15/27

(a)

...................

EUR

239

226,666

State

Street

Corp.,

(LIBOR

USD

3

Month

+

1.00%),

2.83%,

06/15/47

(a)

..........

USD

48,980

38,693,710

Sun

Hung

Kai

&

Co.

BVI

Ltd.,

5.00%,

09/07/26

(c)

....................

750

686,250

SURA

Asset

Management

SA,

4.88%,

04/17/24

(b)

....................

3,157

3,127,995

Taurus

Law

130

Securities

S.r.l.,

(Acquired

12/21/21,

cost

$11,734,320),

0.00%,

08/24/26

(a)(g)(i)(j)

.................

EUR

10,400

10,898,680

UBS

Group

AG

(a)

(USD

Swap

Semi

5

Year

+

4.34%),

7.00%

(b)

(l)

..........................

USD

13,976

13,614,334

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.83%),

1.01%,

07/30/24

(b)

..............

1,055

1,021,551

(USD

Swap

Semi

5

Year

+

4.87%),

7.00%

(c)

(l)

..........................

2,023

2,002,770

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.86%),

5.13%

(c)(l)

....................

850

761,680

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.08%),

1.36%,

01/30/27

(b)

..............

530

469,768

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.40%),

4.88%

(b)(l)

....................

2,135

1,785,839

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.85%),

1.49%,

08/10/27

(b)

..............

315

275,651

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.31%),

4.38%

(b)(l)

....................

6,640

4,857,824

XP,

Inc.,

3.25%,

07/01/26

(b)

...........

1,708

1,496,123

194,419,172

Chemicals

—

0.5%

Air

Products

&

Chemicals,

Inc.,

2.80%,

05/15/50

.....................

5

3,774

Alpek

SAB

de

CV,

3.25%,

02/25/31

(b)

.....

365

292,411

Ashland

LLC,

3.38%,

09/01/31

(b)

........

2,195

1,785,356

Axalta

Coating

Systems

LLC

(b)

4.75%,

06/15/27

.................

1,713

1,539,302

3.38%,

02/15/29

.................

3,856

3,147,923

Chemours

Co.

(The)

4.00%,

05/15/26

.................

EUR

1,000

927,436

5.75%,

11/15/28

(b)

................

USD

894

761,893

Diamond

BC

BV,

4.63%,

10/01/29

(b)

......

4,348

3,477,096

DuPont

de

Nemours,

Inc.

5.32%,

11/15/38

.................

575

569,177

5.42%,

11/15/48

.................

150

148,950

Eastman

Chemical

Co.,

4.80%,

09/01/42

..

220

195,428

Ecolab,

Inc.,

2.70%,

12/15/51

.........

855

609,738

Element

Solutions,

Inc.,

3.88%,

09/01/28

(b)

.

15,020

12,393,453

Equate

Petrochemical

BV

(b)

4.25%,

11/03/26

.................

1,222

1,197,560

2.63%,

04/28/28

.................

803

708,647

EverArc

Escrow

SARL,

5.00%,

10/30/29

(b)

..

4,176

3,515,002

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

FIS

Fabbrica

Italiana

Sintetici

SpA,

5.63%,

08/01/27

(c)

....................

EUR

747

$

659,251

Gates

Global

LLC,

6.25%,

01/15/26

(b)

.....

USD

3,414

3,166,485

GCP

Applied

Technologies,

Inc.,

5.50%,

04/15/26

(b)

....................

1,931

1,921,345

HB

Fuller

Co.,

4.25%,

10/15/28

........

1,733

1,454,091

Herens

Holdco

SARL,

4.75%,

05/15/28

(b)

..

3,919

3,255,905

Herens

Midco

SARL,

5.25%,

05/15/29

(c)

...

EUR

1,483

1,014,026

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(b)

...

USD

2,889

2,282,310

Ingevity

Corp.,

3.88%,

11/01/28

(b)

.......

528

442,200

International

Flavors

&

Fragrances,

Inc.,

1.23%,

10/01/25

(b)

....................

1,155

1,041,988

Kobe

US

Midco

2,

Inc.,

9.25%,

11/01/26

(a)(b)

.

1,752

1,602,449

Kronos

International,

Inc.,

3.75%,

09/15/25

(c)

EUR

600

560,678

LSF11

A5

HoldCo

LLC,

6.63%,

10/15/29

(b)

..

USD

860

724,550

Lune

Holdings

SARL,

5.63%,

11/15/28

(c)

...

EUR

750

631,065

LYB

International

Finance

III

LLC

1.25%,

10/01/25

.................

USD

800

723,889

4.20%,

10/15/49

.................

280

227,527

4.20%,

05/01/50

.................

55

44,689

3.63%,

04/01/51

.................

100

73,902

LyondellBasell

Industries

NV,

4.63%,

02/26/55

220

188,131

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(b)

1,293

1,125,298

Monitchem

HoldCo

2

SA,

9.50%,

09/15/26

(c)

EUR

200

197,539

Monitchem

HoldCo

3

SA,

5.25%,

03/15/25

(c)

1,407

1,350,979

Nobian

Finance

BV,

3.63%,

07/15/26

(c)

....

383

309,006

NOVA

Chemicals

Corp.,

4.88%,

06/01/24

(b)

.

USD

311

295,605

Olympus

Water

US

Holding

Corp.

(c)

3.88%,

10/01/28

.................

EUR

348

294,784

5.38%,

10/01/29

.................

350

262,805

Pearl

Holding

II

Ltd.,

6.00%,

(6.00%

Cash

or

14.00%

PIK)

(a)(c)(k)(l)

...............

USD

573

14,398

Pearl

Holding

III

Ltd.,

9.00%,

10/22/25

(c)

...

456

163,020

Sasol

Financing

USA

LLC,

5.50%,

03/18/31

.

2,705

2,067,972

SCIL

IV

LLC

(EURIBOR

3

Month

+

4.38%),

4.37%,

11/01/26

(a)(c)

..................

EUR

324

311,015

4.38%,

11/01/26

(c)

................

260

220,507

5.38%,

11/01/26

(b)

................

USD

1,825

1,460,000

Scotts

Miracle-Gro

Co.

(The)

4.00%,

04/01/31

.................

1,193

891,767

4.38%,

02/01/32

.................

204

155,087

Sherwin-Williams

Co.

(The)

3.45%,

06/01/27

.................

289

275,439

2.95%,

08/15/29

.................

200

178,932

2.30%,

05/15/30

.................

300

253,169

4.50%,

06/01/47

.................

195

172,804

3.30%,

05/15/50

.................

15

11,105

SPCM

SA,

3.13%,

03/15/27

(b)

.........

1,016

855,817

UPL

Corp.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.87%),

5.25%

(a)(c)(l)

...................

1,908

1,459,978

WR

Grace

Holdings

LLC,

5.63%,

08/15/29

(b)

12,660

9,320,925

72,935,578

Commercial

Services

&

Supplies

—

0.7%

Allied

Universal

Holdco

LLC

6.63%,

07/15/26

(b)

................

16,445

15,090,425

9.75%,

07/15/27

(b)

................

6,202

5,249,001

3.63%,

06/01/28

(c)

................

EUR

756

596,136

4.63%,

06/01/28

(b)

................

USD

9,109

7,449,679

4.88%,

06/01/28

(c)

................

GBP

310

295,947

6.00%,

06/01/29

(b)

................

USD

8,784

6,378,691

APi

Escrow

Corp.,

4.75%,

10/15/29

(b)

.....

1,044

843,030

APi

Group

DE,

Inc.,

4.13%,

07/15/29

(b)

....

1,008

800,554

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

APX

Group,

Inc.

(b)

6.75%,

02/15/27

.................

USD

1,733

$

1,607,187

5.75%,

07/15/29

.................

2,047

1,584,769

Aramark

Services,

Inc.

(b)

5.00%,

04/01/25

.................

3,523

3,375,545

6.38%,

05/01/25

.................

2,345

2,294,231

5.00%,

02/01/28

.................

2,499

2,264,619

Brink's

Co.

(The),

5.50%,

07/15/25

(b)

.....

102

98,146

Clean

Harbors,

Inc.

(b)

4.88%,

07/15/27

.................

1,927

1,763,205

5.13%,

07/15/29

.................

1,050

952,875

Covanta

Holding

Corp.

4.88%,

12/01/29

(b)

................

3,387

2,756,070

5.00%,

09/01/30

.................

91

74,283

Garda

World

Security

Corp.,

4.63%,

02/15/27

(b)

894

768,840

GFL

Environmental,

Inc.

(b)

4.25%,

06/01/25

.................

535

504,890

3.75%,

08/01/25

.................

1,136

1,053,640

5.13%,

12/15/26

.................

7,053

6,744,783

4.00%,

08/01/28

.................

5,434

4,483,050

3.50%,

09/01/28

.................

1,663

1,426,023

4.75%,

06/15/29

.................

2,589

2,142,397

4.38%,

08/15/29

.................

651

524,055

IAA,

Inc.,

5.50%,

06/15/27

(b)

..........

3,513

3,272,149

Intrum

AB

(c)

4.88%,

08/15/25

.................

EUR

838

794,200

3.50%,

07/15/26

.................

952

831,839

3.00%,

09/15/27

.................

500

402,748

Legends

Hospitality

Holding

Co.

LLC,

5.00%,

02/01/26

(b)

....................

USD

1,404

1,176,552

Madison

IAQ

LLC,

5.88%,

06/30/29

(b)

.....

2,848

2,182,479

Nielsen

Finance

LLC

(b)

5.63%,

10/01/28

.................

3,643

3,383,254

5.88%,

10/01/30

.................

1,627

1,493,846

Paprec

Holding

SA,

3.50%,

07/01/28

(c)

....

EUR

513

417,071

Prime

Security

Services

Borrower

LLC

(b)

5.25%,

04/15/24

.................

USD

1,048

1,024,420

5.75%,

04/15/26

.................

4,532

4,226,090

6.25%,

01/15/28

.................

2,011

1,682,393

Republic

Services,

Inc.

0.88%,

11/15/25

.................

700

633,655

3.95%,

05/15/28

.................

1,500

1,470,500

Ritchie

Bros

Auctioneers,

Inc.,

5.38%,

01/15/25

(b)

....................

340

332,918

Stericycle,

Inc.,

3.88%,

01/15/29

(b)

.......

1,335

1,091,363

Techem

Verwaltungsgesellschaft

674

mbH,

6.00%,

07/30/26

(c)

...............

EUR

883

781,003

Tuspark

Forward

Ltd.,

7.95%,

05/13/24

(c)

..

USD

570

171,000

Verde

Bidco

SpA,

4.63%,

10/01/26

(c)

.....

EUR

231

198,002

Verisure

Holding

AB

(c)

3.50%,

05/15/23

.................

1,305

1,326,548

(EURIBOR

3

Month

+

5.00%),

5.00%,

04/15/25

(a)

...................

346

350,774

3.88%,

07/15/26

.................

538

492,928

3.25%,

02/15/27

.................

1,626

1,405,629

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(b)

...

USD

4,979

4,422,846

104,686,278

Communications

Equipment

—

0.2%

Avaya,

Inc.,

6.13%,

09/15/28

(b)

.........

7,432

4,849,380

Ciena

Corp.,

4.00%,

01/31/30

(b)

........

833

718,987

CommScope

Technologies

LLC,

6.00%,

06/15/25

(b)

....................

3,668

3,172,820

CommScope,

Inc.

(b)

6.00%,

03/01/26

.................

2,234

2,057,581

8.25%,

03/01/27

.................

839

663,230

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

59

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Communications

Equipment

(continued)

7.13%,

07/01/28

.................

USD

2,392

$

1,818,111

4.75%,

09/01/29

.................

2,897

2,336,995

Motorola

Solutions,

Inc.

4.60%,

02/23/28

.................

900

870,390

4.60%,

05/23/29

.................

1,325

1,267,692

2.30%,

11/15/30

.................

780

610,290

2.75%,

05/24/31

.................

915

739,355

Nokia

OYJ

4.38%,

06/12/27

.................

380

358,985

6.63%,

05/15/39

.................

2,016

1,993,320

ViaSat,

Inc.

(b)

5.63%,

09/15/25

.................

2,453

1,984,070

5.63%,

04/15/27

.................

2,719

2,351,001

6.50%,

07/15/28

.................

3,303

2,275,173

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

(b)

...

2,129

1,783,072

29,850,452

Construction

&

Engineering

—

0.1%

Aeropuertos

Dominicanos

Siglo

XXI

SA,

6.75%,

03/30/29

(b)

....................

1,181

1,065,114

Arcosa,

Inc.,

4.38%,

04/15/29

(b)

........

2,674

2,269,034

Cellnex

Finance

Co.

SA,

1.50%,

06/08/28

(c)

.

EUR

300

245,569

China

City

Construction

International

Co.

Ltd.,

5.35%,

07/03/17

(c)(e)(g)(m)

............

CNY

6,794

—

Dycom

Industries,

Inc.,

4.50%,

04/15/29

(b)

..

USD

780

681,026

GMR

Hyderabad

International

Airport

Ltd.,

5.38%,

04/10/24

(c)

...............

536

518,513

Heathrow

Finance

plc

(c)(d)

5.25%,

03/01/24

.................

GBP

200

237,230

4.63%,

09/01/29

.................

1,071

1,123,162

MasTec,

Inc.,

4.50%,

08/15/28

(b)

........

USD

1,045

940,171

Mexico

City

Airport

Trust,

4.25%,

10/31/26

(b)

3,191

2,919,765

Summit

Digitel

Infrastructure

Pvt.

Ltd.,

2.88%,

08/12/31

(c)

....................

1,720

1,321,837

11,321,421

Construction

Materials

—

0.0%

Cemex

SAB

de

CV,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.53%),

5.13%

(a)(b)(l)

..............

1,682

1,427,597

Consumer

Finance

—

0.9%

AerCap

Ireland

Capital

DAC

3.15%,

02/15/24

.................

2,650

2,564,627

6.50%,

07/15/25

.................

885

905,512

2.45%,

10/29/26

.................

1,800

1,567,373

3.00%,

10/29/28

.................

565

475,910

3.30%,

01/30/32

.................

550

440,270

Ally

Financial,

Inc.

5.75%,

11/20/25

.................

2,010

1,980,222

2.20%,

11/02/28

.................

645

525,256

American

Express

Co.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.85%),

3.55%

(a)(l)

..............

35,415

28,813,998

American

Honda

Finance

Corp.

1.95%,

05/10/23

.................

590

583,822

1.20%,

07/08/25

.................

1,420

1,310,431

Capital

One

Financial

Corp.

3.30%,

10/30/24

.................

1,000

975,572

(SOFR

+

1.29%),

2.64%,

03/03/26

(a)

...

1,475

1,392,651

Series

M,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.16%),

3.95%

(a)(l)

....................

16,300

13,080,750

(SOFR

+

0.86%),

1.88%,

11/02/27

(a)

....

300

263,120

3.80%,

01/31/28

.................

560

526,724

(SOFR

+

1.27%),

2.62%,

11/02/32

(a)

....

420

337,663

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

Castlelake

Aviation

Finance

DAC,

5.00%,

04/15/27

(b)

....................

USD

569

$

472,356

Encore

Capital

Group,

Inc.

(c)

4.88%,

10/15/25

.................

EUR

444

447,841

5.38%,

02/15/26

.................

GBP

300

341,909

4.25%,

06/01/28

.................

897

898,649

Ford

Motor

Credit

Co.

LLC

3.35%,

11/01/22

.................

USD

411

408,016

3.81%,

01/09/24

.................

1,775

1,722,100

5.58%,

03/18/24

.................

1,700

1,691,500

4.69%,

06/09/25

.................

200

189,002

5.13%,

06/16/25

.................

2,956

2,822,744

4.13%,

08/04/25

.................

3,078

2,915,435

3.38%,

11/13/25

.................

724

651,940

4.39%,

01/08/26

.................

2,800

2,578,968

2.70%,

08/10/26

.................

1,717

1,463,142

4.95%,

05/28/27

.................

2,621

2,434,254

4.13%,

08/17/27

.................

519

456,980

3.82%,

11/02/27

.................

297

252,450

2.90%,

02/16/28

.................

3,210

2,586,490

5.11%,

05/03/29

.................

1,834

1,644,133

4.00%,

11/13/30

.................

2,217

1,796,335

3.63%,

06/17/31

.................

892

691,300

General

Motors

Financial

Co.,

Inc.

3.55%,

07/08/22

.................

1,690

1,690,010

3.25%,

01/05/23

.................

7,750

7,736,872

2.40%,

04/10/28

.................

255

215,516

Global

Aircraft

Leasing

Co.

Ltd.,

6.50%,

(6.50%

Cash

or

7.25%

PIK),

09/15/24

(b)(k)

......

2,239

1,695,968

John

Deere

Capital

Corp.,

2.60%,

03/07/24

.

205

202,598

King

Talent

Management

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.52%),

5.60%

(a)(c)(l)

..........

736

701,868

Lincoln

Financing

SARL,

3.63%,

04/01/24

(c)

.

EUR

500

506,317

Manappuram

Finance

Ltd.,

5.90%,

01/13/23

(c)

USD

2,944

2,885,120

Muthoot

Finance

Ltd.,

4.40%,

09/02/23

(c)

...

2,665

2,585,050

Navient

Corp.

7.25%,

09/25/23

.................

376

372,011

6.13%,

03/25/24

.................

1,629

1,544,520

5.88%,

10/25/24

.................

600

551,515

5.50%,

03/15/29

.................

1,850

1,426,186

OneMain

Finance

Corp.

6.88%,

03/15/25

.................

3,103

2,940,899

7.13%,

03/15/26

.................

5,318

4,915,055

3.50%,

01/15/27

.................

1,857

1,485,600

6.63%,

01/15/28

.................

3,075

2,748,312

5.38%,

11/15/29

.................

444

359,800

4.00%,

09/15/30

.................

1,570

1,163,763

Shriram

Transport

Finance

Co.

Ltd.,

5.10%,

07/16/23

(c)

....................

7,277

6,985,920

SLM

Corp.,

3.13%,

11/02/26

..........

1,322

1,067,462

Toyota

Motor

Credit

Corp.

1.15%,

08/13/27

.................

1,525

1,327,540

3.38%,

04/01/30

.................

527

495,780

VistaJet

Malta

Finance

plc,

6.38%,

02/01/30

(b)

2,393

1,914,400

Volkswagen

International

Finance

NV

(a)(c)(l)

(EUR

Swap

Annual

5

Year

+

2.92%),

3.75%

EUR

500

445,379

(EUR

Swap

Annual

9

Year

+

3.36%),

4.38%

300

252,248

130,425,154

Containers

&

Packaging

—

0.6%

ARD

Finance

SA,

6.50%,

06/30/27

(b)

.....

USD

4,380

3,248,571

Ardagh

Metal

Packaging

Finance

USA

LLC

6.00%,

06/15/27

(b)

................

2,704

2,676,230

2.00%,

09/01/28

(c)

................

EUR

388

320,766

3.25%,

09/01/28

(b)

................

USD

200

170,714

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

(continued)

3.00%,

09/01/29

(c)

................

EUR

559

$

435,782

4.00%,

09/01/29

(b)

................

USD

13,328

10,695,720

Ardagh

Packaging

Finance

plc

5.25%,

04/30/25

(b)

................

680

628,998

2.13%,

08/15/26

(c)

................

EUR

300

254,626

4.13%,

08/15/26

(b)

................

USD

3,959

3,354,105

4.75%,

07/15/27

(c)

................

GBP

131

114,389

5.25%,

08/15/27

(b)

................

USD

2,672

1,905,296

Ball

Corp.

5.25%,

07/01/25

.................

113

113,078

2.88%,

08/15/30

.................

747

601,265

3.13%,

09/15/31

.................

2,726

2,198,901

Berry

Global,

Inc.,

1.57%,

01/15/26

......

2,295

2,046,496

Canpack

SA,

3.13%,

11/01/25

(b)

........

810

723,431

Clydesdale

Acquisition

Holdings,

Inc.

(b)

6.63%,

04/15/29

.................

5,352

5,028,900

8.75%,

04/15/30

.................

2,587

2,231,469

Crown

Americas

LLC

4.75%,

02/01/26

.................

3,652

3,475,316

4.25%,

09/30/26

.................

4,724

4,357,890

Crown

Cork

&

Seal

Co.,

Inc.,

7.38%,

12/15/26

368

375,916

Graphic

Packaging

International

LLC

3.50%,

03/15/28

(b)

................

200

172,003

2.63%,

02/01/29

(c)

................

EUR

100

85,030

3.50%,

03/01/29

(b)

................

USD

364

305,649

Klabin

Austria

GmbH,

3.20%,

01/12/31

(b)

...

2,905

2,211,431

Kleopatra

Finco

SARL,

4.25%,

03/01/26

(c)

..

EUR

938

801,126

LABL,

Inc.,

5.88%,

11/01/28

(b)

.........

USD

2,185

1,764,228

Mauser

Packaging

Solutions

Holding

Co.

4.75%,

04/15/24

(c)

................

EUR

200

195,444

5.50%,

04/15/24

(b)

................

USD

4,205

4,015,775

OI

European

Group

BV

(c)

3.13%,

11/15/24

.................

EUR

200

197,513

2.88%,

02/15/25

.................

766

726,938

SAN

Miguel

Industrias

Pet

SA,

3.50%,

08/02/28

(b)

....................

USD

3,552

2,998,776

Sealed

Air

Corp.,

4.00%,

12/01/27

(b)

.....

523

471,490

Titan

Holdings

II

BV,

5.13%,

07/15/29

(c)

...

EUR

385

333,460

Trivium

Packaging

Finance

BV

(b)

5.50%,

08/15/26

(d)

................

USD

9,570

9,040,875

8.50%,

08/15/27

.................

10,398

9,749,203

Verallia

SA,

1.88%,

11/10/31

(c)

.........

EUR

300

233,965

WestRock

MWV

LLC,

8.20%,

01/15/30

....

USD

200

238,252

WRKCo,

Inc.

3.75%,

03/15/25

.................

325

322,095

3.90%,

06/01/28

.................

890

857,840

4.90%,

03/15/29

.................

400

401,203

3.00%,

06/15/33

.................

1,155

978,802

81,058,957

Distributors

—

0.0%

(b)

American

Builders

&

Contractors

Supply

Co.,

Inc.

4.00%,

01/15/28

.................

4,772

4,087,266

3.88%,

11/15/29

.................

745

595,621

BCPE

Empire

Holdings,

Inc.,

7.63%,

05/01/27

831

676,504

5,359,391

Diversified

Consumer

Services

—

0.1%

Graham

Holdings

Co.,

5.75%,

06/01/26

(b)

..

998

988,020

Metis

Merger

Sub

LLC,

6.50%,

05/15/29

(b)

..

1,634

1,298,454

Rekeep

SpA,

7.25%,

02/01/26

(c)

........

EUR

1,260

1,137,692

Service

Corp.

International

5.13%,

06/01/29

.................

USD

716

674,608

3.38%,

08/15/30

.................

1,285

1,052,094

4.00%,

05/15/31

.................

3,371

2,877,991

Security

Par

(000)

Par

(000)

Value

Diversified

Consumer

Services

(continued)

Sotheby's

(b)

7.38%,

10/15/27

.................

USD

7,409

$

6,866,463

5.88%,

06/01/29

.................

1,976

1,696,038

16,591,360

Diversified

Financial

Services

—

0.2%

Castor

SpA,

(EURIBOR

3

Month

+

5.25%),

5.25%,

02/15/29

(a)(c)

..............

EUR

248

239,861

doValue

SpA

(c)

5.00%,

08/04/25

.................

500

497,688

3.38%,

07/31/26

.................

503

454,147

Garfunkelux

Holdco

3

SA

(c)

6.75%,

11/01/25

.................

1,732

1,610,319

7.75%,

11/01/25

.................

GBP

744

810,576

Jefferies

Finance

LLC,

5.00%,

08/15/28

(b)

..

USD

3,083

2,535,768

MPH

Acquisition

Holdings

LLC,

5.50%,

09/01/28

(b)

....................

1,541

1,371,488

NTT

Finance

Corp.,

1.16%,

04/03/26

(b)

....

2,845

2,555,590

Operadora

de

Servicios

Mega

SA

de

CV

Sofom

ER,

8.25%,

02/11/25

(b)

............

258

167,426

Prime

Bloom

Holdings

Ltd.,

6.95%,

07/05/22

(c)(e)

(m)

.........................

2,783

556,600

Sabre

GLBL,

Inc.

(b)

9.25%,

04/15/25

.................

1,924

1,853,870

7.38%,

09/01/25

.................

1,453

1,347,658

Shell

International

Finance

BV

2.38%,

11/07/29

.................

20

17,655

4.38%,

05/11/45

.................

10

9,297

3.00%,

11/26/51

.................

130

97,314

Shift4

Payments

LLC,

4.63%,

11/01/26

(b)

...

4,692

4,152,373

Siemens

Financieringsmaatschappij

NV

(b)

0.65%,

03/11/24

.................

880

840,978

2.88%,

03/11/41

.................

1,325

1,029,566

Verscend

Escrow

Corp.,

9.75%,

08/15/26

(b)

.

12,882

12,527,745

32,675,919

Diversified

Telecommunication

Services

—

1.6%

Altice

France

Holding

SA

8.00%,

05/15/27

(b)

................

EUR

500

429,630

8.00%,

05/15/27

(c)

................

299

256,919

10.50%,

05/15/27

(b)

...............

USD

20,668

17,343,346

Altice

France

SA

2.50%,

01/15/25

(c)

................

EUR

817

746,461

5.88%,

02/01/27

(c)

................

1,400

1,271,268

8.13%,

02/01/27

(b)

................

USD

10,069

9,267,407

5.50%,

01/15/28

(b)

................

4,359

3,512,744

4.13%,

01/15/29

(c)

................

EUR

599

472,665

5.13%,

01/15/29

(b)

................

USD

894

677,303

5.13%,

07/15/29

(b)

................

4,509

3,404,295

4.25%,

10/15/29

(c)

................

EUR

260

202,786

5.50%,

10/15/29

(b)

................

USD

325

248,271

Arqiva

Broadcast

Finance

plc,

6.75%,

09/30/23

(c)

....................

GBP

700

811,563

AT&T,

Inc.

4.35%,

03/01/29

.................

USD

25

24,616

4.50%,

05/15/35

.................

2,915

2,770,022

5.35%,

09/01/40

.................

1,500

1,481,252

4.65%,

06/01/44

.................

200

181,576

3.50%,

09/15/53

.................

164

124,312

3.55%,

09/15/55

.................

926

693,796

3.80%,

12/01/57

.................

790

610,135

3.65%,

09/15/59

.................

406

304,073

Bakrie

Telecom

Pte.

Ltd.,

11.50%,

05/07/15

(c)(e)

(m)

.........................

1,000

4,250

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

61

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

British

Telecommunications

plc

(a)(b)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.99%),

4.25%,

11/23/81

...............

USD

400

$

348,173

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.49%),

4.88%,

11/23/81

...............

1,000

850,000

CCO

Holdings

LLC

5.13%,

05/01/27

(b)

................

4,098

3,867,487

5.00%,

02/01/28

(b)

................

1,891

1,744,826

5.38%,

06/01/29

(b)

................

5,674

5,071,648

4.75%,

03/01/30

(b)

................

5,710

4,883,478

4.50%,

08/15/30

(b)

................

5,134

4,262,648

4.25%,

02/01/31

(b)

................

7,673

6,253,495

4.75%,

02/01/32

(b)

................

2,954

2,418,735

4.50%,

05/01/32

.................

969

784,599

4.50%,

06/01/33

(b)

................

2,030

1,599,681

4.25%,

01/15/34

(b)

................

10,437

8,062,582

Cellnex

Telecom

SA

(c)

1.00%,

04/20/27

.................

EUR

200

171,490

1.75%,

10/23/30

.................

400

298,273

0.75%,

11/20/31

(j)

................

5,500

3,925,179

Consolidated

Communications,

Inc.,

6.50%,

10/01/28

(b)

....................

USD

5,834

4,962,284

Deutsche

Telekom

International

Finance

BV,

8.75%,

06/15/30

(d)

...............

12

14,795

eircom

Finance

DAC,

1.75%,

11/01/24

(c)

...

EUR

600

582,309

Frontier

Communications

Holdings

LLC

(b)

5.88%,

10/15/27

.................

USD

2,738

2,461,743

5.00%,

05/01/28

.................

6,125

5,206,250

6.75%,

05/01/29

.................

3,439

2,828,577

6.00%,

01/15/30

.................

2,704

2,080,593

Iliad

Holding

SASU

(b)

6.50%,

10/15/26

.................

4,420

3,977,867

7.00%,

10/15/28

.................

2,219

1,930,387

Iliad

SA

(c)

1.50%,

10/14/24

.................

EUR

300

291,754

2.38%,

06/17/26

.................

300

275,087

1.88%,

02/11/28

.................

200

166,624

Kaixo

Bondco

Telecom

SA,

5.13%,

09/30/29

(c)

216

171,466

Level

3

Financing,

Inc.

(b)

4.63%,

09/15/27

.................

USD

3,262

2,780,855

4.25%,

07/01/28

.................

2,050

1,642,562

3.63%,

01/15/29

.................

1,274

982,320

3.75%,

07/15/29

.................

2,549

1,970,900

Liquid

Telecommunications

Financing

plc,

5.50%,

09/04/26

(b)

...............

775

678,125

Lorca

Telecom

Bondco

SA

4.00%,

09/18/27

(c)

................

EUR

1,947

1,703,112

Lumen

Technologies,

Inc.

Series

W,

6.75%,

12/01/23

..........

USD

1,103

1,092,670

Series

Y,

7.50%,

04/01/24

..........

1,612

1,589,835

5.13%,

12/15/26

(b)

................

5,924

4,986,942

4.00%,

02/15/27

(b)

................

4,998

4,227,058

4.50%,

01/15/29

(b)

................

5,127

3,816,513

5.38%,

06/15/29

(b)

................

5,406

4,280,336

Series

P,

7.60%,

09/15/39

..........

800

627,424

Series

U,

7.65%,

03/15/42

..........

2,183

1,675,452

Network

i2i

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.27%),

5.65%

(a)(c)(l)

...................

4,615

4,271,183

Quebecor

Media,

Inc.,

5.75%,

01/15/23

...

2,730

2,733,412

Sprint

Capital

Corp.

6.88%,

11/15/28

.................

9,502

9,991,543

8.75%,

03/15/32

.................

9,406

11,319,933

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Switch

Ltd.

(b)

3.75%,

09/15/28

.................

USD

3,059

$

3,025,810

4.13%,

06/15/29

.................

4,819

4,770,041

Telecom

Italia

Capital

SA

6.38%,

11/15/33

.................

1,333

1,029,343

6.00%,

09/30/34

.................

4,075

3,073,650

7.20%,

07/18/36

.................

142

107,813

Telecom

Italia

Finance

SA,

7.75%,

01/24/33

EUR

610

659,186

Telecom

Italia

SpA

4.00%,

04/11/24

(c)

................

200

205,922

5.30%,

05/30/24

(b)

................

USD

1,446

1,389,389

2.75%,

04/15/25

(c)

................

EUR

600

581,612

2.38%,

10/12/27

(c)

................

600

513,254

1.63%,

01/18/29

(c)

................

3,149

2,382,926

Telefonica

Emisiones

SA

4.10%,

03/08/27

.................

USD

600

587,420

4.90%,

03/06/48

.................

670

571,251

Verizon

Communications,

Inc.

3.88%,

02/08/29

.................

3,675

3,555,516

4.02%,

12/03/29

.................

24

23,245

1.50%,

09/18/30

.................

285

227,775

1.68%,

10/30/30

.................

711

573,005

2.55%,

03/21/31

.................

420

359,103

2.36%,

03/15/32

.................

540

447,735

5.85%,

09/15/35

.................

690

753,512

4.27%,

01/15/36

.................

720

677,894

2.65%,

11/20/40

.................

1,400

1,026,993

3.40%,

03/22/41

.................

4,055

3,300,920

2.85%,

09/03/41

.................

440

329,761

3.85%,

11/01/42

.................

85

72,470

3.70%,

03/22/61

.................

934

733,584

Virgin

Media

Finance

plc

3.75%,

07/15/30

(c)

................

EUR

661

515,088

5.00%,

07/15/30

(b)

................

USD

1,350

1,069,875

Virgin

Media

Secured

Finance

plc

5.25%,

05/15/29

(c)

................

GBP

100

103,805

5.50%,

05/15/29

(b)

................

USD

2,800

2,503,340

4.50%,

08/15/30

(b)

................

1,246

1,023,851

Zayo

Group

Holdings,

Inc.

(b)

4.00%,

03/01/27

.................

20,519

17,022,357

6.13%,

03/01/28

.................

12,203

8,811,909

236,730,250

Electric

Utilities

—

0.8%

Adani

Electricity

Mumbai

Ltd.,

3.87%,

07/22/31

(c)

....................

830

653,202

AEP

Transmission

Co.

LLC,

3.15%,

09/15/49

75

56,906

Alabama

Power

Co.

4.15%,

08/15/44

.................

500

440,954

3.13%,

07/15/51

.................

55

41,164

Baltimore

Gas

&

Electric

Co.

4.25%,

09/15/48

.................

200

184,290

3.20%,

09/15/49

.................

525

406,671

2.90%,

06/15/50

.................

105

76,648

CenterPoint

Energy

Houston

Electric

LLC

Series

AG,

3.00%,

03/01/32

.........

285

258,981

Series

K2,

6.95%,

03/15/33

.........

100

119,131

Commonwealth

Edison

Co.

5.90%,

03/15/36

.................

200

223,850

Series

133,

3.85%,

03/15/52

.........

500

440,414

DTE

Electric

Co.,

Series

B,

3.65%,

03/01/52

100

86,273

Duke

Energy

Carolinas

LLC

2.85%,

03/15/32

.................

1,205

1,069,153

6.05%,

04/15/38

.................

100

111,255

3.70%,

12/01/47

.................

600

507,874

3.20%,

08/15/49

.................

882

689,052

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

3.55%,

03/15/52

.................

USD

200

$

166,128

Duke

Energy

Corp.

2.45%,

06/01/30

.................

425

358,226

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.32%),

3.25%,

01/15/82

(a)

..............

18,465

14,432,694

Duke

Energy

Florida

LLC

2.50%,

12/01/29

.................

2,225

1,977,046

1.75%,

06/15/30

.................

255

211,483

6.40%,

06/15/38

.................

400

467,715

3.85%,

11/15/42

.................

320

276,753

Duke

Energy

Progress

LLC

3.45%,

03/15/29

.................

2,868

2,727,701

4.10%,

05/15/42

.................

100

90,414

Edison

International

2.40%,

09/15/22

.................

1,985

1,980,898

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.90%),

5.00%

(a)(l)

....................

1,870

1,487,828

Emera

US

Finance

LP,

0.83%,

06/15/24

...

975

910,350

Enel

Finance

International

NV,

1.38%,

07/12/26

(b)

....................

1,890

1,657,231

Entergy

Corp.,

0.90%,

09/15/25

........

1,938

1,744,503

Eversource

Energy

2.80%,

05/01/23

.................

690

685,720

4.60%,

07/01/27

.................

365

367,920

Exelon

Corp.

3.95%,

06/15/25

.................

595

592,951

4.05%,

04/15/30

.................

300

287,876

4.70%,

04/15/50

.................

250

234,250

FirstEnergy

Corp.

Series

B,

4.40%,

07/15/27

(d)

.........

1,500

1,414,845

2.65%,

03/01/30

.................

1,718

1,417,350

Series

B,

2.25%,

09/01/30

..........

161

127,593

Series

C,

5.35%,

07/15/47

(d)

.........

149

125,814

Series

C,

3.40%,

03/01/50

..........

5,507

3,733,195

FirstEnergy

Transmission

LLC

(b)

4.35%,

01/15/25

.................

1,235

1,215,595

5.45%,

07/15/44

.................

2,540

2,374,166

4.55%,

04/01/49

.................

1,448

1,165,095

Florida

Power

&

Light

Co.

5.65%,

02/01/37

.................

500

546,987

3.70%,

12/01/47

.................

365

320,770

3.15%,

10/01/49

.................

465

369,325

2.88%,

12/04/51

.................

218

162,100

Georgia

Power

Co.,

4.70%,

05/15/32

.....

1,640

1,644,351

Greenko

Wind

Projects

Mauritius

Ltd.,

5.50%,

04/06/25

(c)

....................

500

464,375

Interstate

Power

and

Light

Co.

3.25%,

12/01/24

.................

300

296,277

3.10%,

11/30/51

.................

100

73,286

Kallpa

Generacion

SA,

4.88%,

05/24/26

(c)

..

3,114

2,962,192

MidAmerican

Energy

Co.

3.65%,

04/15/29

.................

1,025

995,784

4.25%,

07/15/49

.................

1,175

1,089,745

Mong

Duong

Finance

Holdings

BV,

5.13%,

05/07/29

(c)

....................

4,260

3,427,436

Naturgy

Finance

BV

(a)(c)(l)

(EUR

Swap

Annual

9

Year

+

3.08%),

3.38%

EUR

200

194,458

(EUR

Swap

Annual

5

Year

+

2.44%),

2.37%

900

728,587

NextEra

Energy

Capital

Holdings,

Inc.

3.55%,

05/01/27

.................

USD

215

207,567

1.90%,

06/15/28

.................

700

608,662

2.44%,

01/15/32

.................

184

153,245

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.55%),

3.80%,

03/15/82

(a)

..............

USD

18,905

$

15,176,048

Northern

States

Power

Co.

2.90%,

03/01/50

.................

350

263,082

2.60%,

06/01/51

.................

360

253,421

NRG

Energy,

Inc.

2.45%,

12/02/27

(b)

................

800

686,907

5.75%,

01/15/28

.................

614

558,083

5.25%,

06/15/29

(b)

................

261

232,943

3.63%,

02/15/31

(b)

................

1,694

1,328,079

3.88%,

02/15/32

(b)

................

2,036

1,617,160

Ohio

Power

Co.

Series

Q,

1.63%,

01/15/31

..........

1,200

965,077

4.00%,

06/01/49

.................

975

838,796

Series

R,

2.90%,

10/01/51

..........

55

39,324

Oncor

Electric

Delivery

Co.

LLC

3.75%,

04/01/45

.................

840

721,031

3.70%,

05/15/50

.................

1,205

1,040,273

4.60%,

06/01/52

(b)

................

600

595,953

Pacific

Gas

&

Electric

Co.

3.45%,

07/01/25

.................

1,460

1,372,937

3.30%,

12/01/27

.................

1,065

929,858

4.45%,

04/15/42

.................

475

356,725

4.00%,

12/01/46

.................

258

180,962

4.95%,

07/01/50

.................

1,672

1,334,107

5.25%,

03/01/52

.................

470

387,119

PacifiCorp,

2.90%,

06/15/52

..........

620

452,083

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(b)

....................

3,501

3,045,870

PECO

Energy

Co.

2.85%,

09/15/51

.................

130

95,322

4.60%,

05/15/52

.................

200

200,112

PPL

Electric

Utilities

Corp.,

3.95%,

06/01/47

25

22,281

Progress

Energy,

Inc.

7.00%,

10/30/31

.................

100

112,296

6.00%,

12/01/39

.................

350

368,661

Public

Service

Co.

of

Colorado

Series

34,

3.20%,

03/01/50

.........

600

471,010

2.70%,

01/15/51

.................

100

71,120

Series

39,

4.50%,

06/01/52

.........

100

97,699

Public

Service

Electric

&

Gas

Co.,

3.00%,

03/01/51

.....................

100

75,734

Public

Service

Electric

and

Gas

Co.,

5.80%,

05/01/37

.....................

100

111,466

Southern

California

Edison

Co.

Series

J,

0.70%,

08/01/23

..........

305

295,591

1.10%,

04/01/24

.................

600

570,778

Series

D,

4.70%,

06/01/27

..........

465

465,836

4.00%,

04/01/47

.................

725

588,081

Series

B,

4.88%,

03/01/49

..........

70

63,410

3.65%,

02/01/50

.................

700

535,170

Series

20A,

2.95%,

02/01/51

........

240

162,727

Series

H,

3.65%,

06/01/51

..........

435

337,331

3.45%,

02/01/52

.................

200

148,829

Series

E,

5.45%,

06/01/52

..........

490

480,953

Southern

Co.

(The),

4.48%,

08/01/24

(d)

....

1,325

1,330,054

Star

Energy

Geothermal

Darajat

II,

4.85%,

10/14/38

(b)

....................

3,280

2,779,390

Tampa

Electric

Co.

4.35%,

05/15/44

.................

100

91,359

4.45%,

06/15/49

.................

475

439,069

3.45%,

03/15/51

.................

135

106,291

Virginia

Electric

&

Power

Co.

Series

B,

6.00%,

01/15/36

..........

250

276,331

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

63

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

4.45%,

02/15/44

.................

USD

300

$

279,021

4.60%,

12/01/48

.................

595

572,233

Virginia

Electric

and

Power

Co.,

6.35%,

11/30/37

.....................

300

345,997

Vistra

Operations

Co.

LLC

(b)

5.13%,

05/13/25

.................

2,250

2,227,849

5.63%,

02/15/27

.................

1,344

1,263,709

4.38%,

05/01/29

.................

2,800

2,342,564

Wisconsin

Electric

Power

Co.,

2.05%,

12/15/24

400

385,752

111,932,169

Electrical

Equipment

—

0.1%

Energizer

Gamma

Acquisition

BV,

3.50%,

06/30/29

(c)

....................

EUR

588

437,407

Sensata

Technologies

BV

(b)

5.00%,

10/01/25

.................

USD

3,445

3,307,200

4.00%,

04/15/29

.................

2,040

1,730,083

Vertiv

Group

Corp.,

4.13%,

11/15/28

(b)

....

7,662

6,220,931

11,695,621

Electronic

Equipment,

Instruments

&

Components

—

0.1%

Belden,

Inc.,

3.88%,

03/15/28

(c)

........

EUR

500

446,744

II-VI,

Inc.,

5.00%,

12/15/29

(b)

..........

USD

3,731

3,255,298

Sensata

Technologies,

Inc.

(b)

4.38%,

02/15/30

.................

2,585

2,200,294

3.75%,

02/15/31

.................

750

601,095

6,503,431

Energy

Equipment

&

Services

—

0.1%

Archrock

Partners

LP

(b)

6.88%,

04/01/27

.................

1,728

1,575,712

6.25%,

04/01/28

.................

3,731

3,303,054

CGG

SA,

7.75%,

04/01/27

(c)

..........

EUR

567

505,060

Halliburton

Co.

3.80%,

11/15/25

.................

USD

187

185,140

2.92%,

03/01/30

.................

650

574,022

5.00%,

11/15/45

.................

275

252,177

Hilong

Holding

Ltd.,

9.75%,

11/18/24

(c)

....

415

225,475

Nabors

Industries

Ltd.

(b)

7.25%,

01/15/26

.................

620

549,847

7.50%,

01/15/28

.................

1,152

990,720

Nabors

Industries,

Inc.,

7.38%,

05/15/27

(b)

..

2,707

2,571,650

Saipem

Finance

International

BV

(c)

2.63%,

01/07/25

.................

EUR

700

608,918

3.38%,

07/15/26

.................

500

412,672

Tervita

Corp.,

11.00%,

12/01/25

(b)

.......

USD

993

1,079,887

Transocean,

Inc.,

11.50%,

01/30/27

(b)

.....

1,164

1,092,565

USA

Compression

Partners

LP

6.88%,

04/01/26

.................

2,266

2,061,380

6.88%,

09/01/27

.................

2,042

1,812,275

Vallourec

SA,

8.50%,

06/30/26

(c)

........

EUR

717

693,900

Weatherford

International

Ltd.

(b)

6.50%,

09/15/28

.................

USD

1,357

1,217,907

8.63%,

04/30/30

.................

1,723

1,429,722

21,142,083

Entertainment

—

0.2%

AMC

Entertainment

Holdings,

Inc.,

7.50%,

02/15/29

(b)

....................

1,866

1,576,770

Banijay

Group

SAS,

6.50%,

03/01/26

(c)

....

EUR

700

611,874

Lions

Gate

Capital

Holdings

LLC,

5.50%,

04/15/29

(b)

....................

USD

6,157

4,802,460

Live

Nation

Entertainment,

Inc.

(b)

4.88%,

11/01/24

.................

659

629,345

6.50%,

05/15/27

.................

10,789

10,610,118

4.75%,

10/15/27

.................

1,091

967,193

3.75%,

01/15/28

.................

1,187

1,023,788

Security

Par

(000)

Par

(000)

Value

Entertainment

(continued)

NBCUniversal

Media

LLC,

5.95%,

04/01/41

.

USD

380

$

420,063

Netflix,

Inc.,

4.88%,

04/15/28

..........

2,045

1,924,447

Playtika

Holding

Corp.,

4.25%,

03/15/29

(b)

..

3,885

3,205,125

TWDC

Enterprises

18

Corp.,

4.13%,

06/01/44

85

76,898

Walt

Disney

Co.

(The)

1.65%,

09/01/22

.................

10

9,989

6.40%,

12/15/35

.................

375

436,448

3.50%,

05/13/40

.................

1,108

944,553

3.60%,

01/13/51

.................

200

166,928

WMG

Acquisition

Corp.

3.88%,

07/15/30

(b)

................

1,234

1,026,132

2.25%,

08/15/31

(c)

................

EUR

773

615,044

29,047,175

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.5%

Alexandria

Real

Estate

Equities,

Inc.

3.95%,

01/15/28

.................

USD

1,925

1,863,479

4.90%,

12/15/30

.................

835

828,794

1.88%,

02/01/33

.................

900

676,709

American

Tower

Corp.

3.50%,

01/31/23

.................

1,680

1,679,491

3.38%,

10/15/26

.................

995

940,781

3.95%,

03/15/29

.................

615

572,524

2.10%,

06/15/30

.................

1,995

1,597,700

2.70%,

04/15/31

.................

600

493,771

4.05%,

03/15/32

.................

600

546,775

Boston

Properties

LP

3.40%,

06/21/29

.................

500

448,174

2.90%,

03/15/30

.................

660

561,328

3.25%,

01/30/31

.................

600

514,624

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(b)

....................

1,856

1,539,060

Camden

Property

Trust,

2.80%,

05/15/30

..

290

255,989

Crown

Castle

International

Corp.

3.80%,

02/15/28

.................

1,075

1,014,237

4.30%,

02/15/29

.................

715

686,481

3.10%,

11/15/29

.................

200

176,558

2.10%,

04/01/31

.................

900

715,835

2.50%,

07/15/31

.................

1,200

981,950

2.90%,

04/01/41

.................

200

144,151

CTR

Partnership

LP,

3.88%,

06/30/28

(b)

...

1,248

1,065,792

Diversified

Healthcare

Trust,

9.75%,

06/15/25

351

346,174

Duke

Realty

LP

2.88%,

11/15/29

.................

100

89,861

3.05%,

03/01/50

.................

120

89,155

Equinix,

Inc.

1.45%,

05/15/26

.................

500

443,829

2.90%,

11/18/26

.................

575

534,371

3.90%,

04/15/32

.................

800

723,523

3.00%,

07/15/50

.................

225

154,046

2.95%,

09/15/51

.................

665

448,698

3.40%,

02/15/52

.................

500

369,937

ERP

Operating

LP,

2.85%,

11/01/26

.....

530

502,646

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

(b)

..

998

834,019

GLP

Capital

LP

4.00%,

01/15/30

.................

2,175

1,904,760

3.25%,

01/15/32

.................

65

52,095

HAT

Holdings

I

LLC,

3.38%,

06/15/26

(b)

...

1,302

1,119,720

Healthpeak

Properties,

Inc.

3.00%,

01/15/30

.................

458

404,322

2.88%,

01/15/31

.................

75

64,700

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

(b)

......

1,407

1,135,608

Iron

Mountain,

Inc.

(b)

5.25%,

07/15/30

.................

3,555

3,090,699

5.63%,

07/15/32

.................

2,487

2,102,948

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

LMIRT

Capital

Pte.

Ltd.,

7.25%,

06/19/24

(c)

.

USD

2,920

$

2,540,400

Mid-America

Apartments

LP,

1.70%,

02/15/31

230

181,902

MPT

Operating

Partnership

LP

5.25%,

08/01/26

.................

1,055

996,373

5.00%,

10/15/27

.................

1,392

1,273,221

4.63%,

08/01/29

.................

3,802

3,336,255

3.50%,

03/15/31

.................

8,439

6,651,282

Prologis

LP

2.13%,

04/15/27

.................

100

91,241

2.25%,

04/15/30

.................

600

519,230

Realty

Income

Corp.

3.88%,

04/15/25

.................

450

446,665

3.00%,

01/15/27

.................

370

350,281

3.95%,

08/15/27

.................

360

351,196

2.20%,

06/15/28

.................

320

280,583

2.85%,

12/15/32

.................

45

38,679

RHP

Hotel

Properties

LP

4.75%,

10/15/27

.................

5,515

4,892,412

4.50%,

02/15/29

(b)

................

3,005

2,547,936

RLJ

Lodging

Trust

LP

(b)

3.75%,

07/01/26

.................

847

733,984

4.00%,

09/15/29

.................

741

608,666

SBA

Communications

Corp.,

3.88%,

02/15/27

4,698

4,288,287

Service

Properties

Trust

4.35%,

10/01/24

.................

142

115,389

7.50%,

09/15/25

.................

1,432

1,312,070

Simon

Property

Group

LP

3.25%,

09/13/49

.................

200

145,114

3.80%,

07/15/50

.................

660

528,319

Trust

Fibra

Uno,

5.25%,

01/30/26

(b)

......

1,546

1,454,496

UDR,

Inc.

3.20%,

01/15/30

.................

300

269,267

2.10%,

08/01/32

.................

85

66,101

Uniti

Group

LP

(b)

7.88%,

02/15/25

.................

1,250

1,206,125

4.75%,

04/15/28

.................

3,692

3,036,264

6.50%,

02/15/29

.................

3,803

2,785,697

6.00%,

01/15/30

.................

1,095

757,521

Ventas

Realty

LP,

3.00%,

01/15/30

......

680

594,946

VICI

Properties

LP

3.50%,

02/15/25

(b)

................

1,430

1,337,654

4.63%,

06/15/25

(b)

................

250

237,813

4.50%,

09/01/26

(b)

................

250

230,000

5.75%,

02/01/27

(b)

................

1,855

1,760,209

5.13%,

05/15/32

.................

905

852,818

Welltower,

Inc.,

2.05%,

01/15/29

........

485

408,197

78,941,907

Food

&

Staples

Retailing

—

0.2%

7-Eleven,

Inc.,

0.95%,

02/10/26

(b)

.......

2,015

1,777,808

Albertsons

Cos.,

Inc.

(b)

3.25%,

03/15/26

.................

2,763

2,406,437

4.63%,

01/15/27

.................

3,977

3,552,734

5.88%,

02/15/28

.................

3,075

2,873,987

4.88%,

02/15/30

.................

3,830

3,285,527

Bellis

Acquisition

Co.

plc

(c)

3.25%,

02/16/26

.................

GBP

1,000

943,408

4.50%,

02/16/26

.................

1,141

1,111,151

Casino

Guichard

Perrachon

SA

(c)

(EURIBOR

Swap

Rate

5

Year

+

3.82%),

3.99%

(a)(l)

....................

EUR

800

319,835

5.25%,

04/15/27

.................

900

629,765

Iceland

Bondco

plc

(c)

4.63%,

03/15/25

.................

GBP

1,225

1,150,795

4.38%,

05/15/28

.................

625

502,136

Market

Bidco

Finco

plc,

5.50%,

11/04/27

(c)

..

1,494

1,382,171

Security

Par

(000)

Par

(000)

Value

Food

&

Staples

Retailing

(continued)

Ocado

Group

plc,

3.88%,

10/08/26

(c)

.....

GBP

835

$

815,160

Performance

Food

Group,

Inc.,

4.25%,

08/01/29

(b)

....................

USD

3,814

3,184,690

Picard

Groupe

SAS,

3.88%,

07/01/26

(c)

...

EUR

504

430,357

Quatrim

SASU,

5.88%,

01/15/24

(c)

......

900

894,026

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(b)

USD

368

343,911

US

Foods,

Inc.

(b)

6.25%,

04/15/25

.................

1,630

1,625,925

4.75%,

02/15/29

.................

2,292

2,003,643

Walmart,

Inc.

1.50%,

09/22/28

.................

100

87,701

2.65%,

09/22/51

.................

630

473,614

29,794,781

Food

Products

—

0.3%

Chobani

LLC

(b)

7.50%,

04/15/25

.................

7,050

6,474,500

4.63%,

11/15/28

.................

3,666

3,097,770

Darling

Ingredients,

Inc.,

6.00%,

06/15/30

(b)

.

2,237

2,229,506

General

Mills,

Inc.,

3.00%,

02/01/51

.....

46

33,423

JBS

USA

LUX

SA,

3.75%,

12/01/31

(b)

.....

2,114

1,734,300

JDE

Peet's

NV,

1.38%,

01/15/27

(b)

.......

1,730

1,487,954

Knight

Castle

Investments

Ltd.,

7.99%,

01/23/21

(c)(e)(m)

.................

231

161,700

Kraft

Heinz

Foods

Co.

3.88%,

05/15/27

.................

400

386,820

6.50%,

02/09/40

.................

1,215

1,312,914

4.38%,

06/01/46

.................

439

365,865

4.88%,

10/01/49

.................

5,265

4,650,317

5.50%,

06/01/50

.................

8,287

7,954,808

Lamb

Weston

Holdings,

Inc.

(b)

4.88%,

05/15/28

.................

1,161

1,092,629

4.13%,

01/31/30

.................

2,679

2,318,835

4.38%,

01/31/32

.................

3,600

3,132,000

Pilgrim's

Pride

Corp.,

3.50%,

03/01/32

(b)

...

1,092

853,125

Post

Holdings,

Inc.

(b)

5.75%,

03/01/27

.................

526

509,562

5.63%,

01/15/28

.................

942

894,146

5.50%,

12/15/29

.................

124

110,854

4.63%,

04/15/30

.................

444

374,634

4.50%,

09/15/31

.................

186

152,120

Premier

Foods

Finance

plc,

3.50%,

10/15/26

(c)

GBP

569

600,869

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(b)

..

USD

3,620

3,060,348

Tereos

Finance

Groupe

I

SA,

7.50%,

10/30/25

(c)

EUR

687

706,613

43,695,612

Gas

Utilities

—

0.0%

Atmos

Energy

Corp.

2.63%,

09/15/29

.................

USD

100

89,147

4.13%,

10/15/44

.................

100

88,535

2.85%,

02/15/52

.................

305

217,906

CenterPoint

Energy

Resources

Corp.,

1.75%,

10/01/30

.....................

170

138,072

China

Oil

&

Gas

Group

Ltd.,

5.50%,

01/25/23

(c)

123

121,267

Infraestructura

Energetica

Nova

SAB

de

CV,

4.75%,

01/15/51

(b)

...............

1,847

1,343,674

Piedmont

Natural

Gas

Co.,

Inc.,

5.05%,

05/15/52

.....................

100

97,776

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

(b)

....................

619

526,382

2,622,759

Health

Care

Equipment

&

Supplies

—

0.2%

Abbott

Laboratories

3.75%,

11/30/26

.................

500

502,597

4.75%,

11/30/36

.................

845

895,258

6.15%,

11/30/37

.................

240

284,912

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

65

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Health

Care

Equipment

&

Supplies

(continued)

Avantor

Funding,

Inc.

2.63%,

11/01/25

(c)

................

EUR

200

$

193,969

4.63%,

07/15/28

(b)

................

USD

7,880

7,223,596

3.88%,

11/01/29

(b)

................

1,508

1,318,972

Becton

Dickinson

and

Co.

3.73%,

12/15/24

.................

158

157,272

3.70%,

06/06/27

.................

2,775

2,681,641

4.69%,

12/15/44

.................

540

498,902

4.67%,

06/06/47

.................

285

266,615

3.79%,

05/20/50

.................

261

215,354

DH

Europe

Finance

II

SARL,

2.05%,

11/15/22

715

712,908

Embecta

Corp.,

6.75%,

02/15/30

(b)

......

1,236

1,112,807

Medline

Borrower

LP

(b)

3.88%,

04/01/29

.................

245

208,669

5.25%,

10/01/29

.................

9,586

7,872,982

Teleflex,

Inc.

4.63%,

11/15/27

.................

172

158,670

4.25%,

06/01/28

(b)

................

1,117

1,009,249

25,314,373

Health

Care

Providers

&

Services

—

0.9%

180

Medical,

Inc.,

3.88%,

10/15/29

(b)

.....

460

397,900

Acadia

Healthcare

Co.,

Inc.

(b)

5.50%,

07/01/28

.................

705

658,681

5.00%,

04/15/29

.................

1,223

1,097,929

AdaptHealth

LLC

(b)

6.13%,

08/01/28

.................

449

397,150

5.13%,

03/01/30

.................

204

171,953

Aetna,

Inc.

4.75%,

03/15/44

.................

550

504,384

3.88%,

08/15/47

.................

326

269,298

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(b)

2,676

1,966,057

Banner

Health

2.91%,

01/01/42

.................

100

78,317

2.91%,

01/01/51

.................

100

74,632

CAB

SELAS,

3.38%,

02/01/28

(c)

........

EUR

514

431,469

Cano

Health

LLC,

6.25%,

10/01/28

(b)

.....

USD

872

713,118

Centene

Corp.

2.45%,

07/15/28

.................

4,372

3,646,423

4.63%,

12/15/29

.................

1,334

1,243,955

3.00%,

10/15/30

.................

9,966

8,259,322

2.50%,

03/01/31

.................

12,446

9,879,137

2.63%,

08/01/31

.................

2,562

2,038,071

Chrome

Bidco

SASU,

3.50%,

05/31/28

(c)

...

EUR

1,468

1,258,880

Cigna

Corp.

4.13%,

11/15/25

.................

USD

400

400,439

6.13%,

11/15/41

.................

140

155,172

4.90%,

12/15/48

.................

45

43,193

CommonSpirit

Health

3.35%,

10/01/29

.................

500

461,517

2.78%,

10/01/30

.................

225

194,451

3.82%,

10/01/49

.................

300

250,117

3.91%,

10/01/50

.................

440

353,164

Community

Health

Systems,

Inc.

(b)

8.00%,

03/15/26

.................

8,804

8,017,715

5.63%,

03/15/27

.................

3,206

2,713,462

6.00%,

01/15/29

.................

5,391

4,466,012

6.88%,

04/15/29

.................

273

176,085

6.13%,

04/01/30

.................

483

294,630

CVS

Health

Corp.

1.30%,

08/21/27

.................

160

137,865

4.30%,

03/25/28

.................

789

780,652

1.88%,

02/28/31

.................

2,835

2,270,192

5.13%,

07/20/45

.................

1,150

1,107,706

5.05%,

03/25/48

.................

1,530

1,464,589

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Elevance

Health,

Inc.

2.38%,

01/15/25

.................

USD

105

$

101,086

6.38%,

06/15/37

.................

500

588,590

4.65%,

01/15/43

.................

250

238,061

3.70%,

09/15/49

.................

625

516,700

4.55%,

05/15/52

.................

400

376,199

Encompass

Health

Corp.

4.50%,

02/01/28

.................

346

296,210

4.75%,

02/01/30

.................

3,606

3,021,972

4.63%,

04/01/31

.................

1,444

1,169,243

HCA,

Inc.

5.38%,

09/01/26

.................

1,170

1,160,154

3.50%,

09/01/30

.................

210

178,649

5.50%,

06/15/47

.................

960

856,351

5.25%,

06/15/49

.................

965

831,107

3.50%,

07/15/51

.................

625

426,835

4.63%,

03/15/52

(b)

................

2,825

2,260,175

HealthEquity,

Inc.,

4.50%,

10/01/29

(b)

.....

4,413

3,861,375

Hoag

Memorial

Hospital

Presbyterian,

3.80%,

07/15/52

.....................

500

437,081

Humana,

Inc.,

2.15%,

02/03/32

........

255

206,483

Kaiser

Foundation

Hospitals,

Series

2021,

2.81%,

06/01/41

................

299

231,838

Kedrion

SpA,

3.38%,

05/15/26

(c)

........

EUR

400

369,356

Korian

SA,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

9.08%),

4.13%

(a)(c)(l)

GBP

800

764,555

Legacy

LifePoint

Health

LLC

(b)

6.75%,

04/15/25

.................

USD

1,540

1,488,580

4.38%,

02/15/27

.................

1,962

1,681,080

LifePoint

Health,

Inc.,

5.38%,

01/15/29

(b)

...

2,236

1,643,460

ModivCare,

Inc.,

5.88%,

11/15/25

(b)

......

2,951

2,714,920

Molina

Healthcare,

Inc.

(b)

4.38%,

06/15/28

.................

3,004

2,683,386

3.88%,

11/15/30

.................

2,361

2,018,135

3.88%,

05/15/32

.................

2,110

1,769,417

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(b)

.

2,100

1,800,750

Owens

&

Minor,

Inc.,

6.63%,

04/01/30

(b)

...

1,148

1,048,664

Prime

Healthcare

Services,

Inc.,

7.25%,

11/01/25

(b)

....................

5,756

4,912,746

RegionalCare

Hospital

Partners

Holdings,

Inc.,

9.75%,

12/01/26

(b)

...............

649

631,152

Surgery

Center

Holdings,

Inc.

(b)

6.75%,

07/01/25

.................

3,900

3,574,506

10.00%,

04/15/27

................

4,460

4,320,156

Sutter

Health

Series

20A,

2.29%,

08/15/30

........

870

746,890

Series

20A,

3.36%,

08/15/50

........

244

187,185

Team

Health

Holdings,

Inc.,

6.38%,

02/01/25

(b)

432

301,657

Tenet

Healthcare

Corp.

4.63%,

07/15/24

.................

132

126,684

4.63%,

09/01/24

(b)

................

1,371

1,316,160

4.88%,

01/01/26

(b)

................

8,341

7,673,720

6.25%,

02/01/27

(b)

................

669

615,758

5.13%,

11/01/27

(b)

................

9,526

8,573,400

4.63%,

06/15/28

(b)

................

234

203,763

6.13%,

10/01/28

(b)

................

2,154

1,843,350

6.13%,

06/15/30

(b)

................

2,286

2,109,018

UnitedHealth

Group,

Inc.

6.88%,

02/15/38

.................

800

990,656

3.50%,

08/15/39

.................

775

675,710

2.75%,

05/15/40

.................

345

268,705

4.63%,

11/15/41

.................

115

113,163

4.75%,

07/15/45

.................

440

442,491

4.25%,

06/15/48

.................

510

475,523

3.70%,

08/15/49

.................

400

341,141

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

3.25%,

05/15/51

.................

USD

180

$

141,237

131,698,820

Health

Care

Technology

—

0.0%

IQVIA,

Inc.

(b)

5.00%,

10/15/26

.................

1,065

1,014,232

5.00%,

05/15/27

.................

3,684

3,485,432

4,499,664

Hotels,

Restaurants

&

Leisure

—

1.3%

1011778

BC

ULC

(b)

5.75%,

04/15/25

.................

2,266

2,279,199

3.88%,

01/15/28

.................

2,961

2,569,911

4.38%,

01/15/28

.................

3,746

3,275,128

4.00%,

10/15/30

.................

2,412

1,935,630

Accor

SA

(c)

(EUR

Swap

Annual

5

Year

+

4.56%),

4.38%

(a)(l)

....................

EUR

600

547,042

0.70%,

12/07/27

(j)

................

892

384,571

Affinity

Gaming,

6.88%,

12/15/27

(b)

......

USD

518

435,141

Boyd

Gaming

Corp.

4.75%,

12/01/27

.................

1,104

999,120

4.75%,

06/15/31

(b)

................

3,156

2,666,883

Boyne

USA,

Inc.,

4.75%,

05/15/29

(b)

.....

3,076

2,663,631

Burger

King

France

SAS,

(EURIBOR

3

Month

+

4.75%),

4.75%,

11/01/26

(a)(c)

.........

EUR

225

217,459

Caesars

Entertainment,

Inc.

(b)

6.25%,

07/01/25

.................

USD

14,070

13,559,681

8.13%,

07/01/27

.................

8,866

8,566,773

4.63%,

10/15/29

.................

6,880

5,349,200

Caesars

Resort

Collection

LLC,

5.75%,

07/01/25

(b)

....................

5,686

5,437,579

Carnival

Corp.

10.13%,

02/01/26

(c)

...............

EUR

1,715

1,775,218

10.50%,

02/01/26

(b)

...............

USD

5,072

5,049,024

7.63%,

03/01/26

(c)

................

EUR

636

521,103

5.75%,

03/01/27

(b)

................

USD

6,218

4,491,137

9.88%,

08/01/27

(b)

................

4,462

4,350,450

4.00%,

08/01/28

(b)

................

11,129

9,125,780

6.00%,

05/01/29

(b)

................

5,863

4,119,402

CCM

Merger,

Inc.,

6.38%,

05/01/26

(b)

.....

1,275

1,160,795

CDI

Escrow

Issuer,

Inc.,

5.75%,

04/01/30

(b)

.

4,168

3,792,880

Cedar

Fair

LP

5.50%,

05/01/25

(b)

................

4,086

3,963,420

6.50%,

10/01/28

.................

435

412,872

Champion

Path

Holdings

Ltd.,

4.85%,

01/27/28

(c)

....................

4,311

2,464,814

Churchill

Downs,

Inc.

(b)

5.50%,

04/01/27

.................

5,096

4,841,200

4.75%,

01/15/28

.................

3,537

3,147,930

Cirsa

Finance

International

SARL

(c)

4.75%,

05/22/25

.................

EUR

1,133

1,046,392

4.50%,

03/15/27

.................

274

231,146

Codere

Finance

2

Luxembourg

SA

(k)

11.00%,

(11.00%

Cash

or

11.00%

PIK),

09/30/26

(c)(d)

..................

1,127

1,212,325

2.00%,

(2.00%

Cash

or

13.63%

PIK),

11/30/27

(a)(b)

..................

USD

135

117,304

12.75%,

(12.75%

Cash

or

12.75%

PIK),

11/30/27

(a)(c)

..................

EUR

256

238,939

CPUK

Finance

Ltd.

(c)

4.88%,

08/28/25

.................

GBP

619

698,970

4.50%,

08/28/27

.................

200

217,731

Expedia

Group,

Inc.

6.25%,

05/01/25

(b)

................

USD

308

317,213

3.25%,

02/15/30

.................

1,170

975,755

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

2.95%,

03/15/31

.................

USD

890

$

707,905

Fertitta

Entertainment

LLC

(b)

4.63%,

01/15/29

.................

2,542

2,167,055

6.75%,

01/15/30

.................

2,297

1,762,948

Food

Service

Project

SA,

5.50%,

01/21/27

(c)

EUR

1,086

975,898

Fortune

Star

BVI

Ltd.,

6.75%,

07/02/23

(c)

...

USD

5,703

4,481,845

Gamma

Bidco

SpA

(c)

5.13%,

07/15/25

.................

EUR

380

358,399

6.25%,

07/15/25

.................

1,139

1,110,062

Hilton

Domestic

Operating

Co.,

Inc.

5.38%,

05/01/25

(b)

................

USD

1,228

1,203,440

5.75%,

05/01/28

(b)

................

1,614

1,534,640

4.88%,

01/15/30

.................

4,235

3,827,381

4.00%,

05/01/31

(b)

................

1,216

1,010,496

Hilton

Worldwide

Finance

LLC,

4.88%,

04/01/27

.....................

1,175

1,107,009

Inter

Media

&

Communication

SpA,

6.75%,

02/09/27

(c)

....................

EUR

408

380,496

IRB

Holding

Corp.,

7.00%,

06/15/25

(b)

....

USD

490

479,637

Life

Time,

Inc.

(b)

5.75%,

01/15/26

.................

2,032

1,821,627

8.00%,

04/15/26

(g)

................

1,674

1,623,780

Lindblad

Expeditions

LLC,

6.75%,

02/15/27

(b)

2,357

2,021,128

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(b)

1,336

915,160

Melco

Resorts

Finance

Ltd.

(c)

4.88%,

06/06/25

.................

1,000

746,020

5.63%,

07/17/27

.................

630

424,872

5.75%,

07/21/28

.................

1,000

630,000

5.38%,

12/04/29

.................

431

256,445

Merlin

Entertainments

Ltd.,

5.75%,

06/15/26

(b)

600

547,502

MGM

China

Holdings

Ltd.,

5.25%,

06/18/25

(c)

4,116

3,167,519

MGM

Resorts

International

6.00%,

03/15/23

.................

5,798

5,784,549

5.75%,

06/15/25

.................

261

248,602

Midco

GB

SASU,

7.75%,

(7.75%

Cash

or

8.50%

PIK),

11/01/27

(c)(k)

...........

EUR

250

252,522

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(b)

....................

USD

1,935

1,577,025

NCL

Corp.

Ltd.

(b)

5.88%,

03/15/26

.................

2,260

1,773,851

7.75%,

02/15/29

.................

882

674,730

NCL

Finance

Ltd.,

6.13%,

03/15/28

(b)

.....

1,086

790,065

Peninsula

Pacific

Entertainment

LLC,

8.50%,

11/15/27

(b)

....................

1,734

1,820,006

Powdr

Corp.,

6.00%,

08/01/25

(b)

........

1,443

1,432,178

Premier

Entertainment

Sub

LLC

(b)

5.63%,

09/01/29

.................

700

498,372

5.88%,

09/01/31

.................

888

616,284

Raptor

Acquisition

Corp.,

4.88%,

11/01/26

(b)

.

1,501

1,313,375

Royal

Caribbean

Cruises

Ltd.

(b)

10.88%,

06/01/23

................

747

749,495

9.13%,

06/15/23

.................

1,114

1,101,701

11.50%,

06/01/25

................

2,600

2,671,500

5.50%,

08/31/26

.................

783

581,378

5.38%,

07/15/27

.................

3,209

2,332,526

5.50%,

04/01/28

.................

4,709

3,272,755

Scientific

Games

International,

Inc.

(b)

8.63%,

07/01/25

.................

1,982

2,031,748

7.00%,

05/15/28

.................

1,055

990,044

7.25%,

11/15/29

.................

475

445,460

Sisal

SpA,

7.00%,

07/31/23

(c)

..........

EUR

935

972,210

Six

Flags

Theme

Parks,

Inc.,

7.00%,

07/01/25

(b)

USD

3,986

4,035,147

Station

Casinos

LLC

(b)

4.50%,

02/15/28

.................

933

788,021

4.63%,

12/01/31

.................

1,835

1,431,300

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

67

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Stonegate

Pub

Co.

Financing

plc

(c)

8.00%,

07/13/25

.................

GBP

1,111

$

1,237,464

8.25%,

07/31/25

.................

1,102

1,225,090

Studio

City

Finance

Ltd.

6.00%,

07/15/25

(c)

................

USD

800

508,000

5.00%,

01/15/29

(b)

................

3,070

1,530,779

Vail

Resorts,

Inc.,

6.25%,

05/15/25

(b)

.....

954

952,827

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(b)

....................

1,358

1,070,789

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(b)

....................

1,844

1,612,873

Wynn

Las

Vegas

LLC,

5.25%,

05/15/27

(b)

..

2,243

1,921,107

Wynn

Macau

Ltd.,

5.50%,

01/15/26

(c)

.....

4,974

3,438,278

Wynn

Resorts

Finance

LLC

(b)

7.75%,

04/15/25

.................

1,855

1,805,397

5.13%,

10/01/29

.................

3,689

2,905,457

Yum!

Brands,

Inc.

4.75%,

01/15/30

(b)

................

3,298

2,992,935

5.35%,

11/01/43

.................

48

39,780

197,845,632

Household

Durables

—

0.2%

Ashton

Woods

USA

LLC

(b)

4.63%,

08/01/29

.................

764

573,000

4.63%,

04/01/30

.................

1,114

818,066

Brookfield

Residential

Properties,

Inc.

(b)

5.00%,

06/15/29

.................

1,588

1,200,639

4.88%,

02/15/30

.................

3,450

2,506,425

CD&R

Smokey

Buyer,

Inc.,

6.75%,

07/15/25

(b)

2,805

2,479,846

K.

Hovnanian

Enterprises,

Inc.,

7.75%,

02/15/26

(b)

....................

1,758

1,722,840

KB

Home,

7.25%,

07/15/30

...........

516

488,929

Mattamy

Group

Corp.,

4.63%,

03/01/30

(b)

..

1,303

952,251

Meritage

Homes

Corp.,

5.13%,

06/06/27

...

595

544,626

Nobel

Bidco

BV,

3.13%,

06/15/28

(c)

......

EUR

582

408,638

Picasso

Finance

Sub,

Inc.,

6.13%,

06/15/25

(b)

USD

3,344

3,260,400

SWF

Escrow

Issuer

Corp.,

6.50%,

10/01/29

(b)

2,493

1,676,542

Taylor

Morrison

Communities,

Inc.,

5.13%,

08/01/30

(b)

....................

61

50,660

Tempur

Sealy

International,

Inc.

(b)

4.00%,

04/15/29

.................

1,998

1,609,469

3.88%,

10/15/31

.................

1,222

916,500

TRI

Pointe

Group,

Inc.,

5.88%,

06/15/24

...

1,665

1,620,196

TRI

Pointe

Homes,

Inc.

5.25%,

06/01/27

.................

1,900

1,660,871

5.70%,

06/15/28

.................

343

296,004

22,785,902

Household

Products

—

0.0%

Central

Garden

&

Pet

Co.

4.13%,

10/15/30

.................

1,410

1,156,919

4.13%,

04/30/31

(b)

................

1,294

1,038,779

Energizer

Holdings,

Inc.

(b)

6.50%,

12/31/27

.................

948

830,685

4.75%,

06/15/28

.................

552

438,133

4.38%,

03/31/29

.................

108

82,915

Kimberly-Clark

de

Mexico

SAB

de

CV,

2.43%,

07/01/31

(b)

....................

1,630

1,369,200

Spectrum

Brands,

Inc.

(b)

5.00%,

10/01/29

.................

159

137,494

5.50%,

07/15/30

.................

446

401,381

5,455,506

Independent

Power

and

Renewable

Electricity

Producers

—

0.2%

AES

Corp.

(The)

1.38%,

01/15/26

.................

1,645

1,450,759

2.45%,

01/15/31

.................

960

772,097

Security

Par

(000)

Par

(000)

Value

Independent

Power

and

Renewable

Electricity

Producers

(continued)

Calpine

Corp.

(b)

5.25%,

06/01/26

.................

USD

1,581

$

1,501,950

4.50%,

02/15/28

.................

973

883,365

5.13%,

03/15/28

.................

11,512

10,134,013

4.63%,

02/01/29

.................

200

166,454

5.00%,

02/01/31

.................

128

103,479

3.75%,

03/01/31

.................

207

168,374

Clearway

Energy

Operating

LLC

(b)

4.75%,

03/15/28

.................

1,833

1,649,117

3.75%,

01/15/32

.................

2,211

1,752,217

Colbun

SA,

3.15%,

01/19/32

(b)

.........

3,740

3,004,342

India

Cleantech

Energy,

4.70%,

08/10/26

(b)

.

1,718

1,365,991

22,952,158

Industrial

Conglomerates

—

0.0%

Alfa

SAB

de

CV,

6.88%,

03/25/44

(b)

......

753

729,469

GE

Capital

International

Funding

Co.

Unlimited

Co.,

4.42%,

11/15/35

.............

1,345

1,256,223

1,985,692

Insurance

—

0.8%

Acrisure

LLC,

6.00%,

08/01/29

(b)

........

1,576

1,233,677

Alliant

Holdings

Intermediate

LLC

(b)

4.25%,

10/15/27

.................

11,089

9,598,311

6.75%,

10/15/27

.................

18,879

16,752,847

5.88%,

11/01/29

.................

10,926

9,066,504

Allianz

SE

(a)(b)(l)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.50%

......................

26,200

21,588,800

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.17%),

3.20%

......................

10,600

7,738,000

Allstate

Corp.

(The),

Series

B,

(LIBOR

USD

3

Month

+

2.94%),

5.75%,

08/15/53

(a)

....

2,800

2,453,500

American

International

Group,

Inc.

4.80%,

07/10/45

.................

455

423,526

4.38%,

06/30/50

.................

200

177,349

AmWINS

Group,

Inc.,

4.88%,

06/30/29

(b)

...

1,910

1,564,142

Aon

Corp.

3.75%,

05/02/29

.................

550

519,478

2.80%,

05/15/30

.................

100

87,413

2.60%,

12/02/31

.................

1,365

1,144,354

Aon

Global

Ltd.,

4.60%,

06/14/44

.......

365

328,686

Ardonagh

Midco

2

plc,

11.50%,

(11.50%

Cash

or

12.75%

PIK),

01/15/27

(b)(k)

........

602

591,523

Asahi

Mutual

Life

Insurance

Co.,

(USD

Swap

Semi

5

Year

+

4.59%),

6.50%

(a)(c)(l)

.....

3,560

3,537,750

Aviva

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.65%),

6.88%

(a)(c)(l)

GBP

3,375

3,748,903

Berkshire

Hathaway

Finance

Corp.,

3.85%,

03/15/52

.....................

USD

410

350,983

BUPA

Finance

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

3.17%),

4.00%

(a)(c)(l)

...................

GBP

1,500

1,217,945

Galaxy

Bidco

Ltd.,

6.50%,

07/31/26

(c)

.....

1,567

1,745,371

GTCR

AP

Finance,

Inc.,

8.00%,

05/15/27

(b)

.

USD

2,161

2,023,021

Hartford

Financial

Services

Group,

Inc.

(The),

2.90%,

09/15/51

................

75

52,061

Heungkuk

Life

Insurance

Co.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.47%),

4.48%

(a)(c)(l)

...

1,091

1,062,907

HUB

International

Ltd.

(b)

7.00%,

05/01/26

.................

6,875

6,465,250

5.63%,

12/01/29

.................

605

499,762

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Just

Group

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.27%),

5.00%

(a)(c)(l)

...................

GBP

550

$

474,519

Legal

&

General

Group

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

5.38%),

5.63%

(a)(c)(l)

..............

2,175

2,233,936

Liberty

Mutual

Group,

Inc.

(a)

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.32%),

4.13%,

12/15/51

(b)

..............

USD

11,150

8,890,177

(EUR

Swap

Annual

5

Year

+

3.70%),

3.63%,

05/23/59

(c)

..............

EUR

300

282,547

Marsh

&

McLennan

Cos.,

Inc.

4.38%,

03/15/29

.................

USD

1,175

1,161,271

2.38%,

12/15/31

.................

160

133,933

NFP

Corp.

(b)

4.88%,

08/15/28

.................

4,486

3,842,125

6.88%,

08/15/28

.................

13,059

10,774,197

Progressive

Corp.

(The)

3.00%,

03/15/32

.................

290

259,761

6.25%,

12/01/32

.................

200

229,614

Prudential

Financial,

Inc.

3.91%,

12/07/47

.................

265

228,483

3.94%,

12/07/49

.................

105

90,381

4.35%,

02/25/50

.................

230

211,762

3.70%,

03/13/51

.................

100

83,488

QBE

Insurance

Group

Ltd.,

(USD

Swap

Rate

10

Year

+

4.40%),

5.88%,

06/17/46

(a)(c)

..

677

656,808

Ryan

Specialty

Group

LLC,

4.38%,

02/01/30

(b)

1,083

942,210

Swiss

Re

America

Holding

Corp.,

7.00%,

02/15/26

.....................

100

110,028

Teachers

Insurance

&

Annuity

Association

of

America,

4.27%,

05/15/47

(b)

.........

575

511,802

Travelers

Cos.,

Inc.

(The),

2.55%,

04/27/50

.

260

180,687

125,269,792

Interactive

Media

&

Services

—

0.1%

Alphabet,

Inc.

1.90%,

08/15/40

.................

1,030

738,361

2.05%,

08/15/50

.................

335

224,588

Tencent

Holdings

Ltd.,

3.84%,

04/22/51

(b)

..

460

355,920

Twitter,

Inc.

(b)

3.88%,

12/15/27

.................

2,971

2,800,925

5.00%,

03/01/30

.................

3,646

3,459,143

7,578,937

Internet

&

Direct

Marketing

Retail

—

0.1%

Alibaba

Group

Holding

Ltd.,

3.15%,

02/09/51

825

565,991

Amazon.com,

Inc.

3.30%,

04/13/27

.................

100

98,106

3.15%,

08/22/27

.................

525

510,443

3.88%,

08/22/37

.................

1,075

1,019,009

4.05%,

08/22/47

.................

245

229,321

2.50%,

06/03/50

.................

360

253,725

3.10%,

05/12/51

.................

654

515,001

3.95%,

04/13/52

.................

1,310

1,210,343

2.70%,

06/03/60

.................

295

199,812

3.25%,

05/12/61

.................

895

680,433

4.10%,

04/13/62

.................

325

294,042

ANGI

Group

LLC,

3.88%,

08/15/28

(b)

.....

3,907

2,974,783

Go

Daddy

Operating

Co.

LLC

(b)

5.25%,

12/01/27

.................

1,328

1,215,120

3.50%,

03/01/29

.................

960

809,366

Match

Group

Holdings

II

LLC

(b)

4.63%,

06/01/28

.................

3,414

3,095,132

5.63%,

02/15/29

.................

1,965

1,837,275

4.13%,

08/01/30

.................

1,364

1,139,083

Security

Par

(000)

Par

(000)

Value

Internet

&

Direct

Marketing

Retail

(continued)

3.63%,

10/01/31

.................

USD

1,399

$

1,101,713

Rakuten

Group,

Inc.,

(EUR

Swap

Annual

5

Year

+

4.74%),

4.25%

(a)(c)(l)

.............

EUR

925

668,971

Very

Group

Funding

plc

(The),

6.50%,

08/01/26

(c)

....................

GBP

1,418

1,308,960

19,726,629

IT

Services

—

0.4%

Acuris

Finance

US,

Inc.,

5.00%,

05/01/28

(b)

.

USD

4,676

3,880,238

Ahead

DB

Holdings

LLC,

6.63%,

05/01/28

(b)

994

824,029

Arches

Buyer,

Inc.,

4.25%,

06/01/28

(b)

....

1,306

1,063,352

Black

Knight

InfoServ

LLC,

3.63%,

09/01/28

(b)

2,332

2,017,180

Block,

Inc.,

3.50%,

06/01/31

(b)

.........

9,471

7,547,061

Booz

Allen

Hamilton,

Inc.

(b)

3.88%,

09/01/28

.................

2,535

2,243,475

4.00%,

07/01/29

.................

4,194

3,656,873

CA

Magnum

Holdings,

5.38%,

10/31/26

(b)

..

5,124

4,432,260

Cablevision

Lightpath

LLC

(b)

3.88%,

09/15/27

.................

968

801,020

5.63%,

09/15/28

.................

1,358

1,062,309

Centurion

Bidco

SpA,

5.88%,

09/30/26

(c)

...

EUR

785

720,349

Endurance

International

Group

Holdings,

Inc.,

6.00%,

02/15/29

(b)

...............

USD

844

609,040

Fiserv,

Inc.

3.50%,

07/01/29

.................

10

9,122

2.65%,

06/01/30

.................

755

639,476

4.40%,

07/01/49

.................

225

193,368

Gartner,

Inc.

(b)

4.50%,

07/01/28

.................

2,429

2,230,320

3.63%,

06/15/29

.................

1,367

1,184,328

3.75%,

10/01/30

.................

4,040

3,439,050

Global

Payments,

Inc.

1.20%,

03/01/26

.................

955

841,286

2.15%,

01/15/27

.................

800

710,050

3.20%,

08/15/29

.................

1,300

1,136,048

4.15%,

08/15/49

.................

305

238,486

International

Business

Machines

Corp.

4.15%,

05/15/39

.................

455

410,524

4.25%,

05/15/49

.................

100

88,370

ION

Trading

Technologies

SARL,

5.75%,

05/15/28

(b)

....................

1,842

1,473,213

Mastercard,

Inc.

3.35%,

03/26/30

.................

345

329,278

3.85%,

03/26/50

.................

160

146,496

Nexi

SpA,

0.00%,

02/24/28

(c)(j)(n)

........

EUR

600

409,300

Northwest

Fiber

LLC

(b)

4.75%,

04/30/27

.................

USD

2,879

2,371,006

6.00%,

02/15/28

.................

1,475

1,059,953

PayPal

Holdings,

Inc.

1.65%,

06/01/25

.................

955

900,879

4.40%,

06/01/32

.................

380

376,192

3.25%,

06/01/50

.................

155

117,121

Tempo

Acquisition

LLC,

5.75%,

06/01/25

(b)

.

1,215

1,142,993

Twilio,

Inc.,

3.88%,

03/15/31

..........

2,907

2,391,792

United

Group

BV

(c)

4.88%,

07/01/24

.................

EUR

1,366

1,299,816

4.00%,

11/15/27

.................

1,411

1,119,876

4.63%,

08/15/28

.................

142

113,617

5.25%,

02/01/30

.................

176

136,003

53,365,149

Leisure

Products

—

0.0%

Mattel,

Inc.

3.75%,

04/01/29

(b)

................

USD

1,953

1,754,956

6.20%,

10/01/40

.................

875

835,625

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

69

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Leisure

Products

(continued)

5.45%,

11/01/41

.................

USD

1,769

$

1,552,744

4,143,325

Life

Sciences

Tools

&

Services

—

0.1%

Bio-Rad

Laboratories,

Inc.,

3.30%,

03/15/27

100

94,355

Charles

River

Laboratories

International,

Inc.

(b)

4.25%,

05/01/28

.................

1,754

1,575,636

3.75%,

03/15/29

.................

347

301,144

4.00%,

03/15/31

.................

1,058

901,890

PRA

Health

Sciences,

Inc.,

2.88%,

07/15/26

(b)

4,971

4,424,190

Syneos

Health,

Inc.,

3.63%,

01/15/29

(b)

...

6,868

5,816,018

Thermo

Fisher

Scientific,

Inc.,

2.00%,

10/15/31

1,700

1,425,257

14,538,490

Machinery

—

0.3%

Amsted

Industries,

Inc.,

5.63%,

07/01/27

(b)

.

360

338,400

ATS

Automation

Tooling

Systems,

Inc.,

4.13%,

12/15/28

(b)

....................

814

679,690

Daimler

Trucks

Finance

North

America

LLC,

2.00%,

12/14/26

(b)

...............

820

736,792

Deere

&

Co.,

3.75%,

04/15/50

.........

25

22,822

EnPro

Industries,

Inc.,

5.75%,

10/15/26

...

559

539,435

GrafTech

Finance,

Inc.,

4.63%,

12/15/28

(b)

..

4,018

3,252,538

Husky

III

Holding

Ltd.,

13.00%,

(13.00%

Cash

or

13.75%

PIK),

02/15/25

(b)(k)

........

2,542

2,465,740

IMA

Industria

Macchine

Automatiche

SpA

(c)

3.75%,

01/15/28

.................

EUR

677

567,761

(EURIBOR

3

Month

+

4.00%),

4.00%,

01/15/28

(a)

...................

585

559,409

Meritor,

Inc.,

4.50%,

12/15/28

(b)

........

USD

567

545,920

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

(b)

783

683,042

Novafives

SAS,

5.00%,

06/15/25

(c)

......

EUR

787

536,079

OT

Merger

Corp.,

7.88%,

10/15/29

(b)

.....

USD

877

503,704

Otis

Worldwide

Corp.

3.11%,

02/15/40

.................

108

83,617

3.36%,

02/15/50

.................

10

7,560

Parker-Hannifin

Corp.,

4.50%,

09/15/29

...

845

840,815

Renk

AG,

5.75%,

07/15/25

(c)

..........

EUR

709

676,127

Roller

Bearing

Co.

of

America,

Inc.,

4.38%,

10/15/29

(b)

....................

USD

1,752

1,490,805

Schenck

Process

Holding

GmbH,

5.38%,

06/15/23

(c)

....................

EUR

788

794,454

Stevens

Holding

Co.,

Inc.,

6.13%,

10/01/26

(b)

USD

658

633,325

Terex

Corp.,

5.00%,

05/15/29

(b)

........

2,325

1,976,250

Titan

Acquisition

Ltd.,

7.75%,

04/15/26

(b)

...

6,165

5,666,868

Titan

International,

Inc.,

7.00%,

04/30/28

..

371

348,518

TK

Elevator

Holdco

GmbH

6.63%,

07/15/28

(c)

................

EUR

630

563,091

7.63%,

07/15/28

(b)

................

USD

3,551

3,187,022

TK

Elevator

Midco

GmbH,

4.38%,

07/15/27

(c)

EUR

1,148

1,036,415

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

(b)

USD

8,170

7,284,086

Wabash

National

Corp.,

4.50%,

10/15/28

(b)

.

2,282

1,745,730

37,766,015

Marine

—

0.0%

(b)

Danaos

Corp.,

8.50%,

03/01/28

........

1,074

1,063,283

Seaspan

Corp.,

5.50%,

08/01/29

.......

2,894

2,328,418

3,391,701

Media

—

1.4%

Altice

Financing

SA

2.25%,

01/15/25

(c)

................

EUR

1,003

919,812

3.00%,

01/15/28

(c)

................

376

293,484

5.00%,

01/15/28

(b)

................

USD

6,698

5,397,516

4.25%,

08/15/29

(c)

................

EUR

471

371,422

5.75%,

08/15/29

(b)

................

USD

8,401

6,741,803

AMC

Networks,

Inc.

5.00%,

04/01/24

.................

266

257,663

Security

Par

(000)

Par

(000)

Value

Media

(continued)

4.75%,

08/01/25

.................

USD

1,561

$

1,454,134

4.25%,

02/15/29

.................

940

761,579

Block

Communications,

Inc.,

4.88%,

03/01/28

(b)

1,041

879,645

Cable

One,

Inc.,

4.00%,

11/15/30

(b)

......

2,660

2,185,137

Charter

Communications

Operating

LLC

4.50%,

02/01/24

.................

655

658,876

2.80%,

04/01/31

.................

755

604,648

6.38%,

10/23/35

.................

810

814,628

6.48%,

10/23/45

.................

1,840

1,788,792

5.75%,

04/01/48

.................

100

89,635

5.13%,

07/01/49

.................

905

749,088

3.90%,

06/01/52

.................

200

138,843

5.25%,

04/01/53

.................

1,200

1,014,016

6.83%,

10/23/55

.................

225

226,123

3.85%,

04/01/61

.................

455

299,224

Clear

Channel

International

BV,

6.63%,

08/01/25

(b)

....................

1,764

1,640,520

Clear

Channel

Outdoor

Holdings,

Inc.

(b)

5.13%,

08/15/27

.................

14,003

11,823,153

7.75%,

04/15/28

.................

5,952

4,330,497

7.50%,

06/01/29

.................

7,419

5,334,706

CMG

Media

Corp.,

8.88%,

12/15/27

(b)

....

4,150

3,278,541

Comcast

Corp.

3.15%,

03/01/26

.................

2,725

2,652,455

2.35%,

01/15/27

.................

300

279,647

4.15%,

10/15/28

.................

1,232

1,228,581

2.65%,

02/01/30

.................

2,350

2,102,794

4.60%,

10/15/38

.................

1,600

1,551,381

3.75%,

04/01/40

.................

190

166,528

4.00%,

08/15/47

.................

240

207,557

2.80%,

01/15/51

.................

1,705

1,206,296

2.89%,

11/01/51

.................

2,548

1,820,213

CSC

Holdings

LLC

5.25%,

06/01/24

.................

3,043

2,845,205

5.38%,

02/01/28

(b)

................

4,003

3,462,595

6.50%,

02/01/29

(b)

................

3,885

3,508,660

5.75%,

01/15/30

(b)

................

1,015

738,443

4.13%,

12/01/30

(b)

................

7,796

6,080,880

4.63%,

12/01/30

(b)

................

3,995

2,671,616

3.38%,

02/15/31

(b)

................

980

724,524

4.50%,

11/15/31

(b)

................

2,813

2,169,245

Directv

Financing

LLC,

5.88%,

08/15/27

(b)

..

4,041

3,447,256

DISH

DBS

Corp.

5.88%,

07/15/22

.................

6,903

6,863,860

5.00%,

03/15/23

.................

3,957

3,766,154

5.25%,

12/01/26

(b)

................

11,342

8,890,313

5.75%,

12/01/28

(b)

................

6,941

5,139,186

5.13%,

06/01/29

.................

2,119

1,287,589

Fox

Corp.,

3.05%,

04/07/25

..........

575

556,752

GCI

LLC,

4.75%,

10/15/28

(b)

..........

3,014

2,611,476

Grupo

Televisa

SAB,

5.25%,

05/24/49

....

200

196,475

Interpublic

Group

of

Cos.,

Inc.

(The),

3.38%,

03/01/41

.....................

180

134,985

Lamar

Media

Corp.,

4.00%,

02/15/30

.....

958

804,385

LCPR

Senior

Secured

Financing

DAC

(b)

6.75%,

10/15/27

.................

3,161

2,948,676

5.13%,

07/15/29

.................

3,274

2,733,790

Midcontinent

Communications,

5.38%,

08/15/27

(b)

....................

554

509,680

Outfront

Media

Capital

LLC

(b)

5.00%,

08/15/27

.................

3,825

3,342,094

4.25%,

01/15/29

.................

999

795,823

4.63%,

03/15/30

.................

85

66,969

Paramount

Global

4.38%,

03/15/43

.................

592

457,857

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Media

(continued)

5.85%,

09/01/43

.................

USD

229

$

213,948

4.95%,

05/19/50

.................

77

64,539

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.00%),

6.38%,

03/30/62

(a)

..............

5,523

4,930,934

Radiate

Holdco

LLC

(b)

4.50%,

09/15/26

.................

6,707

5,783,312

6.50%,

09/15/28

.................

11,104

8,582,004

Scripps

Escrow

II,

Inc.,

3.88%,

01/15/29

(b)

..

128

107,269

SES

SA,

(EUR

Swap

Annual

5

Year

+

3.19%),

2.88%

(a)(c)(l)

...................

EUR

1,700

1,487,565

Sinclair

Television

Group,

Inc.,

4.13%,

12/01/30

(b)

....................

USD

4,887

3,876,197

Sirius

XM

Radio,

Inc.

(b)

3.13%,

09/01/26

.................

4,237

3,780,379

5.00%,

08/01/27

.................

1,808

1,676,956

4.00%,

07/15/28

.................

3,137

2,713,505

5.50%,

07/01/29

.................

4,612

4,202,685

4.13%,

07/01/30

.................

49

40,924

3.88%,

09/01/31

.................

3,328

2,649,920

Stagwell

Global

LLC,

5.63%,

08/15/29

(b)

...

1,577

1,267,167

Summer

BC

Holdco

A

SARL,

9.25%,

10/31/27

(c)

EUR

631

508,625

Summer

BC

Holdco

B

SARL,

5.75%,

10/31/26

(c)

....................

1,919

1,751,889

Summer

BidCo

BV

(c)(k)

9.00%,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

(a)

...................

754

628,120

9.00%,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

....................

338

281,371

Tele

Columbus

AG,

3.88%,

05/02/25

(c)

....

2,143

1,881,271

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(b)

...............

USD

5,000

4,412,000

Univision

Communications,

Inc.

(b)

5.13%,

02/15/25

.................

3,353

3,155,173

6.63%,

06/01/27

.................

1,130

1,075,884

7.38%,

06/30/30

.................

1,018

995,095

UPC

Broadband

Finco

BV,

4.88%,

07/15/31

(b)

4,428

3,608,820

Videotron

Ltd.,

3.63%,

06/15/29

(b)

.......

1,856

1,506,627

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%,

07/15/28

(c)

...............

GBP

567

552,167

Virgin

Media

Vendor

Financing

Notes

IV

DAC,

5.00%,

07/15/28

(b)

...............

USD

6,511

5,387,650

VZ

Secured

Financing

BV,

3.50%,

01/15/32

(c)

EUR

1,019

801,334

Ziggo

Bond

Co.

BV

(b)

6.00%,

01/15/27

.................

USD

783

692,955

5.13%,

02/28/30

.................

2,165

1,698,250

Ziggo

BV,

4.88%,

01/15/30

(b)

..........

2,525

2,141,053

202,479,013

Metals

&

Mining

—

0.6%

ABJA

Investment

Co.

Pte.

Ltd.,

5.95%,

07/31/24

(c)

....................

3,359

3,350,603

Allegheny

Technologies,

Inc.

4.88%,

10/01/29

.................

769

613,270

5.13%,

10/01/31

.................

2,835

2,171,728

AngloGold

Ashanti

Holdings

plc,

3.75%,

10/01/30

.....................

868

725,865

Antofagasta

plc,

2.38%,

10/14/30

(b)

......

1,540

1,195,425

Arconic

Corp.

(b)

6.00%,

05/15/25

.................

1,656

1,615,103

6.13%,

02/15/28

.................

4,386

4,095,559

Barrick

North

America

Finance

LLC,

5.75%,

05/01/43

.....................

30

31,224

BHP

Billiton

Finance

USA

Ltd.,

5.00%,

09/30/43

41

42,146

Big

River

Steel

LLC,

6.63%,

01/31/29

(b)

...

9,123

8,465,645

Carpenter

Technology

Corp.,

7.63%,

03/15/30

1,352

1,241,536

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

Commercial

Metals

Co.

4.13%,

01/15/30

.................

USD

563

$

474,048

4.38%,

03/15/32

.................

1,677

1,373,586

Constellium

SE

4.25%,

02/15/26

(c)

................

EUR

600

567,232

5.88%,

02/15/26

(b)

................

USD

4,305

4,019,363

5.63%,

06/15/28

(b)

................

1,468

1,313,482

3.75%,

04/15/29

(b)

................

5,840

4,631,545

ERO

Copper

Corp.,

6.50%,

02/15/30

(b)

....

1,269

1,018,373

FMG

Resources

August

2006

Pty.

Ltd.,

6.13%,

04/15/32

(b)

....................

3,289

2,960,100

Fresnillo

plc,

4.25%,

10/02/50

(b)

........

1,821

1,335,362

Glencore

Funding

LLC,

2.63%,

09/23/31

(b)

..

1,005

809,842

Gold

Fields

Orogen

Holdings

BVI

Ltd.,

5.13%,

05/15/24

(b)

....................

3,077

3,080,462

Industrias

Penoles

SAB

de

CV,

4.75%,

08/06/50

(b)

....................

995

785,304

Joseph

T

Ryerson

&

Son,

Inc.,

8.50%,

08/01/28

(b)

....................

817

843,634

JSW

Steel

Ltd.,

5.95%,

04/18/24

(c)

......

630

622,125

Kaiser

Aluminum

Corp.

(b)

4.63%,

03/01/28

.................

2,582

2,149,568

4.50%,

06/01/31

.................

3,079

2,330,432

Mineral

Resources

Ltd.

(b)

8.00%,

11/01/27

.................

1,094

1,066,650

8.50%,

05/01/30

.................

1,114

1,097,290

New

Gold,

Inc.,

7.50%,

07/15/27

(b)

......

4,362

3,794,940

Newmont

Corp.

2.80%,

10/01/29

.................

235

207,523

5.45%,

06/09/44

.................

200

200,398

Nexa

Resources

SA,

5.38%,

05/04/27

(b)

...

2,341

2,162,938

Novelis

Corp.

(b)

3.25%,

11/15/26

.................

3,515

2,971,141

4.75%,

01/30/30

.................

5,891

4,896,481

3.88%,

08/15/31

.................

4,620

3,558,278

Nucor

Corp.

3.95%,

05/23/25

.................

720

715,961

2.00%,

06/01/25

.................

205

192,912

2.98%,

12/15/55

.................

75

50,745

Periama

Holdings

LLC,

5.95%,

04/19/26

(c)

..

4,374

3,892,860

Southern

Copper

Corp.,

5.88%,

04/23/45

..

150

155,325

Steel

Dynamics,

Inc.

2.40%,

06/15/25

.................

95

89,863

5.00%,

12/15/26

.................

700

694,100

1.65%,

10/15/27

.................

535

459,242

3.25%,

10/15/50

.................

410

281,947

thyssenkrupp

AG,

2.88%,

02/22/24

(c)

.....

EUR

962

966,962

United

States

Steel

Corp.,

6.88%,

03/01/29

.

USD

2,121

1,850,763

Vedanta

Resources

Finance

II

plc

13.88%,

01/21/24

(c)

...............

3,215

2,861,350

8.95%,

03/11/25

(c)

................

2,627

2,075,330

8.95%,

03/11/25

(b)

................

639

504,810

Vedanta

Resources

Ltd.

7.13%,

05/31/23

(c)

................

1,040

847,470

87,457,841

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

Starwood

Property

Trust,

Inc.

(b)

5.50%,

11/01/23

.................

217

214,559

4.38%,

01/15/27

.................

862

748,267

962,826

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

71

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Multiline

Retail

—

0.0%

(b)

Golden

Eagle

Retail

Group

Ltd.,

4.63%,

05/21/23

.....................

USD

430

$

412,746

NMG

Holding

Co.,

Inc.,

7.13%,

04/01/26

...

2,850

2,626,503

3,039,249

Multi-Utilities

—

0.1%

Berkshire

Hathaway

Energy

Co.

3.75%,

11/15/23

.................

825

830,392

3.70%,

07/15/30

.................

100

95,945

4.60%,

05/01/53

(b)

................

400

383,440

CMS

Energy

Corp.

3.45%,

08/15/27

.................

100

95,801

4.88%,

03/01/44

.................

300

285,200

Consumers

Energy

Co.

3.25%,

08/15/46

.................

775

622,953

2.50%,

05/01/60

.................

200

129,490

Dominion

Energy,

Inc.

3.90%,

10/01/25

.................

1,120

1,113,638

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.20%),

4.35%

(a)(l)

....................

10,005

8,229,113

Series

C,

3.38%,

04/01/30

..........

300

274,241

Series

C,

2.25%,

08/15/31

..........

300

246,643

NiSource,

Inc.

3.60%,

05/01/30

.................

400

366,472

4.80%,

02/15/44

.................

100

89,511

3.95%,

03/30/48

.................

290

240,561

Puget

Sound

Energy,

Inc.,

2.89%,

09/15/51

.

100

73,208

San

Diego

Gas

&

Electric

Co.,

2.95%,

08/15/51

450

331,811

Sempra

Energy

3.40%,

02/01/28

.................

1,075

1,015,094

3.70%,

04/01/29

.................

840

788,842

3.80%,

02/01/38

.................

825

696,351

15,908,706

Oil,

Gas

&

Consumable

Fuels

—

2.7%

Adani

Green

Energy

UP

Ltd.,

6.25%,

12/10/24

(c)

700

667,538

Aethon

United

BR

LP,

8.25%,

02/15/26

(b)

...

3,231

3,139,724

Antero

Midstream

Partners

LP

(b)

5.75%,

03/01/27

.................

1,634

1,519,620

5.75%,

01/15/28

.................

732

666,427

5.38%,

06/15/29

.................

2,275

2,037,399

Antero

Resources

Corp.,

7.63%,

02/01/29

(b)

.

1,828

1,859,570

Apache

Corp.

4.25%,

01/15/30

.................

1,282

1,136,172

5.10%,

09/01/40

.................

3,568

3,012,748

5.25%,

02/01/42

.................

599

501,053

5.35%,

07/01/49

.................

1,170

924,463

Ascent

Resources

Utica

Holdings

LLC

(b)

9.00%,

11/01/27

.................

3,865

4,851,283

5.88%,

06/30/29

.................

2,108

1,855,040

Azure

Power

Energy

Ltd.,

3.58%,

08/19/26

(b)

1,446

1,188,965

BP

Capital

Markets

America,

Inc.

3.19%,

04/06/25

.................

730

720,666

3.02%,

01/16/27

.................

582

554,490

3.59%,

04/14/27

.................

732

713,473

4.23%,

11/06/28

.................

458

454,858

3.63%,

04/06/30

.................

530

501,415

1.75%,

08/10/30

.................

60

49,108

3.06%,

06/17/41

.................

1,525

1,188,335

BP

Capital

Markets

plc,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.40%),

4.88%

(a)(l)

..............

20,125

17,521,748

Buckeye

Partners

LP

4.13%,

03/01/25

(b)

................

318

294,414

5.85%,

11/15/43

.................

1,712

1,215,520

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

5.60%,

10/15/44

.................

USD

503

$

350,274

Callon

Petroleum

Co.

6.13%,

10/01/24

.................

1,545

1,568,793

9.00%,

04/01/25

(b)

................

5,816

6,164,960

6.38%,

07/01/26

.................

507

467,707

8.00%,

08/01/28

(b)

................

5,075

4,875,045

7.50%,

06/15/30

(b)

................

4,333

3,986,967

Cameron

LNG

LLC,

3.30%,

01/15/35

(b)

....

765

654,622

Cenovus

Energy,

Inc.,

3.75%,

02/15/52

...

490

372,228

Centennial

Resource

Production

LLC,

6.88%,

04/01/27

(b)

....................

1,925

1,828,047

Cheniere

Corpus

Christi

Holdings

LLC

5.88%,

03/31/25

.................

1,895

1,940,232

5.13%,

06/30/27

.................

1,165

1,169,293

Cheniere

Energy

Partners

LP

4.50%,

10/01/29

.................

2,743

2,448,676

4.00%,

03/01/31

.................

4,434

3,770,230

3.25%,

01/31/32

(b)

................

4,061

3,198,038

Cheniere

Energy,

Inc.,

4.63%,

10/15/28

...

18,135

16,331,837

Chesapeake

Energy

Corp.

(b)

5.88%,

02/01/29

.................

71

66,953

6.75%,

04/15/29

.................

4,425

4,279,108

CITGO

Petroleum

Corp.

(b)

7.00%,

06/15/25

.................

1,719

1,663,132

6.38%,

06/15/26

.................

2,934

2,708,581

Civitas

Resources,

Inc.,

5.00%,

10/15/26

(b)

.

1,167

1,047,383

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(b)

706

593,040

CNX

Resources

Corp.,

6.00%,

01/15/29

(b)

..

562

525,020

Colgate

Energy

Partners

III

LLC

(b)

7.75%,

02/15/26

.................

1,517

1,442,113

5.88%,

07/01/29

.................

4,170

3,653,963

Comstock

Resources,

Inc.

(b)

6.75%,

03/01/29

.................

3,267

2,925,370

5.88%,

01/15/30

.................

4,058

3,489,880

ConocoPhillips

Co.,

3.80%,

03/15/52

.....

465

397,907

Continuum

Energy

Levanter

Pte.

Ltd.

4.50%,

02/09/27

(b)

................

1,036

807,739

4.50%,

02/09/27

(c)

................

1,931

1,506,240

Coterra

Energy,

Inc.,

3.90%,

05/15/27

(b)

...

155

148,611

CQP

Holdco

LP,

5.50%,

06/15/31

(b)

......

5,163

4,396,501

Crescent

Energy

Finance

LLC,

7.25%,

05/01/26

(b)

....................

5,109

4,649,190

Crestwood

Midstream

Partners

LP

(b)

5.63%,

05/01/27

.................

2,110

1,877,900

6.00%,

02/01/29

.................

1,758

1,533,995

8.00%,

04/01/29

.................

1,564

1,452,581

CrownRock

LP,

5.63%,

10/15/25

(b)

......

7,581

7,126,140

Cullinan

Holdco

Scsp,

4.63%,

10/15/26

(c)

..

EUR

599

505,903

DCP

Midstream

Operating

LP

6.45%,

11/03/36

(b)

................

USD

1,132

1,109,360

6.75%,

09/15/37

(b)

................

4,179

3,975,274

5.60%,

04/01/44

.................

350

282,840

Devon

Energy

Corp.

5.25%,

10/15/27

.................

1,070

1,082,778

4.50%,

01/15/30

.................

500

472,300

4.75%,

05/15/42

.................

323

292,924

Diamondback

Energy,

Inc.

3.50%,

12/01/29

.................

2,585

2,367,767

3.13%,

03/24/31

.................

269

234,286

4.25%,

03/15/52

.................

400

331,742

DT

Midstream,

Inc.

(b)

4.13%,

06/15/29

.................

3,337

2,828,108

4.38%,

06/15/31

.................

3,465

2,901,937

Earthstone

Energy

Holdings

LLC,

8.00%,

04/15/27

(b)

....................

2,364

2,236,935

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

EIG

Pearl

Holdings

SARL

(b)

3.55%,

08/31/36

.................

USD

2,394

$

2,052,855

4.39%,

11/30/46

.................

3,555

2,781,930

Enbridge,

Inc.

4.00%,

10/01/23

.................

500

501,958

0.55%,

10/04/23

.................

355

341,863

2.50%,

01/15/25

.................

1,040

1,000,690

4.25%,

12/01/26

.................

500

494,827

3.70%,

07/15/27

.................

644

616,753

3.13%,

11/15/29

.................

125

112,995

4.50%,

06/10/44

.................

30

26,271

Series

16-A,

(LIBOR

USD

3

Month

+

3.89%),

6.00%,

01/15/77

(a)

........

13,675

12,649,965

Energy

Transfer

LP

5.00%,

10/01/22

.................

300

300,409

5.88%,

01/15/24

.................

3,740

3,813,394

4.90%,

02/01/24

.................

245

246,417

2.90%,

05/15/25

.................

3,000

2,851,446

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.69%),

6.50%

(a)(l)

....................

4,948

4,373,624

5.25%,

04/15/29

.................

270

267,423

5.95%,

10/01/43

.................

220

204,981

5.15%,

03/15/45

.................

1,250

1,068,803

6.13%,

12/15/45

.................

150

143,067

5.40%,

10/01/47

.................

200

175,475

6.00%,

06/15/48

.................

495

465,007

6.25%,

04/15/49

.................

2,575

2,495,988

5.00%,

05/15/50

.................

100

85,094

EnLink

Midstream

LLC

5.63%,

01/15/28

(b)

................

2,250

2,063,851

5.38%,

06/01/29

.................

2,674

2,340,306

EnLink

Midstream

Partners

LP

4.40%,

04/01/24

.................

1,979

1,931,791

4.15%,

06/01/25

.................

1,083

1,008,132

4.85%,

07/15/26

.................

1,641

1,513,822

5.60%,

04/01/44

.................

1,173

830,734

5.05%,

04/01/45

.................

466

315,133

5.45%,

06/01/47

.................

427

302,205

Enterprise

Products

Operating

LLC

6.45%,

09/01/40

.................

150

162,259

4.85%,

08/15/42

.................

105

96,281

4.45%,

02/15/43

.................

1,130

984,306

4.85%,

03/15/44

.................

705

642,273

4.80%,

02/01/49

.................

575

519,952

4.20%,

01/31/50

.................

930

775,506

3.30%,

02/15/53

.................

440

320,051

EOG

Resources,

Inc.,

4.95%,

04/15/50

...

170

175,595

EQM

Midstream

Partners

LP

6.00%,

07/01/25

(b)

................

584

559,869

4.13%,

12/01/26

.................

178

153,747

6.50%,

07/01/27

(b)

................

4,017

3,735,009

4.50%,

01/15/29

(b)

................

138

112,039

7.50%,

06/01/30

(b)

................

681

654,199

4.75%,

01/15/31

(b)

................

2,573

2,051,968

Exxon

Mobil

Corp.

2.99%,

03/19/25

.................

100

98,457

3.45%,

04/15/51

.................

460

375,806

Galaxy

Pipeline

Assets

Bidco

Ltd.,

2.94%,

09/30/40

(c)

....................

2,053

1,670,362

Genesis

Energy

LP

6.50%,

10/01/25

.................

1,078

994,455

7.75%,

02/01/28

.................

840

726,642

GNL

Quintero

SA,

4.63%,

07/31/29

(c)

.....

1,584

1,519,443

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Greenko

Solar

Mauritius

Ltd.,

5.95%,

07/29/26

(c)

....................

USD

5,565

$

4,911,113

Gulfport

Energy

Corp.,

8.00%,

05/17/26

(b)

..

333

327,090

Harbour

Energy

plc,

5.50%,

10/15/26

(b)

....

1,178

1,058,727

Harvest

Midstream

I

LP,

7.50%,

09/01/28

(b)

.

569

534,422

Hess

Corp.

4.30%,

04/01/27

.................

955

930,922

5.60%,

02/15/41

.................

1,025

998,650

5.80%,

04/01/47

.................

600

598,386

Hess

Midstream

Operations

LP,

4.25%,

02/15/30

(b)

....................

3,305

2,767,822

HF

Sinclair

Corp.,

2.63%,

10/01/23

(b)

.....

885

859,438

Hilcorp

Energy

I

LP,

6.25%,

11/01/28

(b)

....

448

422,244

HPCL-Mittal

Energy

Ltd.,

5.25%,

04/28/27

(c)

.

700

630,875

India

Green

Energy

Holdings,

5.38%,

04/29/24

(c)

....................

1,695

1,584,825

ITT

Holdings

LLC,

6.50%,

08/01/29

(b)

.....

3,147

2,517,600

KazMunayGas

National

Co.

JSC,

3.50%,

04/14/33

(b)

....................

941

673,756

Kinder

Morgan

Energy

Partners

LP

6.95%,

01/15/38

.................

886

953,979

6.38%,

03/01/41

.................

75

75,007

5.40%,

09/01/44

.................

850

783,169

Kinder

Morgan,

Inc.

3.15%,

01/15/23

.................

2,105

2,101,773

5.55%,

06/01/45

.................

775

729,890

Kinetik

Holdings

LP,

5.88%,

06/15/30

(b)

....

4,489

4,276,289

Leviathan

Bond

Ltd.,

5.75%,

06/30/23

(b)(c)

..

2,508

2,468,504

Marathon

Oil

Corp.,

4.40%,

07/15/27

.....

1,285

1,254,554

Marathon

Petroleum

Corp.

6.50%,

03/01/41

.................

100

109,149

4.75%,

09/15/44

.................

49

43,168

5.00%,

09/15/54

.................

100

89,817

Matador

Resources

Co.,

5.88%,

09/15/26

..

9,333

8,971,626

Medco

Oak

Tree

Pte.

Ltd.,

7.38%,

05/14/26

(c)

2,590

2,350,425

Medco

Platinum

Road

Pte.

Ltd.,

6.75%,

01/30/25

(c)

....................

798

739,796

Mongolian

Mining

Corp.,

9.25%,

04/15/24

(c)

.

1,800

1,211,400

MPLX

LP

1.75%,

03/01/26

.................

1,160

1,044,394

4.13%,

03/01/27

.................

900

870,137

4.25%,

12/01/27

.................

790

762,331

4.00%,

03/15/28

.................

425

403,720

4.95%,

03/14/52

.................

300

259,247

Murphy

Oil

Corp.

5.75%,

08/15/25

.................

559

553,136

5.88%,

12/01/27

.................

1,175

1,096,569

6.13%,

12/01/42

(d)

................

150

112,125

Neptune

Energy

Bondco

plc,

6.63%,

05/15/25

(b)

1,768

1,697,280

New

Fortress

Energy,

Inc.

(b)

6.75%,

09/15/25

.................

9,831

9,290,295

6.50%,

09/30/26

.................

7,191

6,513,331

NGL

Energy

Operating

LLC,

7.50%,

02/01/26

(b)

2,203

1,982,700

NGPL

PipeCo

LLC,

7.77%,

12/15/37

(b)

....

1,007

1,095,854

Northern

Oil

and

Gas,

Inc.,

8.13%,

03/01/28

(b)

8,702

8,201,635

NuStar

Logistics

LP

5.75%,

10/01/25

.................

752

703,120

6.00%,

06/01/26

.................

2,322

2,171,070

6.38%,

10/01/30

.................

47

40,835

Occidental

Petroleum

Corp.

6.95%,

07/01/24

.................

431

443,930

5.50%,

12/01/25

.................

1,091

1,074,635

8.88%,

07/15/30

.................

1,484

1,703,747

6.63%,

09/01/30

.................

5,743

5,915,290

7.50%,

05/01/31

.................

1,139

1,224,425

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

73

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

6.45%,

09/15/36

.................

USD

692

$

709,300

6.20%,

03/15/40

.................

3,254

3,205,190

6.60%,

03/15/46

.................

546

579,852

Parkland

Corp.,

5.88%,

07/15/27

(b)

......

2,224

2,018,280

PDC

Energy,

Inc.,

6.13%,

09/15/24

......

568

564,135

Phillips

66,

3.30%,

03/15/52

..........

810

602,877

Pioneer

Natural

Resources

Co.

0.55%,

05/15/23

.................

580

565,289

1.13%,

01/15/26

.................

310

276,987

1.90%,

08/15/30

.................

300

245,016

2.15%,

01/15/31

.................

755

621,614

Plains

All

American

Pipeline

LP

6.65%,

01/15/37

.................

100

99,793

4.30%,

01/31/43

.................

430

324,005

Puma

International

Financing

SA,

5.13%,

10/06/24

(c)

....................

829

750,245

Range

Resources

Corp.,

4.88%,

05/15/25

..

922

899,319

ReNew

Power

Pvt

Ltd.,

5.88%,

03/05/27

(c)

..

4,035

3,657,475

Repsol

International

Finance

BV

(a)(c)

(EUR

Swap

Annual

5

Year

+

4.00%),

3.75%

(l)

.....................

EUR

550

518,908

(EUR

Swap

Annual

5

Year

+

4.41%),

4.25%

(l)

.....................

467

418,431

(EUR

Swap

Annual

10

Year

+

4.20%),

4.50%,

03/25/75

...............

300

300,480

Rockcliff

Energy

II

LLC,

5.50%,

10/15/29

(b)

.

USD

4,112

3,741,797

Rubis

Terminal

Infra

SAS,

5.63%,

05/15/25

(c)

EUR

1,313

1,327,858

Sabine

Pass

Liquefaction

LLC

5.75%,

05/15/24

.................

USD

975

994,344

5.63%,

03/01/25

.................

1,105

1,126,994

Santos

Finance

Ltd.,

5.25%,

03/13/29

(c)

...

1,100

1,058,886

SM

Energy

Co.

5.63%,

06/01/25

.................

421

397,845

6.75%,

09/15/26

.................

712

671,674

6.63%,

01/15/27

.................

393

367,455

6.50%,

07/15/28

.................

2,480

2,280,869

Southwestern

Energy

Co.

5.95%,

01/23/25

(d)

................

309

305,258

5.38%,

02/01/29

.................

2,879

2,670,560

4.75%,

02/01/32

.................

1,289

1,101,483

Spectra

Energy

Partners

LP,

5.95%,

09/25/43

100

104,222

Sunoco

LP

6.00%,

04/15/27

.................

1,460

1,391,935

5.88%,

03/15/28

.................

911

830,611

Tallgrass

Energy

Partners

LP

(b)

6.00%,

03/01/27

.................

482

430,185

6.00%,

12/31/30

.................

1,094

908,020

6.00%,

09/01/31

.................

1,126

928,950

Tap

Rock

Resources

LLC,

7.00%,

10/01/26

(b)

7,060

6,666,181

TerraForm

Power

Operating

LLC

(b)

5.00%,

01/31/28

.................

1,080

978,199

4.75%,

01/15/30

.................

986

844,499

TotalEnergies

Capital

International

SA,

3.13%,

05/29/50

.....................

194

148,294

Transcontinental

Gas

Pipe

Line

Co.

LLC,

3.25%,

05/15/30

................

500

449,020

UGI

International

LLC,

2.50%,

12/01/29

(c)

..

EUR

410

322,210

Valero

Energy

Corp.

2.85%,

04/15/25

.................

USD

153

147,861

4.35%,

06/01/28

.................

370

359,795

4.00%,

06/01/52

.................

90

71,792

Venture

Global

Calcasieu

Pass

LLC

(b)

3.88%,

08/15/29

.................

6,366

5,568,499

4.13%,

08/15/31

.................

5,825

4,977,579

3.88%,

11/01/33

.................

10,620

8,761,500

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Vermilion

Energy,

Inc.,

6.88%,

05/01/30

(b)

..

USD

1,373

$

1,228,835

Western

Midstream

Operating

LP

4.75%,

08/15/28

.................

256

233,886

4.55%,

02/01/30

(d)

................

1,900

1,643,500

5.45%,

04/01/44

.................

2,063

1,714,642

5.30%,

03/01/48

.................

3,045

2,454,727

5.50%,

08/15/48

.................

856

697,640

5.75%,

02/01/50

(d)

................

8,490

6,817,968

Williams

Cos.,

Inc.

(The)

4.55%,

06/24/24

.................

1,425

1,436,289

3.75%,

06/15/27

.................

500

477,450

399,450,637

Paper

&

Forest

Products

—

0.0%

Fabric

BC

SpA,

(EURIBOR

3

Month

+

4.13%),

4.13%,

08/31/26

(a)(c)

..............

EUR

300

296,184

Georgia-Pacific

LLC,

1.75%,

09/30/25

(b)

...

USD

187

173,228

Suzano

Austria

GmbH

2.50%,

09/15/28

.................

390

315,412

Series

DM3N,

3.13%,

01/15/32

.......

2,435

1,829,294

2,614,118

Personal

Products

—

0.0%

Coty,

Inc.

3.88%,

04/15/26

(c)

................

EUR

1,299

1,200,519

4.75%,

04/15/26

(c)

................

600

539,170

6.50%,

04/15/26

(b)

................

USD

500

460,970

GSK

Consumer

Healthcare

Capital

US

LLC,

3.63%,

03/24/32

(b)

...............

1,725

1,594,178

Prestige

Brands,

Inc.,

3.75%,

04/01/31

(b)

...

2,137

1,772,000

5,566,837

Pharmaceuticals

—

0.4%

Almirall

SA,

2.13%,

09/30/26

(c)

.........

EUR

381

354,359

Astrazeneca

Finance

LLC,

2.25%,

05/28/31

.

USD

155

134,927

AstraZeneca

plc,

6.45%,

09/15/37

.......

25

30,019

Bausch

Health

Cos.,

Inc.

(b)

9.00%,

12/15/25

.................

3,264

2,411,606

6.13%,

02/01/27

.................

761

646,850

5.00%,

02/15/29

.................

1,202

625,040

6.25%,

02/15/29

.................

62

32,996

7.25%,

05/30/29

.................

759

411,758

Bayer

US

Finance

II

LLC,

4.25%,

12/15/25

(b)

1,525

1,505,078

Bristol-Myers

Squibb

Co.

2.90%,

07/26/24

.................

332

328,830

3.40%,

07/26/29

.................

25

24,132

2.95%,

03/15/32

.................

31

28,397

3.70%,

03/15/52

.................

760

656,392

3.90%,

03/15/62

.................

230

199,369

Catalent

Pharma

Solutions,

Inc.

5.00%,

07/15/27

(b)

................

3,091

2,909,651

2.38%,

03/01/28

(c)

................

EUR

1,258

1,074,484

3.13%,

02/15/29

(b)

................

USD

1,049

860,635

3.50%,

04/01/30

(b)

................

3,297

2,690,119

Cheplapharm

Arzneimittel

GmbH

4.38%,

01/15/28

(c)

................

EUR

692

616,158

5.50%,

01/15/28

(b)

................

USD

2,250

1,879,859

Elanco

Animal

Health,

Inc.,

6.40%,

08/28/28

(d)

680

647,292

Gruenenthal

GmbH

(c)

3.63%,

11/15/26

.................

EUR

558

527,710

4.13%,

05/15/28

.................

1,423

1,275,004

Jazz

Securities

DAC,

4.38%,

01/15/29

(b)

...

USD

3,967

3,528,712

Merck

&

Co.,

Inc.

3.40%,

03/07/29

.................

155

149,721

2.15%,

12/10/31

.................

1,060

911,792

6.50%,

12/01/33

(d)

................

185

223,576

2.45%,

06/24/50

.................

175

122,898

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

2.75%,

12/10/51

.................

USD

825

$

609,245

Nidda

BondCo

GmbH

(c)

5.00%,

09/30/25

.................

EUR

200

168,720

7.25%,

09/30/25

.................

226

197,327

Nidda

Healthcare

Holding

GmbH

3.50%,

09/30/24

(c)

................

2,411

2,227,671

Organon

&

Co.

(b)

4.13%,

04/30/28

.................

USD

6,466

5,722,410

5.13%,

04/30/31

.................

5,695

4,913,817

P&L

Development

LLC,

7.75%,

11/15/25

(b)

..

2,012

1,408,501

Pfizer,

Inc.

3.45%,

03/15/29

.................

940

912,769

2.55%,

05/28/40

.................

245

191,806

5.60%,

09/15/40

.................

140

156,248

4.30%,

06/15/43

.................

155

149,869

Pharmacia

LLC,

6.60%,

12/01/28

(d)

......

300

338,073

Roche

Holdings,

Inc.,

2.61%,

12/13/51

(b)

...

1,435

1,041,907

Rossini

SARL,

6.75%,

10/30/25

(c)

.......

EUR

1,312

1,320,024

Takeda

Pharmaceutical

Co.

Ltd.

4.40%,

11/26/23

.................

USD

1,888

1,902,122

3.18%,

07/09/50

.................

1,747

1,307,556

Teva

Pharmaceutical

Finance

Netherlands

II

BV

1.25%,

03/31/23

(c)

................

EUR

408

416,821

6.00%,

01/31/25

.................

1,100

1,122,702

4.50%,

03/01/25

.................

1,215

1,189,144

3.75%,

05/09/27

.................

440

389,858

1.63%,

10/15/28

(c)

................

300

221,013

4.38%,

05/09/30

.................

359

299,043

Teva

Pharmaceutical

Finance

Netherlands

III

BV

6.00%,

04/15/24

.................

USD

1,400

1,365,000

7.13%,

01/31/25

.................

200

194,163

Wyeth

LLC,

5.95%,

04/01/37

..........

700

807,746

53,380,919

Professional

Services

—

0.1%

AMN

Healthcare,

Inc.,

4.00%,

04/15/29

(b)

..

696

588,120

CoreLogic,

Inc.,

4.50%,

05/01/28

(b)

......

2,990

2,302,300

Dun

&

Bradstreet

Corp.

(The),

5.00%,

12/15/29

(b)

....................

7,537

6,510,084

House

of

Finance

NV

(The),

4.38%,

07/15/26

(c)

EUR

500

507,679

Korn

Ferry,

4.63%,

12/15/27

(b)

.........

USD

1,965

1,763,587

La

Financiere

Atalian

SASU,

5.13%,

05/15/25

(c)

EUR

1,471

1,175,614

Science

Applications

International

Corp.,

4.88%,

04/01/28

(b)

...............

USD

2,119

1,975,968

14,823,352

Real

Estate

Management

&

Development

—

0.5%

ADLER

Group

SA

(c)

3.25%,

08/05/25

.................

EUR

1,000

564,677

2.75%,

11/13/26

.................

1,000

525,023

Agile

Group

Holdings

Ltd.,

5.75%,

01/02/25

(c)

USD

3,852

1,309,680

Alam

Sutera

Realty

Tbk.

PT,

8.00%,

(8.00%

Cash

or

6.25%

PIK),

05/02/24

(k)

.......

257

164,480

Arabian

Centres

Sukuk

II

Ltd.,

5.63%,

10/07/26

(b)

....................

2,861

2,592,424

Aroundtown

SA,

(EUR

Swap

Annual

5

Year

+

3.98%),

3.38%

(a)(c)(l)

..............

EUR

1,100

850,057

Celulosa

Arauco

y

Constitucion

SA,

3.88%,

11/02/27

.....................

USD

325

298,756

Central

China

Real

Estate

Ltd.

(c)

7.90%,

11/07/23

.................

557

218,205

7.25%,

08/13/24

.................

498

152,450

China

Aoyuan

Group

Ltd.

(c)(e)(m)

6.35%,

02/08/24

.................

6,938

555,040

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

5.98%,

08/18/25

.................

USD

1,900

$

180,262

China

Evergrande

Group

(c)(e)(m)

11.50%,

01/22/23

................

4,595

379,949

10.00%,

04/11/23

................

3,674

300,350

7.50%,

06/28/23

.................

1,500

124,031

12.00%,

01/22/24

................

3,281

270,272

10.50%,

04/11/24

................

930

77,481

China

SCE

Group

Holdings

Ltd.,

7.38%,

04/09/24

(c)

....................

3,349

1,105,170

CIFI

Holdings

Group

Co.

Ltd.

(c)

6.00%,

07/16/25

.................

3,272

1,938,660

5.25%,

05/13/26

.................

4,415

2,472,400

Citycon

OYJ,

(EUR

Swap

Annual

5

Year

+

4.71%),

4.50%

(a)(c)(l)

..............

EUR

600

427,564

Country

Garden

Holdings

Co.

Ltd.,

4.20%,

02/06/26

(c)

....................

USD

1,982

1,040,550

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

1.88%,

10/15/24

(c)

...............

EUR

900

778,669

DIC

Asset

AG,

2.25%,

09/22/26

(c)

.......

900

627,198

Easy

Tactic

Ltd.

(c)

8.13%,

02/27/23

.................

USD

830

177,568

8.63%,

02/27/24

.................

885

154,211

8.63%,

03/05/24

.................

1,257

213,533

8.13%,

07/11/24

.................

1,030

177,546

Fantasia

Holdings

Group

Co.

Ltd.

(c)(e)(m)

15.00%,

12/18/21

................

1,735

145,632

7.95%,

07/05/22

.................

1,650

136,125

12.25%,

10/18/22

................

3,269

269,692

10.88%,

01/09/23

................

1,345

110,962

11.75%,

04/17/23

................

2,039

168,218

11.88%,

06/01/23

................

1,500

123,750

9.25%,

07/28/23

.................

3,540

292,050

9.88%,

10/19/23

.................

2,640

217,800

Fastighets

AB

Balder,

(EUR

Swap

Annual

5

Year

+

3.19%),

2.87%,

06/02/81

(a)(c)

....

EUR

1,025

574,831

Five

Point

Operating

Co.

LP,

7.88%,

11/15/25

(b)

USD

1,033

866,429

Global

Prime

Capital

Pte.

Ltd.,

5.95%,

01/23/25

(c)

....................

5,656

5,288,360

GLP

Pte.

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.74%),

4.50%

(a)(c)(l)

...................

800

675,400

Heimstaden

Bostad

AB

(a)(c)(l)

(EUR

Swap

Annual

5

Year

+

3.91%),

3.38%

EUR

450

276,457

(EUR

Swap

Annual

5

Year

+

3.15%),

2.63%

1,275

677,902

(EUR

Swap

Annual

5

Year

+

3.27%),

3.00%

850

445,860

Howard

Hughes

Corp.

(The)

(b)

5.38%,

08/01/28

.................

USD

1,636

1,370,150

4.13%,

02/01/29

.................

1,028

792,884

4.38%,

02/01/31

.................

1,118

827,412

JGC

Ventures

Pte.

Ltd.

(k)

0.00%,

(0.00%

Cash

or

3.00%

PIK),

06/30/25

....................

3

1,471

3.00%,

(3.00%

Cash

or

3.00%

PIK),

06/30/25

(c)(e)(m)

.................

2,986

1,382,679

Kaisa

Group

Holdings

Ltd.

(c)(e)(m)

11.95%,

10/22/22

................

1,345

182,668

11.50%,

01/30/23

................

1,413

187,223

10.88%,

07/23/23

................

3,811

504,958

9.75%,

09/28/23

.................

1,565

210,101

11.95%,

11/12/23

................

1,980

262,350

9.38%,

06/30/24

.................

744

101,509

KWG

Group

Holdings

Ltd.,

5.95%,

08/10/25

(c)

5,766

1,095,540

Lai

Sun

MTN

Ltd.,

5.00%,

07/28/26

(c)

.....

1,000

908,937

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

75

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

MAF

Global

Securities

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.54%),

6.38%

(a)(c)(l)

.............

USD

2,389

$

2,299,860

MAF

Sukuk

Ltd.

(c)

4.64%,

05/14/29

.................

3,051

3,052,526

3.93%,

02/28/30

.................

3,080

2,945,827

Modern

Land

China

Co.

Ltd.,

12.85%,

10/25/21

(c)(e)(m)

.................

330

52,800

Modernland

Overseas

Pte.

Ltd.,

3.00%,

(3.00%

Cash

or

3.00%

PIK),

04/30/27

(c)(e)(k)(m)

...

1,450

618,912

Modernland

Overseas

Pte.

Ltd.,

Series

2,

3.00%,

(3.00%

Cash

or

3.00%

PIK),

04/30/27

(c)(k)

...................

16

6,927

New

Metro

Global

Ltd.,

6.80%,

08/05/23

(c)

..

2,710

1,842,800

NWD

Finance

BVI

Ltd.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.86%),

4.13%

(a)(c)(l)

.............

6,084

5,140,980

Powerlong

Real

Estate

Holdings

Ltd.

(c)

7.13%,

11/08/22

.................

1,008

196,560

6.95%,

07/23/23

.................

895

156,625

6.25%,

08/10/24

.................

762

129,540

Realogy

Group

LLC

(b)

5.75%,

01/15/29

.................

1,995

1,512,848

5.25%,

04/15/30

.................

1,079

798,460

Redsun

Properties

Group

Ltd.,

10.50%,

10/03/22

(c)

....................

4,159

998,160

RKPF

Overseas

Ltd.

(c)

6.70%,

09/30/24

.................

1,880

1,034,000

6.00%,

09/04/25

.................

2,230

1,092,700

Ronshine

China

Holdings

Ltd.

(c)

8.10%,

06/09/23

.................

945

122,850

7.35%,

12/15/23

.................

1,027

128,375

Shimao

Group

Holdings

Ltd.

(c)

5.60%,

07/15/26

.................

895

93,975

3.45%,

01/11/31

.................

1,145

120,225

Shui

On

Development

Holding

Ltd.

(c)

5.75%,

11/12/23

.................

1,143

1,022,985

6.15%,

08/24/24

.................

2,955

2,437,875

Sino-Ocean

Land

Treasure

Finance

II

Ltd.,

5.95%,

02/04/27

(c)

...............

209

94,416

Sino-Ocean

Land

Treasure

IV

Ltd.,

4.75%,

08/05/29

(c)

....................

302

120,800

Sunac

China

Holdings

Ltd.

(c)(e)(m)

7.50%,

02/01/24

.................

828

115,920

7.00%,

07/09/25

.................

3,573

500,220

Theta

Capital

Pte.

Ltd.,

8.13%,

01/22/25

(c)

..

3,674

3,159,640

Times

China

Holdings

Ltd.

(c)

6.75%,

07/08/25

.................

3,390

474,600

6.20%,

03/22/26

.................

2,450

343,000

Unique

Pub

Finance

Co.

plc

(The)

(c)

Series

A4,

5.66%,

06/30/27

.........

GBP

563

717,611

Series

N,

6.46%,

03/30/32

(d)

.........

800

1,115,172

Wanda

Group

Overseas

Ltd.,

7.50%,

07/24/22

(c)

....................

USD

1,535

1,488,950

Wanda

Properties

International

Co.

Ltd.,

7.25%,

01/29/24

(c)

....................

800

588,000

WeWork

Cos.

LLC,

5.00%,

07/10/25

(b)

....

2,113

1,364,680

Yango

Justice

International

Ltd.

(e)(m)

10.25%,

09/15/22

................

950

62,819

9.25%,

04/15/23

(c)

................

2,081

124,860

8.25%,

11/25/23

(c)

................

4,104

246,240

7.50%,

04/15/24

(c)

................

2,675

160,500

7.88%,

09/04/24

(c)

................

1,215

72,900

Yanlord

Land

HK

Co.

Ltd.,

6.80%,

02/27/24

(c)

2,730

2,306,850

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

Yuzhou

Group

Holdings

Co.

Ltd.

(c)(e)(m)

8.38%,

10/30/24

.................

USD

1,745

$

122,150

7.70%,

02/20/25

.................

3,562

231,530

8.30%,

05/27/25

.................

900

58,500

7.38%,

01/13/26

.................

2,220

144,300

7.85%,

08/12/26

.................

1,680

109,200

6.35%,

01/13/27

.................

2,087

135,655

Zhenro

Properties

Group

Ltd.,

8.00%,

03/06/23

(e)(m)

..................

1,041

67,535

75,505,414

Road

&

Rail

—

0.4%

Albion

Financing

1

SARL,

6.13%,

10/15/26

(b)

1,639

1,402,701

Avis

Budget

Car

Rental

LLC,

5.38%,

03/01/29

(b)

266

221,262

Avis

Budget

Finance

plc,

4.75%,

01/30/26

(c)

.

EUR

500

472,028

BCP

V

Modular

Services

Finance

II

plc

(c)

4.75%,

11/30/28

.................

1,300

1,081,013

6.13%,

11/30/28

.................

GBP

800

759,108

Burlington

Northern

Santa

Fe

LLC

5.75%,

05/01/40

.................

USD

300

329,108

5.15%,

09/01/43

.................

100

103,682

4.90%,

04/01/44

.................

995

999,606

4.15%,

04/01/45

.................

100

90,856

4.70%,

09/01/45

.................

200

195,886

4.05%,

06/15/48

.................

100

90,612

3.55%,

02/15/50

.................

105

87,650

2.88%,

06/15/52

.................

305

227,740

Canadian

Pacific

Railway

Co.

3.00%,

12/02/41

.................

570

445,854

4.80%,

08/01/45

.................

200

197,583

3.10%,

12/02/51

.................

515

379,335

CSX

Corp.

3.80%,

03/01/28

.................

150

146,344

4.25%,

03/15/29

.................

200

198,963

4.30%,

03/01/48

.................

430

392,340

4.75%,

11/15/48

.................

165

161,111

EC

Finance

plc,

3.00%,

10/15/26

(c)

......

EUR

925

845,536

Hertz

Corp.

(The)

(b)

4.63%,

12/01/26

.................

USD

958

800,965

5.00%,

12/01/29

.................

839

646,030

Loxam

SAS

(c)

4.25%,

04/15/24

.................

EUR

200

200,729

3.25%,

01/14/25

.................

708

667,712

3.75%,

07/15/26

.................

673

603,923

4.50%,

02/15/27

.................

703

631,536

5.75%,

07/15/27

.................

200

164,011

National

Express

Group

plc,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(a)(c)(l)

..............

GBP

600

659,321

NESCO

Holdings

II,

Inc.,

5.50%,

04/15/29

(b)

.

USD

1,421

1,190,088

Norfolk

Southern

Corp.

3.80%,

08/01/28

.................

1,000

977,483

2.55%,

11/01/29

.................

990

883,022

3.94%,

11/01/47

.................

100

86,488

4.15%,

02/28/48

.................

750

667,920

3.05%,

05/15/50

.................

43

31,502

4.05%,

08/15/52

.................

100

87,110

3.70%,

03/15/53

.................

545

447,674

3.16%,

05/15/55

.................

400

290,693

Pacific

National

Finance

Pty.

Ltd.,

4.75%,

03/22/28

(c)

....................

3,500

3,342,115

PECF

USS

Intermediate

Holding

III

Corp.,

8.00%,

11/15/29

(b)

...............

10

7,925

Penske

Truck

Leasing

Co.

LP

(b)

4.00%,

07/15/25

.................

3,115

3,066,372

4.20%,

04/01/27

.................

340

331,597

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Road

&

Rail

(continued)

Ryder

System,

Inc.

2.50%,

09/01/24

.................

USD

550

$

530,612

2.85%,

03/01/27

.................

700

652,554

Uber

Technologies,

Inc.

(b)

7.50%,

05/15/25

.................

4,486

4,443,249

8.00%,

11/01/26

.................

2,595

2,583,323

7.50%,

09/15/27

.................

7,320

7,091,469

6.25%,

01/15/28

.................

3,022

2,794,866

4.50%,

08/15/29

.................

11,460

9,425,850

Union

Pacific

Corp.

2.89%,

04/06/36

.................

200

165,325

3.55%,

08/15/39

.................

3

2,591

4.05%,

03/01/46

.................

25

22,504

3.50%,

02/14/53

.................

515

419,459

3.95%,

08/15/59

.................

1,005

856,152

3.84%,

03/20/60

.................

411

343,067

3.80%,

04/06/71

.................

100

80,107

Williams

Scotsman

International,

Inc.,

4.63%,

08/15/28

(b)

....................

2,670

2,276,175

56,299,837

Semiconductors

&

Semiconductor

Equipment

—

0.2%

ams-OSRAM

AG

(c)(j)

0.00%,

03/05/25

(n)

................

EUR

600

489,674

2.13%,

11/03/27

.................

600

450,237

Analog

Devices,

Inc.

2.95%,

04/01/25

.................

USD

850

832,648

2.80%,

10/01/41

.................

235

184,120

Applied

Materials,

Inc.,

3.30%,

04/01/27

...

1,280

1,249,600

Broadcom

Corp.,

3.88%,

01/15/27

......

475

457,043

Broadcom,

Inc.

(b)

2.45%,

02/15/31

.................

100

80,344

4.15%,

04/15/32

.................

520

469,458

3.42%,

04/15/33

.................

2,365

1,955,250

4.93%,

05/15/37

.................

2,725

2,443,079

Entegris

Escrow

Corp.,

4.75%,

04/15/29

(b)

..

8,770

8,166,870

Entegris,

Inc.

(b)

4.38%,

04/15/28

.................

2,219

1,958,267

3.63%,

05/01/29

.................

260

217,420

Intel

Corp.

2.80%,

08/12/41

.................

115

87,732

4.75%,

03/25/50

.................

500

490,411

3.05%,

08/12/51

.................

485

361,093

3.10%,

02/15/60

.................

20

14,280

3.20%,

08/12/61

.................

5

3,653

KLA

Corp.

4.10%,

03/15/29

.................

1,326

1,309,907

4.65%,

07/15/32

.................

195

198,927

5.00%,

03/15/49

.................

300

304,358

3.30%,

03/01/50

.................

765

605,878

Lam

Research

Corp.

3.75%,

03/15/26

.................

200

199,510

4.88%,

03/15/49

.................

65

66,064

2.88%,

06/15/50

.................

245

179,692

NVIDIA

Corp.,

3.50%,

04/01/40

........

790

691,516

NXP

BV

4.30%,

06/18/29

.................

1,070

1,020,513

3.40%,

05/01/30

.................

600

535,237

2.50%,

05/11/31

.................

1,415

1,160,565

2.65%,

02/15/32

.................

590

481,883

5.00%,

01/15/33

.................

300

291,806

3.25%,

05/11/41

.................

100

75,206

QUALCOMM,

Inc.

4.30%,

05/20/47

.................

584

559,909

4.50%,

05/20/52

.................

200

196,921

Synaptics,

Inc.,

4.00%,

06/15/29

(b)

.......

3,176

2,578,848

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Texas

Instruments,

Inc.

4.15%,

05/15/48

.................

USD

100

$

95,917

2.70%,

09/15/51

.................

265

201,432

TSMC

Arizona

Corp.,

4.50%,

04/22/52

....

1,285

1,260,225

31,925,493

Software

—

0.7%

ACI

Worldwide,

Inc.,

5.75%,

08/15/26

(b)

...

180

173,749

Autodesk,

Inc.

3.50%,

06/15/27

.................

18

17,214

2.40%,

12/15/31

.................

1,565

1,277,364

Boxer

Parent

Co.,

Inc.

6.50%,

10/02/25

(c)

................

EUR

2,080

2,041,096

7.13%,

10/02/25

(b)

................

USD

3,913

3,746,932

9.13%,

03/01/26

(b)

................

5,305

4,955,993

Camelot

Finance

SA,

4.50%,

11/01/26

(b)

...

4,410

4,022,357

Cedacri

Mergeco

SpA,

(EURIBOR

3

Month

+

4.63%),

4.62%,

05/15/28

(a)(c)

.........

EUR

865

835,576

Central

Parent,

Inc.,

7.25%,

06/15/29

(b)

....

USD

4,100

3,946,250

Change

Healthcare

Holdings

LLC,

5.75%,

03/01/25

(b)

....................

7,791

7,586,019

Clarivate

Science

Holdings

Corp.

(b)

3.88%,

07/01/28

.................

4,274

3,570,963

4.88%,

07/01/29

.................

5,089

4,178,069

Condor

Merger

Sub,

Inc.,

7.38%,

02/15/30

(b)

6,608

5,370,784

Consensus

Cloud

Solutions,

Inc.

(b)

6.00%,

10/15/26

.................

937

806,101

6.50%,

10/15/28

.................

1,426

1,176,735

Elastic

NV,

4.13%,

07/15/29

(b)

.........

2,711

2,263,089

Fair

Isaac

Corp.,

4.00%,

06/15/28

(b)

......

3,387

3,000,340

Helios

Software

Holdings,

Inc.,

4.63%,

05/01/28

(b)

....................

1,048

831,735

Microsoft

Corp.

3.45%,

08/08/36

.................

238

224,347

2.53%,

06/01/50

.................

856

630,467

2.92%,

03/17/52

.................

2,631

2,075,371

MicroStrategy,

Inc.,

6.13%,

06/15/28

(b)

....

3,671

2,923,327

Minerva

Merger

Sub,

Inc.,

6.50%,

02/15/30

(b)

6,669

5,545,874

NCR

Corp.

(b)

5.75%,

09/01/27

.................

884

784,576

5.00%,

10/01/28

.................

1,675

1,420,227

5.13%,

04/15/29

.................

1,664

1,407,311

6.13%,

09/01/29

.................

999

863,994

Open

Text

Corp.

(b)

3.88%,

02/15/28

.................

403

358,440

3.88%,

12/01/29

.................

1,195

1,005,772

Open

Text

Holdings,

Inc.,

4.13%,

02/15/30

(b)

1,906

1,648,785

Oracle

Corp.

2.95%,

04/01/30

.................

2,620

2,237,474

3.85%,

07/15/36

.................

850

682,998

5.38%,

07/15/40

.................

650

591,999

3.65%,

03/25/41

.................

370

275,732

4.13%,

05/15/45

.................

485

368,869

4.00%,

07/15/46

.................

350

258,765

4.00%,

11/15/47

.................

435

322,569

3.60%,

04/01/50

.................

2,635

1,830,425

3.95%,

03/25/51

.................

942

691,896

4.38%,

05/15/55

.................

130

97,967

3.85%,

04/01/60

.................

190

130,343

PTC,

Inc.

(b)

3.63%,

02/15/25

.................

860

813,372

4.00%,

02/15/28

.................

1,628

1,471,170

Roper

Technologies,

Inc.,

3.65%,

09/15/23

.

350

350,483

Salesforce,

Inc.

2.70%,

07/15/41

.................

625

483,121

2.90%,

07/15/51

.................

355

268,454

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

77

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Software

(continued)

3.05%,

07/15/61

.................

USD

295

$

215,695

SS&C

Technologies,

Inc.,

5.50%,

09/30/27

(b)

11,305

10,542,591

TeamSystem

SpA,

(EURIBOR

3

Month

+

3.75%),

3.75%,

02/15/28

(a)(c)

.........

EUR

392

369,250

Veritas

US,

Inc.,

7.50%,

09/01/25

(b)

......

USD

1,334

1,001,094

VMware,

Inc.

4.70%,

05/15/30

.................

375

361,571

2.20%,

08/15/31

.................

2,715

2,137,863

Workday,

Inc.,

3.80%,

04/01/32

........

1,110

1,014,180

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

(b)

8,882

7,439,940

102,646,678

Specialty

Retail

—

0.5%

Arko

Corp.,

5.13%,

11/15/29

(b)

.........

1,388

1,051,448

Asbury

Automotive

Group,

Inc.

4.50%,

03/01/28

.................

234

202,995

4.75%,

03/01/30

.................

231

189,940

5.00%,

02/15/32

(b)

................

622

508,485

Bath

&

Body

Works,

Inc.

6.88%,

11/01/35

.................

2,426

1,971,125

6.75%,

07/01/36

.................

677

541,532

7.60%,

07/15/37

.................

586

472,417

Carvana

Co.

(b)

5.50%,

04/15/27

.................

3,051

1,968,923

4.88%,

09/01/29

.................

1,708

971,178

10.25%,

05/01/30

................

1,443

1,183,260

Constellation

Automotive

Financing

plc,

4.88%,

07/15/27

(c)

....................

GBP

1,184

1,131,407

Douglas

GmbH,

6.00%,

04/08/26

(c)

......

EUR

200

161,384

Dufry

One

BV

(c)

2.50%,

10/15/24

.................

500

473,500

0.75%,

03/30/26

(j)

................

CHF

600

476,260

eG

Global

Finance

plc

4.38%,

02/07/25

(c)

................

EUR

453

422,502

6.75%,

02/07/25

(b)

................

USD

2,476

2,334,583

6.25%,

10/30/25

(c)

................

EUR

2,401

2,254,909

8.50%,

10/30/25

(b)

................

USD

2,845

2,756,094

Goldstory

SASU,

5.38%,

03/01/26

(c)

.....

EUR

1,045

921,807

Group

1

Automotive,

Inc.,

4.00%,

08/15/28

(b)

USD

897

749,698

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(b)

..

1,793

1,398,056

Home

Depot,

Inc.

(The)

4.20%,

04/01/43

.................

125

116,824

4.50%,

12/06/48

.................

815

794,136

3.35%,

04/15/50

.................

775

629,299

3.63%,

04/15/52

.................

500

428,882

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(b)

711

579,675

LBM

Acquisition

LLC,

6.25%,

01/15/29

(b)

...

3,149

2,027,371

LCM

Investments

Holdings

II

LLC,

4.88%,

05/01/29

(b)

....................

2,213

1,684,314

Lithia

Motors,

Inc.,

3.88%,

06/01/29

(b)

.....

999

848,531

Lowe's

Cos.,

Inc.

4.65%,

04/15/42

.................

310

286,631

3.70%,

04/15/46

.................

735

589,085

5.13%,

04/15/50

.................

130

126,879

3.00%,

10/15/50

.................

675

470,325

3.50%,

04/01/51

.................

130

98,497

4.25%,

04/01/52

.................

1,240

1,073,775

4.45%,

04/01/62

.................

320

273,347

Murphy

Oil

USA,

Inc.,

4.75%,

09/15/29

....

1,353

1,217,781

Penske

Automotive

Group,

Inc.

3.50%,

09/01/25

.................

987

925,312

3.75%,

06/15/29

(b)

................

525

437,147

PetSmart,

Inc.,

7.75%,

02/15/29

(b)

.......

7,185

6,470,164

Sonic

Automotive,

Inc.,

4.63%,

11/15/29

(b)

..

336

260,336

Specialty

Building

Products

Holdings

LLC,

6.38%,

09/30/26

(b)

...............

2,914

2,369,125

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

SRS

Distribution,

Inc.

(b)

4.63%,

07/01/28

.................

USD

6,382

$

5,584,250

6.13%,

07/01/29

.................

4,083

3,221,386

6.00%,

12/01/29

.................

4,618

3,626,192

Staples,

Inc.

(b)

7.50%,

04/15/26

.................

4,408

3,653,659

10.75%,

04/15/27

................

554

365,640

Tendam

Brands

SAU

(c)

5.00%,

09/15/24

.................

EUR

255

254,534

(EURIBOR

3

Month

+

5.25%),

5.25%,

09/15/24

(a)

...................

270

270,095

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(b)

..

USD

7,329

5,863,200

White

Cap

Parent

LLC,

8.25%,

(8.25%

Cash

or

9.00%

PIK),

03/15/26

(b)(k)

...........

1,603

1,334,498

68,022,393

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

Apple,

Inc.

2.20%,

09/11/29

.................

1,800

1,620,810

4.50%,

02/23/36

.................

1,075

1,120,490

3.45%,

02/09/45

.................

225

195,676

3.85%,

08/04/46

.................

1,100

1,006,136

2.65%,

05/11/50

.................

990

730,233

2.65%,

02/08/51

.................

1,460

1,076,044

2.70%,

08/05/51

.................

370

275,957

Dell

International

LLC,

6.02%,

06/15/26

...

875

908,212

HP,

Inc.

2.20%,

06/17/25

.................

500

472,508

1.45%,

06/17/26

.................

2,170

1,927,639

3.00%,

06/17/27

.................

500

462,270

Xerox

Corp.,

4.80%,

03/01/35

.........

391

300,033

10,096,008

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

BK

LC

Lux

Finco1

SARL,

5.25%,

04/30/29

(c)

EUR

381

314,923

Crocs,

Inc.

(b)

4.25%,

03/15/29

.................

USD

317

234,478

4.13%,

08/15/31

.................

809

572,575

European

TopSoho

SARL,

Series

SMCP,

4.00%,

09/21/21

(c)(e)(j)(m)

............

EUR

1,300

927,869

Kontoor

Brands,

Inc.,

4.13%,

11/15/29

(b)

...

USD

747

593,208

Levi

Strauss

&

Co.,

3.50%,

03/01/31

(b)

....

1,288

1,052,940

William

Carter

Co.

(The),

5.63%,

03/15/27

(b)

.

2,360

2,209,927

5,905,920

Thrifts

&

Mortgage

Finance

—

0.1%

Enact

Holdings,

Inc.,

6.50%,

08/15/25

(b)

...

4,152

3,915,834

Home

Point

Capital,

Inc.,

5.00%,

02/01/26

(b)

.

1,307

901,830

Jerrold

Finco

plc

(c)

4.88%,

01/15/26

.................

GBP

317

338,806

5.25%,

01/15/27

.................

947

1,016,467

Ladder

Capital

Finance

Holdings

LLLP

(b)

4.25%,

02/01/27

.................

USD

2,155

1,739,779

4.75%,

06/15/29

.................

1,068

821,749

MGIC

Investment

Corp.,

5.25%,

08/15/28

..

1,182

1,058,422

Nationstar

Mortgage

Holdings,

Inc.

(b)

6.00%,

01/15/27

.................

3,541

3,071,605

5.13%,

12/15/30

.................

670

500,845

5.75%,

11/15/31

.................

1,178

901,995

Nationwide

Building

Society,

(U.K.

Government

Bonds

5

Year

Note

Generic

Bid

Yield

+

5.39%),

5.88%

(a)(c)(l)

..............

GBP

3,534

4,066,829

Nykredit

Realkredit

A/S,

(EUR

Swap

Annual

5

Year

+

4.57%),

4.13%

(a)(c)(l)

..........

EUR

1,200

1,147,505

Rocket

Mortgage

LLC,

2.88%,

10/15/26

(b)

..

USD

1,105

913,183

20,394,849

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Tobacco

—

0.0%

Altria

Group,

Inc.

5.80%,

02/14/39

.................

USD

200

$

181,756

5.95%,

02/14/49

.................

1,747

1,530,824

3.70%,

02/04/51

.................

385

246,073

BAT

Capital

Corp.

3.46%,

09/06/29

.................

1,350

1,157,106

4.39%,

08/15/37

.................

1,775

1,408,091

3.73%,

09/25/40

.................

420

294,500

4.54%,

08/15/47

.................

688

504,446

4.76%,

09/06/49

.................

165

124,407

5,447,203

Trading

Companies

&

Distributors

—

0.2%

Air

Lease

Corp.

3.38%,

07/01/25

.................

1,400

1,318,349

2.88%,

01/15/26

.................

3,485

3,198,867

1.88%,

08/15/26

.................

1,880

1,624,290

Aviation

Capital

Group

LLC,

1.95%,

09/20/26

(b)

1,835

1,559,188

Beacon

Roofing

Supply,

Inc.,

4.13%,

05/15/29

(b)

1,313

1,067,757

Fortress

Transportation

&

Infrastructure

Investors

LLC

(b)

6.50%,

10/01/25

.................

2,261

2,133,276

9.75%,

08/01/27

.................

308

301,040

5.50%,

05/01/28

.................

2,086

1,721,815

Foundation

Building

Materials,

Inc.,

6.00%,

03/01/29

(b)

....................

1,251

916,357

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

(b)

....................

326

263,652

Herc

Holdings,

Inc.,

5.50%,

07/15/27

(b)

....

1,326

1,210,507

Imola

Merger

Corp.,

4.75%,

05/15/29

(b)

....

5,957

4,983,984

United

Rentals

North

America,

Inc.

5.50%,

05/15/27

.................

943

924,767

5.25%,

01/15/30

.................

6

5,565

WESCO

Distribution,

Inc.

(b)

7.13%,

06/15/25

.................

2,308

2,302,992

7.25%,

06/15/28

.................

4,784

4,731,376

28,263,782

Transportation

Infrastructure

—

0.0%

(c)

Abertis

Infraestructuras

Finance

BV,

(EUR

Swap

Annual

5

Year

+

3.69%),

3.25%

(a)(l)

.

EUR

600

501,500

Autostrade

per

l'Italia

SpA

1.75%,

02/01/27

.................

500

459,598

1.63%,

01/25/28

.................

725

632,608

2.00%,

12/04/28

.................

495

422,790

2.00%,

01/15/30

.................

2,482

2,035,292

Getlink

SE,

3.50%,

10/30/25

..........

801

800,305

4,852,093

Water

Utilities

—

0.0%

Thames

Water

Kemble

Finance

plc,

4.63%,

05/19/26

(c)

....................

GBP

1,089

1,236,465

Wireless

Telecommunication

Services

—

0.5%

America

Movil

SAB

de

CV

3.63%,

04/22/29

.................

USD

1,300

1,233,619

4.38%,

04/22/49

.................

550

508,681

Connect

Finco

SARL,

6.75%,

10/01/26

(b)

...

12,555

11,282,300

Globe

Telecom,

Inc.,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.53%),

4.20%

(a)(c)(l)

..............

1,770

1,646,100

Ligado

Networks

LLC,

15.50%,

(15.50%

Cash

or

15.50%

PIK),

11/01/23

(a)(b)(k)

.......

1,987

1,025,844

Matterhorn

Telecom

SA,

4.00%,

11/15/27

(c)

.

EUR

1,100

979,833

Millicom

International

Cellular

SA

(b)

5.13%,

01/15/28

.................

USD

3,234

2,756,729

4.50%,

04/27/31

.................

1,727

1,277,980

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

Rogers

Communications,

Inc.

3.80%,

03/15/32

(b)

................

USD

775

$

708,668

4.30%,

02/15/48

.................

77

64,442

4.35%,

05/01/49

.................

181

153,607

3.70%,

11/15/49

.................

240

182,896

4.55%,

03/15/52

(b)

................

1,105

970,364

SoftBank

Group

Corp.

(c)

2.13%,

07/06/24

.................

EUR

1,370

1,284,944

4.50%,

04/20/25

.................

200

189,679

4.75%,

07/30/25

.................

1,783

1,656,649

3.13%,

09/19/25

.................

1,200

1,053,366

2.88%,

01/06/27

.................

606

490,395

5.00%,

04/15/28

.................

200

166,247

Sprint

Corp.,

7.63%,

03/01/26

.........

USD

2,839

2,991,246

Telefonica

Europe

BV,

(EUR

Swap

Annual

8

Year

+

2.97%),

3.88%

(a)(c)(l)

..........

EUR

800

750,002

T-Mobile

USA,

Inc.

2.25%,

02/15/26

.................

USD

1,615

1,453,328

4.75%,

02/01/28

.................

2,948

2,857,231

2.63%,

02/15/29

.................

4,124

3,471,529

3.38%,

04/15/29

(b)

................

615

538,125

3.38%,

04/15/29

.................

1,028

899,500

2.55%,

02/15/31

.................

1,000

841,444

2.88%,

02/15/31

.................

1,132

939,820

3.50%,

04/15/31

(b)

................

408

352,280

3.50%,

04/15/31

.................

1,275

1,100,873

2.70%,

03/15/32

(b)

................

555

465,638

4.38%,

04/15/40

.................

475

423,998

3.00%,

02/15/41

.................

880

656,297

4.50%,

04/15/50

.................

109

96,716

3.30%,

02/15/51

.................

925

673,570

3.40%,

10/15/52

(b)

................

200

147,694

Vmed

O2

UK

Financing

I

plc

4.00%,

01/31/29

(c)

................

GBP

900

869,050

4.25%,

01/31/31

(b)

................

USD

493

396,249

4.50%,

07/15/31

(c)

................

GBP

1,204

1,154,183

4.75%,

07/15/31

(b)

................

USD

6,958

5,621,020

Vodafone

Group

plc

6.15%,

02/27/37

.................

100

107,918

5.25%,

05/30/48

.................

722

686,886

(EUR

Swap

Annual

5

Year

+

3.43%),

4.20%,

10/03/78

(a)(c)

.............

EUR

732

675,048

(USD

Swap

Semi

5

Year

+

4.87%),

7.00%,

04/04/79

(a)

...................

USD

14,595

14,316,965

(EUR

Swap

Annual

5

Year

+

3.00%),

2.63%,

08/27/80

(a)(c)

.............

EUR

400

361,752

Series

NC10,

(EUR

Swap

Annual

5

Year

+

3.23%),

3.00%,

08/27/80

(a)(c)

.......

400

317,236

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.45%),

3.25%,

06/04/81

(a)

..............

USD

7,145

5,930,350

76,728,291

Total

Corporate

Bonds

—

27.7%

(Cost:

$4,863,853,776)

...........................

4,119,183,698

Equity-Linked

Notes

Aerospace

&

Defense

—

0.1%

(b)

Bank

of

Montreal

(Lockheed

Martin

Corp.),

19.95%, 07/15/22

................

4

1,834,080

BNP

Paribas

SA

(Huntington

Ingalls

Industries,

Inc.),

21.70%, 07/14/22

.............

17

3,638,274

HSBC

Bank

plc

(Airbus

SE),

22.56%, 08/05/22

EUR

18

1,766,605

Royal

Bank

of

Canada

(BAE

Systems

plc),

15.54%, 08/05/22

................

GBP

249

2,456,227

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

79

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

Royal

Bank

of

Canada

(Raytheon

Technologies

Corp.),

19.45%, 08/01/22

...........

USD

30

$

2,822,778

12,517,964

Air

Freight

&

Logistics

—

0.1%

(b)

Credit

Suisse

AG

(United

Parcel

Service,

Inc.),

7.40%, 07/27/22

.................

91

16,500,568

JPMorgan

Structured

Products

BV

(FedEx

Corp.),

27.99%, 07/28/22

(c)

..........

7

1,641,073

18,141,641

Airlines

—

0.1%

Societe

Generale

SA

(Delta

Air

Lines,

Inc.),

11.86%, 07/12/22

(b)

...............

260

7,568,779

Auto

Components

—

0.0%

(b)

Royal

Bank

of

Canada

(Goodyear

Tire

&

Rubber

Co.

(The)),

29.20%, 08/05/22

...

177

1,932,316

Societe

Generale

SA

(Lear

Corp.),

38.25%, 07/14/22

................

18

2,344,647

4,276,963

Automobiles

—

0.2%

(b)

BMO

Capital

Markets

Corp.

(General

Motors

Co.),

26.04%, 08/12/22

.............

67

2,187,024

Credit

Suisse

AG

(Ford

Motor

Co.),

22.55%, 07/28/22

................

311

3,495,990

Credit

Suisse

AG

(Tesla,

Inc.),

19.00%, 07/14/22

................

16

10,818,563

Royal

Bank

of

Canada

(Volkswagen

AG),

13.91%, 07/25/22

................

EUR

57

7,664,791

24,166,368

Banks

—

0.6%

(b)

Citigroup,

Inc.

(JPMorgan

Chase

&

Co.),

21.82%, 07/15/22

................

USD

74

8,360,463

JPMorgan

Structured

Products

BV

(Bank

of

America

Corp.),

14.41%, 07/15/22

(c)

....

731

22,942,789

JPMorgan

Structured

Products

BV

(Citigroup,

Inc.),

22.20%, 07/14/22

(c)

...........

105

4,866,758

JPMorgan

Structured

Products

BV

(Citizens

Financial

Group,

Inc.),

14.75%, 07/20/22

(c)

107

3,871,680

JPMorgan

Structured

Products

BV

(First

Citizens

BancShares,

Inc.),

19.41%, 07/28/22

(c)

...............

5

3,422,328

JPMorgan

Structured

Products

BV

(Signature

Bank),

18.74%, 07/20/22

(c)

..........

8

1,499,022

Royal

Bank

of

Canada

(Banco

Bilbao

Vizcaya

Argentaria

SA),

13.54%, 07/25/22

.....

EUR

1,186

5,429,061

Royal

Bank

of

Canada

(Truist

Financial

Corp.),

12.74%, 07/20/22

................

USD

91

4,373,144

Societe

Generale

SA

(Comerica,

Inc.),

19.95%, 07/22/22

................

11

845,378

Societe

Generale

SA

(First

Republic

Bank),

7.78%, 07/12/22

.................

73

10,493,185

Societe

Generale

SA

(JPMorgan

Chase

&

Co.),

16.47%, 07/12/22

................

99

11,141,909

Societe

Generale

SA

(Wells

Fargo

&

Co.),

21.68%, 07/22/22

................

84

3,351,066

UBS

AG

(Kotak

Mahindra

Bank

Ltd.),

10.90%, 08/19/22

................

23

2,985,557

UBS

AG

(M&T

Bank

Corp.),

11.20%, 08/19/22

15

2,410,251

85,992,591

Beverages

—

0.3%

(b)

Credit

Suisse

AG

(Anheuser-Busch

InBev

SA/

NV),

13.50%, 07/25/22

.............

EUR

105

5,637,874

JPMorgan

Structured

Products

BV

(Diageo

plc),

9.85%, 07/25/22

(c)

.............

GBP

213

9,184,421

Security

Par

(000)

Par

(000)

Value

Beverages

(continued)

Royal

Bank

of

Canada

(Coca-Cola

Co.

(The)),

10.57%, 07/21/22

................

USD

238

$

15,087,263

Royal

Bank

of

Canada

(PepsiCo,

Inc.),

14.55%, 07/13/22

................

87

14,528,737

44,438,295

Biotechnology

—

0.2%

(b)

Citigroup,

Inc.

(Abcam

plc),

7.99%, 07/22/22

60

8,577,296

JPMorgan

Structured

Products

BV

(AbbVie,

Inc.),

9.25%, 07/26/22

(c)

............

71

10,800,454

Societe

Generale

SA

(Abcam

plc),

10.27%, 07/12/22

................

55

7,770,300

27,148,050

Building

Products

—

0.1%

(b)

JPMorgan

Structured

Products

BV

(Owens

Corning),

11.85%, 07/29/22

(c)

.........

129

9,626,061

Royal

Bank

of

Canada

(Masco

Corp.),

8.91%, 07/29/22

.................

167

8,457,802

18,083,863

Capital

Markets

—

0.3%

(b)

BNP

Paribas

SA

(Bank

of

New

York

Mellon

Corp.

(The)),

15.14%, 07/15/22

.......

52

2,182,011

BNP

Paribas

SA

(KKR

&

Co.,

Inc.),

19.24%, 08/03/22

................

39

1,850,259

Credit

Suisse

AG

(Morgan

Stanley),

14.15%, 07/12/22

................

151

11,524,548

Credit

Suisse

AG

(TMX

Group

Ltd.),

18.85%, 07/14/22

................

656

11,866,440

Societe

Generale

SA

(Goldman

Sachs

Group,

Inc.

(The)),

16.36%, 07/12/22

........

40

11,818,458

Societe

Generale

SA

(Interactive

Brokers

Group,

Inc.),

17.52%, 07/20/22

.......

69

3,833,419

Societe

Generale

SA

(Netwealth

Group

Ltd.),

22.98%, 07/08/22

................

136

2,597,166

Societe

Generale

SA

(Raymond

James

Financial,

Inc.),

16.32%, 07/28/22

......

33

2,985,623

UBS

AG

(Invesco

Ltd.),

29.10%, 08/12/22

..

95

1,576,256

50,234,180

Chemicals

—

0.2%

(b)

BNP

Paribas

SA

(DuPont

de

Nemours,

Inc.),

17.28%, 08/03/22

................

81

4,564,699

BNP

Paribas

SA

(PPG

Industries,

Inc.),

27.64%, 07/29/22

................

19

2,181,426

Citigroup,

Inc.

(Mosaic

Co.

(The)),

25.49%, 08/03/22

................

161

7,768,555

JPMorgan

Structured

Products

BV

(LyondellBasell

Industries

NV),

20.38%, 07/12/22

(c)

...............

145

12,796,903

Societe

Generale

SA

(Dow,

Inc.),

12.14%, 07/21/22

................

93

4,822,128

32,133,711

Commercial

Services

&

Supplies

—

0.2%

Royal

Bank

of

Canada

(Boyd

Group

Services,

Inc.),

21.69%, 08/11/22

(b)

............

151

7,617,353

Royal

Bank

of

Canada

(Waste

Management,

Inc.),

6.63%, 07/28/22

(b)

............

59

8,846,324

Societe

Generale

SA

(Waste

Management,

Inc.)

11.73%,

07/27/22

(b)

...............

26

4,044,882

10.54%,

07/28/22

(b)

...............

33

5,157,170

25,665,729

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Communications

Equipment

—

0.1%

(b)

Citigroup,

Inc.

(Telefonaktiebolaget

LM

Ericsson),

22.38%, 07/28/22

.........

USD

67

$

505,054

Credit

Suisse

AG

(Cisco

Systems,

Inc.),

19.20%, 07/15/22

................

122

5,185,007

Societe

Generale

SA

(Juniper

Networks,

Inc.),

18.26%, 07/27/22

................

140

4,038,682

9,728,743

Consumer

Finance

—

0.2%

(b)

BNP

Paribas

SA

(Ally

Financial,

Inc.),

15.86%, 07/20/22

................

111

3,763,814

Royal

Bank

of

Canada

(American

Express

Co.),

14.45%, 07/14/22

................

101

14,088,586

Royal

Bank

of

Canada

(Synchrony

Financial),

15.07%, 07/20/22

................

150

4,207,950

22,060,350

Containers

&

Packaging

—

0.2%

(b)

Royal

Bank

of

Canada

(Ball

Corp.),

12.87%, 07/14/22

................

229

15,780,061

Royal

Bank

of

Canada

(Sealed

Air

Corp.),

16.34%, 08/03/22

................

68

3,998,131

Societe

Generale

SA

(Sealed

Air

Corp.),

24.68%, 07/22/22

................

42

2,450,270

22,228,462

Diversified

Financial

Services

—

0.5%

(b)

Citigroup,

Inc.

(Apollo

Global

Management,

Inc.),

29.36%, 08/26/22

.............

96

4,690,467

Credit

Suisse

AG

(Berkshire

Hathaway,

Inc.),

8.20%, 08/09/22

.................

132

36,510,765

JPMorgan

Structured

Products

BV

(Berkshire

Hathaway,

Inc.),

7.77%, 07/14/22

(c)

.....

69

18,823,291

Merrill

Lynch

International

&

Co.

(AMP

Ltd.),

13.57%, 07/27/22

................

8

1,911,172

Royal

Bank

of

Canada

(Equitable

Holdings,

Inc.),

21.20%, 07/08/22

.............

60

1,574,627

UBS

AG

(AMP

Ltd.),

7.80%, 07/27/22

.....

35

8,365,160

71,875,482

Diversified

Telecommunication

Services

—

0.2%

(b)

BNP

Paribas

SA

(Verizon

Communications,

Inc.),

20.57%, 07/22/22

.............

75

3,768,119

Citigroup

Global

Markets

Holdings

(Telekom

Malaysia

Bhd.),

36.76%, 07/22/22

.....

471

9,882,995

Citigroup,

Inc.

(Telekom

Malaysia

Bhd.),

19.01%, 08/26/22

................

168

3,440,799

Credit

Suisse

AG

(Verizon

Communications,

Inc.),

13.05%, 07/25/22

.............

108

5,396,502

22,488,415

Electric

Utilities

—

0.0%

(b)

BNP

Paribas

SA

(American

Electric

Power

Co.,

Inc.),

12.87%, 07/14/22

.............

24

2,285,868

BNP

Paribas

SA

(Edison

International),

29.67%, 08/01/22

................

33

2,089,405

4,375,273

Electrical

Equipment

—

0.1%

(b)

Royal

Bank

of

Canada

(Eaton

Corp.

plc),

12.88%, 08/03/22

................

44

5,575,774

Royal

Bank

of

Canada

(Schneider

Electric

SE),

14.69%, 07/25/22

................

EUR

64

7,660,703

13,236,477

Electronic

Equipment,

Instruments

&

Components

—

0.1%

(b)

Credit

Suisse

AG

(Corning,

Inc.),

9.50%, 07/28/22

.................

USD

326

10,321,248

Credit

Suisse

AG

(Zebra

Technologies

Corp.),

19.20%, 08/03/22

................

6

1,819,073

Security

Par

(000)

Par

(000)

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

JPMorgan

Structured

Products

BV

(Corning,

Inc.),

15.66%, 07/27/22

(c)

...........

USD

122

$

3,883,118

Societe

Generale

SA

(Flex

Ltd.),

20.09%, 07/29/22

................

266

3,902,923

19,926,362

Energy

Equipment

&

Services

—

0.0%

JPMorgan

Structured

Products

BV

(Halliburton

Co.),

18.43%, 07/20/22

(b)(c)

..........

57

1,827,291

Entertainment

—

0.1%

(b)

Citigroup

Global

Markets

Holdings

(Electronic

Arts,

Inc.),

17.49%, 08/03/22

.........

55

6,712,669

Societe

Generale

SA

(Walt

Disney

Co.

(The)),

17.90%, 08/11/22

................

82

7,813,037

14,525,706

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.4%

(b)

BNP

Paribas

SA

(American

Tower

Corp.),

9.86%, 07/26/22

.................

46

11,699,086

BNP

Paribas

SA

(Crown

Castle

International

Corp.),

18.21%, 07/22/22

...........

57

9,671,686

BNP

Paribas

SA

(Outfront

Media,

Inc.),

21.09%, 08/03/22

................

284

4,828,979

BNP

Paribas

SA

(SL

Green

Realty

Corp.),

23.14%, 07/08/22

................

54

2,522,812

Goldman

Sachs

International

(Lamar

Advertising

Co.),

14.35%, 08/03/22

.....

54

4,821,929

JPMorgan

Structured

Products

BV

(Centuria

Office

REIT),

29.13%, 07/29/22

(c)

......

17

1,780,124

Royal

Bank

of

Canada

(Host

Hotels

&

Resorts,

Inc.),

17.25%, 08/04/22

.............

204

3,268,886

Royal

Bank

of

Canada

(Prologis,

Inc.),

11.50%, 07/20/22

................

70

8,368,568

Societe

Generale

SA

(Prologis,

Inc.),

13.84%, 07/27/22

................

67

7,868,434

54,830,504

Food

&

Staples

Retailing

—

0.2%

Citigroup,

Inc.

(Costco

Wholesale

Corp.),

12.40%, 09/23/22

(b)

...............

47

22,105,939

JPMorgan

Structured

Products

BV

(Kroger

Co.

(The))

17.98%,

09/09/22

(b)(c)

..............

101

4,814,332

19.22%,

09/09/22

(b)(c)

..............

81

3,863,865

30,784,136

Food

Products

—

0.1%

(b)

BMO

Capital

Markets

Corp.

(Kraft

Heinz

Co.

(The)),

18.74%, 08/26/22

...........

44

1,636,300

BNP

Paribas

SA

(Mondelez

International,

Inc.),

23.70%, 07/08/22

................

33

2,084,515

HSBC

Bank

plc

(Danone

SA),

14.20%, 08/25/22

................

EUR

27

1,479,765

Royal

Bank

of

Canada

(Tyson

Foods,

Inc.),

14.01%, 08/09/22

................

USD

23

1,967,785

Societe

Generale

SA

(Hershey

Co.

(The)),

8.93%, 07/29/22

.................

33

7,211,046

Societe

Generale

SA

(Mondelez

International,

Inc.),

8.66%, 07/28/22

.............

101

6,310,638

20,690,049

Health

Care

Equipment

&

Supplies

—

0.1%

(b)

BNP

Paribas

SA

(Dentsply

Sirona,

Inc.),

27.27%, 07/08/22

................

59

2,138,615

BNP

Paribas

SA

(Medtronic

plc),

22.80%, 08/12/22

................

39

3,549,102

Citigroup,

Inc.

(Abbott

Laboratories),

14.75%, 07/22/22

................

106

11,584,579

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

81

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Health

Care

Equipment

&

Supplies

(continued)

UBS

AG

(Zimmer

Biomet

Holdings,

Inc.),

21.80%, 08/12/22

................

USD

28

$

2,952,043

20,224,339

Health

Care

Providers

&

Services

—

0.8%

BMO

Capital

Markets

Corp.

(Cigna

Corp.),

18.50%, 08/26/22

(b)

...............

11

2,893,117

Citigroup,

Inc.

(Cigna

Corp.),

11.65%, 08/05/22

(b)

...............

35

9,072,035

Citigroup,

Inc.

(Humana,

Inc.),

13.83%, 08/19/22

(b)

...............

6

2,769,097

Citigroup,

Inc.

(Laboratory

Corp.

of

America

Holdings),

19.72%, 08/26/22

(b)

........

17

3,844,091

Credit

Suisse

AG

(CVS

Health

Corp.),

11.75%, 07/12/22

(b)

...............

164

15,238,786

Royal

Bank

of

Canada

(Cardinal

Health,

Inc.),

25.35%, 07/08/22

(b)

...............

56

2,937,763

Royal

Bank

of

Canada

(CVS

Health

Corp.),

22.07%, 08/01/22

(b)

...............

15

1,376,204

Royal

Bank

of

Canada

(Laboratory

Corp.

of

America

Holdings),

15.35%, 07/29/22

(b)

..

12

2,956,432

Societe

Generale

SA

(McKesson

Corp.),

11.99%, 07/12/22

(b)

...............

48

15,562,088

Societe

Generale

SA

(UnitedHealth

Group,

Inc.)

15.09%,

07/12/22

(b)

...............

42

21,707,686

15.46%,

07/18/22

(b)

...............

79

40,215,790

118,573,089

Health

Care

Technology

—

0.0%

(b)

Royal

Bank

of

Canada

(CompuGroup

Medical

SE

&

Co.

KgaA),

26.46%, 08/03/22

.....

42

3,852,311

Societe

Generale

SA

(CompuGroup

Medical

SE

&

Co.

KgaA),

22.42%, 07/15/22

.....

16

1,470,644

5,322,955

Hotels,

Restaurants

&

Leisure

—

0.1%

(b)

BMO

Capital

Markets

Corp.

(Wendy's

Co.

(The)),

16.70%, 08/10/22

...........

179

3,269,184

BNP

Paribas

SA

(Chipotle

Mexican

Grill,

Inc.),

11.27%, 07/20/22

................

4

4,817,889

JPMorgan

Structured

Products

BV

(McDonald's

Corp.),

10.33%, 07/27/22

(c)

..........

21

5,324,023

Royal

Bank

of

Canada

(Choice

Hotels

International,

Inc.),

20.57%, 08/04/22

...

25

2,846,197

Royal

Bank

of

Canada

(Hilton

Worldwide

Holdings,

Inc.),

17.71%, 07/29/22

......

35

4,028,238

20,285,531

Household

Durables

—

0.1%

(b)

JPMorgan

Structured

Products

BV

(Whirlpool

Corp.),

7.35%, 07/26/22

(c)

...........

34

5,272,833

Societe

Generale

SA

(Toll

Brothers,

Inc.),

23.23%, 08/24/22

................

88

3,933,008

9,205,841

Household

Products

—

0.1%

Citigroup,

Inc.

(Procter

&

Gamble

Co.

(The)),

12.35%, 07/29/22

(b)

...............

142

20,402,423

Insurance

—

0.2%

(b)

BMO

Capital

Markets

Corp.

(Admiral

Group

plc),

14.51%, 07/27/22

.............

59

4,600,543

BNP

Paribas

SA

(American

International

Group,

Inc.),

24.90%, 07/29/22

.......

62

3,215,175

BNP

Paribas

SA

(Fidelity

National

Financial,

Inc.),

25.00%, 07/29/22

.............

59

2,216,270

BNP

Paribas

SA

(Principal

Financial

Group,

Inc.),

14.45%, 07/29/22

.............

47

3,171,172

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Citigroup,

Inc.

(Marsh

&

McLennan

Cos.,

Inc.),

9.80%, 07/22/22

.................

USD

33

$

5,099,803

Credit

Suisse

AG

(Admiral

Group

plc),

8.35%, 07/28/22

.................

129

10,094,659

UBS

AG

(Willis

Towers

Watson

plc),

16.50%, 08/19/22

................

15

2,897,725

31,295,347

Interactive

Media

&

Services

—

0.4%

(b)

Credit

Suisse

AG

(Meta

Platforms,

Inc.),

22.05%, 07/28/22

................

88

14,138,249

Credit

Suisse

AG

(TripAdvisor,

Inc.),

26.75%, 08/04/22

................

89

1,636,121

Nomura

Bank

International

plc

(Alphabet,

Inc.),

9.33%, 07/12/22

.................

20

43,230,807

59,005,177

Internet

&

Direct

Marketing

Retail

—

0.3%

(b)

Royal

Bank

of

Canada

(Amazon.com,

Inc.),

16.35%, 07/29/22

................

14

29,492,069

Societe

Generale

SA

(Amazon.com,

Inc.),

11.57%, 07/12/22

................

5

10,203,497

39,695,566

IT

Services

—

0.5%

(b)

BNP

Paribas

SA

(Fidelity

National

Information

Services,

Inc.),

16.83%, 08/03/22

......

64

5,992,194

BNP

Paribas

SA

(Global

Payments,

Inc.),

16.44%, 08/03/22

................

50

5,582,799

BNP

Paribas

SA

(SS&C

Technologies

Holdings,

Inc.),

27.26%, 08/01/22

.............

56

3,306,528

BNP

Paribas

SA

(Visa,

Inc.),

11.38%, 07/27/22

120

23,832,958

Credit

Suisse

AG

(FleetCor

Technologies,

Inc.),

13.60%, 08/04/22

................

9

1,936,989

JPMorgan

Structured

Products

BV

(Mastercard,

Inc.),

13.92%, 07/29/22

(c)

...........

59

18,686,546

Royal

Bank

of

Canada

(Fidelity

National

Information

Services,

Inc.),

24.90%, 08/01/22

................

29

2,694,314

Royal

Bank

of

Canada

(PayPal

Holdings,

Inc.),

25.76%, 07/28/22

................

52

3,720,338

Societe

Generale

SA

(Cognizant

Technology

Solutions

Corp.),

19.30%, 07/15/22

.....

46

3,159,092

Societe

Generale

SA

(GoDaddy,

Inc.),

13.87%, 07/12/22

................

140

9,761,517

78,673,275

Leisure

Products

—

0.0%

(b)

Royal

Bank

of

Canada

(Hasbro,

Inc.),

11.96%, 07/26/22

................

27

2,231,738

Societe

Generale

SA

(Mattel,

Inc.),

19.81%, 07/27/22

................

177

3,985,417

6,217,155

Life

Sciences

Tools

&

Services

—

0.2%

(b)

BNP

Paribas

SA

(Thermo

Fisher

Scientific,

Inc.),

12.33%, 07/27/22

.............

19

10,524,748

Citigroup,

Inc.

(Danaher

Corp.),

15.80%, 07/22/22

................

51

12,945,134

23,469,882

Machinery

—

0.1%

(b)

BNP

Paribas

SA

(Caterpillar,

Inc.),

14.04%, 07/29/22

................

25

4,524,099

Goldman

Sachs

International

(Deere

&

Co.),

19.21%, 08/22/22

................

23

7,185,333

JPMorgan

Structured

Products

BV

(Middleby

Corp.

(The)),

18.51%, 08/12/22

(c)

......

14

1,806,284

13,515,716

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Media

—

0.0%

(b)

BMO

Capital

Markets

Corp.

(Comcast

Corp.),

18.56%, 07/28/22

................

USD

27

$

1,074,609

Nomura

Bank

International

plc

(Comcast

Corp.),

15.32%, 07/29/22

...........

103

4,042,077

5,116,686

Metals

&

Mining

—

0.4%

(b)

BNP

Paribas

SA

(Aneka

Tambang

Tbk.

PT),

22.32%, 08/12/22

................

4

1,783,269

BNP

Paribas

SA

(Freeport-McMoRan,

Inc.),

23.97%, 07/22/22

................

162

4,806,446

Citigroup,

Inc.

(Freeport-McMoRan,

Inc.),

21.10%, 07/21/22

................

125

3,712,116

Credit

Suisse

AG

(Cleveland-Cliffs,

Inc.),

19.20%, 07/14/22

................

711

11,047,588

Credit

Suisse

AG

(Perseus

Mining

Ltd.),

24.85%, 08/05/22

................

GBP

240

2,983,732

JPMorgan

Structured

Products

BV

(Freeport-

McMoRan,

Inc.),

11.23%, 07/14/22

(c)

....

USD

566

16,657,471

Royal

Bank

of

Canada

(Perseus

Mining

Ltd.),

21.16%, 07/14/22

................

22

2,105,620

Royal

Bank

of

Canada

(Ramelius

Resources

Ltd.),

11.28%, 07/25/22

.............

EUR

6

6,823,317

Societe

Generale

SA

(Aneka

Tambang

Tbk.

PT),

13.15%, 07/21/22

.............

USD

25

12,221,982

62,141,541

Multiline

Retail

—

0.1%

(b)

Citigroup

Global

Markets

Holdings

(Macy's,

Inc.),

27.82%, 08/19/22

.............

234

4,400,749

Goldman

Sachs

International

(Target

Corp.),

16.20%, 08/17/22

................

54

7,589,742

JPMorgan

Structured

Products

BV

(Dollar

General

Corp.),

22.75%, 07/29/22

(c)

....

12

2,760,755

14,751,246

Multi-Utilities

—

0.0%

(b)

BNP

Paribas

SA

(Ameren

Corp.),

19.95%, 07/29/22

................

7

657,035

UBS

AG

(Public

Service

Enterprise

Group,

Inc.),

17.00%, 08/12/22

.............

21

1,347,817

2,004,852

Oil,

Gas

&

Consumable

Fuels

—

0.6%

(b)

BMO

Capital

Markets

Corp.

(EQT

Corp.),

32.40%, 07/28/22

................

69

2,441,169

BNP

Paribas

SA

(Chevron

Corp.),

15.50%, 07/29/22

................

136

19,944,925

Citigroup

Global

Markets

Holdings

(EOG

Resources,

Inc.),

22.80%, 08/05/22

....

30

3,360,643

Citigroup

Global

Markets

Holdings

(Pioneer

Natural

Resources

Co.),

31.91%, 08/03/22

42

9,478,580

Citigroup,

Inc.

(Hess

Corp.),

15.45%, 08/19/22

22

2,332,358

Credit

Suisse

AG

(Occidental

Petroleum

Corp.),

43.60%, 08/03/22

................

35

2,078,205

Goldman

Sachs

International

(Williams

Cos.,

Inc.

(The)),

13.16%, 08/19/22

........

61

1,914,658

JPMorgan

Structured

Products

BV

(BP

plc),

21.52%, 08/05/22

(c)

...............

GBP

699

3,371,742

Merrill

Lynch

International

&

Co.

(Exxon

Mobil

Corp.),

17.80%, 08/01/22

...........

USD

122

10,445,280

Nomura

Bank

International

plc

(APA

Corp.),

18.48%, 07/14/22

................

370

13,038,951

Nomura

Bank

International

plc

(Diamondback

Energy,

Inc.),

16.69%, 07/14/22

.......

121

14,746,674

Nomura

Bank

International

plc

(EOG

Resources,

Inc.),

27.17%, 08/04/22

....

17

1,936,090

85,089,275

Security

Par

(000)

Par

(000)

Value

Personal

Products

—

0.0%

BNP

Paribas

SA

(Unilever

plc),

19.83%, 07/29/22

(b)

...............

USD

72

$

3,312,502

Pharmaceuticals

—

0.9%

(b)

BNP

Paribas

SA

(Bristol-Myers

Squibb

Co.),

10.98%, 07/27/22

................

159

12,171,201

BNP

Paribas

SA

(Eli

Lilly

&

Co.),

13.87%, 08/03/22

................

55

16,949,377

BNP

Paribas

SA

(Merck

KGaA),

20.19%, 07/15/22

................

24

2,195,569

BNP

Paribas

SA

(Pfizer,

Inc.),

15.92%, 08/03/22

................

350

18,076,739

Credit

Suisse

AG

(Bayer

AG),

19.95%, 08/25/22

................

EUR

47

2,802,620

Credit

Suisse

AG

(Johnson

&

Johnson),

5.85%, 07/19/22

.................

USD

47

8,314,742

HSBC

Bank

plc

(Sanofi),

11.18%, 08/25/22

.

EUR

41

4,167,221

JPMorgan

Structured

Products

BV

(Johnson

&

Johnson),

6.47%, 07/20/22

(c)

.........

USD

91

16,197,965

Nomura

Bank

International

plc

(Merck

KGaA),

14.37%, 07/12/22

................

231

21,191,072

Royal

Bank

of

Canada

(AstraZeneca

plc),

17.08%, 08/05/22

................

GBP

45

5,777,756

Royal

Bank

of

Canada

(Merck

KGaA),

11.35%, 07/27/22

................

USD

184

16,610,685

Royal

Bank

of

Canada

(Sanofi),

12.28%, 07/25/22

................

EUR

2,919

8,284,279

Societe

Generale

SA

(Bausch

Health

Cos.,

Inc.),

26.29%, 07/12/22

.............

USD

774

6,535,013

139,274,239

Professional

Services

—

0.1%

(b)

BMO

Capital

Markets

Corp.

(Equifax,

Inc.),

15.54%, 07/21/22

................

26

4,757,970

Goldman

Sachs

International

(Leidos

Holdings,

Inc.),

17.72%, 08/01/22

.............

24

2,351,881

Societe

Generale

SA

(Equifax,

Inc.),

22.48%, 07/21/22

................

43

7,918,322

15,028,173

Real

Estate

Management

&

Development

—

0.0%

JPMorgan

Structured

Products

BV

(Sirius

Real

Estate

Ltd.),

23.20%, 07/29/22

(b)(c)

......

13

1,951,494

Road

&

Rail

—

0.4%

(b)

Citigroup,

Inc.

(Union

Pacific

Corp.),

9.91%, 07/22/22

.................

46

9,921,774

Goldman

Sachs

International

(Union

Pacific

Corp.),

8.97%, 07/22/22

............

23

4,941,226

Nomura

Bank

International

plc

(Union

Pacific

Corp.),

12.64%, 07/22/22

...........

47

9,976,754

Royal

Bank

of

Canada

(Old

Dominion

Freight

Line,

Inc.),

8.26%, 07/14/22

..........

64

16,556,952

Societe

Generale

SA

(CSX

Corp.),

11.09%, 07/21/22

................

193

5,634,704

Societe

Generale

SA

(Knight-Swift

Transportation

Holdings,

Inc.),

16.49%, 07/21/22

................

84

3,936,197

50,967,607

Semiconductors

&

Semiconductor

Equipment

—

0.4%

(b)

BNP

Paribas

SA

(Broadcom,

Inc.),

22.46%, 08/12/22

................

6

2,798,153

BNP

Paribas

SA

(KLA

Corp.),

22.88%, 07/29/22

23

7,527,957

Credit

Suisse

AG

(Advanced

Micro

Devices,

Inc.),

25.85%, 07/27/22

.............

58

4,502,328

Credit

Suisse

AG

(Analog

Devices,

Inc.),

15.90%, 08/17/22

................

64

9,601,683

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

83

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Credit

Suisse

AG

(QUALCOMM,

Inc.),

24.40%, 07/28/22

................

USD

77

$

9,851,716

Credit

Suisse

AG

(Texas

Instruments,

Inc.),

13.40%, 07/21/22

................

24

3,754,320

Goldman

Sachs

International

(Applied

Materials,

Inc.),

13.82%, 08/19/22

.....

12

1,095,965

JPMorgan

Structured

Products

BV

(QUALCOMM,

Inc.),

20.26%, 07/28/22

(c)

.

39

5,031,657

Royal

Bank

of

Canada

(ASML

Holding

NV),

12.16%, 07/20/22

................

EUR

17

8,182,425

52,346,204

Software

—

0.7%

BNP

Paribas

Issuance

BV

(Microsoft

Corp.),

14.41%, 07/27/22

(b)

...............

USD

89

22,946,295

Citigroup,

Inc.

(Microsoft

Corp.),

12.42%, 07/27/22

(b)

...............

38

9,889,152

Credit

Suisse

AG

(Fortinet,

Inc.),

23.00%, 07/29/22

(b)

...............

37

10,492,702

Goldman

Sachs

International

(Microsoft

Corp.),

17.93%, 07/28/22

(b)

...............

7

1,686,490

Merrill

Lynch

International

&

Co.

(Fair

Isaac

Corp.),

17.63%, 08/03/22

(b)

..........

9

3,344,931

Royal

Bank

of

Canada

(Microsoft

Corp.)

13.85%,

07/05/22

(b)

...............

113

28,978,619

14.34%,

07/28/22

(b)

...............

19

4,959,611

14.79%,

07/28/22

................

30

7,733,151

Royal

Bank

of

Canada

(Palo

Alto

Networks,

Inc.),

14.01%, 07/14/22

(b)

...........

32

16,113,021

106,143,972

Specialty

Retail

—

0.5%

(b)

BNP

Paribas

SA

(O'Reilly

Automotive,

Inc.),

12.04%, 07/28/22

................

13

8,069,569

Citigroup,

Inc.

(AutoZone,

Inc.),

11.39%, 09/21/22

................

4

8,795,448

Credit

Suisse

AG

(Home

Depot,

Inc.

(The)),

16.55%, 08/17/22

................

37

10,173,883

Credit

Suisse

AG

(Lowe's

Cos.,

Inc.),

18.35%, 08/17/22

................

29

5,049,331

Credit

Suisse

AG

(TJX

Cos.,

Inc.

(The)),

18.40%, 08/17/22

................

137

7,762,973

JPMorgan

Structured

Products

BV

(Ulta

Beauty,

Inc.),

20.28%, 08/25/22

(c)

......

12

4,747,192

Societe

Generale

SA

(AutoZone,

Inc.),

15.71%, 09/21/22

................

5

9,881,643

Societe

Generale

SA

(Home

Depot,

Inc.

(The)),

17.89%, 08/17/22

................

72

19,723,933

Societe

Generale

SA

(Ross

Stores,

Inc.),

23.67%, 07/22/22

................

20

1,448,680

75,652,652

Technology

Hardware,

Storage

&

Peripherals

—

0.4%

Credit

Suisse

AG

(Apple,

Inc.)

9.30%,

07/12/22

(b)

................

149

20,386,338

12.20%,

07/27/22

(b)

...............

280

38,548,918

Nomura

Bank

International

plc

(Apple,

Inc.),

14.12%, 07/28/22

(b)

...............

40

5,532,589

64,467,845

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

Societe

Generale

SA

(Ralph

Lauren

Corp.),

21.63%, 07/08/22

(b)

...............

23

2,067,674

Security

Par

(000)

Par

(000)

Value

Tobacco

—

0.0%

(b)

BNP

Paribas

SA

(Altria

Group,

Inc.),

21.38%, 07/15/22

................

USD

40

$

1,698,505

HSBC

Bank

plc

(British

American

Tobacco

plc),

21.09%, 08/25/22

................

GBP

67

2,850,703

4,549,208

Trading

Companies

&

Distributors

—

0.0%

BNP

Paribas

SA

(United

Rentals,

Inc.),

14.48%, 07/27/22

(b)

...............

USD

14

3,332,060

Transportation

Infrastructure

—

0.0%

Credit

Suisse

AG

(SIA

Engineering

Co.

Ltd.),

22.70%, 08/05/22

(b)

...............

EUR

10

1,077,602

Wireless

Telecommunication

Services

—

0.1%

(b)

Royal

Bank

of

Canada

(Rogers

Communications,

Inc.),

18.24%, 07/14/22

CAD

40

1,906,463

Societe

Generale

SA

(T-Mobile

US,

Inc.),

14.37%, 07/28/22

................

USD

40

5,319,658

7,226,121

Total

Equity-Linked

Notes

—

12.1%

(Cost:

$1,919,851,904)

...........................

1,801,332,633

Floating

Rate

Loan

Interests

Aerospace

&

Defense

—

0.3%

(a)

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

05/25/28

(o)

...................

6,459

5,954,684

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

C,

05/25/28

(o)

...................

1,314

1,211,122

Cobham

Ultra

US

Co.,

Term

Loan,

11/17/28

(o)

605

574,248

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 04/06/26

.................

5,331

4,901,538

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 04/06/26

.................

2,866

2,635,236

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 02/01/28

11,423

10,702,996

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

7.75%),

9.00%

,

 02/01/29

2,783

2,581,117

Sequa

Mezzanine

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

8.30%

,

 11/28/23

.................

1,014

1,004,970

TransDigm,

Inc.,

Term

Loan

F,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 12/09/25

.....

4,679

4,426,506

TransDigm,

Inc.,

Term

Loan

G,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 08/22/24

.....

4,327

4,163,851

38,156,268

Air

Freight

&

Logistics

—

0.0%

AIT

Worldwide

Logistics

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.72%

,

 04/06/28

(a)

................

506

457,243

Airlines

—

0.2%

(a)

AAdvantage

Loyalty

IP

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.81%

,

 04/20/28

3,908

3,720,985

Air

Canada,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 08/11/28

(g)

.........

4,091

3,753,126

American

Airlines,

Inc.,

Term

Loan

 06/27/25

(o)

.....................

1,190

1,052,412

(LIBOR

USD

1

Month

+

1.75%),

3.40%, 01/29/27

...............

818

718,599

American

Airlines,

Inc.,

Term

Loan,

Class

B,

(LIBOR

USD

3

Month

+

2.00%),

2.84%

,

 12/15/23

.................

3,668

3,541,218

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Airlines

(continued)

Kestrel

Bidco,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

5.03%

,

 12/11/26

......

USD

3,602

$

3,216,500

Mileage

Plus

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

7.31%

,

 06/21/27

5,417

5,340,908

United

Airlines,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

5.39%

,

 04/21/28

....

4,480

4,152,689

25,496,437

Auto

Components

—

0.1%

(a)

Adient

US

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 04/10/28

.....

927

860,228

Clarios

Global

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 04/30/26

7,529

7,010,916

Truck

Hero,

Inc.,

Term

Loan,

01/31/28

(o)

....

3,520

3,139,550

11,010,694

Automobiles

—

0.0%

Dealer

Tire,

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.25%),

5.92%

,

 01/01/38

(a)

....

3,824

3,650,771

Banks

—

0.1%

CML

Hyatt

Lost

Pines,

Term

Loan,

(LIBOR

USD

1

Month

+

0.00%),

0.00%

-

15.00%

,

 01/01/28

(a)(g)

..............

10,600

10,441,000

Beverages

—

0.0%

(a)

Naked

Juice

LLC,

1st

Lien

Term

Loan,

(SOFR

3

Month

+

3.25%),

4.88%

-

5.40%

,

 01/24/29

2,001

1,858,241

Netsmart,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

5.06%

-

5.67%

,

 10/01/27

.................

2,119

2,012,965

3,871,206

Building

Products

—

0.1%

(a)

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

4.57%

,

 04/12/28

.................

563

464,647

CP

Atlas

Buyer,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

4.25%

-

5.42%

,

 11/23/27

.................

7,245

6,342,285

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 10/02/28

.................

799

732,386

CP

Iris

Holdco

I,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan,

10/02/28

(o)

.............

160

146,856

Jeld-Wen,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 07/28/28

.....

1,320

1,249,826

MI

Windows

and

Doors

LLC,

Term

Loan

B1,

12/18/27

(o)

.....................

1

975

Wilsonart

LLC,

Term

Loan

E,

(LIBOR

USD

3

Month

+

3.25%),

5.51%

,

 12/31/26

.....

7,768

6,859,774

15,796,749

Capital

Markets

—

0.2%

(a)

Advisor

Group

Holdings,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.50%),

6.17%

,

 07/31/26

.................

3,745

3,555,475

Azalea

TopCo,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.74%

,

 07/24/26

.................

5,668

5,294,126

Azalea

TopCo,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.99%

,

 07/24/26

(g)

................

785

744,232

CML

Paradise

Plaza,

Term

Loan,

01/01/28

(g)(o)

9,392

9,236,193

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Cogeco

Communications

Finance

(USA)

LP,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 09/01/28

...........

USD

2,454

$

2,337,340

Focus

Financial

Partners

LLC,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 06/30/28

.................

2,460

2,351,593

Greenhill

&

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.31%

-

4.92%

,

 04/12/24

1,275

1,250,417

24,769,376

Chemicals

—

0.2%

(a)

Alpha

3

BV,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 03/18/28

..........

5,673

5,407,955

ARC

Falcon

I,

Inc.,

Delayed

Draw

Term

Loan,

09/30/28

(o)

.....................

165

152,181

ARC

Falcon

I,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 09/30/28

.....

1,127

1,037,230

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

5.63%

,

 11/24/27

(g)

................

950

874,390

Ascend

Performance

Materials

Operations

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

7.00%

,

 08/27/26

...........

5,002

4,864,381

Axalta

Coating

Systems

Dutch

Holding

B

BV,

Term

Loan

B3,

(LIBOR

USD

3

Month

+

1.75%),

4.00%

,

 06/01/24

...........

2,367

2,305,999

CPC

Acquisition

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

6.00%

,

 12/29/27

.................

864

752,452

Ecovyst

Catalyst

Technologies

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.74%

,

 06/09/28

.................

2,611

2,489,888

Element

Solutions,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.00%),

3.67%

,

 01/31/26

2,214

2,181,572

Greenrock

Finance,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Week

+

3.50%),

4.51%

-

5.09%

,

 06/28/24

.................

778

748,538

Herens

Holdco

SARL,

Facility

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.00%),

6.25%

,

 07/03/28

.................

2,682

2,387,086

Lummus

Technology

Holdings

V

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 06/30/27

.................

1,955

1,801,663

Messer

Industries

GmbH,

Term

Loan

B1,

(LIBOR

USD

3

Month

+

2.50%),

4.76%

,

 01/01/38

.................

3,862

3,678,763

Momentive

Performance

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 05/15/24

...........

3,786

3,650,218

Oxea

Holding

Vier

GMBH,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.25%),

4.38%

,

 10/14/24

.................

1,897

1,750,968

Sparta

US

HoldCo

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.37%

,

 08/02/28

(g)

................

1,864

1,775,079

WR

Grace

Holdings

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

6.06%

,

 09/22/28

865

818,396

36,676,759

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

85

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

—

0.2%

(a)

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 02/02/26

.................

USD

247

$

219,236

Allied

Universal

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 05/12/28

.................

7,536

6,892,114

Amentum

Government

Services

Holdings

LLC,

1st

Lien

Term

Loan,

(SOFR

6

Month

+

4.00%),

4.78%

-

5.60%

,

 02/15/29

......

1,402

1,331,031

Aramark

Intermediate

HoldCo

Corp.,

Term

Loan

B3,

03/11/25

(o)

...............

2,205

2,111,839

Asplundh

Tree

Expert

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

3.42%

,

 09/07/27

2,697

2,598,065

Covanta

Holding

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 11/30/28

.

1,895

1,787,126

Covanta

Holding

Corp.,

Term

Loan

C,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 11/30/28

.

142

134,203

LABL,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

5.00%),

6.06%

-

6.67%

,

 10/29/28

......

2,072

1,909,322

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

2.75%),

3.50%

-

3.81%

,

 09/23/26

......

2,736

2,548,485

Tempo

Acquisition

LLC,

Term

Loan

B1,

(SOFR

1

Month

+

3.00%),

4.53%

,

 08/31/28

....

7,545

7,139,307

TruGreen

Ltd.

Partnership,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

5.67%

,

 11/02/27

.................

1,393

1,320,966

Viad

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

5.00%),

6.67%

,

 07/30/28

...........

1,543

1,443,020

WCG

Purchaser

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.00%),

5.01%

,

 01/08/27

.................

2,490

2,352,902

31,787,616

Communications

Equipment

—

0.0%

ViaSat,

Inc.,

Term

Loan,

(SOFR

1

Month

+

4.50%),

6.14%

,

 03/02/29

(a)

..........

4,992

4,636,600

Construction

&

Engineering

—

0.1%

(a)

Brand

Energy

&

Infrastructure

Services,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

5.25%

-

6.50%

,

 06/21/24

...........

10,665

9,189,961

Pike

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 01/21/28

...........

1,921

1,822,331

USIC

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 05/12/28

.................

3,782

3,509,619

14,521,911

Construction

Materials

—

0.1%

(a)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

3.67%

,

 01/15/27

...........

3,502

3,304,603

New

AMI

I

LLC,

1st

Lien

Term

Loan,

(SOFR

6

Month

+

6.00%),

7.08%

,

 03/08/29

.....

1,586

1,441,213

Standard

Industries,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.79%

,

 09/22/28

2,599

2,506,617

TAMKO

Building

Products

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

4.24%

-

5.25%

,

 05/29/26

.................

852

795,425

8,047,858

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

—

0.1%

(a)

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 12/01/27

.................

USD

8,484

$

7,968,205

Mauser

Packaging

Solutions

Holding

Co.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.31%

,

 04/03/24

.................

3,077

2,887,665

Pactiv

Evergreen,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 02/05/26

1,001

931,337

Tosca

Services

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 08/18/27

....

3,247

2,878,836

Trident

TPI

Holdings,

Inc.,

Delayed

Draw

Term

Loan

B3,

09/15/28

(o)

...............

106

99,456

Trident

TPI

Holdings,

Inc.,

Term

Loan

B3,

(LIBOR

USD

3

Month

+

4.00%),

6.25%

,

 09/15/28

.................

1,192

1,115,478

15,880,977

Distributors

—

0.0%

PAI

Holdco,

Inc.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.99%

,

 10/28/27

(a)

1,334

1,255,733

Diversified

Consumer

Services

—

0.1%

(a)

Ascend

Learning

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 12/11/28

.................

3,283

3,024,008

Ascend

Learning

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.75%),

7.42%

,

 12/10/29

(g)

................

1,629

1,490,535

Bright

Horizons

Family

Solutions

LLC,

Term

Loan

B,

11/24/28

(g)(o)

...............

1,110

1,057,275

Midas

Intermediate

Holdco

II

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

7.75%),

12.50%

,

 12/22/25

................

1,667

1,522,359

Sotheby's,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.54%

,

 01/15/27

...........

3,741

3,572,957

Spring

Education

Group,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

6.50%

,

 07/30/25

.................

2,433

2,258,950

Voyage

Australia

Pty

Ltd.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.56%

,

 07/20/28

.................

1,190

1,110,432

Wand

Newco

3,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 02/05/26

.................

5,703

5,282,729

19,319,245

Diversified

Financial

Services

—

1.1%

(a)

Acuris

Finance

US,

Inc.,

Term

Loan,

02/16/28

(o)

1,121

1,054,122

Alchemy

Copyrights

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.06%

,

 03/10/28

(g)

1,183

1,138,614

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

05/17/29

(o)

.....................

1,831

1,750,894

Belron

Finance

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

3.50%

,

 10/30/26

(g)

...

2,079

1,985,522

Belron

Finance

US

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

3.69%

,

 11/13/25

.

1,297

1,251,566

Belron

Group

SA,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

3.88%

,

 04/13/28

.....

5,677

5,445,014

Castlelake

Aviation

One

DAC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

4.58%

,

 10/22/26

.................

3,193

3,046,544

Colorado

Plaza,

Term

Loan,

(LIBOR

USD

1

Month

+

0.00%),

0.00%

-

15.00%

,

 05/15/24

(g)

...............

7,906

7,194,353

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Diversified

Financial

Services

(continued)

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

(SOFR

1

Month

+

3.75%),

5.28%

,

 04/09/27

.................

USD

8,436

$

7,877,441

Deerfield

Dakota

Holding

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.75%),

8.42%

,

 04/07/28

.................

1,440

1,396,800

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

4.00%),

5.01%

-

6.25%

,

 10/01/27

.................

5,688

5,368,351

Grab

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

5.50%

,

 01/29/26

.....

9,817

8,933,536

Houston

Center,

Term

Loan,

12/09/22

(g)(o)

...

39,611

39,397,447

LEB

Holdings

(USA),

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 11/02/27

.

1,594

1,561,384

Lions

Gate

Capital

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 03/24/25

.................

1,771

1,708,146

Medline

Borrower

LP,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 10/23/28

....

8,528

7,895,221

Mercury

Borrower,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

5.81%

,

 08/02/28

(g)

................

3,909

3,635,524

OLA

Netherlands

BV,

Term

Loan,

(SOFR

1

Month

+

6.25%),

7.63%

,

 12/15/26

.....

1,448

1,222,126

Park

Avenue

Tower,

Term

Loan,

03/09/24

(g)(o)

31,329

31,147,256

Radiate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 09/25/26

....

3,442

3,192,554

RVR

Dealership

Holdings

LLC,

Term

Loan,

(SOFR

3

Month

+

3.75%),

5.17%

,

 02/08/28

1,161

973,082

SMG

US

Midco

2,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 01/23/25

.................

2,970

2,762,145

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

4.42%

,

 12/11/26

.................

3,147

2,985,716

The

Vinoy

St.

Petersburg,

Term

Loan,

01/01/38

(g)(o)

....................

10,876

10,788,514

Trans

Union

LLC,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

1.75%),

3.42%

,

 11/16/26

....

1,517

1,428,895

Travelport

Finance

(Luxembourg)

SARL,

Term

Loan,

(LIBOR

USD

3

Month

+

1.50%),

3.75%

-

9.75%

,

 02/28/25

...........

2,508

2,471,372

Travelport

Finance

SARL,

1st

Lien

Term

Loan,

05/29/26

(o)

.....................

2,277

1,751,741

UFC

Holdings

LLC,

1st

Lien

Term

Loan

B3,

04/29/26

(o)

.....................

1,685

1,565,365

UPC

Financing

Partnership,

Facility

Term

Loan

AX,

(LIBOR

USD

1

Month

+

3.00%),

4.32%

,

 01/31/29

.................

646

613,082

White

Cap

Supply

Holdings

LLC,

Term

Loan,

(SOFR

1

Month

+

3.75%),

5.28%

,

 10/19/27

1,296

1,190,977

162,733,304

Diversified

Telecommunication

Services

—

0.3%

(a)

Altice

Financing

SA,

Term

Loan

(LIBOR

USD

3

Month

+

2.75%),

3.79%, 07/15/25

...............

947

853,421

(LIBOR

USD

3

Month

+

2.75%),

3.79%, 01/31/26

...............

3,032

2,732,332

Altice

France

SA,

Term

Loan

B13,

(LIBOR

USD

3

Month

+

4.00%),

5.41%

,

 08/14/26

....

3,137

2,859,561

Cablevision

Lightpath

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.57%

,

 11/30/27

.

774

728,245

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Connect

Finco

SARL,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 12/11/26

....

USD

9,698

$

8,898,187

Consolidated

Communications,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

5.19%

,

 10/02/27

.................

1,328

1,170,901

Frontier

Communications

Holdings

LLC,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.75%),

6.06%

,

 05/01/28

.................

2,693

2,514,161

Iridium

Satellite

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 11/04/26

.

2,227

2,132,143

Orbcomm,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

5.92%

,

 09/01/28

1,179

1,086,732

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

N,

(LIBOR

USD

1

Month

+

2.50%),

3.82%

,

 01/31/28

.................

1,717

1,604,707

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

Q,

(LIBOR

USD

1

Month

+

3.25%),

4.57%

,

 01/31/29

.................

2,990

2,858,111

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 03/09/27

13,744

12,632,071

40,070,572

Electric

Utilities

—

0.0%

(a)

Calpine

Construction

Finance

Co.

LP,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

3.67%

,

 01/15/25

.................

1,580

1,514,308

Edgewater

Generation

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 12/13/25

.................

1,303

1,101,706

2,616,014

Electrical

Equipment

—

0.0%

(a)

Arcline

FM

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

7.63%

,

 06/23/28

(g)

................

2,636

2,471,325

AZZ,

Inc.,

Term

Loan,

(SOFR

1

Month

+

4.25%),

0.00%

-

5.88%

,

 05/13/29

(g)

.....

757

721,042

Graftech

International

Ltd.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 02/12/25

545

527,182

3,719,549

Entertainment

—

0.1%

(a)

AMC

Entertainment

Holdings,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.00%),

4.20%

,

 04/22/26

.................

1,795

1,507,792

City

Football

Group

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.60%

,

 07/21/28

(g)

2,956

2,704,367

Kingpin

Intermediate

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 07/03/24

.................

2,962

2,820,125

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

3.38%

,

 10/19/26

.................

2,993

2,791,325

NASCAR

Holdings

LLC,

Term

Loan,

10/19/26

(o)

545

522,655

Playtika

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.75%),

4.42%

,

 03/13/28

3,717

3,496,580

Renaissance

Holding

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 05/30/25

.................

86

81,466

William

Morris

Endeavor

Entertainment,

LLC

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

4.42%

,

 05/18/25

...........

5,788

5,432,762

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

87

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Entertainment

(continued)

WMG

Acquisition

Corp.,

Term

Loan

G,

01/20/28

(o)

.....................

USD

1,907

$

1,826,162

21,183,234

Equity

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

RHP

Hotel

Properties

LP,

Term

Loan

B,

05/11/24

(a)(o)

....................

502

492,442

Food

&

Staples

Retailing

—

0.0%

US

Foods,

Inc.,

Term

Loan

B

(a)

(LIBOR

USD

3

Month

+

2.00%),

3.57%, 09/13/26

...............

3,237

3,044,653

(LIBOR

USD

3

Month

+

2.75%),

4.32%, 11/22/28

...............

2,604

2,474,754

5,519,407

Food

Products

—

0.2%

(a)

8th

Avenue

Food

&

Provisions,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 10/01/25

.................

3,051

2,558,834

B&G

Foods,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 10/10/26

....

218

205,282

Chobani

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 10/25/27

.....

3,753

3,394,724

Froneri

International

Limited,

1st

Lien

Term

Loan

B2,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 01/29/27

.................

6,610

6,067,212

Hostess

Brands

LLC,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.25%),

3.49%

-

3.92%

,

 08/03/25

.................

1,664

1,591,244

Nomad

Foods

Ltd.,

Facility

Term

Loan

B4,

(LIBOR

USD

3

Month

+

2.25%),

3.66%

,

 05/15/24

.................

489

469,859

Sovos

Brands

Intermediate,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.25%

,

 06/08/28

.................

2,317

2,182,378

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

5.75%

,

 03/31/28

.................

9,218

8,128,182

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 01/20/28

.................

3,330

3,167,594

27,765,309

Health

Care

Equipment

&

Supplies

—

0.0%

(a)

Chariot

Buyer

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.00%

-

5.17%

,

 11/03/28

.................

3,416

3,077,087

Insulet

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 05/04/28

.....

894

847,036

3,924,123

Health

Care

Providers

&

Services

—

0.2%

(a)

Change

Healthcare

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 03/01/24

.................

2,985

2,898,968

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.75%

,

 09/29/28

.................

1,020

962,644

Electron

Bidco,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 11/01/28

.................

4,329

4,044,362

Envision

Healthcare

Corp.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

4.81%

-

5.42%

,

 10/10/25

.................

2,856

939,498

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

eResearchTechnology,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.50%),

6.17%

,

 02/04/27

.................

USD

7,094

$

6,535,493

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

(LIBOR

USD

3

Month

+

3.75%),

6.00%, 02/18/27

...............

5,313

4,901,545

(LIBOR

USD

3

Month

+

3.75%),

6.00%, 11/15/28

...............

1,103

1,014,113

EyeCare

Partners

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

6.75%),

9.00%

,

 11/15/29

.................

611

577,456

MED

ParentCo

LP,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

5.92%

,

 08/31/26

2,048

1,843,844

Medical

Solutions

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

6.38%

,

 11/01/28

.................

3,905

3,654,231

Medical

Solutions

Holdings,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan,

11/01/28

(o)

........

746

697,789

Option

Care

Health,

Inc.,

1st

Lien

Term

Loan,

10/27/28

(o)

.....................

576

549,587

PetVet

Care

Centers

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 02/14/25

.................

74

69,490

Vizient,

Inc.,

Term

Loan

B7,

(SOFR

1

Month

+

2.25%),

3.68%

,

 05/16/29

...........

351

347,929

WP

CityMD

Bidco

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

5.50%

,

 12/22/28

2,443

2,296,769

31,333,718

Health

Care

Technology

—

0.1%

(a)

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

5.67%

,

 06/02/28

.................

4,178

3,849,737

Verscend

Holding

Corp.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

4.00%),

5.67%

,

 08/27/25

4,141

3,954,879

7,804,616

Hotels,

Restaurants

&

Leisure

—

0.5%

(a)

1011778

BC

Unlimited

Liability

Co.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

3.42%

,

 11/19/26

.................

2,714

2,585,892

Bally's

Corp.,

Facility

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

4.37%

,

 10/02/28

1,442

1,334,748

Caesars

Resort

Collection

LLC,

Term

Loan

B,

12/23/24

(o)

.....................

6,466

6,213,930

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 07/21/25

.................

249

239,827

Carnival

Corp.,

Term

Loan,

06/30/25

(o)

.....

1,135

1,051,578

CML

La

Quinta

Resort,

Term

Loan,

01/01/38

(g)(o)

8,841

8,746,404

CML

Lake

Tahoe

Resort

Hotel,

Term

Loan,

01/01/38

(g)(o)

....................

5,102

5,049,297

Equinox

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.00%),

5.25%

,

 03/08/24

.................

8,590

6,356,617

Fertitta

Entertainment

LLC,

Term

Loan

B,

(SOFR

1

Month

+

4.00%),

5.53%

,

 01/27/29

6,364

5,852,797

Flutter

Entertainment

plc,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

4.50%

,

 07/21/26

2,075

1,969,739

Four

Seasons

Holdings

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

3.67%

,

 11/30/23

.................

1,904

1,879,929

Hilton

Washington

Dupont

Hotel,

Term

Loan,

(LIBOR

USD

1

Month

+

0.00%),

0.00%

-

15.00%

,

 04/01/24

(g)

...............

14,623

12,868,086

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Hilton

Worldwide

Finance

LLC,

Term

Loan

B2,

06/22/26

(o)

.....................

USD

529

$

507,423

IRB

Holding

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

4.42%

,

 02/05/25

....

2,658

2,515,473

Packers

Holdings

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.44%

,

 03/09/28

3,614

3,300,246

Penn

National

Gaming,

Inc.,

Term

Loan

B,

(SOFR

1

Month

+

2.75%),

4.38%

,

 05/03/29

1,213

1,160,904

Scientific

Games

International,

Inc.,

Term

Loan

B,

(SOFR

1

Month

+

3.00%),

4.36%

,

 04/14/29

.................

1,386

1,313,235

Seaworld

Parks

&

Entertainment,

Inc.,

Term

Loan,

08/25/28

(o)

.................

1,125

1,054,406

Station

Casinos

LLC,

Facility

Term

Loan

B1,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 02/08/27

.................

2,396

2,248,867

Whatabrands

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 08/03/28

....

3,681

3,441,272

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

B,

05/30/25

(o)

.....................

913

880,828

70,571,498

Household

Durables

—

0.1%

(a)

ACProducts

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.25%),

5.92%

-

6.50%

,

 05/17/28

.................

2,519

1,939,756

Hunter

Douglas

Holding

BV,

Term

Loan

B1,

(SOFR

3

Month

+

3.50%),

4.84%

,

 02/26/29

2,698

2,315,235

Serta

Simmons

Bedding

LLC,

Term

Loan

(LIBOR

USD

1

Month

+

7.50%),

9.01%, 08/10/23

...............

1,917

1,595,590

Snap

One

Holdings

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.50%),

7.38%

,

 12/08/28

1,711

1,550,195

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan,

10/06/28

(o)

.....................

645

528,094

Weber-Stephen

Products

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 10/30/27

.................

1,299

1,175,708

9,104,578

Household

Products

—

0.0%

(a)

Diamond

(BC)

BV,

Term

Loan,

09/29/28

(o)

..

3,491

3,216,294

Pilot

Travel

Centers

LLC,

Term

Loan

B,

(SOFR

1

Month

+

2.00%),

3.63%

,

 08/04/28

....

1,689

1,615,331

Spectrum

Brands,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

3.67%

,

 03/03/28

636

611,307

5,442,932

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Constellation

Renewables

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

2.50%),

4.08%

,

 12/15/27

(a)

................

1,477

1,420,760

Industrial

Conglomerates

—

0.1%

Sheraton

Austin,

Term

Loan,

01/01/28

(a)(g)(o)

.

8,491

8,359,843

Insurance

—

0.3%

(a)

Alliant

Holdings

Intermediate

LLC,

Term

Loan

(LIBOR

USD

1

Month

+

3.25%),

4.92%, 05/09/25

...............

6,286

5,909,643

Alliant

Holdings

Intermediate

LLC,

Term

Loan

B4,

11/05/27

(o)

...................

5,771

5,354,377

AmWINS

Group,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 02/19/28

....

3,807

3,589,362

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

AssuredPartners,

Inc.,

Term

Loan

(LIBOR

USD

1

Month

+

3.50%),

5.17%, 02/12/27

...............

USD

5,159

$

4,824,317

Asurion

LLC,

2nd

Lien

Term

Loan

B3,

(LIBOR

USD

1

Month

+

5.25%),

6.92%

,

 01/31/28

3,051

2,593,350

Asurion

LLC,

2nd

Lien

Term

Loan

B4,

(LIBOR

USD

1

Month

+

5.25%),

6.92%

,

 01/20/29

2,713

2,292,485

Asurion

LLC,

Term

Loan

B8,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 12/23/26

.....

2,375

2,147,727

Hub

International

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

4.21%

,

 04/25/25

....

1,607

1,518,469

Hub

International

Ltd.,

Term

Loan

B3,

(LIBOR

USD

3

Month

+

3.25%),

4.35%

,

 04/25/25

6,918

6,547,531

Ryan

Specialty

Group

LLC,

Term

Loan,

(SOFR

1

Month

+

3.00%),

4.63%

,

 09/01/27

(g)

...

2,263

2,172,190

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan

(LIBOR

USD

1

Month

+

3.25%),

4.92%, 12/31/25

...............

1,911

1,791,033

(LIBOR

USD

1

Month

+

3.75%),

5.42%, 09/03/26

...............

1,978

1,877,038

(LIBOR

USD

1

Month

+

4.25%),

5.92%, 09/03/26

...............

913

879,697

USI,

Inc.,

Term

Loan

(LIBOR

USD

3

Month

+

3.00%),

5.25

%

,

 05/16/24

...............

5,075

4,856,587

(LIBOR

USD

3

Month

+

3.25%),

5.50%

,

 12/02/26

(g)

..............

254

233,859

46,587,665

Interactive

Media

&

Services

—

0.2%

(a)

Adevinta

ASA,

Term

Loan

B2,

(LIBOR

USD

3

Month

+

3.00%),

5.25%

,

 06/26/28

.....

4,316

4,116,074

Arches

Buyer

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 12/06/27

.....

2,653

2,414,103

Camelot

US

Acquisition

1

Co.,

Term

Loan

(LIBOR

USD

1

Month

+

3.00%),

4.67%, 10/30/26

...............

14,541

13,697,231

GoodRx,

Inc.,

1st

Lien

Term

Loan,

10/10/25

(o)

2,260

2,057,312

Research

Now

Group,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

6.50%

,

 12/20/24

.................

1,232

1,131,671

23,416,391

Internet

&

Direct

Marketing

Retail

—

0.1%

(a)

CNT

Holding

I

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

4.69%

,

 11/08/27

.................

3,825

3,623,759

Pug

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 02/12/27

(g)

..........

4,627

4,164,606

Pug

LLC,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

4.25%),

5.92%

,

 02/12/27

(g)

.........

434

400,109

8,188,474

IT

Services

—

0.1%

(a)

Applied

Systems,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.50%),

6.51%

,

 09/19/25

.................

805

773,050

Asurion

LLC,

Term

Loan

B6,

(LIBOR

USD

1

Month

+

3.13%),

4.79%

,

 11/03/23

......

2,755

2,641,729

Asurion

LLC,

Term

Loan

B7,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 11/03/24

......

2,662

2,490,308

Epicor

Software

Corp.,

Term

Loan

C,

07/30/27

(o)

.....................

1,117

1,051,794

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

89

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

FleetCor

Technologies

Operating

Co.

LLC,

Term

Loan

B4,

04/28/28

(o)

...........

USD

1,095

$

1,051,430

Go

Daddy

Operating

Co.

LLC,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

3.67%

,

 08/10/27

.................

3,809

3,652,666

ION

Trading

Finance

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

7.00%

,

 04/01/28

721

662,616

Maximus,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

3.69%

,

 05/28/28

.....

1,549

1,531,269

TierPoint

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 05/05/26

(g)

1,739

1,621,790

Trader

Interactive

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 07/28/28

(g)

1,004

958,885

Venga

Finance

SARL,

Term

Loan,

12/04/28

(g)(o)

1,029

956,609

Virtusa

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 02/11/28

......

1,346

1,267,735

WEX,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 03/31/28

..........

1,037

994,757

ZoomInfo

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 02/02/26

389

375,144

20,029,782

Leisure

Products

—

0.0%

Fender

Musical

Instruments

Corp.,

Term

Loan,

(SOFR

1

Month

+

4.00%),

5.23%

,

 12/01/28

(a)

................

1,551

1,463,470

Life

Sciences

Tools

&

Services

—

0.1%

(a)

Avantor

Funding,

Inc.,

Term

Loan

B5,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 11/08/27

.

3,569

3,423,148

Catalent

Pharma

Solutions,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.00%),

3.63%

,

 02/22/28

.................

2,919

2,871,273

Icon

plc,

Term

Loan

(LIBOR

USD

3

Month

+

2.25%),

4.56%, 07/03/28

...............

4,966

4,790,398

Iqvia,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

1.75%),

3.42%

,

 03/07/24

.....

1,996

1,953,572

Maravai

Intermediate

Holdings

LLC,

Term

Loan

B,

10/19/27

(g)(o)

..................

2,218

2,101,211

Phoenix

Newco,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 11/15/28

.................

5,793

5,427,992

20,567,594

Machinery

—

0.3%

(a)

Albion

Financing

3

SARL,

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

5.75%

-

6.43%

,

 08/17/26

.................

1,864

1,779,772

ASP

Blade

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

5.67%

,

 10/13/28

843

736,017

Columbus

McKinnon

Corp.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

5.06%

,

 05/14/28

386

367,939

Filtration

Group

Corp.,

Term

Loan

(LIBOR

USD

1

Month

+

3.00%),

4.67%, 03/31/25

...............

3,448

3,258,827

(LIBOR

USD

1

Month

+

3.50%),

5.17%, 10/21/28

...............

1,639

1,528,011

Fluidra

SA,

Term

Loan,

(SOFR

1

Month

+

2.00%),

3.63%

,

 01/29/29

...........

556

538,362

Gates

Global

LLC,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 03/31/27

....

3,765

3,545,133

Husky

Injection

Molding

Systems

Ltd.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

5.88%

,

 03/28/25

.................

7,769

7,107,181

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

Ingersoll-Rand

Services

Co.,

Term

Loan

B1,

(SOFR

1

Month

+

1.75%),

3.38%

,

 03/01/27

USD

1,692

$

1,615,835

Madison

IAQ

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.52%

,

 06/21/28

.....

5,747

5,220,196

SPX

Flow,

Inc.,

Term

Loan,

(SOFR

1

Month

+

4.50%),

6.13%

,

 04/05/29

...........

2,367

2,200,317

TK

Elevator

Midco

GmbH,

Facility

Term

Loan

B1,

07/30/27

(o)

...................

3,772

3,524,613

Vertiv

Group

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.75%),

0.00%

-

3.87%

,

 03/02/27

5,726

5,311,184

36,733,387

Media

—

0.3%

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

(LIBOR

USD

3

Month

+

3.25%),

4.86%

,

 03/03/25

(a)

................

8,397

7,195,328

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

5.00%

,

 10/15/26

(p)

................

2,780

2,932,511

Cable

One,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.00%),

3.67%

,

 05/03/28

(a)

....

1,235

1,185,149

Charter

Communications

Operating

LLC,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

1.75%),

3.42%

,

 04/30/25

(a)

................

3,327

3,234,495

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.74%

,

 08/21/26

(a)

................

10,006

8,567,924

CMG

Media

Corp.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 12/17/26

(a)

................

1

463

CSC

Holdings

LLC,

Term

Loan

(a)

(LIBOR

USD

1

Month

+

2.25%),

3.57%, 07/17/25

...............

2,668

2,476,115

(LIBOR

USD

1

Month

+

2.50%),

3.82%, 04/15/27

...............

1,443

1,337,621

DirectTV

Financing

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

5.00%),

6.67%

,

 08/02/27

(a)

8,956

8,220,783

Eagle

Broadband

Investments

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

5.31%

,

 11/12/27

(a)

................

1,996

1,876,466

Learfield

Communications

LLC,

1st

Lien

Term

Loan,

12/01/23

(a)(g)(o)

...............

1,652

1,445,544

Midcontinent

Communications,

Term

Loan,

(SOFR

1

Month

+

1.75%),

3.28%

,

 08/15/26

(a)

................

1,177

1,160,687

Nexstar

Media,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 09/18/26

(a)

561

551,749

Sinclair

Television

Group,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 04/01/28

(a)

................

679

627,665

Trader

Corp.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.63%

,

 09/28/23

(a)(g)

..

4,660

4,462,232

Voyage

Digital

(NZ)

Ltd.,

1st

Lien

Term

Loan,

(SOFR

3

Month

+

4.50%),

5.77%

,

 05/11/29

(a)

(g)

...........................

1,533

1,456,350

Ziggo

Financing

Partnership,

Facility

Term

Loan

I,

(LIBOR

USD

1

Month

+

2.50%),

3.82%

,

 04/30/28

(a)

................

2,902

2,699,760

49,430,842

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

—

0.1%

(a)

Ascent

Resources

Utica

Holdings

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

9.00%),

10.02%

,

 11/01/25

...........

USD

2,183

$

2,288,504

Freeport

LNG

investments

LLLP,

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.50%),

4.56%

,

 12/21/28

.................

4,581

3,947,490

Lealand

Finance

Co.

BV,

Term

Loan

(LIBOR

USD

1

Month

+

3.00%),

4.67%, 06/28/24

...............

41

24,643

(LIBO

R

USD

1

Month

+

1.00%),

2.67%, 06/30/25

...............

396

198,468

Lucid

Energy

Group

II

Borrower

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.25%),

5.87%

,

 11/24/28

.................

3,591

3,538,229

Medallion

Midland

Acquisition

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 10/18/28

.................

3,606

3,450,452

Murphy

Oil

USA,

Inc.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

1.75%),

2.82%

,

 01/31/28

907

901,553

Oryx

Midstream

Services

Permian

Basin

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.71%

,

 10/05/28

.................

6,002

5,698,011

20,047,350

Personal

Products

—

0.1%

Sunshine

Luxembourg

VII

SARL,

Facility

Term

Loan

B3,

(LIBOR

USD

3

Month

+

3.75%),

6.00%

,

 10/01/26

(a)

................

11,233

10,370,338

Pharmaceuticals

—

0.1%

(a)

Amneal

Pharmaceuticals

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

5.19%

-

5.81%

,

 05/04/25

.................

2,882

2,600,568

Elanco

Animal

Health,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

2.81%

,

 08/01/27

583

549,367

Grifols

Worldwide

Operations

Ltd.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

2.00%),

3.67%

,

 11/15/27

.................

1,516

1,429,157

Jazz

Pharmaceuticals

plc,

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 05/05/28

2,933

2,792,656

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.00%),

9.88%

,

 11/01/29

.................

1,349

1,241,080

Organon

&

Co.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

4.63%

,

 06/02/28

.....

2,208

2,120,547

Precision

Medicine

Group

LLC,

Delayed

Draw

Term

Loan,

11/18/27

(g)(o)

............

499

459,988

Precision

Medicine

Group

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.00%),

5.25%

,

 11/18/27

(g)

................

4,663

4,301,372

15,494,735

Professional

Services

—

0.2%

(a)

AlixPartners

LLP,

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

4.42%

,

 02/04/28

.....

4,120

3,908,049

CoreLogic,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.50%),

5.19%

,

 06/02/28

6,858

5,685,327

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.87%

,

 02/06/26

.................

7,546

7,104,946

Dun

&

Bradstreet

Corp.

(The),

Term

Loan

B2,

(SOFR

1

Month

+

3.25%),

4.75%

,

 01/18/29

1,493

1,390,596

Element

Materials

Technology

Group

US

Holdings,

Inc.,

Term

Loan,

04/12/29

(o)

...

1,169

1,119,443

Security

Par

(000)

Par

(000)

Value

Professional

Services

(continued)

Element

Materials

Technology

Group

US

Holdings,

Inc.,

Term

Loan

B,

04/12/29

(o)

..

USD

2,533

$

2,425,461

Galaxy

US

Opco,

Inc.,

1st

Lien

Term

Loan,

(SOFR

1

Month

+

4.75%),

6.28%

,

 04/29/29

4,020

3,763,725

Genuine

Financial

Holdings

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 07/11/25

.................

3,660

3,472,968

Nielsen

Finance

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

2.00%),

3.19%

,

 10/04/23

....

—

(q)

53

Trans

Union

LLC,

Term

Loan

B6,

(LIBOR

USD

1

Month

+

2.25%),

3.92%

,

 12/01/28

....

4,564

4,342,130

33,212,698

Road

&

Rail

—

0.0%

Uber

Technologies,

Inc.,

Term

Loan,

02/25/27

(a)

(o)

...........................

6,096

5,823,395

Semiconductors

&

Semiconductor

Equipment

—

0.0%

Synaptics,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.25%),

4.36%

,

 12/02/28

(a)

....

829

804,613

Software

—

0.9%

(a)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan,

09/19/24

(o)

.....................

3,049

2,918,974

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

5.98%

,

 02/12/25

.................

5,624

5,563,324

Boxer

Parent

Co.,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 10/02/25

3,851

3,578,596

CCC

Intelligent

Solutions,

Inc.,

Term

Loan,

09/21/28

(o)

.....................

1,115

1,055,348

CDK

Global,

Inc.,

Term

Loan

B,

07/06/29

(o)

..

1,115

1,051,032

Cloudera,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.75%),

5.42%

,

 10/08/28

5,605

5,142,996

Cloudera,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.00%),

7.67%

,

 10/08/29

(g)

1,997

1,737,390

ConnectWise

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

5.75%

,

 09/29/28

.....

826

754,347

Delta

Topco,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

5.84%

,

 12/01/27

3,964

3,579,718

Delta

Topco,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

7.25%),

9.34%

,

 12/01/28

(g)

779

662,150

E2open

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.83%

,

 02/04/28

..........

445

418,882

Epicor

Software

Corp.

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.75%),

9.42%

,

 07/31/28

.................

2,963

2,868,184

Greeneden

US

Holdings

I

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

5.67%

,

 12/01/27

.................

8,358

7,969,794

Helios

Software

Holdings,

Inc.,

Term

Loan,

03/11/28

(o)

.....................

3,799

3,483,893

Instructure

Holdings,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

2.75%),

3.27%

,

 10/30/28

(g)

1,044

989,552

Magenta

Buyer

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

4.75%),

5.98%

,

 07/27/28

.................

4,267

3,823,284

Magenta

Buyer

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

8.25%),

9.48%

,

 07/27/29

.................

3,606

3,281,006

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

6.25%),

7.92%

,

 02/23/29

4,289

4,024,861

MH

Sub

I,

LLC,

1st

Lien

Term

Loan

(LIBOR

USD

1

Month

+

3.75%),

4.56%

-

5.42%, 09/13/24

...............

7,717

7,249,122

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

91

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Software

(continued)

(LIBOR

USD

1

Month

+

3.75%),

5.42%, 09/13/24

...............

USD

5,614

$

5,275,457

Planview

Parent,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

4.00%),

5.67%

,

 12/17/27

.................

3,859

3,627,449

Proofpoint,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.82%

,

 08/31/28

4,259

3,948,318

RealPage,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 04/24/28

15,426

14,223,694

Sabre

GLBL,

Inc.,

Term

Loan

B1,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 12/17/27

....

744

694,258

Sabre

GLBL,

Inc.,

Term

Loan

B2,

(LIBOR

USD

1

Month

+

3.50%),

5.17%

,

 12/17/27

....

1,186

1,106,689

Severin

Acquisition,

LLC,

1st

Lien

Term

Loan,

08/01/25

(o)

.....................

5,719

5,464,876

Sophia

LP,

1st

Lien

Term

Loan

B,

(LIBOR

USD

3

Month

+

3.25%),

5.50%

,

 10/07/27

....

9,539

8,877,666

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B3,

(LIBOR

USD

1

Month

+

1.75%),

3.42%

,

 04/16/25

.................

1,844

1,748,572

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B4,

(LIBOR

USD

1

Month

+

1.75%),

3.42%

,

 04/16/25

.................

1,497

1,419,439

TIBCO

Software,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

7.25%),

8.31%

-

8.92%

,

 03/03/28

.................

5,559

5,439,420

UKG,

Inc.,

1st

Lien

Term

Loan

(LIBOR

USD

3

Month

+

3.25%),

4.21%, 05/04/26

...............

9,628

8,995,812

(LIBOR

USD

1

Month

+

3.75%),

5.42%, 05/04/26

...............

6,898

6,502,343

UKG,

Inc.,

2nd

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

5.25%),

6.21%

,

 05/03/27

.....

1,583

1,456,757

Veritas

US

Inc.,

Term

Loan

B,

(LIBOR

USD

3

Month

+

5.00%),

7.25%

,

 09/01/25

.....

6,634

5,412,325

VS

Buyer,

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.00%),

4.67%

,

 02/28/27

.....

3,332

3,127,875

137,473,403

Specialty

Retail

—

0.2%

(a)

EG

Group

Ltd.,

Facility

Term

Loan

(LIBOR

USD

3

Month

+

4.00%),

6.25%, 02/07/25

...............

2,161

2,026,185

(LIBOR

USD

3

Month

+

4.25%),

6.50%, 03/31/26

...............

3,790

3,578,761

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan,

(SOFR

1

Month

+

4.00%),

5.63%

,

 05/04/28

.................

5,650

5,212,105

PetSmart

LLC,

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

4.50%

,

 02/11/28

......

9,093

8,533,466

Restoration

Hardware,

Inc.,

Term

Loan,

(LIBOR

USD

1

Month

+

2.50%),

4.17%

,

 10/20/28

1,521

1,327,603

SRS

Distribution,

Inc.,

Term

Loan,

(LIBOR

USD

3

Month

+

3.50%),

4.02%

,

 06/02/28

....

5,522

5,083,436

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.75%),

5.81%

,

 12/21/27

(g)

................

690

643,670

26,405,226

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

(a)

Crocs,

Inc.,

Term

Loan,

02/20/29

(o)

.......

1,155

1,048,890

Security

Par

(000)

Par

(000)

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Fanatics

Commerce

Intermediate

Holdco

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

3.25%),

4.31%

-

4.92%

,

 11/24/28

............

USD

1,360

$

1,280,845

2,329,735

Trading

Companies

&

Distributors

—

0.1%

(a)

Core

&

Main

LP,

Term

Loan

B,

(LIBOR

USD

3

Month

+

2.50%),

4.12%

-

4.32%

,

 07/27/28

5,726

5,441,970

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan,

(LIBOR

USD

3

Month

+

3.25%),

4.49%

,

 01/31/28

(g)

................

3,346

2,911,419

SRS

Distribution,

Inc.,

Term

Loan,

(SOFR

3

Month

+

3.50%),

4.00%

,

 06/02/28

.....

685

629,685

TMK

Hawk

Parent

Corp.,

Term

Loan

A,

(LIBOR

USD

1

Month

+

7.50%),

9.17%

,

 05/30/24

(g)

1,590

1,477,537

TMK

Hawk

Parent

Corp.,

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.50%),

4.56%

-

5.17%

,

 08/28/24

(g)

................

5,109

3,882,539

14,343,150

Transportation

Infrastructure

—

0.1%

(a)

CML

ST

Regis

Aspen,

Term

Loan,

01/01/28

(g)(o)

11,715

11,507,335

KKR

Apple

Bidco

LLC,

1st

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

2.75%),

4.42%

,

 09/22/28

.................

1,030

970,736

KKR

Apple

Bidco

LLC,

2nd

Lien

Term

Loan,

(LIBOR

USD

1

Month

+

5.75%),

7.42%

,

 09/21/29

.................

421

401,529

12,879,600

Wireless

Telecommunication

Services

—

0.1%

(a)

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan

B,

(LIBOR

USD

1

Month

+

3.25%),

4.92%

,

 05/27/24

(g)

................

3,677

3,171,081

Gogo

Intermediate

Holdings

LLC,

Term

Loan,

04/30/28

(o)

.....................

1,871

1,766,360

MetroNet

Systems

Holdings

LLC,

1st

Lien

Term

Loan,

(SOFR

1

Month

+

3.75%),

4.66%

-

5.05%

,

 06/02/28

.................

854

788,475

SBA

Senior

Finance

II

LLC,

Term

Loan,

(LIBOR

USD

1

Month

+

1.75%),

3.42%

,

 04/11/25

.

1,679

1,615,286

7,341,202

Total

Floating

Rate

Loan

Interests

—

7.8%

(Cost:

$1,235,891,936)

...........................

1,160,781,392

Foreign

Agency

Obligations

Chile

—

0.1%

Corp.

Nacional

del

Cobre

de

Chile,

3.75%

,

01/15/31

(b)

.....................

1,175

1,051,625

Empresa

Nacional

del

Petroleo,

4.38%

,

10/30/24

(c)

.....................

4,680

4,657,477

5,709,102

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)

(c)(l)

...........................

3,620

3,420,900

Colombia

—

0.0%

Ecopetrol

SA

5.38%,

06/26/26

.................

3,156

2,917,919

4.63%,

11/02/31

.................

1,797

1,356,735

4,274,654

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Dominican

Republic

—

0.0%

Banco

de

Reservas

de

la

Republica

Dominicana,

7.00%

,

02/01/23

(c)

.......

USD

3,817

$

3,812,229

Finland

—

0.0%

Finnair

OYJ,

4.25%

,

05/19/25

(c)

.........

EUR

700

603,152

France

—

0.0%

Electricite

de

France

SA

(a)(c)(l)

(EUR

Swap

Annual

5

Year

+

3.37%),

2.88%

600

487,296

(EUR

Swap

Annual

5

Year

+

3.20%),

3.00%

1,000

795,132

(EUR

Swap

Annual

5

Year

+

3.97%),

3.38%

3,000

2,043,377

3,325,805

Greece

—

0.0%

Public

Power

Corp.

SA,

3.38%

,

07/31/28

(c)

..

495

408,245

Indonesia

—

0.1%

(c)

Bank

Tabungan

Negara

Persero

Tbk.

PT,

4.20%

,

01/23/25

.................

USD

1,433

1,365,090

Pertamina

Persero

PT,

3.10%

,

08/27/30

...

3,437

2,986,272

4,351,362

Ireland

—

0.1%

AIB

Group

plc

(a)

(EUR

Swap

Annual

5

Year

+

5.70%),

5.25%

(c)(l)

....................

EUR

4,285

4,080,711

(LIBOR

USD

3

Month

+

1.87%),

4.26%,

04/10/25

(b)

...................

USD

2,700

2,647,814

(EUR

Swap

Annual

5

Year

+

6.63%),

6.25%

(c)(l)

....................

EUR

8,453

8,237,176

14,965,701

Italy

—

0.0%

Banca

Monte

dei

Paschi

di

Siena

SpA

(c)

3.63%,

09/24/24

.................

100

96,411

2.63%,

04/28/25

.................

725

670,756

1.88%,

01/09/26

.................

100

87,207

Poste

Italiane

SpA,

(EURIBOR

Swap

Rate

5

Year

+

2.68%),

2.63%

(a)(c)(l)

...........

1,275

928,615

1,782,989

Mexico

—

0.1%

Comision

Federal

de

Electricidad

4.88%,

01/15/24

(c)

................

USD

1,634

1,625,830

4.69%,

05/15/29

(b)

................

1,647

1,474,374

Petroleos

Mexicanos

6.88%,

08/04/26

.................

520

464,100

8.75%,

06/02/29

(b)

................

1,547

1,383,888

5.95%,

01/28/31

.................

4,148

3,026,381

6.70%,

02/16/32

.................

4,313

3,267,098

6.75%,

09/21/47

.................

6,266

3,837,925

7.69%,

01/23/50

.................

4,135

2,760,112

17,839,708

Oman

—

0.0%

OQ

SAOC,

5.13%

,

05/06/28

(b)

..........

3,152

2,968,396

Pakistan

—

0.0%

Pakistan

Water

&

Power

Development

Authority,

7.50%

,

06/04/31

(c)

.........

1,780

974,746

Panama

—

0.1%

Aeropuerto

Internacional

de

Tocumen

SA

(b)

4.00%,

08/11/41

.................

3,521

2,860,372

5.13%,

08/11/61

.................

1,725

1,357,683

Banco

Latinoamericano

de

Comercio

Exterior

SA,

2.38%

,

09/14/25

(b)

.............

1,976

1,799,766

6,017,821

Security

Par

(000)

Par

(000)

Value

Qatar

—

0.0%

Qatar

Energy,

2.25%

,

07/12/31

(b)

........

USD

2,660

$

2,274,300

Saudi

Arabia

—

0.0%

Saudi

Arabian

Oil

Co.,

1.25%

,

11/24/23

(b)

...

330

318,450

Total

Foreign

Agency

Obligations

—

0.5%

(Cost:

$87,797,144)

..............................

73,047,560

Foreign

Government

Obligations

Bahrain

—

0.1%

Kingdom

of

Bahrain

7.00%,

01/26/26

(c)

................

1,436

1,476,657

4.25%,

01/25/28

(b)

................

2,115

1,899,270

7.38%,

05/14/30

(c)

................

1,445

1,427,660

5.45%,

09/16/32

(c)

................

1,684

1,413,297

6,216,884

Brazil

—

0.0%

Federative

Republic

of

Brazil

4.63%,

01/13/28

.................

1,711

1,597,967

3.88%,

06/12/30

.................

1,464

1,226,832

2,824,799

Chile

—

0.1%

Republic

of

Chile

3.24%,

02/06/28

.................

4,690

4,416,807

3.10%,

05/07/41

.................

5,033

3,840,179

8,256,986

Colombia

—

0.1%

Republic

of

Colombia

8.13%,

05/21/24

.................

4,414

4,577,594

3.88%,

04/25/27

.................

2,562

2,260,645

4.50%,

03/15/29

.................

3,308

2,857,905

4.13%,

05/15/51

.................

1,110

666,555

10,362,699

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond

5.95%,

01/25/27

(c)

................

2,355

2,248,731

5.50%,

02/22/29

(b)

................

3,020

2,624,191

4.88%,

09/23/32

(b)

................

1,888

1,451,164

5.30%,

01/21/41

(c)

................

1,898

1,315,907

7,639,993

Egypt

—

0.0%

Arab

Republic

of

Egypt

(b)

5.25%,

10/06/25

.................

2,689

2,198,258

6.38%,

04/11/31

.................

EUR

1,052

689,027

2,887,285

Guatemala

—

0.0%

Republic

of

Guatemala

5.38%,

04/24/32

(b)

................

USD

1,693

1,558,936

3.70%,

10/07/33

(c)

................

2,891

2,222,998

4.65%,

10/07/41

(b)

................

2,333

1,700,611

5,482,545

Hungary

—

0.0%

Hungary

Government

Bond,

5.25%

,

06/16/29

(b)

3,071

3,059,813

Indonesia

—

0.1%

(c)

Perusahaan

Penerbit

SBSN

Indonesia

III,

4.40%

,

06/06/27

(b)

................

1,600

1,588,000

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

(c)

6.15%,

05/21/48

.................

1,400

1,276,012

4.88%,

07/17/49

.................

1,800

1,401,525

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

93

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Indonesia

(continued)

Republic

of

Indonesia

4.75%,

01/08/26

(c)

................

USD

4,508

$

4,558,152

3.50%,

01/11/28

.................

1,220

1,162,660

4.75%,

02/11/29

.................

1,527

1,540,529

5.13%,

01/15/45

(c)

................

3,000

2,865,330

14,392,208

Ivory

Coast

—

0.0%

Republic

of

Cote

d'Ivoire,

6.38%

,

03/03/28

(c)

.

1,567

1,385,130

Malaysia

—

0.0%

Malaysia

Wakala

Sukuk

Bhd.

2.07%,

04/28/31

(c)

................

1,758

1,558,907

1,558,907

Mexico

—

0.1%

United

Mexican

States

3.75%,

01/11/28

.................

1,400

1,343,300

4.50%,

04/22/29

.................

5,024

4,878,304

4.75%,

03/08/44

.................

2,402

1,989,607

4.35%,

01/15/47

.................

1,410

1,075,389

9,286,600

Mongolia

—

0.0%

State

of

Mongolia

(c)

8.75%,

03/09/24

.................

2,000

2,009,125

5.13%,

04/07/26

.................

2,067

1,839,857

3,848,982

Morocco

—

0.0%

Kingdom

of

Morocco,

3.00%

,

12/15/32

(b)

...

5,575

3,958,250

Nigeria

—

0.0%

Federal

Republic

of

Nigeria,

8.38%

,

03/24/29

(b)

1,616

1,224,120

Oman

—

0.0%

Oman

Government

Bond

(c)

4.75%,

06/15/26

.................

1,220

1,159,000

7.38%,

10/28/32

.................

2,230

2,294,113

6.50%,

03/08/47

.................

1,458

1,222,897

7.00%,

01/25/51

.................

1,720

1,513,600

6,189,610

Pakistan

—

0.0%

Islamic

Republic

of

Pakistan,

7.38%

,

04/08/31

(c)

2,265

1,404,549

Panama

—

0.1%

Republic

of

Panama

3.88%,

03/17/28

.................

5,959

5,688,238

2.25%,

09/29/32

.................

3,918

3,062,896

3.30%,

01/19/33

.................

1,360

1,165,520

9,916,654

Paraguay

—

0.1%

Republic

of

Paraguay

5.00%,

04/15/26

(c)

................

4,144

4,068,372

4.95%,

04/28/31

(b)

................

2,136

1,970,861

5.60%,

03/13/48

(c)

................

2,568

2,018,769

5.40%,

03/30/50

(c)

................

2,075

1,604,623

5.40%,

03/30/50

(b)

................

582

450,068

10,112,693

Peru

—

0.0%

Republic

of

Peru

7.35%,

07/21/25

.................

2,094

2,259,295

4.13%,

08/25/27

.................

3,060

3,000,330

3.00%,

01/15/34

.................

1,065

873,833

6,133,458

Security

Par

(000)

Par

(000)

Value

Philippines

—

0.0%

Republic

of

Philippines

3.75%,

01/14/29

.................

USD

2,561

$

2,484,452

2.95%,

05/05/45

.................

2,243

1,601,188

4,085,640

Qatar

—

0.0%

State

of

Qatar,

4.00%

,

03/14/29

(b)

........

4,568

4,613,680

Romania

—

0.1%

Romania

Government

Bond

5.25%,

11/25/27

(b)

................

3,062

2,916,555

3.00%,

02/14/31

(b)

................

2,470

1,900,047

3.63%,

03/27/32

(b)

................

2,796

2,183,152

4.00%,

02/14/51

(c)

................

552

358,731

7,358,485

Saudi

Arabia

—

0.1%

Kingdom

of

Saudi

Arabia

3.63%,

03/04/28

(c)

................

2,470

2,432,950

4.38%,

04/16/29

(b)

................

2,945

2,981,813

3.25%,

11/17/51

(c)

................

1,637

1,231,842

6,646,605

South

Africa

—

0.0%

Republic

of

South

Africa

4.88%,

04/14/26

.................

2,503

2,369,715

4.85%,

09/30/29

.................

2,470

2,108,454

4,478,169

Sri

Lanka

—

0.0%

Democratic

Socialist

Republic

of

Sri

Lanka

(c)(e)(m)

5.75%,

04/18/23

.................

3,980

1,237,034

6.85%,

03/14/24

.................

5,645

1,581,221

6.35%,

06/28/24

.................

6,528

1,828,558

4,646,813

Ukraine

—

0.0%

Ukraine

Government

Bond

8.99%,

02/01/24

(c)

................

3,160

790,000

7.25%,

03/15/33

(b)

................

1,548

379,260

1,169,260

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

4.38%

,

10/27/27

2,674

2,704,701

Total

Foreign

Government

Obligations

—

1.0%

(Cost:

$181,107,358)

.............................

151,845,518

Shares

Shares

Investment

Companies

iShares

Core

Dividend

Growth

ETF

(r)

......

3,100,737

147,719,112

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(f)(r)

........................

4,861,410

357,848,388

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(f)(r)

....................

913,925

100,559,168

MPLX

LP

........................

68,522

1,997,416

NuStar

Energy

LP

..................

11,132

155,848

SPDR

Bloomberg

High

Yield

Bond

ETF

(f)

...

1,804,873

163,720,030

Western

Midstream

Partners

LP

.........

46,782

1,137,270

Total

Investment

Companies

—

5.2%

(Cost:

$839,562,871)

.............................

773,137,232

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

1.5%

Adjustable

Rate

Mortgage

Trust

(a)

Series

2005-8,

Class

2A1,

3.18%,

11/25/35

USD

1,432

$

1,253,512

Series

2005-8,

Class

7A2,

(LIBOR

USD

1

Month

+

0.56%),

2.18%,

11/25/35

...

697

681,053

Series

2005-9,

Class

5A1,

(LIBOR

USD

1

Month

+

0.54%),

2.16%,

11/25/35

...

547

541,190

Alternative

Loan

Trust

Series

2005-16,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.65%),

2.12%,

06/25/35

(a)

...

413

370,121

Series

2005-36,

Class

2A1A,

(LIBOR

USD

1

Month

+

0.62%),

2.24%,

08/25/35

(a)

..

1,108

959,308

Series

2005-61,

Class

1A1,

(LIBOR

USD

1

Month

+

0.52%),

2.14%,

12/25/35

(a)

..

180

163,068

Series

2005-63,

Class

3A3,

2.81%,

11/25/35

(a)

...................

2,014

1,811,979

Series

2005-63,

Class

5A1,

3.37%,

12/25/35

(a)

...................

55

51,559

Series

2005-64CB,

Class

1A1,

5.50%,

12/25/35

....................

53

49,072

Series

2005-72,

Class

A3,

(LIBOR

USD

1

Month

+

0.60%),

2.22%,

01/25/36

(a)

..

1,966

1,744,588

Series

2005-76,

Class

2A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.00%),

1.48%,

02/25/36

(a)

...................

4,035

3,635,278

Series

2006-11CB,

Class

1A5,

6.00%,

05/25/36

....................

671

442,861

Series

2006-15CB,

Class

A1,

6.50%,

06/25/36

....................

1,017

581,685

Series

2006-20CB,

Class

A9,

6.00%,

07/25/36

....................

474

260,225

Series

2006-2CB,

Class

A6,

5.50%,

03/25/36

....................

736

368,404

Series

2006-45T1,

Class

1A10,

6.00%,

02/25/37

....................

2,639

1,411,738

Series

2006-45T1,

Class

2A2,

6.00%,

02/25/37

....................

1,776

1,101,127

Series

2006-7CB,

Class

1A6,

6.00%,

05/25/36

....................

820

525,766

Series

2006-9T1,

Class

A7,

6.00%,

05/25/36

315

164,858

Series

2006-J7,

Class

2A1,

(Cost

of

Funds

for

the

11th

District

of

San

Francisco

+

1.50%),

1.72%,

11/20/46

(a)

........

3,889

2,838,429

Series

2006-J8,

Class

A5,

6.00%,

02/25/37

1,267

654,029

Series

2006-OA14,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.73%),

2.21%,

11/25/46

(a)

...................

5,186

4,176,141

Series

2006-OA14,

Class

2A1,

(LIBOR

USD

1

Month

+

0.38%),

2.00%,

11/25/46

(a)

.

3,465

3,081,468

Series

2006-OA14,

Class

3A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.85%),

1.33%,

11/25/46

(a)

...................

7,163

6,131,913

Series

2006-OA16,

Class

A2,

(LIBOR

USD

1

Month

+

0.38%),

2.00%,

10/25/46

(a)

.

308

278,280

Series

2006-OA2,

Class

A1,

(LIBOR

USD

1

Month

+

0.42%),

2.03%,

05/20/46

(a)

..

1,342

1,146,324

Series

2006-OA3,

Class

2A1,

(LIBOR

USD

1

Month

+

0.42%),

2.04%,

05/25/36

(a)

.

7,259

6,252,232

Series

2006-OA8,

Class

1A1,

(LIBOR

USD

1

Month

+

0.38%),

2.00%,

07/25/46

(a)

.

9,425

8,176,593

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2007-12T1,

Class

A22,

5.75%,

06/25/37

....................

USD

1,878

$

1,022,367

Series

2007-12T1,

Class

A5,

6.00%,

06/25/37

....................

417

233,879

Series

2007-15CB,

Class

A7,

6.00%,

07/25/37

....................

251

177,736

Series

2007-18CB,

Class

2A25,

6.00%,

08/25/37

....................

231

154,439

Series

2007-19,

Class

1A4,

6.00%,

08/25/37

1,155

686,703

Series

2007-19,

Class

1A8,

6.00%,

08/25/37

562

334,109

Series

2007-25,

Class

1A3,

6.50%,

11/25/37

3,129

1,715,052

Series

2007-9T1,

Class

1A1,

6.00%,

05/25/37

....................

479

264,124

Series

2007-9T1,

Class

2A1,

6.00%,

05/25/37

....................

3,155

1,650,061

Series

2007-9T1,

Class

2A2,

6.00%,

05/25/37

....................

542

283,238

Series

2007-AL1,

Class

A1,

(LIBOR

USD

1

Month

+

0.25%),

1.87%,

06/25/37

(a)

..

5,733

4,699,145

Series

2007-J1,

Class

2A5,

6.00%,

03/25/37

1,610

775,009

Series

2007-OA11,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

1.38%),

1.86%,

11/25/47

(a)

...................

1,456

1,263,392

Series

2007-OA3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.28%),

1.90%,

04/25/47

(a)

.

8,780

7,653,480

Series

2007-OA4,

Class

A1,

(LIBOR

USD

1

Month

+

0.34%),

1.96%,

05/25/47

(a)

..

3,562

3,111,050

Series

2007-OA8,

Class

2A1,

(LIBOR

USD

1

Month

+

0.36%),

1.98%,

06/25/47

(a)

.

7,908

6,033,214

Alternative

Loan

Trust

Resecuritization,

Series

2006-22R,

Class

1A6,

6.00%,

05/25/36

..

1,048

693,079

American

Home

Mortgage

Assets

Trust

Series

2006-3,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.97%),

1.45%,

10/25/46

(a)

...

9,175

8,164,158

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.94%),

1.42%,

10/25/46

(a)

...................

4,754

3,518,587

Series

2007-3,

Class

22A1,

6.75%,

06/25/37

(d)

...................

621

538,092

Banc

of

America

Funding

Trust

(a)

Series

2006-7,

Class

T2A3,

5.69%,

10/25/36

317

284,223

Series

2006-D,

Class

6A1,

2.77%,

05/20/36

291

268,546

Series

2007-D,

Class

1A1,

(LIBOR

USD

1

Month

+

0.42%),

2.03%,

06/20/47

...

1,089

926,177

Banc

of

America

Mortgage

Trust,

Series

2004-

L,

Class

4A1,

2.30%,

01/25/35

(a)

.......

2

1,495

Bayview

Commercial

Asset

Trust,

Series

2007-4A,

Class

A1,

(LIBOR

USD

1

Month

+

0.45%),

2.07%,

09/25/37

(a)(b)

.........

880

798,219

Bear

Stearns

ALT-A

Trust,

Series

2006-2,

Class

11A1,

(LIBOR

USD

1

Month

+

0.44%),

2.06%,

04/25/36

(a)

................

4,262

6,280,438

Bear

Stearns

Asset-Backed

Securities

I

Trust

(d)

Series

2005-AC9,

Class

A5,

6.25%,

12/25/35

....................

669

493,550

Series

2006-AC1,

Class

1A2,

6.25%,

02/25/36

....................

885

655,027

Bear

Stearns

Mortgage

Funding

Trust

(a)

Series

2007-AR2,

Class

A1,

(LIBOR

USD

1

Month

+

0.17%),

1.79%,

03/25/37

...

1,082

983,765

Series

2007-AR3,

Class

1A1,

(LIBOR

USD

1

Month

+

0.14%),

1.76%,

03/25/37

..

1,633

1,416,224

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

95

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2007-AR4,

Class

1A1,

(LIBOR

USD

1

Month

+

0.20%),

1.82%,

09/25/47

..

USD

1,914

$

1,780,778

CHL

Mortgage

Pass-Through

Trust

Series

2005-11,

Class

4A1,

(LIBOR

USD

1

Month

+

0.27%),

1.89%,

04/25/35

(a)

..

894

819,995

Series

2005-9,

Class

1A1,

(LIBOR

USD

1

Month

+

0.60%),

2.22%,

05/25/35

(a)

..

2,718

2,170,680

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.96%),

1.44%,

04/25/46

(a)

...................

2,575

892,408

Series

2007-21,

Class

1A1,

6.25%,

02/25/38

140

81,454

Series

2007-J2,

Class

2A6,

6.00%,

07/25/37

625

289,839

Series

2007-J2,

Class

2A8,

6.00%,

07/25/37

955

442,588

CHNGE

Mortgage

Trust

(a)(b)

Series

2022-2,

Class

A1,

3.76%,

03/25/67

9,645

9,179,049

Series

2022-3,

Class

A1,

5.00%,

05/25/67

10,000

9,784,712

CitiMortgage

Alternative

Loan

Trust,

Series

2007-A1,

Class

1A5,

6.00%,

01/25/37

...

67

60,393

Credit

Suisse

Mortgage

Capital

Certificates,

Series

2008-2R,

Class

1A1,

6.00%,

07/25/37

(b)

.....................

405

359,861

CSMC

Trust,

Series

2011-4R,

Class

1A2,

(LIBOR

USD

1

Month

+

1.50%),

2.30%,

09/27/37

(a)(b)

....................

5,147

4,533,302

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

3A1,

(LIBOR

USD

1

Month

+

0.19%),

1.81%,

08/25/47

(a)

...

11,034

9,280,657

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2006-AA8,

Class

1A1,

2.59%,

02/25/37

(a)

.....................

1,084

722,275

GMACM

Mortgage

Loan

Trust,

Series

2005-

AR2,

Class

4A,

2.92%,

05/25/35

(a)

.....

30

27,671

GreenPoint

Mortgage

Funding

Trust

(a)

Series

2006-AR1,

Class

GA1B,

(LIBOR

USD

1

Month

+

0.17%),

1.79%,

02/25/36

2,349

2,093,304

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

2.00%),

2.48%,

03/25/36

....................

1,290

1,240,152

Impac

CMB

Trust,

Series

2005-6,

Class

1A1,

(LIBOR

USD

1

Month

+

0.50%),

2.12%,

10/25/35

(a)

.....................

1,401

1,330,162

IndyMac

IMSC

Mortgage

Loan

Trust

Series

2007-F2,

Class

1A4,

6.00%,

07/25/37

585

488,428

Series

2007-F2,

Class

2A1,

6.50%,

07/25/37

2,212

925,195

IndyMac

INDX

Mortgage

Loan

Trust

(a)

Series

2007-AR15,

Class

1A1,

2.97%,

08/25/37

....................

98

77,882

Series

2007-AR15,

Class

2A1,

3.09%,

08/25/37

....................

504

415,494

Lehman

XS

Trust,

Series

2007-20N,

Class

A1,

(LIBOR

USD

1

Month

+

2.30%),

2.77%,

12/25/37

(a)

.....................

6,656

6,819,585

Loan

Revolving

Advance

Investment

Trust,

Series

2021-2,

Class

A1X,

(LIBOR

USD

1

Month

+

2.75%),

4.03%,

06/30/23

(a)(b)

...

11,430

11,347,791

Merrill

Lynch

Mortgage

Investors

Trust

(a)

Series

2005-A9,

Class

2A1E,

2.70%,

12/25/35

....................

379

356,896

Series

2006-1,

Class

2A1,

2.25%,

02/25/36

297

290,643

MFRA

Trust,

Series

2022-CHM1,

Class

M1,

4.57%,

09/25/56

(a)(b)

...............

4,000

3,638,555

Prima

Capital

CRE

Securitization

Ltd.

(b)

Series

2015-4A,

Class

C,

4.00%,

08/24/49

880

841,623

Series

2016-6A,

Class

C,

4.00%,

08/24/40

(g)

16,500

15,392,850

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Prime

Mortgage

Trust,

Series

2006-DR1,

Class

2A1,

5.50%,

05/25/35

(b)

.............

USD

362

$

318,612

RALI

Trust,

Series

2007-QS4,

Class

3A2,

6.00%,

03/25/37

.................

152

129,784

Residential

Asset

Securitization

Trust,

Series

2006-A15,

Class

A12,

6.25%,

01/25/37

..

313

134,400

RFMSI

Trust,

Series

2007-S7,

Class

A20,

6.00%,

07/25/37

.................

35

29,064

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2007-3,

Class

3A1,

3.39%,

04/25/47

(a)

.....................

209

113,412

Structured

Asset

Mortgage

Investments

II

Trust

(a)

Series

2006-AR2,

Class

A1,

(LIBOR

USD

1

Month

+

0.46%),

2.08%,

02/25/36

...

920

789,742

Series

2006-AR4,

Class

3A1,

(LIBOR

USD

1

Month

+

0.38%),

2.00%,

06/25/36

..

7,462

6,495,395

Series

2006-AR6,

Class

2A1,

(LIBOR

USD

1

Month

+

0.38%),

2.00%,

07/25/46

..

9,755

7,530,046

Series

2007-AR4,

Class

GA4B,

(LIBOR

USD

1

Month

+

0.18%),

1.80%,

09/25/47

1,907

1,809,875

WaMu

Mortgage

Pass-Through

Certificates

Trust

(a)

Series

2007-OA5,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.75%),

1.23%,

06/25/47

....................

5,522

4,850,092

Series

2007-OA6,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.81%),

1.29%,

07/25/47

....................

2,969

2,488,280

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

Series

2006-8,

Class

A5,

6.63%,

10/25/36

(d)

1,085

449,084

Series

2006-AR5,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.98%),

1.46%,

06/25/46

(a)

...................

3,815

2,632,698

Series

2006-AR8,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.85%),

1.33%,

10/25/46

(a)

...................

4,875

4,128,270

Series

2007-OA1,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.72%),

1.20%,

12/25/46

(a)

...................

4,405

3,655,981

Series

2007-OA5,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

+

0.84%),

1.32%,

05/25/47

(a)

...................

2,641

2,306,514

227,476,850

Commercial

Mortgage-Backed

Securities

—

4.6%

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(LIBOR

USD

1

Month

+

2.10%),

3.42%,

04/15/35

(a)(b)

...............

3,467

3,242,090

Atrium

Hotel

Portfolio

Trust

(a)(b)

Series

2017-ATRM,

Class

D,

(LIBOR

USD

1

Month

+

1.95%),

3.27%,

12/15/36

...

11,310

10,456,639

Series

2017-ATRM,

Class

E,

(LIBOR

USD

1

Month

+

3.05%),

4.37%,

12/15/36

...

1,490

1,340,001

BAMLL

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2017-SCH,

Class

CL,

(LIBOR

USD

1

Month

+

1.50%),

2.82%,

11/15/32

...

3,225

2,825,165

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2017-SCH,

Class

DL,

(LIBOR

USD

1

Month

+

2.00%),

3.32%,

11/15/32

...

USD

3,965

$

3,283,099

Series

2018-DSNY,

Class

D,

(LIBOR

USD

1

Month

+

1.70%),

3.02%,

09/15/34

...

11,982

11,327,991

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-2A,

Class

A1,

(LIBOR

USD

1

Month

+

0.47%),

2.09%,

08/25/35

...

3,045

2,770,679

Series

2005-3A,

Class

A1,

(LIBOR

USD

1

Month

+

0.48%),

2.10%,

11/25/35

...

693

628,023

Series

2007-1,

Class

A1,

(LIBOR

USD

1

Month

+

0.22%),

1.84%,

03/25/37

...

2,284

2,082,789

Series

2007-3,

Class

A2,

(LIBOR

USD

1

Month

+

0.29%),

1.91%,

07/25/37

...

3,435

3,090,121

Series

2007-6A,

Class

A4A,

(LIBOR

USD

1

Month

+

1.50%),

3.12%,

12/25/37

...

2,035

1,846,114

BBCMS

Mortgage

Trust

(a)(b)

Series

2017-DELC,

Class

E,

(LIBOR

USD

1

Month

+

2.50%),

3.82%,

08/15/36

...

2,710

2,560,155

Series

2017-DELC,

Class

F,

(LIBOR

USD

1

Month

+

3.50%),

4.82%,

08/15/36

...

1,800

1,682,396

Series

2018-CHRS,

Class

E,

4.41%,

08/05/38

....................

1,750

1,315,205

BB-UBS

Trust,

Series

2012-SHOW,

Class

E,

4.16%,

11/05/36

(a)(b)

...............

2,672

2,415,472

Benchmark

Mortgage

Trust

(a)

Series

2018-B3,

Class

D,

3.19%,

04/10/51

(b)

1,250

981,585

Series

2018-B7,

Class

C,

5.01%,

05/15/53

4,770

4,502,673

BFLD

Trust,

Series

2020-EYP,

Class

E,

(LIBOR

USD

1

Month

+

3.70%),

5.02%,

10/15/35

(a)(b)

3,600

3,384,004

BPR

Trust,

Series

2021-TY,

Class

E,

(LIBOR

USD

1

Month

+

3.60%),

4.92%,

09/15/38

(a)(b)

4,495

4,311,825

BWAY

Mortgage

Trust

(b)

Series

2013-1515,

Class

D,

3.63%,

03/10/33

3,600

3,320,356

Series

2013-1515,

Class

E,

3.72%,

03/10/33

2,000

1,810,268

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2019-XL,

Class

G,

(LIBOR

USD

1

Month

+

2.30%),

3.62%,

10/15/36

...

6,375

6,040,404

Series

2019-XL,

Class

J,

(LIBOR

USD

1

Month

+

2.65%),

3.97%,

10/15/36

...

14,288

13,431,417

Series

2021-21M,

Class

E,

(LIBOR

USD

1

Month

+

2.17%),

3.49%,

10/15/36

...

11,186

10,396,828

Series

2021-CIP,

Class

E,

(LIBOR

USD

1

Month

+

2.82%),

4.14%,

12/15/38

...

13,437

12,492,433

Series

2021-NWM,

Class

A,

(LIBOR

USD

1

Month

+

0.91%),

2.23%,

02/15/33

(g)

..

12,383

11,980,985

Series

2021-NWM,

Class

B,

(LIBOR

USD

1

Month

+

2.15%),

3.47%,

02/15/33

(g)

..

7,261

7,025,038

Series

2021-NWM,

Class

C,

(LIBOR

USD

1

Month

+

4.25%),

5.57%,

02/15/33

(g)

..

4,795

4,638,870

Series

2021-SOAR,

Class

G,

(LIBOR

USD

1

Month

+

2.80%),

4.12%,

06/15/38

...

11,096

10,207,277

Series

2021-SOAR,

Class

J,

(LIBOR

USD

1

Month

+

3.75%),

5.07%,

06/15/38

...

8,734

8,005,229

Series

2021-VINO,

Class

F,

(LIBOR

USD

1

Month

+

2.80%),

4.13%,

05/15/38

...

18,644

16,782,046

Series

2021-XL2,

Class

F,

(LIBOR

USD

1

Month

+

2.24%),

3.57%,

10/15/38

...

13,050

12,230,661

Series

2022-CSMO,

Class

C,

(TSFR1M

+

3.89%),

4.64%,

06/15/27

.........

6,670

6,536,551

Series

2022-LP2,

Class

F,

(TSFR1M

+

3.26%),

4.59%,

02/15/39

.........

13,733

12,690,943

BX

Trust

(a)(b)

Series

2021-ARIA,

Class

G,

(LIBOR

USD

1

Month

+

3.14%),

4.47%,

10/15/36

...

13,310

12,014,325

Series

2021-LBA,

Class

GJV,

(LIBOR

USD

1

Month

+

3.00%),

4.33%,

02/15/36

..

11,900

10,900,769

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2021-LBA,

Class

GV,

(LIBOR

USD

1

Month

+

3.00%),

4.33%,

02/15/36

...

USD

8,900

$

8,064,366

Series

2021-MFM1,

Class

E,

(LIBOR

USD

1

Month

+

2.25%),

3.57%,

01/15/34

...

4,680

4,378,696

Series

2021-MFM1,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

4.32%,

01/15/34

...

7,240

6,726,793

Series

2021-SDMF,

Class

J,

(LIBOR

USD

1

Month

+

4.03%),

5.36%,

09/15/34

...

959

881,501

Series

2021-VIEW,

Class

E,

(LIBOR

USD

1

Month

+

3.60%),

4.92%,

06/15/36

...

9,532

8,826,080

Series

2022-IND,

Class

E,

(TSFR1M

+

3.99%),

5.32%,

04/15/37

.........

8,640

8,173,361

BXP

Trust

(a)(b)

Series

2017-CC,

Class

D,

3.67%,

08/13/37

6,800

5,979,008

Series

2017-CC,

Class

E,

3.67%,

08/13/37

10,985

9,397,442

Series

2021-601L,

Class

D,

2.87%,

01/15/44

5,360

3,834,799

CFCRE

Commercial

Mortgage

Trust

Series

2016-C4,

Class

C,

5.01%,

05/10/58

(a)

3,330

3,131,736

Series

2018-TAN,

Class

A,

4.24%,

02/15/33

(b)

...................

3,600

3,575,346

Series

2018-TAN,

Class

C,

5.29%,

02/15/33

(b)

...................

2,100

2,078,496

Citigroup

Commercial

Mortgage

Trust

Series

2014-GC19,

Class

C,

5.26%,

03/10/47

(a)

...................

2,278

2,243,464

Series

2015-GC27,

Class

C,

4.57%,

02/10/48

(a)

...................

2,267

2,140,717

Series

2016-C1,

Class

C,

5.11%,

05/10/49

(a)

2,870

2,759,841

Series

2016-C1,

Class

D,

5.11%,

05/10/49

(a)

(b)

.........................

980

867,488

Series

2016-GC37,

Class

C,

5.09%,

04/10/49

(a)

...................

2,640

2,509,472

Series

2016-GC37,

Class

D,

2.79%,

04/10/49

(b)

...................

3,446

2,750,240

Series

2016-P3,

Class

C,

5.05%,

04/15/49

(a)

1,271

1,180,849

Series

2018-C6,

Class

C,

5.23%,

11/10/51

(a)

3,976

3,813,223

Commercial

Mortgage

Trust

(a)

Series

2013-300P,

Class

D,

4.54%,

08/10/30

(b)

...................

3,000

2,891,322

Series

2013-GAM,

Class

E,

3.53%,

02/10/28

(b)

...................

4,700

4,231,017

Series

2014-CR15,

Class

C,

4.82%,

02/10/47

....................

2,050

2,020,861

Series

2015-CR23,

Class

B,

4.18%,

05/10/48

....................

9,520

9,200,987

Series

2015-LC19,

Class

C,

4.37%,

02/10/48

....................

6,513

6,255,315

Series

2015-LC21,

Class

C,

4.48%,

07/10/48

....................

3,640

3,420,489

Series

2016-667M,

Class

D,

3.28%,

10/10/36

(b)

...................

3,200

2,656,148

Credit

Suisse

Mortgage

Capital

Certificates

(a)

Series

2015-RPL1,  0.00%,

02/15/24

...

8,800

8,716,048

Series

2021-980M,

Class

E,

3.65%,

07/15/31

(b)

...................

1,450

1,219,127

CSMC

Trust

(a)(b)

Series

2020-FACT,

Class

E,

(LIBOR

USD

1

Month

+

4.86%),

6.19%,

10/15/37

...

4,661

4,426,251

Series

2021-BHAR,

Class

E,

(LIBOR

USD

1

Month

+

3.50%),

4.83%,

11/15/38

(g)

..

1,338

1,257,720

DBGS

Mortgage

Trust,

Series

2018-BIOD,

Class

F,

(LIBOR

USD

1

Month

+

2.00%),

3.19%,

05/15/35

(a)(b)

...............

4,998

4,712,406

DBUBS

Mortgage

Trust

(a)(b)

Series

2017-BRBK,

Class

E,

3.65%,

10/10/34

....................

10,428

9,619,723

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

97

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2017-BRBK,

Class

F,

3.65%,

10/10/34

....................

USD

2,890

$

2,631,394

ELP

Commercial

Mortgage

Trust

(a)(b)

Series

2021-ELP,

Class

G,

(LIBOR

USD

1

Month

+

3.12%),

4.44%,

11/15/38

...

11,890

10,898,530

Series

2021-ELP,

Class

J,

(LIBOR

USD

1

Month

+

3.61%),

4.94%,

11/15/38

...

4,560

4,175,644

Extended

Stay

America

Trust

(a)(b)

Series

2021-ESH,

Class

D,

(LIBOR

USD

1

Month

+

2.25%),

3.58%,

07/15/38

...

10,088

9,733,265

Series

2021-ESH,

Class

E,

(LIBOR

USD

1

Month

+

2.85%),

4.17%,

07/15/38

...

6,530

6,240,835

Series

2021-ESH,

Class

F,

(LIBOR

USD

1

Month

+

3.70%),

5.02%,

07/15/38

...

6,816

6,545,626

GS

Mortgage

Securities

Corp.

II,

Series

2005-

ROCK,

Class

J,

5.86%,

05/03/32

(b)

.....

1,500

1,416,978

GS

Mortgage

Securities

Corp.

Trust,

Series

2021-DM,

Class

F,

(LIBOR

USD

1

Month

+

3.44%),

4.76%,

11/15/36

(a)(b)

.........

6,640

6,200,837

GS

Mortgage

Securities

Trust

Series

2015-GC32,

Class

C,

4.57%,

07/10/48

(a)

...................

1,075

1,015,011

Series

2015-GC32,

Class

D,

3.35%,

07/10/48

....................

1,162

997,095

Series

2017-GS7,

Class

D,

3.00%,

08/10/50

(b)

...................

1,581

1,249,775

Harvest

Commercial

Capital

Loan

Trust

(a)(b)

Series

2019-1,

Class

M4,

4.64%,

09/25/46

3,150

2,876,594

Series

2019-1,

Class

M5,

5.73%,

09/25/46

2,000

1,794,194

HONO

Mortgage

Trust

(a)(b)

Series

2021-LULU,

Class

E,

(LIBOR

USD

1

Month

+

3.35%),

4.67%,

10/15/36

...

4,743

4,479,669

Series

2021-LULU,

Class

F,

(LIBOR

USD

1

Month

+

4.40%),

5.72%,

10/15/36

...

1,177

1,107,769

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2015-C33,

Class

D1,

4.26%,

12/15/48

(a)(b)

....................

1,898

1,664,831

JPMCC

Commercial

Mortgage

Securities

Trust,

Series

2017-JP5,

Class

C,

3.94%,

03/15/50

(a)

.....................

5,137

4,523,771

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2017-C5,

Class

C,

4.51%,

03/15/50

(a)

1,486

1,258,291

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

(a)

Series

2015-JP1,

Class

D,

4.38%,

01/15/49

4,532

3,989,945

Series

2019-OSB,

Class

E,

3.91%,

06/05/39

(b)

...................

2,800

2,408,999

Series

2022-NLP,

Class

F,

(TSFR1M

+

3.54%),

4.82%,

04/15/37

(b)

........

10,610

9,760,672

Series

2022-OPO,

Class

D,

3.56%,

01/05/39

(b)

...................

3,360

2,815,860

KNDL

Mortgage

Trust,

Series

2019-KNSQ,

Class

E,

(LIBOR

USD

1

Month

+

1.80%),

3.12%,

05/15/36

(a)(b)

...............

12,751

12,298,162

Life

Mortgage

Trust,

Series

2021-BMR,

Class

F,

(LIBOR

USD

1

Month

+

2.35%),

3.67%,

03/15/38

(a)(b)

....................

10,752

10,009,839

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

C,

4.83%,

03/10/50

(a)(b)

...

3,375

3,110,118

LUXE

Trust,

Series

2021-TRIP,

Class

E,

(LIBOR

USD

1

Month

+

2.75%),

4.07%,

10/15/38

(a)(b)

....................

920

855,864

MAD

Mortgage

Trust,

Series

2017-330M,

Class

D,

4.11%,

08/15/34

(a)(b)

.............

3,305

3,078,172

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Med

Trust

(a)(b)

Series

2021-MDLN,

Class

F,

(LIBOR

USD

1

Month

+

4.00%),

5.33%,

11/15/38

...

USD

13,800

$

12,903,224

Series

2021-MDLN,

Class

G,

(LIBOR

USD

1

Month

+

5.25%),

6.58%,

11/15/38

...

25,270

22,750,869

MF1,

Series

2021-W10,

Class

G,

(TSFR1M

+

4.22%),

5.50%,

12/15/34

(a)(b)(g)

........

3,940

3,624,800

MHP,

Series

2021-STOR,

Class

J,

(LIBOR

USD

1

Month

+

3.95%),

5.27%,

07/15/38

(a)(b)

..

1,897

1,734,925

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

(a)

Series

2015-C23,

Class

D,

4.28%,

07/15/50

(b)

...................

727

658,099

Series

2017-C33,

Class

C,

4.56%,

05/15/50

879

802,495

Morgan

Stanley

Capital

I

Trust

Series

2015-MS1,

Class

C,

4.17%,

05/15/48

(a)

...................

1,530

1,407,405

Series

2017-CLS,

Class

E,

(LIBOR

USD

1

Month

+

1.95%),

3.27%,

11/15/34

(a)(b)(g)

3,998

3,958,020

Series

2017-CLS,

Class

F,

(LIBOR

USD

1

Month

+

2.60%),

3.92%,

11/15/34

(a)(b)(g)

7,904

7,907,161

Series

2017-H1,

Class

D,

2.55%,

06/15/50

(b)

(g)

.........................

6,410

5,079,925

Series

2017-HR2,

Class

D,

2.73%,

12/15/50

(b)

...................

1,570

1,210,821

Series

2018-H3,

Class

C,

5.03%,

07/15/51

(a)

(g)

.........................

2,880

2,671,200

Series

2018-MP,

Class

E,

4.42%,

07/11/40

(a)

(b)

.........................

2,112

1,648,651

Series

2018-SUN,

Class

F,

(LIBOR

USD

1

Month

+

2.55%),

3.87%,

07/15/35

(a)(b)

.

4,040

3,796,491

Motel

Trust,

Series

2021-MTL6,

Class

F,

(LIBOR

USD

1

Month

+

3.55%),

4.87%,

09/15/38

(a)(b)

....................

1,417

1,344,623

MTN

Commercial

Mortgage

Trust,

Series

2022-

LPFL,

Class

F,

(TSFR1M

+

5.29%),

6.56%,

03/15/39

(a)(b)

....................

38,023

35,911,252

Olympic

Tower

Mortgage

Trust,

Series

2017-

OT,

Class

E,

4.08%,

05/10/39

(a)(b)

......

8,300

6,529,905

Park

Avenue

Mortgage

Trust,

Series

2017-

280P,

Class

E,

(LIBOR

USD

1

Month

+

2.12%),

3.31%,

09/15/34

(a)(b)

.........

29,015

27,573,111

Park

Avenue

Trust,

Series

2017-245P,

Class

E,

3.78%,

06/05/37

(a)(b)

...............

7,780

6,360,150

PKHL

Commercial

Mortgage

Trust,

Series

2021-MF,

Class

G,

(LIBOR

USD

1

Month

+

4.35%),

5.68%,

07/15/38

(a)(b)

.........

1,400

1,298,319

SREIT

Trust,

Series

2021-MFP2,

Class

J,

(LIBOR

USD

1

Month

+

3.92%),

5.24%,

11/15/36

(a)(b)

....................

2,377

2,218,078

STWD

Trust,

Series

2021-FLWR,

Class

G,

(LIBOR

USD

1

Month

+

3.67%),

4.99%,

07/15/23

(a)(b)

....................

2,956

2,694,846

TPGI

Trust

(a)(b)

Series

2021-DGWD,

Class

F,

(LIBOR

USD

1

Month

+

3.00%),

4.32%,

06/15/26

...

5,180

4,750,675

Series

2021-DGWD,

Class

G,

(LIBOR

USD

1

Month

+

3.85%),

5.17%,

06/15/26

..

1,794

1,642,025

Velocity

Commercial

Capital

Loan

Trust,

Series

2022-1,

Class

M4,

5.20%,

02/25/52

(a)(b)

..

6,261

5,591,668

Wells

Fargo

Commercial

Mortgage

Trust

Series

2015-NXS3,

Class

B,

4.65%,

09/15/57

(a)

...................

1,600

1,561,656

Series

2016-C37,

Class

C,

4.64%,

12/15/49

(a)

...................

2,803

2,638,575

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)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2016-LC25,

Class

C,

4.48%,

12/15/59

(a)

...................

USD

8,320

$

7,718,006

Series

2016-NXS5,

Class

B,

5.12%,

01/15/59

(a)

...................

1,875

1,833,973

Series

2016-NXS6,

Class

C,

4.54%,

11/15/49

(a)

...................

4,783

4,430,960

Series

2017-C39,

Class

C,

4.12%,

09/15/50

3,268

2,996,839

Series

2017-C39,

Class

D,

4.48%,

09/15/50

(a)(b)

..................

1,690

1,416,838

Series

2017-C41,

Class

D,

2.60%,

11/15/50

(a)(b)

..................

487

343,510

Series

2018-C44,

Class

C,

4.99%,

05/15/51

(a)

...................

2,346

2,188,982

Series

2018-C44,

Class

D,

3.00%,

05/15/51

(b)

...................

2,150

1,602,088

Series

2018-C45,

Class

C,

4.73%,

06/15/51

1,158

1,059,434

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C22,

Class

C,

3.91%,

09/15/57

(a)

..

1,300

1,241,834

680,729,931

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

(a)

BBCMS

Trust

(b)

Series

2015-SRCH,

Class

XA,

1.09%,

08/10/35

....................

74,014

2,635,656

Series

2015-SRCH,

Class

XB,

0.30%,

08/10/35

....................

35,000

344,400

CFCRE

Commercial

Mortgage

Trust,

Series

2016-C6,

Class

XA,

1.24%,

11/10/49

...

60,378

2,238,122

Commercial

Mortgage

Trust

Series

2014-UBS5,

Class

XB2,

0.84%,

09/10/47

(b)

...................

12,675

198,744

Series

2015-CR25,

Class

XA,

0.97%,

08/10/48

....................

12,372

255,850

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C22,

Class

XA,

0.96%,

09/15/47

......................

6,384

85,815

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(b)

.....................

40,477

1,070,681

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

X,

0.94%,

03/10/50

(b)

....

34,375

821,248

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Series

2014-C15,

Class

XB,

0.49%,

04/15/47

(b)

...................

80,982

388,366

Series

2015-C26,

Class

XD,

1.46%,

10/15/48

(b)

...................

12,675

490,269

Series

2016-C32,

Class

XA,

0.80%,

12/15/49

....................

29,910

717,841

Morgan

Stanley

Capital

I

Trust,

Series

2016-

UBS9,

Class

XD,

1.75%,

03/15/49

(b)

....

13,600

713,184

Natixis

Commercial

Mortgage

Securities

Trust

(b)

Series

2017-75B,

Class

XA,

0.34%,

04/10/37

....................

40,610

409,637

Series

2017-75B,

Class

XB,

0.11%,

04/10/37

....................

27,000

70,527

Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-BNK1,

Class

XD,

1.39%,

08/15/49

(b)

...................

11,784

496,342

Series

2016-LC25,

Class

XA,

0.98%,

12/15/59

....................

19,476

567,190

WFRBS

Commercial

Mortgage

Trust

Series

2014-C20,

Class

XB,

0.74%,

05/15/47

....................

57,079

562,842

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

Series

2014-LC14,

Class

XA,

1.41%,

03/15/47

....................

USD

23,669

$

345,597

12,412,311

Total

Non-Agency

Mortgage-Backed

Securities

—

6.2%

(Cost:

$972,308,976)

.............................

920,619,092

Preferred

Securities

Capital

Trusts

—

2.6%

Banks

—

0.8%

(a)(l)

Banco

Bilbao

Vizcaya

Argentaria

SA,

(EUR

Swap

Annual

5

Year

+

6.46%),

6.00%

(c)

..

EUR

5,400

5,141,127

Bank

of

America

Corp.,

Series

RR,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.76%),

4.38%

......

USD

17,500

14,520,975

Citigroup,

Inc.

Series

U,

(SOFR

+

3.81%),

5.00%

.....

39,856

35,073,280

Series

W,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.60%),

4.00%

......................

7,270

6,288,550

Series

Y,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.00%),

4.15%

......................

15

12,037

HSBC

Holdings

plc,

(USD

Swap

Rate

5

Year

+

3.71%),

6.38%

..................

1,200

1,148,400

JPMorgan

Chase

&

Co.

Series

FF,

(SOFR

+

3.38%),

5.00%

....

16,930

14,940,725

Series

HH,

(SOFR

+

3.13%),

4.60%

....

1,477

1,247,358

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

16,894,900

US

Bancorp,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.54%),

3.70%

........................

15,530

11,919,275

Wells

Fargo

&

Co.

Series

S,

(LIBOR

USD

3

Month

+

3.11%),

5.90%

......................

15,875

14,354,175

Series

BB,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.45%),

3.90%

......................

8,065

6,945,981

128,486,783

Capital

Markets

—

0.6%

(a)(l)

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

18,604,334

Charles

Schwab

Corp.

(The)

Series

I,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.17%),

4.00%

......................

21,725

18,415,414

Series

H,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

10

Year

+

3.08%),

4.00%

................

25,394

19,547,031

Goldman

Sachs

Group,

Inc.

(The)

Series

Q,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.62%),

5.50%

......................

12,030

11,612,559

Series

R,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.22%),

4.95%

......................

6,755

6,081,732

Series

T,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

2.97%),

3.80%

......................

16,500

12,869,693

87,130,763

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

99

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

—

0.4%

(a)(l)

Ally

Financial,

Inc.,

Series

B,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.87%),

4.70%

.............

USD

36,150

$

28,667,489

Discover

Financial

Services,

Series

C,

(LIBOR

USD

3

Month

+

3.08%),

5.50%

.......

20,150

15,715,247

General

Motors

Financial

Co.,

Inc.,

Series

C,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.00%),

5.70%

9,712

8,449,440

52,832,176

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)(l)

............

16,815

15,867,064

Electric

Utilities

—

0.2%

Edison

International,

Series

A,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

4.70%),

5.38%

(a)(l)

............

36,050

29,290,625

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)(l)

.....................

1,923

1,745,122

Insurance

—

0.2%

MetLife,

Inc.,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

3.58%),

3.85%

(a)(l)

...............

26,150

23,285,367

Oil,

Gas

&

Consumable

Fuels

—

0.3%

(a)(l)

Energy

Transfer

LP,

Series

G,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

5.31%),

7.13%

.............

44,150

37,887,390

EnLink

Midstream

Partners

LP,

Series

C,

(LIBOR

USD

3

Month

+

4.11%),

6.00%

..

9,499

6,336,568

MPLX

LP,

Series

B,

(LIBOR

USD

3

Month

+

4.65%),

6.88%

..................

170

161,446

44,385,404

Total

Capital

Trusts

—

2.6%

(Cost:

$458,435,971)

.............................

383,023,304

Shares

Shares

Preferred

Stocks

—

0.5%

Banks

—

0.0%

PNC

Financial

Services

Group,

Inc.

(The),

Series

P,

(LIBOR

USD

3

Month

+

4.07%),

5.35%

(a)(l)

......................

75,000

1,902,000

Consumer

Finance

—

0.1%

SLM

Corp.,

Series

B,

(LIBOR

USD

3

Month

+

1.70%),

3.53%

(a)(l)

................

136,000

7,731,600

Insurance

—

0.1%

Allstate

Corp.

(The),

Series

H,

5.10%

(l)

....

735,000

16,434,600

Oil,

Gas

&

Consumable

Fuels

—

0.1%

Energy

Transfer

LP,

Series

E,

(LIBOR

USD

3

Month

+

5.16%),

7.60%

(a)(l)

..........

625,000

14,562,500

Petroleo

Brasileiro

SA

(Preference)

.......

1,067,740

5,696,300

20,258,800

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

Samsung

Electronics

Co.

Ltd.

(Preference)

.

758,149

30,474,105

Total

Preferred

Stocks

—

0.5%

(Cost:

$78,644,930)

..............................

76,801,105

Security

Shares

Shares

Value

Trust

Preferreds

—

0.1%

Commercial

Services

&

Supplies

—

0.1%

ILFC

E-Capital

Trust

I,

4.85%, 12/21/65

(a)(b)

..

16,872,000

$

12,316,718

Consumer

Finance

—

0.0%

ILFC

E-Capital

Trust

II,

5.10%, 12/21/65

(a)(b)

.

11,944,000

8,991,082

Total

Trust

Preferreds

—

0.1%

(Cost:

$27,894,930)

..............................

21,307,800

Total

Preferred

Securities

—

3.2%

(Cost:

$564,975,831)

.............................

481,132,209

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

Collateralized

Mortgage

Obligations

—

0.1%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes,

Series

2018-W5FX,

Class

CFX,

3.79%, 04/25/28

(a)(b)

...............

USD

4,627

4,205,159

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes,

Series

2018-K732,

Class

B,

4.20%, 05/25/25

(a)(b)

...............

1,500

1,477,703

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.1%

(Cost:

$5,966,381)

..............................

5,682,862

Shares

Shares

Warrants

Oil,

Gas

&

Consumable

Fuels

—

0.0%

California

Resources

Corp.

(Issued/exercisable

10/23/20,

1

share

for

1

warrant,

Expires

10/27/24,

Strike

Price

USD

36.00)

(e)

....

1,489

15,292

Total

Warrants

—

0.0%

(Cost:

$0)

....................................

15,292

Total

Long-Term

Investments

—

95.9%

(Cost:

$15,559,782,302)

...........................

14,251,303,508

Short-Term

Securities

Money

Market

Funds

—

7.2%

(r)(s)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

1.33%

...................

481,903,520

481,903,520

SL

Liquidity

Series,

LLC,

Money

Market

Series,

1.73%

(t)

.......................

581,038,278

580,922,071

Total

Short-Term

Securities

—

7.2%

(Cost:

$1,062,824,049)

...........................

1,062,825,591

Total

Options

Purchased

—

0.0%

(

Cost:

$10,400,852

)

..............................

6,037,376

Total

Investments

Before

Options

Written

—

103.1%

(Cost:

$16,633,007,203

)

...........................

15,320,166,475

Total

Options

Written

—

(0.0)%

(Premium

Received

—

$(4,086,543))

..................

(1,941,785)

Total

Investments

Net

of

Options

Written

—

103.1%

(Cost:

$16,628,920,660

)

...........................

15,318,224,690

Liabilities

in

Excess

of

Other

Assets

—

(3.1)%

............

(458,142,120)

Net

Assets

—

100.0%

..............................

$

14,860,082,570

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

100

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Step

coupon

security.

Coupon

rate

will

either

increase

(step-up

bond)

or

decrease

(step-down

bond)

at

regular

intervals

until

maturity.

Interest

rate

shown

reflects

the

rate

currently

in

effect.

(e)

Non-income

producing

security.

(f)

All

or

a

portion

of

this

security

is

on

loan.

(g)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(h)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(i)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$10,898,680,

representing

0.07%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$11,734,320.

(j)

Convertible

security.

(k)

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.

(l)

Perpetual

security

with

no

stated

maturity

date.

(m)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(n)

Zero-coupon

bond.

(o)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(p)

Fixed

rate.

(q)

Rounds

to

less

than

1,000.

(r)

Affiliate

of

the

Fund.

(s)

Annualized

7-day

yield

as

of

period

end.

(t)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

June

30,

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

06/30/22

Shares

Held

at

06/30/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

1,361,801,474

$

—

$

(879,897,954)

$

—

$

—

$

481,903,520

481,903,520

$

1,432,108

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

379,899,919

201,228,150

—

(207,458)

1,460

580,922,071

581,038,278

6,780,702

(b)

—

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

(c)

44,537,320

—

(41,852,864)

(1,638,670)

(1,045,786)

—

—

439,372

72,166

iShares

Core

Dividend

Growth

ETF

..................

400,880,726

—

(236,928,146)

31,059,813

(47,293,281)

147,719,112

3,100,737

4,406,635

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

......

361,179,194

60,133,493

—

—

(63,464,299)

357,848,388

4,861,410

13,865,662

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

......

—

149,965,426

(50,049,259)

(51,582)

694,583

100,559,168

913,925

—

—

$

29,162,103

$

(111,107,323)

$

1,668,952,259

$

26,924,479

$

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.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

101

Schedule

of

Investments

(unaudited)

(continued)

June

30,

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

Index

.................................................

127

09/16/22

$

6,367

$

45,331

U.S.

Treasury

10

Year

Ultra

Note

...............................................

5,212

09/21/22

661,924

(7,104,742)

U.S.

Treasury

Long

Bond

....................................................

1,812

09/21/22

250,226

(3,770,861)

U.S.

Treasury

Ultra

Bond

....................................................

258

09/21/22

39,514

(978,064)

U.S.

Treasury

5

Year

Note

....................................................

2,154

09/30/22

241,484

(1,621,551)

(13,429,887)

Short

Contracts

Euro-BTP

...............................................................

43

09/08/22

5,548

(146,897)

Euro-Bund

..............................................................

2

09/08/22

312

7,011

EURO

STOXX

50

Index

.....................................................

1,165

09/16/22

42,114

604,703

MSCI

Emerging

Markets

Index

.................................................

8,800

09/16/22

441,188

9,836,024

S&P

500

E-Mini

Index

......................................................

5

09/16/22

947

7,629

GBP

Currency

............................................................

4,508

09/19/22

343,707

11,381,032

JPY

Currency

............................................................

654

09/19/22

60,622

1,379,044

U.S.

Treasury

10

Year

Note

...................................................

28

09/21/22

3,313

52,680

U.S.

Treasury

10

Year

Ultra

Note

...............................................

18

09/21/22

2,286

53,131

U.S.

Treasury

Long

Bond

....................................................

17

09/21/22

2,348

43,152

U.S.

Treasury

Ultra

Bond

....................................................

30

09/21/22

4,595

154,066

Long

Gilt

...............................................................

25

09/28/22

3,469

17,124

U.S.

Treasury

2

Year

Note

....................................................

20

09/30/22

4,196

32,475

U.S.

Treasury

5

Year

Note

....................................................

73

09/30/22

8,184

109,404

23,530,578

$

10,100,691

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

AUD

1,424,000

USD

981,425

Deutsche

Bank

AG

07/08/22

$

1,498

CHF

474,000

USD

479,060

Bank

of

America

NA

07/08/22

17,540

CHF

249,000

USD

250,276

UBS

AG

07/08/22

10,596

EUR

1,397,000

USD

1,460,063

Bank

of

New

York

Mellon

07/08/22

4,197

EUR

1,610,000

USD

1,678,007

Barclays

Bank

plc

07/08/22

9,509

HKD

10,453,000

USD

1,332,205

Bank

of

New

York

Mellon

07/08/22

65

HKD

5,079,000

USD

647,274

UBS

AG

07/08/22

62

USD

7,222,135

AUD

9,721,000

Bank

of

America

NA

07/08/22

512,169

USD

923,294

AUD

1,336,000

Bank

of

New

York

Mellon

07/08/22

1,110

USD

599,658

CAD

756,000

UBS

AG

07/08/22

12,326

USD

670,865

CHF

640,000

Barclays

Bank

plc

07/08/22

350

USD

21,145,022

EUR

19,387,000

Bank

of

America

NA

07/08/22

824,610

USD

561,635

EUR

521,000

Bank

of

New

York

Mellon

07/08/22

15,551

USD

629,272

EUR

595,000

Barclays

Bank

plc

07/08/22

5,625

USD

1,397,944

EUR

1,324,000

Citibank

NA

07/08/22

10,198

USD

622,765

EUR

589,000

Deutsche

Bank

AG

07/08/22

5,407

USD

4,327,352

EUR

4,098,000

UBS

AG

07/08/22

32,050

USD

1,082,707

EUR

1,022,000

Westpac

Banking

Corp.

07/08/22

11,501

USD

412,716

HKD

3,236,000

Bank

of

America

NA

07/08/22

277

USD

1,225,977

HKD

9,613,000

UBS

AG

07/08/22

768

USD

1,054,262

JPY

134,328,000

Bank

of

America

NA

07/08/22

64,066

USD

1,959,068

JPY

253,761,000

Bank

of

New

York

Mellon

07/08/22

88,474

USD

886,776

JPY

110,579,000

Deutsche

Bank

AG

07/08/22

71,645

USD

1,662,526

JPY

212,359,000

UBS

AG

07/08/22

97,126

EUR

1,520,000

USD

1,593,422

Barclays

Bank

plc

07/15/22

491

EUR

13,390,000

USD

14,007,533

Morgan

Stanley

&

Co.

International

plc

07/15/22

33,581

EUR

3,340,000

USD

3,490,778

Standard

Chartered

Bank

07/15/22

11,636

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

102

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

50,000

USD

52,411

Toronto

Dominion

Bank

07/15/22

$

20

GBP

1,270,000

USD

1,542,531

Morgan

Stanley

&

Co.

International

plc

07/15/22

3,647

GBP

640,000

USD

775,257

Standard

Chartered

Bank

07/15/22

3,919

USD

886,876

EUR

840,000

Bank

of

New

York

Mellon

07/15/22

6,031

USD

339,975,231

EUR

322,060,000

Barclays

Bank

plc

07/15/22

2,254,461

USD

116,487

EUR

110,000

BNP

Paribas

SA

07/15/22

1,138

USD

3,969,511

GBP

3,250,000

Bank

of

New

York

Mellon

07/15/22

12,756

USD

2,719,917

GBP

2,210,000

Barclays

Bank

plc

07/15/22

29,324

USD

60,891,219

GBP

49,190,000

Goldman

Sachs

International

07/15/22

1,004,210

USD

21,616,212

KRW

27,541,215,664

BNP

Paribas

SA

07/29/22

240,676

USD

861,030

EUR

810,458

Morgan

Stanley

&

Co.

International

plc

09/21/22

6,829

5,405,439

AUD

5,304,000

USD

3,724,154

Bank

of

New

York

Mellon

07/08/22

(63,042)

CAD

17,076,000

USD

13,520,230

Bank

of

New

York

Mellon

07/08/22

(253,992)

CAD

956,000

USD

754,454

UBS

AG

07/08/22

(11,744)

CAD

334,000

USD

263,996

Westpac

Banking

Corp.

07/08/22

(4,513)

CHF

5,064,000

USD

5,463,041

Bank

of

America

NA

07/08/22

(157,588)

DKK

964,000

USD

141,484

Barclays

Bank

plc

07/08/22

(5,636)

EUR

1,001,000

USD

1,065,687

Bank

of

America

NA

07/08/22

(16,492)

EUR

53,000

USD

56,915

Bank

of

New

York

Mellon

07/08/22

(1,363)

EUR

3,564,000

USD

3,810,430

Barclays

Bank

plc

07/08/22

(74,837)

EUR

438,000

USD

467,028

Citibank

NA

07/08/22

(7,940)

EUR

56,000

USD

61,015

Deutsche

Bank

AG

07/08/22

(2,319)

EUR

4,662,000

USD

4,941,530

UBS

AG

07/08/22

(55,072)

EUR

9,000

USD

9,664

Westpac

Banking

Corp.

07/08/22

(231)

GBP

7,519,000

USD

9,751,970

Deutsche

Bank

AG

07/08/22

(598,805)

HKD

363,000

USD

46,272

Barclays

Bank

plc

07/08/22

(6)

HKD

1,644,000

USD

209,615

UBS

AG

07/08/22

(82)

JPY

50,836,000

USD

389,533

Bank

of

America

NA

07/08/22

(14,797)

JPY

6,710,000

USD

50,584

Bank

of

New

York

Mellon

07/08/22

(1,121)

JPY

253,011,000

USD

1,963,110

Barclays

Bank

plc

07/08/22

(98,045)

JPY

180,613,000

USD

1,424,027

Citibank

NA

07/08/22

(92,643)

JPY

81,208,000

USD

621,505

Deutsche

Bank

AG

07/08/22

(22,882)

JPY

89,159,000

USD

684,221

UBS

AG

07/08/22

(26,987)

KRW

1,530,726,000

USD

1,244,513

Barclays

Bank

plc

07/08/22

(61,819)

NZD

13,176,000

USD

8,979,418

UBS

AG

07/08/22

(750,426)

USD

730,047

CAD

945,000

Bank

of

America

NA

07/08/22

(4,118)

USD

771,293

EUR

740,000

Bank

of

New

York

Mellon

07/08/22

(4,335)

USD

390,136

EUR

373,000

Deutsche

Bank

AG

07/08/22

(823)

USD

3,171,550

GBP

2,615,000

Deutsche

Bank

AG

07/08/22

(11,789)

USD

630,334

HKD

4,946,000

Bank

of

America

NA

07/08/22

(51)

USD

326,641

HKD

2,563,000

Bank

of

New

York

Mellon

07/08/22

(22)

USD

586,867

NZD

940,000

Bank

of

America

NA

07/08/22

(204)

EUR

4,090,000

USD

4,312,398

Barclays

Bank

plc

07/15/22

(23,514)

EUR

1,210,000

USD

1,269,865

Standard

Chartered

Bank

07/15/22

(1,026)

GBP

590,000

USD

718,575

Standard

Chartered

Bank

07/15/22

(272)

USD

600,661

CHF

590,000

Morgan

Stanley

&

Co.

International

plc

07/15/22

(17,730)

USD

177,266

EUR

170,000

Morgan

Stanley

&

Co.

International

plc

07/15/22

(1,001)

(2,387,267)

$

3,018,172

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

103

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

S&P

500

Index

..........

Citibank

NA

491,115,000

07/15/22

USD

4,350.00

USD

1,859,056,899

$

22,580

S&P

500

Index

..........

Citibank

NA

554,795,600

09/16/22

USD

4,100.00

USD

2,100,112,168

6,014,796

$

6,037,376

OTC

Options

Written

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

S&P

500

Index

.............

Citibank

NA

581,858,800

09/16/22

USD

4,300.00

USD

2,202,556,664

$

(1,941,785)

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)

Casino

Guichard

Perrachon

SA

.............

5.00

%

Quarterly

JPMorgan

Chase

Bank

NA

06/20/23

B

EUR

540

$

(81,059)

$

(47,351)

$

(33,708)

Novafives

SAS

.......

5.00

Quarterly

Citibank

NA

06/20/23

B-

EUR

310

(36,003)

(21,068)

(14,935)

Novafives

SAS

.......

5.00

Quarterly

Goldman

Sachs

International

06/20/23

B-

EUR

134

(15,601)

(9,484)

(6,117)

Novafives

SAS

.......

5.00

Quarterly

Goldman

Sachs

International

06/20/23

B-

EUR

236

(27,370)

(15,529)

(11,841)

Faurecia

SE

.........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/25

BB

EUR

350

3,506

16,156

(12,650)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/25

CCC

EUR

420

(135,474)

51,363

(186,837)

Virgin

Media

Finance

plc

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B

EUR

360

9,197

34,210

(25,013)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

CCC

EUR

290

(95,138)

24,210

(119,348)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/26

CCC

EUR

320

(104,979)

29,783

(134,762)

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/26

BB+

EUR

140

(2,017)

5,854

(7,871)

CMA

CGM

SA

........

5.00

Quarterly

Goldman

Sachs

International

06/20/26

BB+

EUR

100

(1,441)

7,501

(8,942)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Bank

of

America

NA

12/20/26

CCC

EUR

10

(3,329)

220

(3,549)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Citibank

NA

12/20/26

CCC

EUR

170

(56,591)

3,740

(60,331)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Goldman

Sachs

International

12/20/26

CCC

EUR

40

(13,316)

(85)

(13,231)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

CCC

EUR

160

(53,262)

—

(53,262)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/26

CCC

EUR

60

(19,973)

254

(20,227)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

BB+

EUR

260

(7,699)

10,303

(18,002)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

BB+

EUR

178

(5,274)

12,305

(17,579)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Bank

of

America

NA

12/20/26

B+

EUR

320

(52,048)

(12,531)

(39,517)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Barclays

Bank

plc

12/20/26

B+

EUR

244

(39,631)

9,550

(49,181)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Credit

Suisse

International

12/20/26

B+

EUR

237

(38,522)

9,817

(48,339)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Credit

Suisse

International

12/20/26

B+

EUR

125

(20,331)

4,863

(25,194)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/26

B+

EUR

125

(20,331)

5,716

(26,047)

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

104

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

OTC

Credit

Default

Swaps

—

Sell

Protection

(continued)

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

K+S

AG

............

5.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/26

BB

EUR

560

$

46,213

$

45,184

$

1,029

Ladbrokes

Group

Finance

plc

.............

1.00

Quarterly

Credit

Suisse

International

12/20/26

BB

EUR

480

(68,792)

(30,169)

(38,623)

TK

Elevator

Holdco

GmbH

5.00

Quarterly

Goldman

Sachs

International

12/20/26

CCC+

EUR

476

(24,209)

16,280

(40,489)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Credit

Suisse

International

06/20/27

CCC

EUR

300

(101,082)

(43,280)

(57,802)

CMA

CGM

SA

........

5.00

Quarterly

Barclays

Bank

plc

06/20/27

BB+

EUR

66

(2,855)

2,049

(4,904)

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/27

BB+

EUR

1,310

(56,970)

59,777

(116,747)

CMA

CGM

SA

........

5.00

Quarterly

Credit

Suisse

International

06/20/27

BB+

EUR

362

(15,742)

12,262

(28,004)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB+

EUR

97

(4,206)

3,486

(7,692)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB+

EUR

364

(15,819)

13,340

(29,159)

CMA

CGM

SA

........

5.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB+

EUR

342

(14,870)

12,539

(27,409)

Ladbrokes

Group

Finance

plc

.............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB

EUR

113

(18,937)

(12,534)

(6,403)

Ladbrokes

Group

Finance

plc

.............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB

EUR

131

(21,807)

(19,716)

(2,091)

Ladbrokes

Group

Finance

plc

.............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

BB

EUR

227

(37,873)

(25,069)

(12,804)

Telecom

Italia

SpA

.....

1.00

Quarterly

Credit

Suisse

International

12/20/28

BB-

EUR

490

(95,963)

(64,410)

(31,553)

Telecom

Italia

SpA

.....

1.00

Quarterly

Citibank

NA

06/20/29

BB-

EUR

300

(63,698)

(56,494)

(7,204)

CMBX.NA.9.A

........

2.00

Monthly

Credit

Suisse

International

09/17/58

A

USD

3,750

(128,183)

(103,644)

(24,539)

CMBX.NA.9.BBB-

.....

3.00

Monthly

Morgan

Stanley

&

Co.

International

plc

09/17/58

BBB-

USD

3,750

(641,268)

(346,577)

(294,691)

$

(2,082,747)

$

(417,179)

$

(1,665,568)

(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

$

9,558,609

$

122,834

(c)

$

9,693,571

0.1

%

Monthly

JPMorgan

Chase

Bank

NA

(d)

02/08/23

12,178,134

(472,750)

(e)

11,645,826

0.1

$

(349,916)

$

21,339,39

7

(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.

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

105

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

(c)

Amount

includes

$(12,128)

of

net

dividends

and

financing

fees.

(e)

Amount

includes

$59,558

of

net

dividends

and

financing

fees.

(b)

(d)

Range:

95

basis

points

60-95

basis

points

Benchmarks:

USD

–

1D

Overnight

Bank

Funding

Rate

(OBFR01)

USD

–

1D

Overnight

Bank

Funding

Rate

(OBFR01)

The

following

table

represents

the

individual

long

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

plc,

as

of

period

end,

termination

date

February

10,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Vietnam

Vietnam

Dairy

Products

JSC

..

3,122,300

$

9,693,571

100.0

%

Total

Reference

Entity

—

Long

............

9,693,571

Net

Value

of

Reference

Entity

—

HSBC

Bank

plc

$

9,693,571

The

following

table

represents

the

individual

long

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

JPMorgan

Chase

Bank

NA,

as

of

period

end,

termination

date

February

8,

2023:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

China

Prosus

NV

..............

69,523

4,501,867

38.7

Egypt

Commercial

International

Bank

Egypt

SAE

............

761,282

1,507,784

12.9

Hong

Kong

Prudential

plc

............

452,924

5,634,028

48.4

Russia

X5

Retail

Group

NV,

GDR

...

214,691

2,147

0.0

Total

Reference

Entity

—

Long

............

11,645,826

Net

Value

of

Reference

Entity

—

JPMorgan

Chase

Bank

NA

............................

$

11,645,826

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

106

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

AUD

Australian

Dollar

CAD

Canadian

Dollar

CHF

Swiss

Franc

CNY

Chinese

Yuan

DKK

Danish

Krone

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

JPY

Japanese

Yen

KRW

South

Korean

Won

NZD

New

Zealand

Dollar

USD

United

States

Dollar

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

CDI

Crest

Depository

Interests

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CSMC

Credit

Suisse

Mortgage

Capital

DAC

Designated

Activity

Company

ESG

Environmental,

Social

And

Governance

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GDR

Global

Depositary

Receipts

LIBOR

London

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

NVDR

Non-Voting

Depository

Receipts

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

PJSC

Public

Joint

Stock

Company

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

SOFR

Secured

Overnight

Financing

Rate

SPDR

Standard

&

Poor’s

Depositary

Receipts

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

...................................

$

—

$

1,605,812,634

$

—

$

1,605,812,634

Common

Stocks

Aerospace

&

Defense

....................................

20,692,307

7,111,213

—

27,803,520

Air

Freight

&

Logistics

....................................

3,318,361

3,342,052

—

6,660,413

Airlines

..............................................

9,048,792

8,523,726

—

17,572,518

Auto

Components

......................................

5,135,179

—

—

5,135,179

Automobiles

..........................................

7,495,106

10,699,454

—

18,194,560

Banks

...............................................

91,609,818

164,819,099

947

256,429,864

Beverages

...........................................

28,938,307

19,955,174

—

48,893,481

Biotechnology

.........................................

20,620,264

4,944,742

—

25,565,006

Building

Products

.......................................

—

2,776,367

—

2,776,367

Capital

Markets

........................................

28,973,299

—

—

28,973,299

Chemicals

............................................

18,108,414

16,668,531

—

34,776,945

Commercial

Services

&

Supplies

.............................

—

—

4,048

4,048

Communications

Equipment

................................

11,033,381

10,399,089

—

21,432,470

Construction

&

Engineering

................................

—

5,829,718

—

5,829,718

Construction

Materials

....................................

—

8,658,145

—

8,658,145

Consumer

Finance

......................................

22,630,498

—

—

22,630,498

Containers

&

Packaging

..................................

7,488,362

—

—

7,488,362

Diversified

Financial

Services

...............................

12,498,275

74,310

—

12,572,585

Diversified

Telecommunication

Services

........................

30,813,601

69,729,753

—

100,543,354

Electric

Utilities

........................................

121,965,139

47,519,253

—

169,484,392

Electrical

Equipment

.....................................

—

14,971,130

—

14,971,130

Electronic

Equipment,

Instruments

&

Components

.................

11,679,569

12,451,671

—

24,131,240

Energy

Equipment

&

Services

..............................

6,751,163

—

—

6,751,163

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

463,733,474

67,196,775

—

530,930,249

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

107

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Level

1

Level

2

Level

3

Total

Food

&

Staples

Retailing

..................................

$

31,270,676

$

2,430,931

$

2,075

$

33,703,682

Food

Products

.........................................

6,131,131

28,326,691

—

34,457,822

Gas

Utilities

...........................................

7,378,198

28,354,036

—

35,732,234

Health

Care

Equipment

&

Supplies

...........................

33,542,844

—

—

33,542,844

Health

Care

Providers

&

Services

............................

57,168,431

6,477,131

—

63,645,562

Hotels,

Restaurants

&

Leisure

..............................

8,944,467

7,502,250

—

16,446,717

Household

Durables

.....................................

17,373,477

7,900,293

—

25,273,770

Household

Products

.....................................

5,356,400

26,881,163

—

32,237,563

Independent

Power

and

Renewable

Electricity

Producers

............

—

3,967,474

—

3,967,474

Industrial

Conglomerates

..................................

48,531

3,586,169

—

3,634,700

Insurance

............................................

80,052,233

50,743,780

—

130,796,013

Interactive

Media

&

Services

...............................

1,848,417

15,089,027

—

16,937,444

Internet

&

Direct

Marketing

Retail

............................

10,849,051

10,786,064

—

21,635,115

IT

Services

...........................................

64,240,327

54,745,959

—

118,986,286

Leisure

Products

.......................................

18,033,824

—

—

18,033,824

Life

Sciences

Tools

&

Services

..............................

—

14,689,597

—

14,689,597

Machinery

............................................

15,451,430

40,409,147

—

55,860,577

Marine

..............................................

—

221,868

—

221,868

Media

...............................................

18,979,446

3,047,106

—

22,026,552

Metals

&

Mining

........................................

4,615,638

30,507,333

110

35,123,081

Multiline

Retail

.........................................

4,480,056

—

13,777

4,493,833

Multi-Utilities

..........................................

76,156,711

2,216,864

—

78,373,575

Oil,

Gas

&

Consumable

Fuels

...............................

122,433,978

38,196,372

76

160,630,426

Personal

Products

......................................

22,213,027

6,205,551

—

28,418,578

Pharmaceuticals

.......................................

47,590,525

101,839,216

—

149,429,741

Professional

Services

....................................

3,967,672

31,739,768

—

35,707,440

Real

Estate

Management

&

Development

.......................

—

93,316,175

—

93,316,175

Road

&

Rail

...........................................

27,377,783

5,069,039

—

32,446,822

Semiconductors

&

Semiconductor

Equipment

....................

17,177,553

89,737,580

—

106,915,133

Software

.............................................

44,921,030

—

—

44,921,030

Specialty

Retail

........................................

5,180,289

8,162,744

—

13,343,033

Technology

Hardware,

Storage

&

Peripherals

....................

—

7,215,715

—

7,215,715

Textiles,

Apparel

&

Luxury

Goods

............................

3,591,289

40,522,194

—

44,113,483

Thrifts

&

Mortgage

Finance

................................

—

8,231,511

—

8,231,511

Tobacco

.............................................

24,321,597

4,215,035

—

28,536,632

Trading

Companies

&

Distributors

............................

762,647

22,925,422

—

23,688,069

Transportation

Infrastructure

...............................

12,183,801

119,215,280

—

131,399,081

Water

Utilities

.........................................

1,399,033

7,593,263

—

8,992,296

Wireless

Telecommunication

Services

.........................

6,371,616

36,955,328

52,638

43,379,582

Corporate

Bonds

Aerospace

&

Defense

....................................

—

100,139,957

—

100,139,957

Air

Freight

&

Logistics

....................................

—

1,721,489

—

1,721,489

Airlines

..............................................

—

78,747,128

—

78,747,128

Auto

Components

......................................

—

64,534,706

—

64,534,706

Automobiles

..........................................

—

35,375,797

—

35,375,797

Banks

...............................................

—

580,967,371

—

580,967,371

Beverages

...........................................

—

8,470,794

—

8,470,794

Biotechnology

.........................................

—

13,900,519

—

13,900,519

Building

Products

.......................................

—

31,143,161

—

31,143,161

Capital

Markets

........................................

—

183,520,492

10,898,680

194,419,172

Chemicals

............................................

—

72,935,578

—

72,935,578

Commercial

Services

&

Supplies

.............................

—

104,686,278

—

104,686,278

Communications

Equipment

................................

—

29,850,452

—

29,850,452

Construction

&

Engineering

................................

—

11,321,421

—

11,321,421

Construction

Materials

....................................

—

1,427,597

—

1,427,597

Consumer

Finance

......................................

—

130,425,154

—

130,425,154

Containers

&

Packaging

..................................

—

81,058,957

—

81,058,957

Distributors

...........................................

—

5,359,391

—

5,359,391

Diversified

Consumer

Services

..............................

—

16,591,360

—

16,591,360

Diversified

Financial

Services

...............................

—

32,675,919

—

32,675,919

Diversified

Telecommunication

Services

........................

—

236,730,250

—

236,730,250

Electric

Utilities

........................................

—

111,932,169

—

111,932,169

Electrical

Equipment

.....................................

—

11,695,621

—

11,695,621

Electronic

Equipment,

Instruments

&

Components

.................

—

6,503,431

—

6,503,431

Energy

Equipment

&

Services

..............................

—

21,142,083

—

21,142,083

Entertainment

.........................................

—

29,047,175

—

29,047,175

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

108

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Level

1

Level

2

Level

3

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

$

—

$

78,941,907

$

—

$

78,941,907

Food

&

Staples

Retailing

..................................

—

29,794,781

—

29,794,781

Food

Products

.........................................

—

43,695,612

—

43,695,612

Gas

Utilities

...........................................

—

2,622,759

—

2,622,759

Health

Care

Equipment

&

Supplies

...........................

—

25,314,373

—

25,314,373

Health

Care

Providers

&

Services

............................

—

131,698,820

—

131,698,820

Health

Care

Technology

..................................

—

4,499,664

—

4,499,664

Hotels,

Restaurants

&

Leisure

..............................

—

196,221,852

1,623,780

197,845,632

Household

Durables

.....................................

—

22,785,902

—

22,785,902

Household

Products

.....................................

—

5,455,506

—

5,455,506

Independent

Power

and

Renewable

Electricity

Producers

............

—

22,952,158

—

22,952,158

Industrial

Conglomerates

..................................

—

1,985,692

—

1,985,692

Insurance

............................................

—

125,269,792

—

125,269,792

Interactive

Media

&

Services

...............................

—

7,578,937

—

7,578,937

Internet

&

Direct

Marketing

Retail

............................

—

19,726,629

—

19,726,629

IT

Services

...........................................

—

53,365,149

—

53,365,149

Leisure

Products

.......................................

—

4,143,325

—

4,143,325

Life

Sciences

Tools

&

Services

..............................

—

14,538,490

—

14,538,490

Machinery

............................................

—

37,766,015

—

37,766,015

Marine

..............................................

—

3,391,701

—

3,391,701

Media

...............................................

—

202,479,013

—

202,479,013

Metals

&

Mining

........................................

—

87,457,841

—

87,457,841

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

—

962,826

—

962,826

Multiline

Retail

.........................................

—

3,039,249

—

3,039,249

Multi-Utilities

..........................................

—

15,908,706

—

15,908,706

Oil,

Gas

&

Consumable

Fuels

...............................

—

399,450,637

—

399,450,637

Paper

&

Forest

Products

..................................

—

2,614,118

—

2,614,118

Personal

Products

......................................

—

5,566,837

—

5,566,837

Pharmaceuticals

.......................................

—

53,380,919

—

53,380,919

Professional

Services

....................................

—

14,823,352

—

14,823,352

Real

Estate

Management

&

Development

.......................

—

75,505,414

—

75,505,414

Road

&

Rail

...........................................

—

56,299,837

—

56,299,837

Semiconductors

&

Semiconductor

Equipment

....................

—

31,925,493

—

31,925,493

Software

.............................................

—

102,646,678

—

102,646,678

Specialty

Retail

........................................

—

68,022,393

—

68,022,393

Technology

Hardware,

Storage

&

Peripherals

....................

—

10,096,008

—

10,096,008

Textiles,

Apparel

&

Luxury

Goods

............................

—

5,905,920

—

5,905,920

Thrifts

&

Mortgage

Finance

................................

—

20,394,849

—

20,394,849

Tobacco

.............................................

—

5,447,203

—

5,447,203

Trading

Companies

&

Distributors

............................

—

28,263,782

—

28,263,782

Transportation

Infrastructure

...............................

—

4,852,093

—

4,852,093

Water

Utilities

.........................................

—

1,236,465

—

1,236,465

Wireless

Telecommunication

Services

.........................

—

76,728,291

—

76,728,291

Equity-Linked

Notes

......................................

—

1,801,332,633

—

1,801,332,633

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

38,156,268

—

38,156,268

Air

Freight

&

Logistics

....................................

—

457,243

—

457,243

Airlines

..............................................

—

21,743,311

3,753,126

25,496,437

Auto

Components

......................................

—

11,010,694

—

11,010,694

Automobiles

..........................................

—

3,650,771

—

3,650,771

Banks

...............................................

—

—

10,441,000

10,441,000

Beverages

...........................................

—

3,871,206

—

3,871,206

Building

Products

.......................................

—

15,796,749

—

15,796,749

Capital

Markets

........................................

—

14,788,951

9,980,425

24,769,376

Chemicals

............................................

—

34,027,290

2,649,469

36,676,759

Commercial

Services

&

Supplies

.............................

—

31,787,616

—

31,787,616

Communications

Equipment

................................

—

4,636,600

—

4,636,600

Construction

&

Engineering

................................

—

14,521,911

—

14,521,911

Construction

Materials

....................................

—

8,047,858

—

8,047,858

Containers

&

Packaging

..................................

—

15,880,977

—

15,880,977

Distributors

...........................................

—

1,255,733

—

1,255,733

Diversified

Consumer

Services

..............................

—

16,771,435

2,547,810

19,319,245

Diversified

Financial

Services

...............................

—

67,446,074

95,287,230

162,733,304

Diversified

Telecommunication

Services

........................

—

40,070,572

—

40,070,572

Electric

Utilities

........................................

—

2,616,014

—

2,616,014

Electrical

Equipment

.....................................

—

527,182

3,192,367

3,719,549

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

109

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Level

1

Level

2

Level

3

Total

Entertainment

.........................................

$

—

$

18,478,867

$

2,704,367

$

21,183,234

Equity

Real

Estate

Investment

Trusts

(REITs)

....................

—

492,442

—

492,442

Food

&

Staples

Retailing

..................................

—

5,519,407

—

5,519,407

Food

Products

.........................................

—

27,765,309

—

27,765,309

Health

Care

Equipment

&

Supplies

...........................

—

3,924,123

—

3,924,123

Health

Care

Providers

&

Services

............................

—

31,333,718

—

31,333,718

Health

Care

Technology

..................................

—

7,804,616

—

7,804,616

Hotels,

Restaurants

&

Leisure

..............................

—

43,907,711

26,663,787

70,571,498

Household

Durables

.....................................

—

9,104,578

—

9,104,578

Household

Products

.....................................

—

5,442,932

—

5,442,932

Independent

Power

and

Renewable

Electricity

Producers

............

—

1,420,760

—

1,420,760

Industrial

Conglomerates

..................................

—

—

8,359,843

8,359,843

Insurance

............................................

—

44,181,616

2,406,049

46,587,665

Interactive

Media

&

Services

...............................

—

23,416,391

—

23,416,391

Internet

&

Direct

Marketing

Retail

............................

—

3,623,759

4,564,715

8,188,474

IT

Services

...........................................

—

16,492,498

3,537,284

20,029,782

Leisure

Products

.......................................

—

1,463,470

—

1,463,470

Life

Sciences

Tools

&

Services

..............................

—

18,466,383

2,101,211

20,567,594

Machinery

............................................

—

36,733,387

—

36,733,387

Media

...............................................

—

42,066,716

7,364,126

49,430,842

Oil,

Gas

&

Consumable

Fuels

...............................

—

20,047,350

—

20,047,350

Personal

Products

......................................

—

10,370,338

—

10,370,338

Pharmaceuticals

.......................................

—

10,733,375

4,761,360

15,494,735

Professional

Services

....................................

—

33,212,698

—

33,212,698

Road

&

Rail

...........................................

—

5,823,395

—

5,823,395

Semiconductors

&

Semiconductor

Equipment

....................

—

804,613

—

804,613

Software

.............................................

—

134,084,311

3,389,092

137,473,403

Specialty

Retail

........................................

—

25,761,556

643,670

26,405,226

Textiles,

Apparel

&

Luxury

Goods

............................

—

2,329,735

—

2,329,735

Trading

Companies

&

Distributors

............................

—

6,071,655

8,271,495

14,343,150

Transportation

Infrastructure

...............................

—

1,372,265

11,507,335

12,879,600

Wireless

Telecommunication

Services

.........................

—

4,170,121

3,171,081

7,341,202

Foreign

Agency

Obligations

.................................

—

73,047,560

—

73,047,560

Foreign

Government

Obligations

..............................

—

151,845,518

—

151,845,518

Investment

Companies

....................................

773,137,232

—

—

773,137,232

Non-Agency

Mortgage-Backed

Securities

........................

—

857,082,523

63,536,569

920,619,092

Preferred

Securities

Banks

...............................................

1,902,000

128,486,783

—

130,388,783

Capital

Markets

........................................

—

87,130,763

—

87,130,763

Commercial

Services

&

Supplies

.............................

—

12,316,718

—

12,316,718

Consumer

Finance

......................................

7,731,600

61,823,258

—

69,554,858

Diversified

Financial

Services

...............................

—

15,867,064

—

15,867,064

Electric

Utilities

........................................

—

29,290,625

—

29,290,625

Independent

Power

and

Renewable

Electricity

Producers

............

—

1,745,122

—

1,745,122

Insurance

............................................

16,434,600

23,285,367

—

39,719,967

Oil,

Gas

&

Consumable

Fuels

...............................

20,258,800

44,385,404

—

64,644,204

Technology

Hardware,

Storage

&

Peripherals

....................

—

30,474,105

—

30,474,105

U.S.

Government

Sponsored

Agency

Securities

....................

—

5,682,862

—

5,682,862

Warrants

..............................................

15,292

—

—

15,292

Short-Term

Securities

Money

Market

Funds

......................................

481,903,520

—

—

481,903,520

Options

Purchased

Equity

contracts

..........................................

—

6,037,376

—

6,037,376

Liabilities

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

(3,897)

(175,167)

(179,064)

$

3,025,329,481

$

11,420,481,484

$

293,254,375

$

14,739,065,340

Investments

valued

at

NAV

(b)

......................................

580,922,071

$

—

$

15,319,987,411

$

—

Derivative

Financial

Instruments

(c)

Assets

Credit

contracts

...........................................

$

—

$

1,029

$

—

$

1,029

Equity

contracts

...........................................

9,888,984

727,537

—

10,616,521

Foreign

currency

exchange

contracts

............................

12,760,076

5,405,4

39

—

18,165,51

5

Interest

rate

contracts

.......................................

469,043

—

—

469,043

2022

BlackRock

Semi-Annual

Report

to

Shareholders

BlackRock

Multi-Asset

Income

Portfolio

110

Schedule

of

Investments

(unaudited)

(continued)

June

30,

2022

Level

1

Level

2

Level

3

Total

Liabilities

Credit

contracts

...........................................

$

—

$

(1,666,597)

$

—

$

(1,666,597)

Equity

contracts

...........................................

—

(2,414,535)

—

(2,414,535)

Foreign

currency

exchange

contracts

............................

—

(2,387,267)

—

(2,387,267)

Interest

rate

contracts

.......................................

(13,622,115)

—

—

(13,622,115)

$

9,495,988

$

(334,39

4

)

$

—

$

9,161,59

4

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(c)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

and

derivative

financial

instruments

at

the

beginning

and/or

end

of

the

period

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

Asset-

Backed

Securities

Common

Stocks

Corporate

Bonds

Floating

Rate

Loan

Interests

Non-Agency

Mortgage-

Backed

Securities

Unfunded

Floating

Rate

Loan

Interests

Total

Investments

Assets/Liabilities

Opening

balance,

as

of

July

31,

2021

.......................................

$

86,050,284

$

67,395

$

—

$

147,229,472

$

50,295,397

$

(6,785)

$

283,635,763

Transfers

into

Level

3

.................................................

—

2,947,830

—

25,080,841

—

—

28,028,671

Transfers

out

of

Level

3

................................................

(82,730,565)

—

—

(38,938,499)

(2,176,123)

—

(123,845,187)

Accrued

discounts/premiums

.............................................

502

—

—

29,977

—

—

30,479

Net

realized

loss

.....................................................

—

—

—

(91,030)

(2,260,930)

—

(2,351,960)

Net

change

in

unrealized

appreciation

(depreciation)

(a)

............................

179,779

(2,941,554)

766,195

44,551,238

22,471,059

(168,382)

64,858,335

Purchases

.........................................................

—

—

11,756,265

48,779,655

—

—

60,535,920

Sales

............................................................

(3,500,000)

—

—

(9,344,812)

(4,792,834)

—

(17,637,646)

Closing

balance,

as

of

June

30,

2022

.......................................

$

—

$

73,671

$

12,522,460

$

217,296,842

$

63,536,569

$

(175,167)

$

293,254,375

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

June

30,

2022

(a)

$

187,949

$

(2,885,126)

$

(835,640)

$

(2,981,047)

$

(2,027,767)

$

(168,382)

$

(8,710,013)

(a)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

June

30,

2022

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Statement

of

Assets

and

Liabilities

(unaudited)

June

30,

2022

111

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Multi-Asset

Income

Portfolio

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

13,651,214,216‌

Investments,

at

value

—

affiliated

(c)

.........................................................................................

1,668,952,259‌

Cash  

.............................................................................................................

8,893,874‌

Cash

pledged:

Collateral

—

exchange-traded

options

written

..................................................................................

310,000‌

Collateral

—

OTC

derivatives

............................................................................................

1,897,038‌

Futures

contracts

....................................................................................................

61,552,425‌

Foreign

currency,

at

value

(d)

..............................................................................................

26,370,827‌

Receivables:

–‌

Investments

sold

....................................................................................................

209,098,009‌

Securities

lending

income

—

affiliated

......................................................................................

809,910‌

Capital

shares

sold

...................................................................................................

17,328,510‌

Dividends

—

affiliated

.................................................................................................

527,262‌

Dividends

—

unaffiliated

...............................................................................................

11,649,530‌

Interest

—

unaffiliated

.................................................................................................

97,829,071‌

From

the

Manager

...................................................................................................

139,346‌

Variation

margin

on

futures

contracts

.......................................................................................

14,893,669‌

Swap

premiums

paid

...................................................................................................

390,762‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

5,405,439‌

OTC

swaps

........................................................................................................

123,863‌

Prepaid

expenses

.....................................................................................................

191,545‌

Total

assets

.........................................................................................................

15,777,577,555‌

LIABILITIES

Cash

received:

Collateral

—

OTC

derivatives

............................................................................................

7,600,000‌

Collateral

on

securities

loaned

.............................................................................................

581,102,196‌

Options

written,

at

value

(e)

................................................................................................

1,941,785‌

Payables:

–‌

Investments

purchased

................................................................................................

249,682,008‌

Accounting

services

fees

...............................................................................................

889,692‌

Administration

fees

...................................................................................................

420,706‌

Capital

shares

redeemed

...............................................................................................

42,324,233‌

Custodian

fees

......................................................................................................

1,015,010‌

Deferred

foreign

capital

gain

tax

..........................................................................................

733,007‌

Income

dividend

distributions

............................................................................................

8,334,514‌

Investment

advisory

fees

...............................................................................................

5,585,882‌

Trustees'

and

Officer's

fees

.............................................................................................

59,158‌

Other

affiliate

fees

...................................................................................................

33,053‌

Professional

fees

....................................................................................................

194,112‌

Registration

fees

....................................................................................................

757,432‌

Service

and

distribution

fees

.............................................................................................

1,841,611‌

Transfer

agent

fees

..................................................................................................

3,265,517‌

Other

accrued

expenses

...............................................................................................

129,861‌

Variation

margin

on

futures

contracts

.......................................................................................

6,071,589‌

Swap

premiums

received

................................................................................................

807,941‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

2,387,267‌

OTC

swaps

........................................................................................................

2,139,347‌

Unfunded

floating

rate

loan

interests

.......................................................................................

179,064‌

Total

liabilities

........................................................................................................

917,494,985‌

NET

ASSETS

........................................................................................................

$

14,860,082,570‌

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2022

2022

BlackRock

Semi-Annual

Report

to

Shareholders

112

BlackRock

Multi-Asset

Income

Portfolio

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

$

17,248,989,182‌

Accumulated

loss

.....................................................................................................

(2,388,906,612‌)

NET

ASSETS

........................................................................................................

$

14,860,082,570‌

(a)

  Investments,

at

cost

—

unaffiliated

........................................................................................

$

14,913,823,583‌

(b)

  Securities

loaned,

at

value

..............................................................................................

$

566,312,521‌

(c)

  Investments,

at

c

ost

—

affiliated

..........................................................................................

$

1,719,183,620‌

(d)

  Foreign

currency,

at

cost

...............................................................................................

$

26,209,707‌

(e)

  Premiums

received

..................................................................................................

$

4,086,543‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

June

30,

2022

113

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Multi-

Asset

Income

Portfolio

NET

ASSET

VALUE

Institutional

Net

assets

.........................................................................................................

$

8,225,427,427‌

Shares

outstanding

..................................................................................................

850,676,790‌

Net

asset

value

.....................................................................................................

$

9.67‌

Shares

authorized

...................................................................................................

Unlimited

Par

value

.........................................................................................................

$

0.001‌

Investor

A

Net

assets

.........................................................................................................

$

4,630,545,538‌

Shares

outstanding

..................................................................................................

479,447,174‌

Net

asset

value

.....................................................................................................

$

9.66‌

Shares

authorized

...................................................................................................

Unlimited

Par

value

.........................................................................................................

$

0.001‌

Investor

C

Net

assets

.........................................................................................................

$

999,344,384‌

Shares

outstanding

..................................................................................................

103,598,954‌

Net

asset

value

.....................................................................................................

$

9.65‌

Shares

authorized

...................................................................................................

Unlimited

Par

value

.........................................................................................................

$

0.001‌

Class

K

Net

assets

.........................................................................................................

$

1,004,765,221‌

Shares

outstanding

..................................................................................................

103,965,085‌

Net

asset

value

.....................................................................................................

$

9.66‌

Shares

authorized

...................................................................................................

Unlimited

Par

value

.........................................................................................................

$

0.001‌

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Funds

unless

preceded

or

accompanied

by

the

Funds’

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

RETINC-6/22-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: August 19, 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: August 19, 2022

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds II

Date: August 19, 2022