N-CSR 1 primary-document.htm
 
UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-23344 and 811-23343
 
Name of Fund:  BlackRock Funds II
BlackRock Retirement Income 2030 Fund
BlackRock Retirement Income 2040 Fund
 
Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809
 
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds II, 50 Hudson Yards, New York, NY 10001
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 12/31/2022
 
Date of reporting period: 12/31/2022
 
Item 1 – Report to Stockholders
(a)
   
The Report to Shareholders is attached herewith.
(b)
   
Not Applicable

 
December
31,
2022
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
2022
Annual
Report
BlackRock
Funds
II
BlackRock
Retirement
Income
2030
Fund
BlackRock
Retirement
Income
2040
Fund
Dear
Shareholder,
Significant
economic
headwinds
emerged
during
the
12-month
reporting
period
ended
December
31,
2022,
as
investors
navigated
changing
economic
conditions
and
volatile
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022
before
returning
to
modest
growth
in
the
third
quarter,
marking
a
shift
to
a
more
challenging
post-reopening
economic
environment.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high
before
beginning
to
moderate.
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
interest
rates
rose,
particularly
during
the
first
half
of
the
reporting
period.
Both
large-
and
small-capitalization
U.S.
stocks
fell,
although
equities
began
to
recover
in
the
second
half
of
the
year
as
inflation
eased
and
economic
growth
resumed.
Emerging
market
stocks
and
international
equities
from
developed
markets
declined
overall,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
rose
notably
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
fluctuating
inflation
data
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
heightened
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
has
been
more
persistent
than
expected,
raised
interest
rates
seven
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
is
accelerating
the
reduction
of
its
balance
sheet.
While
the
Fed
suggested
that
additional
rate
hikes
were
likely,
it
also
gave
indications
that
the
pace
of
increases
would
slow
if
inflation
continued
to
subside.
The
pandemic’s
restructuring
of
the
economy
brought
an
ongoing
mismatch
between
supply
and
demand,
contributing
to
the
current
inflationary
regime.
While
growth
slowed
in
2022,
we
believe
that
taming
inflation
requires
a
more
dramatic
economic
decline
to
bring
demand
back
to
a
level
more
in
line
with
the
economy’s
capacity.
The
Fed
has
been
raising
interest
rates
at
the
fastest
pace
in
decades,
and
seems
set
to
overtighten
in
its
effort
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
but
this
prospect
has
not
yet
been
fully
priced
in
by
markets.
Investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
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.
Rising
input
costs
and
a
deteriorating
economic
backdrop
are
likely
to
challenge
corporate
earnings,
so
we
are
underweight
equities
overall
in
the
near
term.
However,
we
see
better
opportunities
in
credit,
where
valuations
are
attractive
and
higher
yields
provide
income
opportunities.
We
believe
that
global
investment-grade
corporates,
global
inflation-linked
bonds,
and
U.S.
mortgage-backed
securities
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
blackrock.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock
Advisors,
LLC
The
Markets
in
Review
Rob
Kapito
President,
BlackRock
Advisors,
LLC
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
December
31,
2022
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
2.31%
(18.11)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
3.91
(20.44)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
6.36
(14.45)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(2.99)
(20.09)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
1.32
1.47
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(5.58)
(16.28)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(2.97)
(13.01)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
0.50
(8.53)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
3.50
(11.18)
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Fund
Summaries
.......................................................................................................
4
About
Fund
Performance
..................................................................................................
10
Disclosure
of
Expenses
...................................................................................................
10
Financial
Statements:
Schedules
of
Investments
...............................................................................................
11
Statements
of
Assets
and
Liabilities
.........................................................................................
13
Statements
of
Operations
................................................................................................
15
Statements
of
Changes
in
Net
Assets
........................................................................................
16
Financial
Highlights
.....................................................................................................
17
Notes
to
Financial
Statements
...............................................................................................
21
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
28
Important
Tax
Information
.................................................................................................
29
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
30
Trustee
and
Officer
Information
..............................................................................................
31
Additional
Information
....................................................................................................
35
Additional
Financial
Information:
Schedule
of
Investments
(unaudited)
.........................................................................................
38
Statement
of
Assets
and
Liabilities
(unaudited)
...................................................................................
115
Fund
Summary
as
of
December
31,
2022
2022
BlackRock
Annual
Report
to
Shareholders
4
BlackRock
Retirement
Income
2030
Fund
Investment
Objective
BlackRock
Retirement
Income
2030
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
current
income
while
decumulating
the
Fund’s
assets
to
a
predefined
target
Fund
net
asset
value
(“NAV”)
per
share,
as
a
percentage
of
the
Fund’s
NAV
per
share
at
inception,
over
the
term
of
the
Fund.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
December
31,
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
equal
to
the
50/50
custom
benchmark.
The
Portfolio
may
use
derivatives
to
manage
the
portfolio’s
positioning
and
to
provide
an
element
of
protection
during
periods
of
market
stress.
The
Portfolio’s
risk-management
strategies
with
respect
to
foreign
currencies
contributed
to
absolute
performance,
as
most
currencies
lost
ground
against
the
U.S.
dollar.
Most
of
the
Portfolio’s
allocations
experienced
negative
absolute
returns
given
the
risk-off
environment
and
the
weak
performance
for
both
stocks
and
bonds.
The
Portfolio’s
allocation
to
high-yield
bonds
was
the
largest
detractor.
Covered
calls
and
an
allocation
to
global
equities
also
hurt
performance,
as
did
positions
in
preferred
stocks
and
real
estate
investment
trusts.
(Covered
calls
involve
the
use
of
derivatives
and
are
intended
as
an
alternative
source
of
income.)
The
Portfolio
held
derivatives
during
the
year.
In
addition
to
the
currency
and
covered
call
strategies,
it
used
U.S.
Treasury
futures
to
manage
(increase)
interest-rate
risk.
This
aspect
of
its
strategy
detracted
given
the
downturn
in
the
bond
market.
Its
use
of
derivative
strategies
to
manage
the
Portfolio’s
overall
equity
allocation
also
contributed
to
performance.
The
Fund’s
practice
of
maintaining
a
specified
level
of
monthly
distributions
to
shareholders
did
not
have
a
material
impact
on
the
Fund’s
investment
strategy.
The
distribution
policy
did
not
result
in
return
of
capital
for
the
period.
Refer
to
the
financial
highlights
and
income
tax
information
sections
in
this
report
for
further
information
about
distributions.
Describe
recent
portfolio
activity.
The
investment
adviser
generally
reduced
risk
over
the
period
as
both
stocks
and
bonds
experienced
heightened
volatility
and
headwinds
driven
by
elevated
inflation,
higher
interest
rates
and
uncertainty
about
the
economic
outlook.
The
Portfolio
finished
2022
with
a
lower
weighting
in
stocks
than
it
had
at
the
start
of
the
year.
The
investment
adviser
reduced
the
Portfolio’s
allocations
to
both
high
yield
bonds
and
floating
rate
bank
loans
throughout
the
course
of
the
year,
which
also
reflected
its
effort
to
manage
risk.
On
the
other
hand,
the
investment
adviser
increased
the
Portfolio’s
allocations
to
higher-rated
segments
of
the
fixed-income
market,
such
as
investment-
grade
corporates
and
high-quality
collateralized
loan
obligations.
The
investment
adviser
believes
higher-quality
investments
feature
attractive
yields
for
the
associated
risks,
and
it
thinks
they
may
offer
upside
potential
after
a
challenging
year.
The
investment
adviser
incrementally
added
duration
throughout
2022
as
interest
rates
increased.
(Duration
is
a
measure
of
interest
rate
sensitivity.)
While
interest
rates
may
move
modestly
higher,
the
investment
adviser
believed
duration
may
offer
attractive
diversification
and
risk
mitigating
benefits.
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
loans
and
collateralized
loan
obligations,
global
dividend
stocks,
equity
covered
calls,
preferred
stocks,
emerging
markets
debt,
investment-grade
corporates,
mortgage-backed
securities,
global
real
estate
investment
trusts,
and
global
infrastructure
stocks.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
December
31,
2022
(continued)
5
Fund
Summary
BlackRock
Retirement
Income
2030
Fund
GROWTH
OF
$10,000
INVESTMENT
The
Fund
commenced
operations
on
July
31,
2020
(a)
Assuming
maximum
sales
charge,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
(b)
The
Fund,
indirectly
through
its
investment
in
BlackRock
Multi-Asset
Income
Portfolio
("MAI"),
may
invest
in
both
equity
securities
(including
common
stock,
preferred
stock,
securities
convertible
into
common
and
preferred
stock
and
non-convertible
preferred
stock)
and
fixed
income
securities
(including
corporate
bonds
and
notes,
mortgage-backed
securities,
asset-backed
securities,
convertible
securities,
preferred
securities
and
government
obligations).
Under
normal
circumstances,
the
Fund,
indirectly
through
its
investment
in
MAI,
may
invest
up
to
60%
of
its
assets
in
equity
securities
and
up
to
100%
of
its
assets
in
fixed-income
securities.
Additionally,
the
Fund,
indirectly
through
its
investment
in
MAI,
may
invest
in
structured
notes
that
provide
exposure
to
covered
call
options
or
other
types
of
financial
instruments.
(c)
A
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
(d)
A
broad
global
equity
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
markets
countries.
(e)
A
customized
weighted
index
comprised
of
returns
of
50%
MSCI
World
Index/50%
Bloomberg
U.S.
Aggregate
Bond
Index.
Fund
Summary
as
of
December
31,
2022
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
6
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)
1
Year
Since
Inception
(b)
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..................................................
5.75‌%
(3.36‌)%
(11.74‌)%
N/A‌
0.37‌%
N/A‌
Investor
A
...................................................
5.20‌
(5.02‌)
(11.98‌)
(16.60‌)%
0.12‌
(2.09‌)%
Bloomberg
U.S.
Aggregate
Bond
Index
.............................
—‌
—‌
(13.01‌)
N/A‌
N/A‌
(6.29‌)
MSCI
World
Index
............................................
—‌
—‌
(18.14‌)
N/A‌
N/A‌
6.73‌
50%
MSCI
World
Index/50%
Bloomberg
U.S.
Aggregate
Bond
Index
.........
—‌
—‌
(15.33‌)
N/A‌
N/A‌
0.33‌
(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
commenced
operations
on
July
31,
2020.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(07/01/22)
Ending
Account
Value
(12/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(07/01/22)
Ending
Account
Value
(12/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,013.10‌
$
1.27‌
$
1,000.00‌
$
1,023.95‌
$
1.28‌
0.25‌%
Investor
A
................................
1,000.00‌
1,011.80‌
2.54‌
1,000.00‌
1,022.68‌
2.55‌
0.50‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
–%
–%
Asset
Type
 Percent
of
Affiliated
Investment
Companies
–%
–%
Fixed-Income
Funds
...............................
97.8‌
%
Short-Term
Securities
..............................
2.2‌
–%
–‌
Fund
Summary
as
of
December
31,
2022
7
Fund
Summary
BlackRock
Retirement
Income
2040
Fund
Investment
Objective
BlackRock
Retirement
Income
2040
Fund’s
(the
“Fund”)
investment
objective
is
to
seek
to
maximize
current
income
while
decumulating
the
Fund’s
assets
to
a
predefined
target
Fund
net
asset
value
(“NAV”)
per
share,
as
a
percentage
of
the
Fund’s
NAV
per
share
at
inception,
over
the
term
of
the
Fund.
Portfolio
Management
Commentary
How
did
the
Fund
perform?
For
the
12-month
period
ended
December
31,
2022,
the
BlackRock
Retirement
Income
2040
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
equal
to
the
50/50
custom
benchmark.
The
Portfolio
may
use
derivatives
to
manage
the
portfolio’s
positioning
and
to
provide
an
element
of
protection
during
periods
of
market
stress.
The
Portfolio’s
risk-management
strategies
with
respect
to
foreign
currencies
contributed
to
absolute
performance,
as
most
currencies
lost
ground
against
the
U.S.
dollar.
Most
of
the
Portfolio’s
allocations
experienced
negative
absolute
returns
given
the
risk-off
environment
and
the
weak
performance
for
both
stocks
and
bonds.
The
Portfolio’s
allocation
to
high-yield
bonds
was
the
largest
detractor.
Covered
calls
and
an
allocation
to
global
equities
also
hurt
performance,
as
did
positions
in
preferred
stocks
and
real
estate
investment
trusts.
(Covered
calls
involve
the
use
of
derivatives
and
are
intended
as
an
alternative
source
of
income.)
The
Portfolio
held
derivatives
during
the
year.
In
addition
to
the
currency
and
covered
call
strategies,
it
used
U.S.
Treasury
futures
to
manage
(increase)
interest-rate
risk.
This
aspect
of
its
strategy
detracted
given
the
downturn
in
the
bond
market.
Its
use
of
derivative
strategies
to
manage
the
Portfolio’s
overall
equity
allocation
also
contributed
to
performance.
The
Fund’s
practice
of
maintaining
a
specified
level
of
monthly
distributions
to
shareholders
did
not
have
a
material
impact
on
the
Fund’s
investment
strategy.
The
distribution
policy
did
not
result
in
return
of
capital
for
the
period.
Refer
to
the
financial
highlights
and
income
tax
information
sections
in
this
report
for
further
information
about
distributions.
Describe
recent
portfolio
activity.
The
investment
adviser
generally
reduced
risk
over
the
period
as
both
stocks
and
bonds
experienced
heightened
volatility
and
headwinds
driven
by
elevated
inflation,
higher
interest
rates
and
uncertainty
about
the
economic
outlook.
The
Portfolio
finished
2022
with
a
lower
weighting
in
stocks
than
it
had
at
the
start
of
the
year.
The
investment
adviser
reduced
the
Portfolio’s
allocations
to
both
high
yield
bonds
and
floating
rate
bank
loans
throughout
the
course
of
the
year,
which
also
reflected
its
effort
to
manage
risk.
On
the
other
hand,
the
investment
adviser
increased
the
Portfolio’s
allocations
to
higher-rated
segments
of
the
fixed-income
market,
such
as
investment-
grade
corporates
and
high-quality
collateralized
loan
obligations.
The
investment
adviser
believes
higher-quality
investments
feature
attractive
yields
for
the
associated
risks,
and
it
thinks
they
may
offer
upside
potential
after
a
challenging
year.
The
investment
adviser
incrementally
added
duration
throughout
2022
as
interest
rates
increased.
(Duration
is
a
measure
of
interest
rate
sensitivity.)
While
interest
rates
may
move
modestly
higher,
the
investment
adviser
believed
duration
may
offer
attractive
diversification
and
risk
mitigating
benefits.
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
loans
and
collateralized
loan
obligations,
global
dividend
stocks,
equity
covered
calls,
preferred
stocks,
emerging
markets
debt,
investment-grade
corporates,
mortgage-backed
securities,
global
real
estate
investment
trusts,
and
global
infrastructure
stocks.
The
views
expressed
reflect
the
opinions
of
BlackRock
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
Fund
Summary
as
of
December
31,
2022
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
8
BlackRock
Retirement
Income
2040
Fund
GROWTH
OF
$10,000
INVESTMENT
The
Fund
commenced
operations
on
July
31,
2020.
(a)
Assuming
maximum
sales
charge,
if
any,
transaction
costs
and
other
operating
expenses,
including
investment
advisory
fees
and
administration
fees,
if
any.
Institutional
Shares
do
not
have
a
sales
charge.
(b)
The
Fund,
indirectly
through
its
investment
in
BlackRock
Multi-Asset
Income
Portfolio
(“MAI”),
may
invest
in
both
equity
securities
(including
common
stock,
preferred
stock,
securities
convertible
into
common
and
preferred
stock
and
non-convertible
preferred
stock)
and
fixed
income
securities
(including
corporate
bonds
and
notes,
mortgage-backed
securities,
asset-backed
securities,
convertible
securities,
preferred
securities
and
government
obligations).
Under
normal
circumstances,
the
Fund,
indirectly
through
its
investment
in
MAI,
may
invest
up
to
60%
of
its
assets
in
equity
securities
and
up
to
100%
of
its
assets
in
fixed-income
securities.
Additionally,
the
Fund,
indirectly
through
its
investment
in
MAI,
may
invest
in
structured
notes
that
provide
exposure
to
covered
call
options
or
other
types
of
financial
instruments.
(c)
A
broad-based
flagship
benchmark
that
measures
the
investment
grade,
U.S.
dollar-denominated,
fixed-rate
taxable
bond
market.
(d)
A
broad
global
equity
index
that
captures
large-
and
mid-cap
representation
across
certain
developed
markets
countries.
(e)
A
customized
weighted
index
comprised
of
returns
of
50%
MSCI
World
Index/50%
Bloomberg
U.S.
Aggregate
Bond
Index.
Fund
Summary
as
of
December
31,
2022
(continued)
9
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)
1
Year
Since
Inception
(b)
Standardized
30-Day
Yields
Unsubsidized
30-Day
Yields
Without
Sales
Charge
With
Sales
Charge
Without
Sales
Charge
With
Sales
Charge
Institutional
..................................................
5.75‌%
(4.05‌)%
(11.57‌)%
N/A‌
0.47‌%
N/A‌
Investor
A
...................................................
5.20‌
(4.05‌)
(11.78‌)
(16.41‌)%
0.22‌
(1.99‌)%
Bloomberg
U.S.
Aggregate
Bond
Index
.............................
—‌
—‌
(13.01‌)
N/A‌
N/A‌
(6.29‌)
MSCI
World
Index
............................................
—‌
—‌
(18.14‌)
N/A‌
N/A‌
6.73‌
50%
MSCI
World
Index/50%
Bloomberg
U.S.
Aggregate
Bond
Index
.........
—‌
—‌
(15.33‌)
N/A‌
N/A‌
0.33‌
(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
commenced
operations
on
July
31,
2020.
Actual
H
ypothetical
5%
Re
turn
Beginning
Account
Value
(07/01/22)
Ending
Account
Value
(12/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(07/01/22)
Ending
Account
Value
(12/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
Institutional
...............................
$
1,000.00‌
$
1,014.60‌
$
1.27‌
$
1,000.00‌
$
1,023.95‌
$
1.28‌
0.25‌%
Investor
A
................................
1,000.00‌
1,013.30‌
2.54‌
1,000.00‌
1,022.68‌
2.55‌
0.50‌
(a)
For
each
class
of
the
Fund,
expenses
are
equal
to
the
annualized
expense
ratio
for
the
class,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
PORTFOLIO
COMPOSITION
–%
–%
Asset
Type
 Percent
of
Affiliated
Investment
Companies
–%
–%
Fixed-Income
Funds
...............................
97.6‌
%
Short-Term
Securities
..............................
2.4‌
–%
–‌
About
Fund
Performance
2022
BlackRock
Annual
Report
to
Shareholders
10
Institutional
Shares
are
not
subject
to
any
sales
charge.
These
shares
bear
no
ongoing
distribution
or
service
fees
and
are
available
only
to
certain
eligible
investors.
Investor
A
Shares
are
subject
to
a
maximum
initial
sales
charge
(front-end
load)
of 
5.25
%
and
a
service
fee
of
0.25%
per
year
(but
no
distribution
fee).
Certain
redemptions
of
these
shares
may
be
subject
to
a
contingent
deferred
sales
charge
(“CDSC”)
where
no
initial
sales
charge
was
paid
at
the
time
of
purchase.
These
shares
are
generally
available
through
financial
intermediaries.
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Refer
to
blackrock.com 
to
obtain
performance
data
current
to
the
most
recent
month-end.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Figures
shown
in
the
performance
table(s) assume
reinvestment
of
all
distributions,
if
any,
at
net
asset
value
(“NAV”)
on
the
ex-dividend
date
or
payable
date,
as
applicable.
Investment
return
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Distributions
paid
to
each
class
of
shares
will
vary
because
of
the
different
levels
of
service,
distribution
and
transfer
agency
fees
applicable
to
each
class,
which
are
deducted
from
the
income
available
to
be
paid
to
shareholders. 
BlackRock
Advisors,
LLC
(the
“Manager”),
each
Fund’s
investment
adviser,
has
contractually
and/or
voluntarily
agreed
to
waive
and/or
reimburse
a
portion
of
each
Fund’s
expenses.
Without
such
waiver(s)
and/or
reimbursement(s),
each
Fund’s
performance
would
have
been
lower.
With
respect
to
each
Fund’s
voluntary
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
waive
and/or
reimburse
or
to
continue
waiving
and/or
reimbursing
its
fees
and
such
voluntary
waiver(s)
may
be
reduced
or
discontinued
at
any
time. With
respect
to
each
Fund’s
contractual
waiver(s),
if
any,
the
Manager
is
under
no
obligation
to
continue
waiving
and/or
reimbursing
its
fees
after
the
applicable
termination
date
of
such agreement.
See
the
Notes
to
Financial
Statements
for
additional
information
on
waivers
and/or
reimbursements. 
The
standardized
30-day
yield
includes
the
effects
of
any
waivers
and/or
reimbursements.
The
unsubsidized
30-day
yield
excludes
the
effects
of
any
waivers
and/or
reimbursements. 
Disclosure
of
Expenses
Shareholders
of
each
Fund
may
incur
the
following
charges:
(a)
transactional
expenses,
such
as
sales
charges;
and
(b)
operating
expenses,
including
investment
advisory
fees,
administration
fees, service
and
distribution
fees,
including
12b-1
fees,
acquired
fund
fees
and
expenses, and
other
fund
expenses.
The
expense
examples shown
(which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
mutual
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
corresponding
to
their
Fund and
share
class
under
the
heading
entitled
“Expenses
Paid
During
the
Period.” 
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
these
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
shareholder
reports
of
other
funds. 
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
transactional
expenses,
such
as
sales
charges,
if
any.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
BlackRock
Retirement
Income
2030
Fund
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
December
31,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
December
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
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.
See
notes
to
financial
statements.
Security
Shares
Value
Investment
Companies
Fixed-Income
Funds
—
98.2%
BlackRock
Multi-Asset
Income
Portfolio,
Class
K
Shares
(a)
.....................
463,224
$
4,419,153
Total
Long-Term
Investments
—
98.2%
(Cost:
$4,904,542)
...............................
4,419,153
Security
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
2.2%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.03%
(a)(b)
..................
98,504
$
98,504
Total
Short-Term
Securities
—
2.2%
(Cost:
$98,504)
.................................
98,504
Total
Investments
—
100.4%
(Cost:
$5,003,046)
(c)
..............................
4,517,657
Liabilities
in
Excess
of
Other
Assets
—
(0.4)
%
............
(19,645)
Net
Assets
—
100.0%
..............................
$
4,498,012
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
(c)
Cost
for
U.S.
federal
income
tax
purposes.
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/22
Shares
Held
at
12/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
113,760
$
—
$
(15,256)
(a)
$
—
$
—
$
98,504
98,504
$
1,633
$
—
BlackRock
Multi-Asset
Income
Portfolio,
Class
K
Shares
...
5,217,643
100,002
(65,004)
(13,446)
(820,042)
4,419,153
463,224
228,606
5,991
$
(13,446)
$
(820,042)
$
4,517,657
$
230,239
$
5,991
—
—
(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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
....................................
$
4,419,153
$
—
$
—
$
4,419,153
Short-Term
Securities
Money
Market
Funds
......................................
98,504
—
—
98,504
$
4,517,657
$
—
$
—
$
4,517,657
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Retirement
Income
2040
Fund
12
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
December
31,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
December
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
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.
See
notes
to
financial
statements.
Security
Shares
Value
Investment
Companies
Fixed-Income
Funds
—
97.9%
BlackRock
Multi-Asset
Income
Portfolio,
Class
K
Shares
(a)
.....................
451,571
$
4,307,987
Total
Long-Term
Investments
—
97.9%
(Cost:
$4,791,168)
...............................
4,307,987
Security
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
2.4%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.03%
(a)(b)
..................
104,980
$
104,980
Total
Short-Term
Securities
—
2.4%
(Cost:
$104,980)
................................
104,980
Total
Investments
—
100.3%
(Cost:
$4,896,148)
(c)
..............................
4,412,967
Liabilities
in
Excess
of
Other
Assets
—
(0.3)
%
............
(12,260)
Net
Assets
—
100.0%
..............................
$
4,400,707
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
(c)
Cost
for
U.S.
federal
income
tax
purposes.
Affiliated
Issuer
Value
at
12/31/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/22
Shares
Held
at
12/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
121,830
$
—
$
(16,850)
(a)
$
—
$
—
$
104,980
104,980
$
1,166
$
—
BlackRock
Multi-Asset
Income
Portfolio,
Class
K
Shares
...
5,170,096
—
(36,996)
(4,851)
(820,262)
4,307,987
451,571
226,276
5,841
$
(4,851)
$
(820,262)
$
4,412,967
$
227,442
$
5,841
—
—
(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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
....................................
$
4,307,987
$
—
$
—
$
4,307,987
Short-Term
Securities
Money
Market
Funds
......................................
104,980
—
—
104,980
$
4,412,967
$
—
$
—
$
4,412,967
Statements
of
Assets
and
Liabilities

December
31,
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)
...........................................................................
$
4,517,657‌
$
4,412,967‌
Receivables:
–‌
–‌
Dividends
—
affiliated
..................................................................................
22,731‌
22,183‌
From
the
Manager
....................................................................................
39,690‌
41,278‌
Prepaid
expenses
......................................................................................
15,880‌
15,891‌
Total
assets
..........................................................................................
4,595,958‌
4,492,319‌
LIABILITIES
Payables:
–‌
–‌
Accounting
services
fees
................................................................................
23,867‌
23,867‌
Capital
shares
redeemed
................................................................................
—‌
122‌
Custodian
fees
.......................................................................................
853‌
734‌
Income
dividend
distributions
.............................................................................
28,868‌
22,953‌
Trustees'
and
Officer's
fees
..............................................................................
73‌
73‌
Printing
and
postage
fees
...............................................................................
7,536‌
7,435‌
Professional
fees
.....................................................................................
34,800‌
34,472‌
Transfer
agent
fees
...................................................................................
910‌
908‌
Other
accrued
expenses
................................................................................
1,039‌
1,048‌
Total
liabilities
.........................................................................................
97,946‌
91,612‌
NET
ASSETS
.........................................................................................
$
4,498,012‌
$
4,400,707‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
4,996,847‌
$
4,888,739‌
Accumulated
loss
......................................................................................
(498,835‌)
(488,032‌)
NET
ASSETS
.........................................................................................
$
4,498,012‌
$
4,400,707‌
(a)
  Investments,
at
cost
—
affiliated
...........................................................................
$
5,003,046‌
$
4,896,148‌
Statements
of
Assets
and
Liabilities
(continued)
December
31,
2022
2022
BlackRock
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
...........................................................................................
$
4,267,478‌
$
4,278,600‌
Shares
outstanding
....................................................................................
50,629‌
48,743‌
Net
asset
value
.......................................................................................
$
84.29‌
$
87.78‌
Shares
authorized
.....................................................................................
Unlimited
Unlimited
Par
value
...........................................................................................
$
0.001‌
$
0.001‌
Investor
A
Net
assets
...........................................................................................
$
230,534‌
$
122,107‌
Shares
outstanding
....................................................................................
2,735‌
1,391‌
Net
asset
value
.......................................................................................
$
84.29‌
$
87.78‌
Shares
authorized
.....................................................................................
Unlimited
Unlimited
Par
value
...........................................................................................
$
0.001‌
$
0.001‌
Statements
of
Operations

December
31,
2022
15
Financial
Statements
BlackRock
Retirement
Income
2030
Fund
BlackRock
Retirement
Income
2040
Fund
INVESTMENT
INCOME
–
–
Dividends
—
affiliated
..................................................................................
$
230,239‌
$
227,442‌
Total
investment
income
..................................................................................
230,239‌
227,442‌
EXPENSES
Professional
........................................................................................
94,571‌
95,960‌
Accounting
services
...................................................................................
48,199‌
47,073‌
Registration
........................................................................................
38,000‌
38,000‌
Printing
and
postage
..................................................................................
26,717‌
26,615‌
Trustees
and
Officer
...................................................................................
5,522‌
5,522‌
Investment
advisory
...................................................................................
4,708‌
4,671‌
Administration
......................................................................................
2,001‌
1,985‌
Custodian
..........................................................................................
1,652‌
1,483‌
Transfer
agent
—
class
specific
...........................................................................
1,121‌
824‌
Administration
—
class
specific
...........................................................................
941‌
934‌
Service
and
distribution
—
class
specific
.....................................................................
630‌
325‌
Miscellaneous
.......................................................................................
6,683‌
6,432‌
Total
expenses
........................................................................................
230,745‌
229,824‌
Less:
–‌
–‌
Fees
waived
and/or
reimbursed
by
the
Manager
................................................................
(214,294‌)
(214,096‌)
Administration
fees
waived
..............................................................................
(2,001‌)
(1,985‌)
Transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific
...........................................
(1,111‌)
(807‌)
Administration
fees
waived
by
the
Manager
—
class
specific
........................................................
(941‌)
(934‌)
Total
expenses
after
fees
waived
and/or
reimbursed
...............................................................
12,398‌
12,002‌
Net
investment
income
...................................................................................
217,841‌
215,440‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(827,495‌)
$
(819,272‌)
Net
realized
gain
(loss)
from:
Investments
—
affiliated
..............................................................................
$
(13,446‌)
$
(4,851‌)
Capital
gain
distributions
from
underlying
funds
—
affiliated
.......................................................
5,991‌
5,841‌
(7,455‌)
990‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
..............................................................................
(820,042‌)
(820,262‌)
Net
realized
and
unrealized
loss
.............................................................................
(827,497‌)
(819,272‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................
$
(609,656‌)
$
(603,832‌)
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

2022
BlackRock
Annual
Report
to
Shareholders
16
See
notes
to
financial
statements.
BlackRock
Retirement
Income
2030
Fund
BlackRock
Retirement
Income
2040
Fund
Year
Ended
12/31/22
Year
Ended
12/31/21
Year
Ended
12/31/22
Year
Ended
12/31/21
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
217,841‌
$
206,338‌
$
215,440‌
$
207,083‌
Net
realized
gain
(loss)
....................................................
(7,455‌)
68,139‌
990‌
65,587‌
Net
change
in
unrealized
appre
ciation
(depreciation)
................................
(820,042‌)
76,860‌
(820,262‌)
78,865‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...........................
(609,656‌)
351,337‌
(603,832‌)
351,535‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
From
net
investment
income
and
net
realized
gain:
  Institutional
...........................................................
(212,227‌)
(270,105‌)
(215,371‌)
(270,356‌)
  Investor
A
............................................................
(11,605‌)
(9,098‌)
(5,910‌)
(7,330‌)
Return
of
capital:
–
–
–
–
  Institutional
...........................................................
(130,437‌)
(96,534‌)
(58,464‌)
(22,227‌)
  Investor
A
............................................................
(7,133‌)
(3,251‌)
(1,604‌)
(603‌)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(361,402‌)
(378,988‌)
(281,349‌)
(300,516‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
139,044‌
150,021‌
(7,380‌)
20,478‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
(832,014‌)
122,370‌
(892,561‌)
71,497‌
Beginning
of
year
..........................................................
5,330,026‌
5,207,656‌
5,293,268‌
5,221,771‌
End
of
year
..............................................................
$
4,498,012‌
$
5,330,026‌
$
4,400,707‌
$
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
Year
Ended
12/31/22
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)
..................................................................
4.20
‌
4.09
‌
1.69
‌
Net
realized
and
unrealized
gain
(loss)
.........................................................
(16.13
)
2.85
‌
5.14
‌
Net
increase
(decrease)
from
investment
operations
.................................................
(11.93
)
6.94
‌
6.83
‌
Distributions
(c)
–
–
–
From
net
investment
income
...............................................................
(4.31
)
(5.42
)
(1.74
)
From
net
realized
gain
....................................................................
—
‌
(0.11
)
—
‌
Return
of
capital
........................................................................
(2.65
)
(1.97
)
(1.35
)
Total
distributions
........................................................................
(6.96
)
(7.50
)
(3.09
)
Net
asset
value,
end
of
period
...............................................................
$
84.29
‌
$
103.18
‌
$
103.74
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
...................................................................
(11.74
)%
6.87
%
6.96
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
..........................................................................
4.87
%
5.91
%
3.86
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
.................................................
0.25
%
0.25
%
0.25
%
(g)
Net
investment
income
....................................................................
4.64
%
3.92
%
4.05
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
...............................................................
$
4,267
‌
$
5,044
‌
$
5,070
‌
Portfolio
turnover
rate
......................................................................
1
%
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)
Not
annualized.
(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
Annual
Report
to
Shareholders
18
BlackRock
Retirement
Income
2030
Fund
Investor
A
Year
Ended
12/31/22
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)
..................................................................
3.97
‌
3.76
‌
1.63
‌
Net
realized
and
unrealized
gain
(loss)
.........................................................
(16.14
)
2.93
‌
5.10
‌
Net
increase
(decrease)
from
investment
operations
.................................................
(12.17
)
6.69
‌
6.73
‌
Distributions
(c)
–
–
–
From
net
investment
income
...............................................................
(4.17
)
(5.22
)
(1.67
)
From
net
realized
gain
....................................................................
—
‌
(0.11
)
—
‌
Return
of
capital
........................................................................
(2.56
)
(1.91
)
(1.32
)
Total
distributions
........................................................................
(6.73
)
(7.24
)
(2.99
)
Net
asset
value,
end
of
period
...............................................................
$
84.29
‌
$
103.19
‌
$
103.74
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
...................................................................
(11.98
)%
6.62
%
6.86
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
..........................................................................
5.40
%
6.58
%
4.13
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
.................................................
0.50
%
0.50
%
0.50
%
(g)
Net
investment
income
....................................................................
4.39
%
3.61
%
3.93
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
...............................................................
$
231
‌
$
286
‌
$
137
‌
Portfolio
turnover
rate
......................................................................
1
%
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)
Not
annualized.
(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
Year
Ended
12/31/22
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)
..................................................................
4.31
‌
4.14
‌
1.71
‌
Net
realized
and
unrealized
gain
(loss)
.........................................................
(16.36
)
2.88
‌
5.21
‌
Net
increase
(decrease)
from
investment
operations
.................................................
(12.05
)
7.02
‌
6.92
‌
Distributions
(c)
–
–
–
From
net
investment
income
...............................................................
(4.43
)
(5.47
)
(1.76
)
From
net
realized
gain
....................................................................
—
‌
(0.07
)
(0.04
)
Return
of
capital
........................................................................
(1.20
)
(0.46
)
(0.68
)
Total
distributions
........................................................................
(5.63
)
(6.00
)
(2.48
)
Net
asset
value,
end
of
period
...............................................................
$
87.78
‌
$
105.46
‌
$
104.44
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
...................................................................
(11.57
)%
6.87
%
7.02
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
..........................................................................
4.91
%
5.88
%
3.88
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
.................................................
0.25
%
0.25
%
0.25
%
(g)
Net
investment
income
....................................................................
4.62
%
3.91
%
4.07
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
...............................................................
$
4,279
‌
$
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)
Not
annualized.
(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
Annual
Report
to
Shareholders
20
BlackRock
Retirement
Income
2040
Fund
Investor
A
Year
Ended
12/31/22
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)
..................................................................
4.08
‌
3.87
‌
1.63
‌
Net
realized
and
unrealized
gain
(loss)
.........................................................
(16.36
)
2.89
‌
5.17
‌
Net
increase
(decrease)
from
investment
operations
.................................................
(12.28
)
6.76
‌
6.80
‌
Distributions
(c)
–
–
–
From
net
investment
income
...............................................................
(4.24
)
(5.23
)
(1.67
)
From
net
realized
gain
....................................................................
—
‌
(0.07
)
(0.04
)
Return
of
capital
........................................................................
(1.15
)
(0.44
)
(0.66
)
Total
distributions
........................................................................
(5.39
)
(5.74
)
(2.37
)
Net
asset
value,
end
of
period
...............................................................
$
87.78
‌
$
105.45
‌
$
104.43
‌
Total
Return
(d)
—
—
—
Based
on
net
asset
value
...................................................................
(11.78
)%
6.60
%
6.90
%
(e)
Ratios
to
Average
Net
Assets
(f)
Total
expenses
..........................................................................
5.29
%
6.35
%
4.16
%
(g)(h)
Total
expenses
after
fees
waived
and/or
reimbursed
.................................................
0.50
%
0.50
%
0.50
%
(g)
Net
investment
income
....................................................................
4.37
%
3.66
%
3.93
%
(g)
Supplemental
Data
Net
assets,
end
of
period
(000)
...............................................................
$
122
‌
$
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)
Not
annualized.
(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
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
unaudited
Schedule
of
Investments
and
Statement
of
Assets
and
Liabilities
as
of
December
31,
2022
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
audited
financial
statements
as
of
July
31,
2022
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
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.
See
Income
Tax
Information
note
for
the
tax
character
of
each
Fund’s
distributions
paid
during
the
period.
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.
The
Board
of
Trustees
of
the
Trust
(the
“Board”)
has
approved
the
designation
of
each
Fund’s
Manager
as
the
valuation
designee
for
each
Fund.
Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
the
Manager’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
Fund
Name
Herein
Referred
To
As
Diversification
Classification
BlackRock
Retirement
Income
2030
Fund
........................................
Retirement
Income
2030
Diversified
BlackRock
Retirement
Income
2040
Fund
........................................
Retirement
Income
2040
Diversified
Share
Class
Initial
Sales
Charge
Contingent
Deferred
Sales
Charges
("CDSC")
Conversion
Privilege
Institutional
Shares
...........................................
No
No
None
Investor
A
Shares
............................................
Yes
No
(a)
None
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
22
will
be
valued
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value.
The
Manager
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities: 
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
Valuation
Committee
in
accordance
with
the
Manager’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that
each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
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
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety. Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
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
each
Fund,
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 
each
Fund,
entered
into
a
Distribution
Agreement
and
a Distribution and
Service
Plan
with
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
the
Manager.
Pursuant
to
the
Distribution
and
Service
Plan
and
in
accordance
with
Rule
12b-1
under
the
1940
Act,
each
Fund
pays
BRIL
ongoing
service
and
distribution
fees.
The
fees
are
accrued
daily
and
paid
monthly
at
annual
rates
based
upon
the
average
daily
net
assets
of
the
relevant
share
class
of
each
Fund
as
follows:
BRIL
and
broker-dealers,
pursuant
to
sub-agreements
with
BRIL,
provide
shareholder
servicing
and
distribution
services to the
Funds.
The
ongoing
service
and/or
distribution
fee compensates
BRIL
and
each
broker-dealer
for
providing
shareholder
servicing
and/or
distribution related
services
to
shareholders.
For
the year
ended
December
31,
2022,
the
following
table
shows
the
class
specific
service
and
distribution
fees
borne
directly
by
each
share
class
of
each
Fund:
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%
Fund
Name
Investor
A
Retirement
Income
2030
.....................................................................................................
$
630‌
Retirement
Income
2040
.....................................................................................................
325‌
Notes
to
Financial
Statements
(continued)
23
Notes
to
Financial
Statements
Administration:
The
Trust,
on
behalf
of 
each
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
each
Fund.
The
administration
fee,
which
is
shown
as
administration
in
the
Statements
of
Operations,
is
paid
at
the
annual
rates
below.
In
addition,
the
Manager
charges
each
of
the
share
classes
an
administration
fee,
which
is
shown
as
administration —
class
specific
in
the
Statements
of
Operations,
at
an
annual
rate
of
0.02% of
the
average
daily
net
assets
of
each
respective
class.
For
the
year
ended
December
31,
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 
year
 ended December
31,
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 year
ended
December
31,
2022,
each
Fund
reimbursed
the
Manager
the
following
amounts
for
costs
incurred
in
running
the
call
center,
which
are
included
in
transfer
agent
—
class
specific
in
the
Statements
of
Operations:
For
the
year ended
December
31,
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 year
ended
December
31,
2022,
the
amounts
waived
were
as
follows:
With
respect
to
each
Fund,
the
Manager
contractually
agreed
to
waive
and/or
reimburse
fees
or
expenses
in
order
to
limit
expenses,
excluding
interest
expense,
dividend
expense,
tax
expense,
acquired
fund
fees
and
expenses,
and
certain
other
fund
expenses,
which
constitute
extraordinary
expenses
not
incurred
in
the
ordinary
course
of each
Fund’s
business
(“expense
limitation”).
The
expense
limitations
as
a
percentage
of
average
daily
net
assets are
as
follows:
The
Manager
has
agreed
not
to
reduce
or
discontinue
the
contractual
expense
limitations
through
June
30,
2023,
unless
approved
by
the
Board,
including
a
majority
of
the Independent
Trustees,
or
by
a
vote
of
a
majority
of
the
outstanding
voting
securities
of a
Fund. For
the
year
ended
December
31,
2022,
the
amounts
included
in
fees
waived
and/or
reimbursed
by
the
Manager
in
the
Statements
of
Operations
were
as
follows:
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
................................................................................
$
890‌
$
51‌
$
941‌
Retirement
Income
2040
................................................................................
908‌
26‌
934‌
Fund
Name
Institutional
Investor
A
Total
Retirement
Income
2030
.............................................................................
$
36‌
$
24‌
$
60‌
Retirement
Income
2040
.............................................................................
36‌
25‌
61‌
Fund
Name
Institutional
Investor
A
Total
Retirement
Income
2030
................................................................................
$
351‌
$
770‌
$
1,121‌
Retirement
Income
2040
................................................................................
641‌
183‌
824‌
Fund
Name
Amounts
Waived
Retirement
Income
2030
................................................................................................
$
55‌
Retirement
Income
2040
................................................................................................
50‌
Fund
Name
Institutional
Investor
A
Retirement
Income
2030
.........................................................................................
0.25‌%
0.50‌%
Retirement
Income
2040
.........................................................................................
0.25‌
0.50‌
Fund
Name
Retirement
Income
2030
....................................................................................................
$
214,239‌
Retirement
Income
2040
....................................................................................................
214,046‌
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
24
The
following
Funds
also
had
a
waiver
of
administration
fees,
which
are
included
in
administration
fees
waived
in
the
Statements
of
Operations. For
the
year
ended
December
31,
2022,
the
amounts
were
as
follows:
In
addition,
these
amounts
waived
and/or
reimbursed
by
the
Manager are
included
in administration
fees
waived
by
the
Manager
—
class
specific
and
transfer
agent
fees
waived
and/or
reimbursed
by
the
Manager
—
class
specific,
respectively,
in
the
Statements
of
Operations.
For
the
year ended
December
31,
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.
As
of December
31,
2022,
the
fund
level
and
class
specific
waivers
and/or
reimbursements
subject
to
possible
future
recoupment
under
the
expense
limitation
agreement
are
as
follows:  
The
following
fund
level
and
class
specific
waivers
and/or
reimbursements
previously
recorded
by
the
Funds,
which
were
subject
to
recoupment
by
the
Manager,
expired
on
December
31,
2022:  
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
Fund
Name
Retirement
Income
2030
....................................................................................................
$
2,001‌
Retirement
Income
2040
....................................................................................................
1,985‌
Fund
Name/Share
Class
Administration
Fees
Waived
by
the
Manager
-
Class
Specific
Transfer
Agent
Fees
Waived
and/or
Reimbursed
by
the
Manager
-
Class
Specific
Retirement
Income
2030
Institutional
....................................................................................
$
890‌
$
341‌
Investor
A
.....................................................................................
51‌
770‌
$
941‌
$
1,111‌
Retirement
Income
2040
Institutional
....................................................................................
908‌
625‌
Investor
A
.....................................................................................
26‌
18
2‌
$
934‌
$
80
7‌
Expiring
December
31,
2023
2024
Retirement
Income
2030
...........................................................................
Fund
Level
...................................................................................
$
298,123‌
$
216,240‌
Institutional
..................................................................................
1,343‌
1,231‌
Investor
A
...................................................................................
369‌
821‌
Retirement
Income
2040
Fund
Level
...................................................................................
297,790‌
216,031‌
Institutional
..................................................................................
1,367‌
1,533‌
Investor
A
...................................................................................
353‌
208‌
Retirement
Income
2030
...........................................................................................
Fund
Level
...................................................................................................
$
116,955‌
Institutional
..................................................................................................
475‌
Investor
A
...................................................................................................
238‌
Retirement
Income
2040
Fund
Level
...................................................................................................
118,455‌
Institutional
..................................................................................................
475‌
Investor
A
...................................................................................................
239‌
Notes
to
Financial
Statements
(continued)
25
Notes
to
Financial
Statements
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 year
ended
December
31,
2022,
the
Funds
did
not
participate
in
the
Interfund
Lending
Program.
Trustees
and
Officers: 
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
The
Funds
reimburse
the
Manager
for
a
portion
of
the
compensation
paid
to
the 
Trust's
Chief
Compliance
Officer,
which
is
included
in
Trustees and
Officer
in
the
Statements
of
Operations. 
5.
PURCHASES
AND
SALES 
For
the year ended
December
31,
2022,
purchases
and
sales
of
investments
in
the
underlying
funds,
excluding
short-term
securities,
were
as
follows:
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
December
31,
2022,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
The
tax
character
of
distributions
paid
was
as
follows: 
As
of
December
31,
2022,
the
tax
components
of
accumulated earnings
(loss) were
as
follows:  
(a)
Amounts
available
to
offset
future
realized
capital
gains.
As
of
December
31,
2022, gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows: 
Other
Securities
Fund
Name
Purchases
Sales
Retirement
Income
2030
.................................................................................
$
100,000‌
$
65,003‌
Retirement
Income
2040
.................................................................................
—‌
36,997‌
Fund
Name
Year
Ended
12/31/22
Year
Ended
12/31/21
Retirement
Income
2030
Ordinary
income
...........................................................................................
$
223,832‌
$
279,203‌
Return
of
capital
...........................................................................................
137,570‌
99,785‌
$
361,402‌
$
378,988‌
Retirement
Income
2040
Ordinary
income
...........................................................................................
$
221,281‌
$
277,686‌
Return
of
capital
...........................................................................................
60,068‌
22,830‌
$
281,349‌
$
300,516‌
Fund
Name
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
Total
Retirement
Income
2030
......................................................................
$
(13,446‌)
$
(485,389‌)
$
(498,835‌)
Retirement
Income
2040
......................................................................
(4,851‌)
(483,181‌)
(488,032‌)
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Retirement
Income
2030
............................................
$
5,003,046‌
$
–‌
$
(485,389‌)
$
(485,389‌)
Retirement
Income
2040
............................................
4,896,148‌
–‌
(483,181‌)
(483,181‌)
Notes
to
Financial
Statements
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
26
7.
BANK
BORROWINGS 
The
Trust,
on
behalf
of
each
Fund,
along
with
certain
other
funds
managed
by
the
Manager
and
its
affiliates
(“Participating
Funds”), are
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
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
year ended
December
31,
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. 
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
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. 
Notes
to
Financial
Statements
(continued)
27
Notes
to
Financial
Statements
9.
CAPITAL
SHARE
TRANSACTIONS 
Transactions
in
capital
shares
for
each
class
were
as
follows:
As
of
December
31,
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
Year
Ended
12/31/22
Year
Ended
12/31/21
Fund
Name/Share
Class
Shares
Amount
Shares
Amount
Retirement
Income
2030
Institutional
Shares
sold
..........................................
3,665‌
$
305,462‌
1,648‌
$
171,281‌
Shares
redeemed
......................................
(1,924‌)
(163,700‌)
(1,636‌)
(170,000‌)
1,741‌
$
141,762‌
12‌
$
1,281‌
Investor
A
Shares
sold
..........................................
42‌
$
3,658‌
1,491‌
$
153,669‌
Shares
redeemed
......................................
(74‌)
(6,376‌)
(48‌)
(4,929‌)
(32‌)
$
(2,718‌)
1,443‌
$
148,740‌
1,709‌
$
139,044‌
1,455‌
$
150,021‌
Retirement
Income
2040
Institutional
Shares
sold
..........................................
519‌
$
44,325‌
182‌
$
19,224‌
Shares
redeemed
......................................
(578‌)
(51,574‌)
—‌
—‌
(59‌)
$
(7,249‌)
182‌
$
19,224‌
Investor
A
Shares
sold
..........................................
3‌
$
333‌
12‌
$
1,254‌
Shares
redeemed
......................................
(5‌)
(464‌)
—‌
—‌
(2‌)
$
(131‌)
12‌
$
1,254‌
(61‌)
$
(7,380‌)
194‌
$
20,478‌
Institutional
Investor
A
Retirement
Income
2030
.........................................................................................
$
48,676‌
$
1,324‌
Retirement
Income
2040
.........................................................................................
48,619‌
1,381‌
Report
of
Independent
Registered
Public
Accounting
Firm
2022
BlackRock
Annual
Report
to
Shareholders
28
To
the
Board
of
Trustees
of
BlackRock
Funds
II
and
Shareholders
of
each
of
the
two
funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed
in
the
table
below
(two
of
the
series
constituting
BlackRock
Funds
II,
hereafter
collectively
referred
to
as
the
“Funds”)
as
of
December
31,
2022,
the
related
statements
of
operations
for
the
year
ended
December
31,
2022,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
December
31,
2022,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2022,
and
each
of
the
financial
highlights
for
each
of
the
periods
indicated
therein
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2022
by
correspondence
with
the
transfer
agent.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
February
23,
2023
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
BlackRock
Retirement
Income
2030
Fund
BlackRock
Retirement
Income
2040
Fund
Important
Tax
Information
(Unaudited)
29
Important
Tax
Information
The
following
amounts,
or maximum
amounts
allowable
by
law, are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
December
31,
2022:
The
following
amounts,
or
maximum
amounts
allowable
by
law, are
hereby
designated
as
qualified
business
income
for
individuals
for
the
fiscal
year
ended
December
31,
2022:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended
December
31,
2022
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable by
law,
as
interest
income
eligible
to
be
treated
as
a
Section
163(j)
interest
dividend
for
the
fiscal
year
ended
December
31,
2022:
The
Funds
hereby
designate
the
following
amounts,
or
maximum
amounts
allowable
by
law,
as
interest-related
dividends eligible
for
exemption
from
U.S.
withholding
tax
for
nonresident
aliens
and
foreign
corporations
for
the
fiscal
year
ended
December
31,
2022:
Fund
Name
Qualified
Dividend
Income
Retirement
Income
2030
..............................................................................................
$
46,188‌
Retirement
Income
2040
..............................................................................................
45,717‌
Fund
Name
Qualified
Business
Income
Retirement
Income
2030
..............................................................................................
$
2,067‌
Retirement
Income
2040
..............................................................................................
2,049‌
Fund
Name
Dividends-Received
Deduction
Retirement
Income
2030
..............................................................................................
6.49‌%
Retirement
Income
2040
..............................................................................................
6.50‌
Fund
Name
Interest
Dividends
Retirement
Income
2030
..............................................................................................
$
151,401‌
Retirement
Income
2040
..............................................................................................
149,595‌
Fund
Name
Interest-Related
Dividends
Retirement
Income
2030
..............................................................................................
$
86,295‌
Retirement
Income
2040
..............................................................................................
85,082‌
Statement
Regarding
Liquidity
Risk
Management
Program
2022
BlackRock
Annual
Report
to
Shareholders
30
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
BlackRock
Funds
II
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for
BlackRock
Retirement
Income
2030
Fund
and
BlackRock
Retirement
Income
2040
Fund
(the
“Funds”),
each
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Funds,
met
on
November
8-9,
2022
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Advisors,
LLC
or
BlackRock
Fund
Advisors
(“BlackRock”),
each
an
investment
adviser
to
certain
BlackRock
funds,
as
the
program
administrator
for
each
Fund’s
Program,
as
applicable.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”).
The
Report
covered
the
period
from
October
1,
2021
through
September
30,
2022
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
the
imposition
of
capital
controls
in
certain
countries.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Where
a
fund
participated
in
borrowings
for
investment
purposes
(such
as
tender
option
bonds
or
reverse
repurchase
agreements),
such
borrowings
were
factored
into
the
Program’s
calculation
of
a
fund’s
liquidity
bucketing.
A
fund’s
derivative
exposure
was
also
considered
in
such
calculation.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions
.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
Fund’s
reasonably
anticipated
trading
size
utilized
for
liquidity
classifications.
Each
Fund
has
adopted
an
in-kind
redemption
policy
which
may
be
utilized
to
meet
larger
redemption
requests.
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements
.
The
Committee
considered
the
terms
of
the
credit
facility
committed
to
each
Fund,
the
financial
health
of
the
institution
providing
the
facility
and
the
fact
that
the
credit
facility
is
shared
among
multiple
funds
(including
that
a
portion
of
the
aggregate
commitment
amount
is
specifically
designated
for
BlackRock
Floating
Rate
Income
Portfolio,
a
series
of
BlackRock
Funds
V,
and
BlackRock
Floating
Rate
Loan
ETF,
a
series
of
BlackRock
ETF
Trust
II).
The
Committee
also
considered
other
types
of
borrowing
available
to
the
funds,
such
as
the
ability
to
use
reverse
repurchase
agreements
and
interfund
lending,
as
applicable.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Trustee
and
Officer
Information
31
Trustee
and
Officer
Information
Independent
Trustees
(a)
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
5
Years
Mark
Stalnecker
1951
Chair
of
the
Board
and
Trustee
(Since
2019)
Chief
Investment
Officer,
University
of
Delaware
from
1999
to
2013;
Trustee
and
Chair
of
the
Finance
and
Investment
Committees,
Winterthur
Museum
and
Country
Estate
from
2005
to
2016;
Member
of
the
Investment
Committee,
Delaware
Public
Employees’
Retirement
System
since
2002;
Member
of
the
Investment
Committee,
Christiana
Care
Health
System
from
2009
to
2017;
Member
of
the
Investment
Committee,
Delaware
Community
Foundation
from
2013
to
2014;
Director
and
Chair
of
the
Audit
Committee,
SEI
Private
Trust
Co.
from
2001
to
2014.
28
RICs
consisting
of
164
Portfolios
None
Susan
J.
Carter
1956
Trustee
(Since
2019)
Trustee,
Financial
Accounting
Foundation
from
2017
to
2021;
Advisory
Board
Member,
Center
for
Private
Equity
and
Entrepreneurship
at
Tuck
School
of
Business
from
1997
to
2021;
Director,
Pacific
Pension
Institute
from
2014
to
2018;
Senior
Advisor,
Commonfund
Capital,
Inc.
(“CCI”)
(investment
adviser)
in
2015;
Chief
Executive
Officer,
CCI
from
2013
to
2014;
President
&
Chief
Executive
Officer,
CCI
from
1997
to
2013;
Advisory
Board
Member,
Girls
Who
Invest
from
2015
to
2018
and
Board
Member
thereof
since
2018;
Advisory
Board
Member,
Bridges
Fund
Management
since
2016;
Practitioner
Advisory
Board
Member,
Private
Capital
Research
Institute
("PCRI")
since
2017;
Lecturer
in
the
Practice
of
Management,
Yale
School
of
Management
since
2019;
Advisor
to
Finance
Committee,
Altman
Foundation
since
2020;
Investment
Committee
Member,
Tostan
since
2021.
28
RICs
consisting
of
164
Portfolios
None
Collette
Chilton
1958
Trustee
(Since
2019)
Chief
Investment
Officer,
Williams
College
since
2006;
Chief
Investment
Officer,
Lucent
Asset
Management
Corporation
from
1998
to
2006;
Director,
Boys
and
Girls
Club
of
Boston
since
2017;
Director,
B1
Capital
since
2018;
Director,
David
and
Lucile
Packard
Foundation
since
2020.
28
RICs
consisting
of
164
Portfolios
None
Neil
A.
Cotty
1954
Trustee
(Since
2019)
Bank
of
America
Corporation
from
1996
to
2015,
serving
in
various
senior
finance
leadership
roles,
including
Chief
Accounting
Officer
from
2009
to
2015,
Chief
Financial
Officer
of
Global
Banking,
Markets
and
Wealth
Management
from
2008
to
2009,
Chief
Accounting
Officer
from
2004
to
2008,
Chief
Financial
Officer
of
Consumer
Bank
from
2003
to
2004,
Chief
Financial
Officer
of
Global
Corporate
Investment
Bank
from
1999
to
2002.
28
RICs
consisting
of
164
Portfolios
None
Lena
G.
Goldberg
1949
Trustee
(Since
2016)
Director,
Charles
Stark
Draper
Laboratory,
Inc.
from
2013
to
2021;
Senior
Lecturer,
Harvard
Business
School
from
2008
to
2021;
FMR
LLC/Fidelity
Investments
(financial
services)
from
1996
to
2008,
serving
in
various
senior
roles
including
Executive
Vice
President
-
Strategic
Corporate
Initiatives
and
Executive
Vice
President
and
General
Counsel;
Partner,
Sullivan
&
Worcester
LLP
from
1985
to
1996
and
Associate
thereof
from
1979
to
1985.
28
RICs
consisting
of
164
Portfolios
None
Henry
R.
Keizer
1956
Trustee
(Since
2016)
Director,
Park
Indemnity
Ltd.
(captive
insurer)
since
2010;
Director,
MUFG
Americas
Holdings
Corporation
and
MUFG
Union
Bank,
N.A.
(financial
and
bank
holding
company)
from
2014
to
2016;
Director,
American
Institute
of
Certified
Public
Accountants
from
2009
to
2011;
Director,
KPMG
LLP
(audit,
tax
and
advisory
services)
from
2004
to
2005
and
2010
to
2012;
Director,
KPMG
International
in
2012,
Deputy
Chairman
and
Chief
Operating
Officer
thereof
from
2010
to
2012
and
U.S.
Vice
Chairman
of
Audit
thereof
from
2005
to
2010;
Global
Head
of
Audit,
KPMGI
(consortium
of
KPMG
firms)
from
2006
to
2010;
Director,
YMCA
of
Greater
New
York
from
2006
to
2010.
28
RICs
consisting
of
164
Portfolios
Hertz
Global
Holdings
(car
rental)
from
2015
to
2021;
GrafTech
International
Ltd.
(materials
manufacturing);
WABCO
(commercial
vehicle
safety
systems)
from
2015
to
2020;
Sealed
Air
Corp.
(packaging)
from
2015
to
2021
Cynthia
A.
Montgomery
1952
Trustee
(Since
2019)
Professor,
Harvard
Business
School
since
1989.
28
RICs
consisting
of
164
Portfolios
None
Trustee
and
Officer
Information
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
32
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
5
Years
Donald
C.
Opatrny
1952
Trustee
(Since
2015)
Director,
Athena
Capital
Advisors
LLC
(investment
management
firm)
from
2013
to
2020;
Trustee,
Vice
Chair,
Member
of
the
Executive
Committee
and
Chair
of
the
Investment
Committee,
Cornell
University
from
2004
to
2019;
President
and
Trustee,
the
Center
for
the
Arts,
Jackson
Hole
from
2011
to
2018;
Member
of
the
Board
and
Investment
Committee,
University
School
from
2007
to
2018;
Trustee,
Artstor
(a
Mellon
Foundation
affiliate)
from
2010
to
2015;
Member
of
the
Investment
Committee,
Mellon
Foundation
from
2009
to
2015;
President,
Trustee
and
Member
of
the
Investment
Committee,
The
Aldrich
Contemporary
Art
Museum
from
2007
to
2014;
Trustee
and
Chair
of
the
Investment
Committee,
Community
Foundation
of
Jackson
Hole
since
2014;
Member
of
Affordable
Housing
Supply
Board
of
Jackson,
Wyoming
since
2017;
Member,
Investment
Funds
Committee,
State
of
Wyoming
since
2017;
Trustee,
Phoenix
Art
Museum
since
2018;
Trustee,
Arizona
Community
Foundation
and
Member
of
Investment
Committee
since
2020.
28
RICs
consisting
of
164
Portfolios
None
Joseph
P.
Platt
1947
Trustee
(Since
2019)
General
Partner,
Thorn
Partners,
LP
(private
investments)
since
1998;
Director,
WQED
Multi-Media
(public
broadcasting
not-for-
profit)
since
2001;
Chair,
Basic
Health
International
(non-profit)
since
2015.
28
RICs
consisting
of
164
Portfolios
Greenlight
Capital
Re,
Ltd.
(reinsurance
company);
Consol
Energy
Inc.
Kenneth
L.
Urish
1951
Trustee
(Since
2019)
Managing
Partner,
Urish
Popeck
&
Co.,
LLC
(certified
public
accountants
and
consultants)
since
1976;
Past-Chairman
of
the
Professional
Ethics
Committee
of
the
Pennsylvania
Institute
of
Certified
Public
Accountants
and
Committee
Member
thereof
since
2007;
Member
of
External
Advisory
Board,
The
Pennsylvania
State
University
Accounting
Department
since
founding
in
2001;
Principal,
UP
Strategic
Wealth
Investment
Advisors,
LLC
since
2013;
Trustee,
The
Holy
Family
Institute
from
2001
to
2010;
President
and
Trustee,
Pittsburgh
Catholic
Publishing
Associates
from
2003
to
2008;
Director,
Inter-Tel
from
2006
to
2007;
Member,
Advisory
Board,
ESG
Competent
Boards
since
2020.
28
RICs
consisting
of
164
Portfolios
None
Claire
A.
Walton
1957
Trustee
(Since
2019)
Chief
Operating
Officer
and
Chief
Financial
Officer
of
Liberty
Square
Asset
Management,
LP
from
1998
to
2015;
General
Partner
of
Neon
Liberty
Capital
Management,
LLC
since
2003;
Director,
Boston
Hedge
Fund
Group
from
2009
to
2018;
Director,
Woodstock
Ski
Runners
since
2013;
Director,
Massachusetts
Council
on
Economic
Education
from
2013
to
2015.
28
RICs
consisting
of
164
Portfolios
None
Independent
Trustees
(a)
(continued)
Trustee
and
Officer
Information
(continued)
33
Trustee
and
Officer
Information
Interested
Trustees
(a)(d)
(a)
The
address
of
each
Trustee
is
c/o
BlackRock,
Inc.,
55
East
52nd
Street,
New
York,
New
York
10055.
(b)
Each
Independent
Trustee
holds
office
until
his
or
her
successor
is
duly
elected
and
qualifies
or
until
his
or
her
earlier
death,
resignation,
retirement
or
removal
as
provided
by
the
Trust’s
by-laws
or
charter
or
statute,
or
until
December
31
of
the
year
in
which
he
or
she
turns
75.
Trustees
who
are
"interested
persons,"
as
defined
in
the
1940
Act,
serve
until
their
successor
is
duly
elected
and
qualifies
or
until
their
earlier
death,
resignation,
retirement
or
removal
as
provided
by
the
Trust’s
by-laws
or
statute,
or
until
December
31
of
the
year
in
which
they
turn
72.
The
Board
may
determine
to
extend
the
terms
of
Independent
Trustees
on
a
case-by-case
basis,
as
appropriate.
(c)
Following
the
combination
of
Merrill
Lynch
Investment
Managers,
L.P.
(“MLIM”)
and
BlackRock,
Inc.
in
September
2006,
the
various
legacy
MLIM
and
legacy
BlackRock
fund
boards
were
realigned
and
consolidated
into
three
new
fund
boards
in
2007.
In
addition,
effective
January
1,
2019,
three
BlackRock
Fund
Complexes
were
realigned
and
consolidated
into
two
BlackRock
Fund
Complexes.
As
a
result,
although
the
chart
shows
the
year
that
each
Independent
Trustees
joined
the
Board,
certain
Independent
Trustees
first
became
members
of
the
boards
of
other
BlackRock-advised
Funds,
legacy
MLIM
funds
or
legacy
BlackRock
funds
as
follows:
Susan
J.
Carter,
2016;
Collette
Chilton,
2015;
Neil
A.
Cotty,
2016;
Cynthia
A.
Montgomery,
1994;
Joseph
P.
Platt,
1999;
Mark
Stalnecker,
2015;
Kenneth
L.
Urish,
1999;
Claire
A.
Walton,
2016.
(d)
Mr.
Fairbairn
and
Mr.
Perlowski
are
both
“interested
persons,”
as
defined
in
the
1940
Act,
of
the
Trust
based
on
their
positions
with
BlackRock,
Inc.
and
its
affiliates.
Mr.
Fairbairn
and
Mr.
Perlowski
are
also
board
members
of
the
BlackRock
Fixed-Income
Complex.
(e)
Mr.
Perlowski
is
also
a
trustee
of
the
BlackRock
Credit
Strategies
Fund
and
BlackRock
Private
Investments
Fund.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
(c)
Principal
Occupation(s)
During
Past
5
Years
Number
of
BlackRock-Advised
Registered
Investment
Companies
(“RICs”)
Consisting
of
Investment
Portfolios
(“Portfolios”)
Overseen
Public
Company
and
Other
Investment
Company
Directorships
Held
During
Past
5
Years
Robert
Fairbairn
1965
Trustee
(Since
2015)
Vice
Chairman
of
BlackRock,
Inc.
since
2019;
Member
of
BlackRock's
Global
Executive
and
Global
Operating
Committees;
Co-Chair
of
BlackRock's
Human
Capital
Committee;
Senior
Managing
Director
of
BlackRock,
Inc.
from
2010
to
2019;
oversaw
BlackRock's
Strategic
Partner
Program
and
Strategic
Product
Management
Group
from
2012
to
2019;
Member
of
the
Board
of
Managers
of
BlackRock
Investments,
LLC
from
2011
to
2018;
Global
Head
of
BlackRock's
Retail
and
iShares
®
businesses
from
2012
to
2016.
98
RICs
consisting
of
266
Portfolios
None
John
M.
Perlowski
(e)
1964
Trustee
(Since
2015);
President
and
Chief
Executive
Officer
(Since
2010)
Managing
Director
of
BlackRock,
Inc.
since
2009;
Head
of
BlackRock
Global
Accounting
and
Product
Services
since
2009;
Advisory
Director
of
Family
Resource
Network
(charitable
foundation)
since
2009.
100
RICs
consisting
of
268
Portfolios
None
Trustee
and
Officer
Information
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
34
Officers
Who
Are
Not
Trustees
(a)
(a)
The
address
of
each
Officer
is
c/o
BlackRock,
Inc.,
55
East
52nd
Street,
New
York,
New
York
10055.
(b)
Officers
of
the
Trust
serve
at
the
pleasure
of
the
Board.
Further
information
about
the
Trust's
Trustees
and
Officers
is
available
in
the
Trust's
Statement
of
Additional
Information,
which
can
be
obtained
without
charge
by
calling
(800)
441-7762.
Name
Year
of
Birth
(b)
Position(s)
Held
(Length
of
Service)
Principal
Occupation(s)
During
Past
5
Years
Jennifer
McGovern
1977
Vice
President
(Since
2014)
Managing
Director
of
BlackRock,
Inc.
since
2016;
Director
of
BlackRock,
Inc.
from
2011
to
2015;
Head
of
Americas
Product
Development
and
Governance
for
BlackRock’s
Global
Product
Group
since
2019;
Head
of
Product
Structure
and
Oversight
for
BlackRock's
U.S.
Wealth
Advisory
Group
from
2013
to
2019.
Trent
Walker
1974
Chief
Financial
Officer
(Since
2021)
Managing
Director
of
BlackRock,
Inc.
since
September
2019;
Executive
Vice
President
of
PIMCO
from
2016
to
2019;
Senior
Vice
President
of
PIMCO
from
2008
to
2015;
Treasurer
from
2013
to
2019
and
Assistant
Treasurer
from
2007
to
2017
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Jay
M.
Fife
1970
Treasurer
(Since
2007)
Managing
Director
of
BlackRock,
Inc.
since
2007.
Charles
Park
1967
Chief
Compliance
Officer
(Since
2014)
Anti-Money
Laundering
Compliance
Officer
for
certain
BlackRock-advised
Funds
from
2014
to
2015;
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
since
2014;
Principal
of
and
Chief
Compliance
Officer
for
iShares
®
Delaware
Trust
Sponsor
LLC
since
2012
and
BlackRock
Fund
Advisors
(“BFA”)
since
2006;
Chief
Compliance
Officer
for
the
BFA-advised
iShares
®
exchange
traded
funds
since
2006;
Chief
Compliance
Officer
for
BlackRock
Asset
Management
International
Inc.
since
2012.
Lisa
Belle
1968
Anti-Money
Laundering
Compliance
Officer
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2019;
Global
Financial
Crime
Head
for
Asset
and
Wealth
Management
of
JP
Morgan
from
2013
to
2019;
Managing
Director
of
RBS
Securities
from
2012
to
2013;
Head
of
Financial
Crimes
for
Barclays
Wealth
Americas
from
2010
to
2012.
Janey
Ahn
1975
Secretary
(Since
2019)
Managing
Director
of
BlackRock,
Inc.
since
2018;
Director
of
BlackRock,
Inc.
from
2009
to
2017.
Effective
December
31,
2022,
Joseph
P.
Platt
retired
as
a
Trustee
of
the
Trust.
Additional
Information
35
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.
Additional
Information
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
36
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
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
37
Additional
Financial
Information
Schedule
of
Investments
(UNAUDITED)
December
31,
2022
Statement
of
Assets
and
Liabilities
(UNAUDITED)
December
31,
2022
BlackRock
Funds
II
BlackRock
Multi-Asset
Income
Portfolio
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
38
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
December
31,
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%),
5.18%,
04/15/34
...
USD
15,000
$
14,570,218
Series
2021-2A,
Class
D,
(LIBOR
USD
3
Month
+
3.35%),
7.43%,
04/15/34
...
1,000
923,997
Accredited
Mortgage
Loan
Trust,
Series
2004-4,
Class
M2,
(LIBOR
USD
1
Month
+
1.58%),
4.65%,
01/25/35
(a)
..........
540
514,574
AGL
CLO
17
Ltd.
(a)(b)
Series
2022-17A,
Class
C,
(3
Month
CME
Term
SOFR
+
2.10%),
6.09%,
01/21/35
1,500
1,393,126
Series
2022-17A,
Class
E,
(3
Month
CME
Term
SOFR
+
6.35%),
10.34%,
01/21/35
1,000
862,299
AGL
CLO
3
Ltd.,
Series
2020-3A,
Class
C,
(LIBOR
USD
3
Month
+
2.15%),
6.23%,
01/15/33
(a)(b)
....................
2,000
1,876,976
AGL
CLO
5
Ltd.,
Series
2020-5A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.16%),
5.40%,
07/20/34
(a)(b)
....................
4,000
3,904,540
AIG
CLO
LLC
(a)(b)
Series
2018-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.05%),
6.29%,
04/20/32
...
2,500
2,356,044
Series
2018-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
7.34%,
04/20/32
...
1,000
915,683
Series
2020-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.00%),
6.08%,
04/15/34
...
4,000
3,726,290
Series
2020-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.00%),
7.08%,
04/15/34
...
3,100
2,827,540
Series
2021-2A,
Class
B,
(LIBOR
USD
3
Month
+
1.75%),
5.99%,
07/20/34
...
14,000
13,491,316
Series
2021-2A,
Class
C,
(LIBOR
USD
3
Month
+
2.00%),
6.24%,
07/20/34
...
5,000
4,711,540
Series
2021-2A,
Class
D,
(LIBOR
USD
3
Month
+
3.05%),
7.29%,
07/20/34
...
2,500
2,261,404
Series
2021-2A,
Class
E,
(LIBOR
USD
3
Month
+
6.50%),
10.74%,
07/20/34
...
1,325
1,193,332
Series
2021-3A,
Class
B,
(LIBOR
USD
3
Month
+
1.75%),
6.11%,
01/25/35
...
5,000
4,806,369
Series
2021-3A,
Class
C,
(LIBOR
USD
3
Month
+
2.05%),
6.41%,
01/25/35
...
3,000
2,811,161
Series
2021-3A,
Class
D,
(LIBOR
USD
3
Month
+
3.10%),
7.46%,
01/25/35
...
1,000
929,383
AIG
CLO
Ltd.,
Series
2019-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.10%),
5.46%,
10/25/33
(a)(b)
....................
7,300
7,154,134
AIMCO
CLO
(a)(b)
Series
2015-AA,
Class
BR2,
(LIBOR
USD
3
Month
+
1.60%),
5.68%,
10/17/34
...
1,500
1,430,889
Series
2015-AA,
Class
CR2,
(LIBOR
USD
3
Month
+
2.00%),
6.08%,
10/17/34
...
3,000
2,820,180
Series
2015-AA,
Class
DR2,
(LIBOR
USD
3
Month
+
3.05%),
7.13%,
10/17/34
...
4,500
4,182,196
AIMCO
CLO
10
Ltd.
(a)(b)
Series
2019-10A,
Class
CR,
(LIBOR
USD
3
Month
+
1.90%),
6.22%,
07/22/32
...
7,500
7,059,255
Series
2019-10A,
Class
DR,
(LIBOR
USD
3
Month
+
2.90%),
7.22%,
07/22/32
...
3,500
3,326,987
AIMCO
CLO
11
Ltd.,
Series
2020-11A,
Class
CR,
(LIBOR
USD
3
Month
+
2.00%),
6.08%,
10/17/34
(a)(b)
....................
4,500
4,209,153
AIMCO
CLO
15
Ltd.,
Series
2021-15A,
Class
C,
(LIBOR
USD
3
Month
+
1.95%),
6.03%,
10/17/34
(a)(b)
....................
1,500
1,398,281
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
AIMCO
CLO
Ltd.,
Series
2020-12A,
Class
BR,
(3
Month
CME
Term
SOFR
+
1.70%),
5.56%,
01/17/32
(a)(b)
...............
USD
10,000
$
9,692,420
Ajax
Mortgage
Loan
Trust
(b)
Series
2018-E,
Class
C,
0.00%,
06/25/58
(a)
5
4,948
Series
2018-F,
Class
C,
0.00%,
11/25/58
.
77
50,184
Allegro
CLO
II-S
Ltd.,
Series
2014-1RA,
Class
B,
(LIBOR
USD
3
Month
+
2.15%),
6.43%,
10/21/28
(a)(b)
....................
1,300
1,259,407
Allegro
CLO
VI
Ltd.,
Series
2017-2A,
Class
B,
(LIBOR
USD
3
Month
+
1.50%),
5.58%,
01/17/31
(a)(b)
....................
1,000
949,782
Allegro
CLO
VII
Ltd.,
Series
2018-1A,
Class
B,
(LIBOR
USD
3
Month
+
1.65%),
5.73%,
06/13/31
(a)(b)
....................
1,000
944,536
Allegro
CLO
XI
Ltd.,
Series
2019-2A,
Class
A1A,
(LIBOR
USD
3
Month
+
1.39%),
5.62%,
01/19/33
(a)(b)
...............
2,000
1,964,113
ALM
Ltd.,
Series
2020-1A,
Class
A2,
(LIBOR
USD
3
Month
+
1.85%),
5.93%,
10/15/29
(a)(b)
3,500
3,401,547
AMMC
CLO
21
Ltd.,
Series
2017-21A,
Class
A,
(LIBOR
USD
3
Month
+
1.25%),
5.71%,
11/02/30
(a)(b)
....................
1,750
1,726,026
AMSR
Trust
(b)
Series
2020-SFR1,
Class
E,
3.22%,
04/17/37
....................
10,250
9,370,427
Series
2020-SFR1,
Class
F,
3.57%,
04/17/37
....................
19,850
18,172,977
Series
2020-SFR1,
Class
G,
4.31%,
04/17/37
....................
7,500
6,879,254
Series
2020-SFR4,
Class
G2,
4.87%,
11/17/37
....................
3,441
3,064,059
Series
2021-SFR3,
Class
F,
3.23%,
10/17/38
....................
11,000
9,172,338
Anchorage
Capital
CLO
11
Ltd.,
Series
2019-
11A,
Class
CR,
(LIBOR
USD
3
Month
+
2.30%),
6.62%,
07/22/32
(a)(b)
.........
700
659,871
Anchorage
Capital
CLO
15
Ltd.,
Series
2020-
15A,
Class
AR,
(LIBOR
USD
3
Month
+
1.20%),
5.44%,
07/20/34
(a)(b)
.........
7,000
6,792,116
Anchorage
Capital
CLO
18
Ltd.,
Series
2021-
18A,
Class
A1,
(LIBOR
USD
3
Month
+
1.15%),
5.23%,
04/15/34
(a)(b)
.........
1,000
974,980
Anchorage
Capital
CLO
20
Ltd.
(a)(b)
Series
2021-20A,
Class
A1,
(LIBOR
USD
3
Month
+
1.20%),
5.44%,
01/20/35
...
1,300
1,264,930
Series
2021-20A,
Class
B,
(LIBOR
USD
3
Month
+
1.80%),
6.04%,
01/20/35
...
1,500
1,427,138
Anchorage
Capital
CLO
3-R
Ltd.
(a)(b)
Series
2014-3RA,
Class
B,
(LIBOR
USD
3
Month
+
1.50%),
5.87%,
01/28/31
...
3,400
3,313,193
Series
2014-3RA,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
6.22%,
01/28/31
...
1,250
1,163,352
Anchorage
Capital
CLO
4-R
Ltd.
(a)(b)
Series
2014-4RA,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
6.22%,
01/28/31
...
600
560,517
Series
2014-4RA,
Class
D,
(LIBOR
USD
3
Month
+
2.60%),
6.97%,
01/28/31
...
2,250
1,990,130
Anchorage
Capital
CLO
5-R
Ltd.,
Series
2014-5RA,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
5.93%,
01/15/30
(a)(b)
.........
1,850
1,778,725
Anchorage
Capital
CLO
9
Ltd.,
Series
2016-9A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.75%),
5.83%,
07/15/32
(a)(b)
...............
1,000
960,963
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Anchorage
Capital
CLO
Ltd.
(a)(b)
Series
2018-1RA,
Class
E,
(LIBOR
USD
3
Month
+
5.50%),
9.44%,
04/13/31
...
USD
1,500
$
1,273,870
Series
2018-10A,
Class
A1A,
(LIBOR
USD
3
Month
+
1.20%),
5.28%,
10/15/31
...
7,650
7,527,602
Series
2018-10A,
Class
B,
(LIBOR
USD
3
Month
+
1.75%),
5.83%,
10/15/31
...
3,000
2,897,074
Series
2018-10A,
Class
D,
(LIBOR
USD
3
Month
+
3.15%),
7.23%,
10/15/31
...
1,500
1,375,524
Series
2022-25A,
Class
C,
(3
Month
CME
Term
SOFR
+
2.35%),
6.31%,
04/20/35
5,000
4,689,281
Anchorage
Capital
Europe
CLO
2
DAC,
Series
2X,
Class
ER,
(EURIBOR
3
Month
+
6.45%),
7.83%,
04/15/34
(a)(c)
.........
EUR
499
445,444
Anchorage
Capital
Europe
CLO
DAC,
Series
4X,
Class
E,
(EURIBOR
3
Month
+
5.71%),
7.25%,
04/25/34
(a)(c)
...............
300
263,798
Apidos
CLO
XII,
Series
2013-12A,
Class
AR,
(LIBOR
USD
3
Month
+
1.08%),
5.16%,
04/15/31
(a)(b)
....................
USD
2,400
2,363,490
Apidos
CLO
XV
(a)(b)
Series
2013-15A,
Class
CRR,
(LIBOR
USD
3
Month
+
1.85%),
6.09%,
04/20/31
..
7,000
6,537,550
Series
2013-15A,
Class
DRR,
(LIBOR
USD
3
Month
+
2.70%),
6.94%,
04/20/31
..
2,000
1,806,401
Apidos
CLO
XX,
Series
2015-20A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.95%),
6.03%,
07/16/31
(a)(b)
....................
1,750
1,660,861
Apidos
CLO
XXII,
Series
2015-22A,
Class
CR,
(LIBOR
USD
3
Month
+
2.95%),
7.19%,
04/20/31
(a)(b)
....................
1,000
935,868
Apidos
CLO
XXIX
(a)(b)
Series
2018-29A,
Class
A2,
(LIBOR
USD
3
Month
+
1.55%),
5.91%,
07/25/30
...
1,000
966,369
Series
2018-29A,
Class
B,
(LIBOR
USD
3
Month
+
1.90%),
6.26%,
07/25/30
...
1,000
939,467
Apidos
CLO
XXV,
Series
2016-25A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.17%),
5.41%,
10/20/31
(a)(b)
....................
4,500
4,430,317
Apidos
CLO
XXXII,
Series
2019-32A,
Class
C,
(LIBOR
USD
3
Month
+
2.40%),
6.64%,
01/20/33
(a)(b)
....................
1,000
953,131
Apidos
CLO
XXXIV,
Series
2020-34A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.15%),
5.39%,
01/20/35
(a)(b)
...............
14,000
13,632,279
Aqueduct
European
CLO
DAC,
Series
2017-
2X,
Class
E,
(EURIBOR
3
Month
+
4.40%),
5.78%,
10/15/30
(a)(c)
...............
EUR
219
195,115
Ares
L
CLO
Ltd.,
Series
2018-50A,
Class
BR,
(LIBOR
USD
3
Month
+
1.60%),
5.68%,
01/15/32
(a)(b)
....................
USD
6,000
5,793,989
Ares
LIII
CLO
Ltd.
(a)(b)
Series
2019-53A,
Class
C,
(LIBOR
USD
3
Month
+
2.65%),
6.97%,
04/24/31
...
4,500
4,335,008
Series
2019-53A,
Class
D,
(LIBOR
USD
3
Month
+
3.75%),
8.07%,
04/24/31
...
3,000
2,792,789
Ares
LV
CLO
Ltd.,
Series
2020-55A,
Class
BR,
(LIBOR
USD
3
Month
+
1.70%),
5.78%,
07/15/34
(a)(b)
....................
1,000
951,360
Ares
LXI
CLO
Ltd.,
Series
2021-61A,
Class
A,
(LIBOR
USD
3
Month
+
1.15%),
5.39%,
10/20/34
(a)(b)
....................
7,500
7,290,126
Ares
XLVII
CLO
Ltd.,
Series
2018-47A,
Class
SUB,
0.00%,
04/15/30
(a)(b)
...........
4,500
1,999,107
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Ares
XLVIII
CLO
Ltd.,
Series
2018-48A,
Class
C,
(LIBOR
USD
3
Month
+
1.80%),
6.04%,
07/20/30
(a)(b)
....................
USD
1,000
$
932,518
Ares
XXXIR
CLO
Ltd.,
Series
2014-31RA,
Class
A2,
(LIBOR
USD
3
Month
+
1.30%),
6.06%,
05/24/30
(a)(b)
...............
1,000
959,964
Ares
XXXIV
CLO
Ltd.,
Series
2015-2A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
7.18%,
04/17/33
(a)(b)
....................
7,250
6,375,033
Ares
XXXVII
CLO
Ltd.
(a)(b)
Series
2015-4A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.17%),
5.25%,
10/15/30
...
3,000
2,968,921
Series
2015-4A,
Class
A3R,
(LIBOR
USD
3
Month
+
1.50%),
5.58%,
10/15/30
...
1,500
1,448,025
Series
2015-4A,
Class
BR,
(LIBOR
USD
3
Month
+
1.80%),
5.88%,
10/15/30
...
1,017
962,297
Ares
XXXVR
CLO
Ltd.
(a)(b)
Series
2015-35RA,
Class
A2,
(LIBOR
USD
3
Month
+
1.40%),
5.48%,
07/15/30
...
1,500
1,455,409
Series
2015-35RA,
Class
C,
(LIBOR
USD
3
Month
+
1.90%),
5.98%,
07/15/30
...
1,000
947,048
Atlas
Senior
Loan
Fund
VII
Ltd.,
Series
2016-
7A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.55%),
6.29%,
11/27/31
(a)(b)
.........
5,500
5,313,629
Atlas
Senior
Loan
Fund
XI
Ltd.,
Series
2018-
11A,
Class
A1L,
(LIBOR
USD
3
Month
+
1.10%),
5.43%,
07/26/31
(a)(b)
.........
2,000
1,957,893
Atlas
Senior
Loan
Fund
XII
Ltd.,
Series
2018-
12A,
Class
A1,
(LIBOR
USD
3
Month
+
1.18%),
5.50%,
10/24/31
(a)(b)
.........
1,700
1,660,714
Atrium
VIII,
Series
8A,
Class
SUB,
0.00%,
10/23/24
(a)(b)
....................
11,500
16,675
Atrium
XIV
LLC,
Series
14A,
Class
C,
(LIBOR
USD
3
Month
+
1.95%),
6.03%,
08/23/30
(a)(b)
1,000
948,682
Atrium
XV
(a)(b)
Series
15A,
Class
B,
(LIBOR
USD
3
Month
+
1.75%),
6.07%,
01/23/31
........
1,000
969,004
Series
15A,
Class
D,
(LIBOR
USD
3
Month
+
3.00%),
7.32%,
01/23/31
........
500
469,701
Aurium
CLO
II
DAC,
Series
2X,
Class
ERR,
(EURIBOR
3
Month
+
6.08%),
8.21%,
06/22/34
(a)(c)
....................
EUR
200
173,545
Avoca
CLO
XV
DAC,
Series
15X,
Class
ER,
(EURIBOR
3
Month
+
4.13%),
5.51%,
04/15/31
(a)(c)
....................
670
566,282
Bain
Capital
Credit
CLO
Ltd.
(a)(b)
Series
2019-2A,
Class
CR,
(LIBOR
USD
3
Month
+
2.10%),
6.18%,
10/17/32
...
USD
1,250
1,178,754
Series
2019-2A,
Class
DR,
(LIBOR
USD
3
Month
+
3.15%),
7.23%,
10/17/32
...
1,000
927,234
Series
2021-3A,
Class
A,
(LIBOR
USD
3
Month
+
1.16%),
5.48%,
07/24/34
...
6,750
6,572,481
Series
2021-7A,
Class
C,
(LIBOR
USD
3
Month
+
2.10%),
6.42%,
01/22/35
...
2,250
2,075,075
Series
2022-1A,
Class
B,
(3
Month
CME
Term
SOFR
+
1.85%),
5.78%,
04/18/35
5,000
4,747,862
Series
2022-1A,
Class
C,
(3
Month
CME
Term
SOFR
+
2.20%),
6.13%,
04/18/35
7,000
6,483,917
Series
2022-1A,
Class
D,
(3
Month
CME
Term
SOFR
+
3.20%),
7.13%,
04/18/35
2,500
2,151,686
Ballyrock
CLO
Ltd.
(a)(b)
Series
2020-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.95%),
6.19%,
10/20/31
...
4,500
4,239,659
Series
2020-2A,
Class
CR,
(LIBOR
USD
3
Month
+
2.95%),
7.19%,
10/20/31
...
2,000
1,866,420
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
40
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Bardot
CLO
Ltd.,
Series
2019-2A,
Class
CR,
(LIBOR
USD
3
Month
+
1.90%),
6.22%,
10/22/32
(a)(b)
....................
USD
3,250
$
3,044,927
Battalion
CLO
17
Ltd.,
Series
2021-17A,
Class
C,
(LIBOR
USD
3
Month
+
2.10%),
6.34%,
03/09/34
(a)(b)
....................
1,000
915,603
Battalion
CLO
18
Ltd.,
Series
2020-18A,
Class
DR,
(LIBOR
USD
3
Month
+
3.45%),
7.53%,
10/15/36
(a)(b)
....................
2,000
1,723,696
Battalion
CLO
X
Ltd.,
Series
2016-10A,
Class
BR2,
(LIBOR
USD
3
Month
+
2.05%),
6.37%,
01/25/35
(a)(b)
...............
2,000
1,815,475
Battalion
CLO
XIX
Ltd.
(a)(b)
Series
2021-19A,
Class
C,
(LIBOR
USD
3
Month
+
2.00%),
6.08%,
04/15/34
...
3,000
2,745,381
Series
2021-19A,
Class
D,
(LIBOR
USD
3
Month
+
3.25%),
7.33%,
04/15/34
...
3,000
2,558,976
Battalion
CLO
XVI
Ltd.,
Series
2019-16A,
Class
AR,
(LIBOR
USD
3
Month
+
1.12%),
5.36%,
12/19/32
(a)(b)
....................
5,000
4,870,978
BBAM
European
CLO
I
DAC,
Series
1X,
Class
ER,
(EURIBOR
3
Month
+
5.91%),
7.41%,
07/22/34
(a)(c)
....................
EUR
200
175,238
Bear
Stearns
Asset-Backed
Securities
I
Trust
(a)
Series
2005-HE1,
Class
M2,
(LIBOR
USD
1
Month
+
1.25%),
5.09%,
01/25/35
...
USD
496
486,673
Series
2006-HE7,
Class
1A2,
(LIBOR
USD
1
Month
+
0.34%),
4.73%,
09/25/36
..
555
528,881
Series
2007-HE2,
Class
22A,
(LIBOR
USD
1
Month
+
0.14%),
4.53%,
03/25/37
..
2,204
2,020,853
Series
2007-HE2,
Class
23A,
(LIBOR
USD
1
Month
+
0.14%),
4.53%,
03/25/37
..
2,617
2,395,783
Series
2007-HE3,
Class
2A,
(LIBOR
USD
1
Month
+
0.14%),
4.53%,
04/25/37
...
3,684
5,132,798
Bear
Stearns
Asset-Backed
Securities
Trust,
Series
2004-HE3,
Class
M2,
(LIBOR
USD
1
Month
+
1.73%),
4.91%,
04/25/34
(a)
....
1,859
1,795,484
Benefit
Street
Partners
CLO
VIII
Ltd.,
Series
2015-8A,
Class
A1AR,
(LIBOR
USD
3
Month
+
1.10%),
5.34%,
01/20/31
(a)(b)
...
1,500
1,478,956
Benefit
Street
Partners
CLO
XIX
Ltd.
(a)(b)
Series
2019-19A,
Class
A,
(LIBOR
USD
3
Month
+
1.35%),
5.43%,
01/15/33
...
7,000
6,867,516
Series
2019-19A,
Class
B,
(LIBOR
USD
3
Month
+
2.00%),
6.08%,
01/15/33
...
4,250
4,126,640
Benefit
Street
Partners
CLO
XV
Ltd.
(a)(b)
Series
2018-15A,
Class
A1,
(LIBOR
USD
3
Month
+
1.15%),
5.34%,
07/18/31
...
2,200
2,170,326
Series
2018-15A,
Class
A2A,
(LIBOR
USD
3
Month
+
1.70%),
5.89%,
07/18/31
...
1,000
963,544
Bilbao
CLO
I
DAC,
Series
1X,
Class
D,
(EURIBOR
3
Month
+
4.73%),
6.19%,
07/20/31
(a)(c)
....................
EUR
550
477,829
Bilbao
CLO
II
DAC,
Series
2X,
Class
DR,
(EURIBOR
3
Month
+
5.97%),
7.77%,
08/20/35
(a)(c)
....................
700
607,690
Birch
Grove
CLO
3
Ltd.
(a)(b)
Series
2021-3A,
Class
B1,
(LIBOR
USD
3
Month
+
1.80%),
6.03%,
01/19/35
...
USD
7,500
7,172,132
Series
2021-3A,
Class
C,
(LIBOR
USD
3
Month
+
2.25%),
6.48%,
01/19/35
...
5,000
4,607,272
Birch
Grove
CLO
Ltd.,
Series
19A,
Class
CR,
(LIBOR
USD
3
Month
+
2.20%),
6.97%,
06/15/31
(a)(b)
....................
2,000
1,891,858
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
BlueMountain
CLO
DAC,
Series
2021-1X,
Class
E,
(EURIBOR
3
Month
+
5.41%),
5.41%,
04/15/34
(a)(c)
...............
EUR
300
$
258,238
BlueMountain
CLO
Ltd.,
Series
2013-2A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.18%),
5.50%,
10/22/30
(a)(b)
...............
USD
980
967,641
BlueMountain
Fuji
Eur
CLO
IV
DAC,
Series
4X,
Class
ER,
(EURIBOR
3
Month
+
6.21%),
6.68%,
02/25/34
(a)(c)
...............
EUR
700
610,599
Boyce
Park
CLO
Ltd.,
Series
2022-1A,
Class
C,
(3
Month
CME
Term
SOFR
+
2.10%),
6.09%,
04/21/35
(a)(b)
...............
USD
1,500
1,391,129
Bridge
Street
CLO
II
Ltd.,
Series
2021-1A,
Class
A2,
(LIBOR
USD
3
Month
+
1.75%),
5.99%,
07/20/34
(a)(b)
...............
5,000
4,799,911
Buckhorn
Park
CLO
Ltd.
(a)(b)
Series
2019-1A,
Class
B1R,
(LIBOR
USD
3
Month
+
1.65%),
5.84%,
07/18/34
...
9,000
8,581,848
Series
2019-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.00%),
6.19%,
07/18/34
...
2,500
2,313,197
Canyon
Capital
CLO
Ltd.
(a)(b)
Series
2016-1A,
Class
CR,
(LIBOR
USD
3
Month
+
1.90%),
5.98%,
07/15/31
...
1,500
1,407,588
Series
2016-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.75%),
5.83%,
10/15/31
...
1,250
1,194,779
Series
2017-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.00%),
6.08%,
07/15/30
...
5,000
4,730,660
Series
2022-1A,
Class
C,
(3
Month
CME
Term
SOFR
+
2.20%),
6.13%,
04/15/35
2,000
1,855,960
Canyon
CLO
Ltd.
(a)(b)
Series
2018-1A,
Class
C,
(LIBOR
USD
3
Month
+
1.90%),
5.98%,
07/15/31
...
1,000
934,951
Series
2020-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.05%),
6.13%,
07/15/34
...
1,000
923,777
Series
2020-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.15%),
7.23%,
07/15/34
...
1,000
916,699
Series
2020-3A,
Class
C,
(LIBOR
USD
3
Month
+
2.50%),
6.58%,
01/15/34
...
1,000
945,511
Capital
Four
CLO
II
DAC,
Series
2X,
Class
E,
(EURIBOR
3
Month
+
5.91%),
7.29%,
01/15/34
(a)(c)
....................
EUR
300
265,106
Carlyle
C17
CLO
Ltd.,
Series
C17A,
Class
BR,
(LIBOR
USD
3
Month
+
1.85%),
6.26%,
04/30/31
(a)(b)
....................
USD
1,000
941,038
Carlyle
US
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.60%),
5.84%,
04/20/31
...
2,700
2,575,208
Series
2019-3A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.70%),
5.94%,
10/20/32
...
5,000
4,810,870
Series
2019-3A,
Class
BR,
(LIBOR
USD
3
Month
+
2.30%),
6.54%,
10/20/32
...
4,000
3,805,956
Carrington
Mortgage
Loan
Trust,
Series
2006-
FRE1,
Class
A4,
(LIBOR
USD
1
Month
+
0.25%),
4.64%,
04/25/36
(a)
..........
2,876
2,496,023
CarVal
CLO
I
Ltd.,
Series
2018-1A,
Class
D,
(LIBOR
USD
3
Month
+
2.89%),
6.97%,
07/16/31
(a)(b)
....................
1,995
1,842,908
CarVal
CLO
III
Ltd.,
Series
2019-2A,
Class
CR,
(LIBOR
USD
3
Month
+
1.95%),
6.19%,
07/20/32
(a)(b)
....................
7,000
6,576,571
CarVal
CLO
IV
Ltd.
(a)(b)
Series
2021-1A,
Class
B,
(LIBOR
USD
3
Month
+
1.75%),
5.99%,
07/20/34
...
6,500
6,227,170
Series
2021-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.25%),
7.49%,
07/20/34
...
5,000
4,615,355
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
CarVal
CLO
VC
Ltd.
(a)(b)
Series
2021-2A,
Class
C,
(LIBOR
USD
3
Month
+
2.20%),
6.28%,
10/15/34
...
USD
2,000
$
1,873,812
Series
2021-2A,
Class
D,
(LIBOR
USD
3
Month
+
3.25%),
7.33%,
10/15/34
...
3,000
2,756,924
Catskill
Park
CLO
Ltd.,
Series
2017-1A,
Class
C,
(LIBOR
USD
3
Month
+
3.70%),
7.94%,
04/20/29
(a)(b)
....................
1,000
928,069
CBAM
Ltd.
(a)(b)
Series
2017-1A,
Class
A1,
(LIBOR
USD
3
Month
+
1.25%),
5.49%,
07/20/30
...
997
986,076
Series
2020-13A,
Class
A,
(LIBOR
USD
3
Month
+
1.43%),
5.67%,
01/20/34
...
4,000
3,930,275
Cedar
Funding
IV
CLO
Ltd.,
Series
2014-4A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.65%),
5.97%,
07/23/34
(a)(b)
...............
5,000
4,797,690
Cedar
Funding
IX
CLO
Ltd.,
Series
2018-9A,
Class
SUB,
0.00%,
04/20/31
(a)(b)
.......
3,950
1,744,565
Cedar
Funding
V
CLO
Ltd.,
Series
2016-5A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.10%),
5.18%,
07/17/31
(a)(b)
...............
1,750
1,719,475
Cedar
Funding
VI
CLO
Ltd.,
Series
2016-6A,
Class
DRR,
(LIBOR
USD
3
Month
+
3.31%),
7.55%,
04/20/34
(a)(b)
...............
1,950
1,805,822
CIFC
European
Funding
CLO
III
DAC,
Series
3X,
Class
E,
(EURIBOR
3
Month
+
5.61%),
6.99%,
01/15/34
(a)(c)
...............
EUR
200
174,481
CIFC
Funding
Ltd.
(a)(b)
Series
2013-4A,
Class
A2RR,
(LIBOR
USD
3
Month
+
1.30%),
5.66%,
04/27/31
..
USD
1,700
1,655,567
Series
2013-4A,
Class
DRR,
(LIBOR
USD
3
Month
+
2.80%),
7.16%,
04/27/31
...
1,000
931,141
Series
2014-2RA,
Class
A3,
(LIBOR
USD
3
Month
+
1.90%),
6.22%,
04/24/30
...
500
478,145
Series
2014-3A,
Class
CR2,
(LIBOR
USD
3
Month
+
2.35%),
6.67%,
10/22/31
...
1,000
942,622
Series
2015-1A,
Class
CRR,
(LIBOR
USD
3
Month
+
1.90%),
6.22%,
01/22/31
...
1,000
948,690
Series
2016-1A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.70%),
5.98%,
10/21/31
...
7,000
6,732,142
Series
2017-3A,
Class
A1,
(LIBOR
USD
3
Month
+
1.22%),
5.46%,
07/20/30
...
3,484
3,449,613
Series
2017-5A,
Class
B,
(LIBOR
USD
3
Month
+
1.85%),
5.93%,
11/16/30
...
500
474,186
Series
2018-1A,
Class
B,
(LIBOR
USD
3
Month
+
1.40%),
5.59%,
04/18/31
...
1,000
969,485
Series
2018-4A,
Class
A1,
(LIBOR
USD
3
Month
+
1.15%),
5.23%,
10/17/31
...
2,700
2,653,163
Series
2018-4A,
Class
B,
(LIBOR
USD
3
Month
+
2.10%),
6.18%,
10/17/31
...
2,000
1,907,499
Series
2019-5A,
Class
A2RS,
(LIBOR
USD
3
Month
+
1.75%),
5.83%,
01/15/35
..
1,200
1,151,854
Series
2019-6A,
Class
A1,
(LIBOR
USD
3
Month
+
1.33%),
5.41%,
01/16/33
...
8,500
8,420,927
Series
2019-6A,
Class
D,
(LIBOR
USD
3
Month
+
3.95%),
8.03%,
01/16/33
...
1,150
1,089,331
Series
2021-1A,
Class
C,
(LIBOR
USD
3
Month
+
1.80%),
6.16%,
04/25/33
...
9,000
8,439,653
Series
2021-3A,
Class
D,
(LIBOR
USD
3
Month
+
3.00%),
7.08%,
07/15/36
...
1,500
1,393,563
Series
2021-6A,
Class
A,
(LIBOR
USD
3
Month
+
1.14%),
5.22%,
10/15/34
...
600
585,761
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2006-WFH2,
Class
M3,
(LIBOR
USD
1
Month
+
0.47%),
4.85%,
08/25/36
(a)
....
2,857
2,544,314
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Clear
Creek
CLO
(a)(b)
Series
2015-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.20%),
5.44%,
10/20/30
...
USD
7,000
$
6,923,925
Series
2015-1A,
Class
BR,
(LIBOR
USD
3
Month
+
1.60%),
5.84%,
10/20/30
...
3,000
2,906,652
Conseco
Finance
Corp.
(a)
Series
1996-5,
Class
M1,
8.05%,
07/15/27
387
385,123
Series
1997-7,
Class
M1,
7.03%,
07/15/28
1,883
1,764,348
Contego
CLO
IX
DAC,
Series
9X,
Class
E,
(EURIBOR
3
Month
+
6.01%),
6.15%,
01/24/34
(a)(c)
....................
EUR
472
407,932
Credit-Based
Asset
Servicing
&
Securitization
LLC,
Series
2007-CB6,
Class
A4,
(LIBOR
USD
1
Month
+
0.34%),
4.38%,
07/25/37
(a)(b)
USD
1,289
851,927
CVC
Cordatus
Loan
Fund
XX
DAC,
Series
20X,
Class
E,
(EURIBOR
3
Month
+
5.61%),
7.69%,
06/22/34
(a)(c)
...............
EUR
100
88,678
CVC
Cordatus
Loan
Fund
XXII
DAC,
Series
22X,
Class
D,
(EURIBOR
3
Month
+
3.15%),
5.20%,
12/15/34
(a)(c)
...............
200
180,716
Deer
Creek
CLO
Ltd.,
Series
2017-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.18%),
5.42%,
10/20/30
(a)(b)
....................
USD
1,000
989,100
Dryden
49
Senior
Loan
Fund,
Series
2017-49A,
Class
CR,
(LIBOR
USD
3
Month
+
2.05%),
6.24%,
07/18/30
(a)(b)
...............
2,000
1,896,488
Dryden
50
Senior
Loan
Fund,
Series
2017-50A,
Class
C,
(LIBOR
USD
3
Month
+
2.25%),
6.33%,
07/15/30
(a)(b)
...............
1,000
955,104
Dryden
61
CLO
Ltd.,
Series
2018-61A,
Class
CR,
(LIBOR
USD
3
Month
+
1.75%),
5.83%,
01/17/32
(a)(b)
....................
8,000
7,505,916
Dryden
70
CLO
Ltd.,
Series
2018-70A,
Class
D,
(LIBOR
USD
3
Month
+
3.75%),
7.83%,
01/16/32
(a)(b)
....................
1,000
934,341
Dryden
86
CLO
Ltd.,
Series
2020-86A,
Class
DR,
(LIBOR
USD
3
Month
+
3.20%),
7.28%,
07/17/34
(a)(b)
....................
6,000
5,461,795
Dryden
Senior
Loan
Fund,
Series
2017-47A,
Class
CR,
(LIBOR
USD
3
Month
+
2.05%),
6.13%,
04/15/28
(a)(b)
...............
5,250
5,068,448
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-
26A,
Class
CR,
(LIBOR
USD
3
Month
+
1.85%),
5.93%,
04/15/29
(a)(b)
.........
6,000
5,649,602
Dryden
XXVIII
Senior
Loan
Fund,
Series
2013-
28A,
Class
B1LR,
(LIBOR
USD
3
Month
+
3.15%),
7.76%,
08/15/30
(a)(b)
.........
1,500
1,405,320
Eaton
Vance
CLO
Ltd.
(a)(b)
Series
2013-1A,
Class
B3R,
(LIBOR
USD
3
Month
+
2.15%),
6.23%,
01/15/34
...
3,500
3,301,363
Series
2018-1A,
Class
C,
(LIBOR
USD
3
Month
+
2.20%),
6.28%,
10/15/30
...
1,000
941,822
Series
2019-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.10%),
5.18%,
04/15/31
...
2,500
2,459,355
Series
2020-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.05%),
6.13%,
10/15/34
...
3,500
3,265,345
Series
2020-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
7.18%,
10/15/34
...
3,000
2,772,378
Elevation
CLO
Ltd.,
Series
2017-8A,
Class
C,
(LIBOR
USD
3
Month
+
2.05%),
6.41%,
10/25/30
(a)(b)
....................
3,000
2,792,625
Elmwood
CLO
I
Ltd.
(a)(b)
Series
2019-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.45%),
5.69%,
10/20/33
...
2,500
2,474,705
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
42
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2019-1A,
Class
DR,
(LIBOR
USD
3
Month
+
4.40%),
8.64%,
10/20/33
...
USD
2,000
$
1,978,702
Elmwood
CLO
IV
Ltd.
(a)(b)
Series
2020-1A,
Class
B,
(LIBOR
USD
3
Month
+
1.70%),
5.78%,
04/15/33
...
1,250
1,206,876
Series
2020-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.15%),
7.23%,
04/15/33
...
5,500
5,203,328
Elmwood
CLO
IX
Ltd.,
Series
2021-2A,
Class
C,
(LIBOR
USD
3
Month
+
1.90%),
6.14%,
07/20/34
(a)(b)
....................
1,500
1,397,478
Elmwood
CLO
V
Ltd.,
Series
2020-2A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
7.34%,
10/20/34
(a)(b)
....................
2,000
1,874,769
Elmwood
CLO
XI
Ltd.,
Series
2021-4A,
Class
D,
(LIBOR
USD
3
Month
+
2.95%),
7.19%,
10/20/34
(a)(b)
....................
2,000
1,858,881
First
Franklin
Mortgage
Loan
Trust
(a)
Series
2006-FF9,
Class
2A4,
(LIBOR
USD
1
Month
+
0.50%),
4.89%,
06/25/36
...
1,450
1,265,263
Series
2006-FF13,
Class
A1,
(LIBOR
USD
1
Month
+
0.24%),
4.63%,
10/25/36
...
3,252
2,188,297
Series
2006-FF13,
Class
A2C,
(LIBOR
USD
1
Month
+
0.32%),
4.71%,
10/25/36
..
1,907
1,288,097
Series
2006-FF17,
Class
A5,
(LIBOR
USD
1
Month
+
0.15%),
4.54%,
12/25/36
...
2,404
2,175,432
Series
2006-FFH1,
Class
M1,
(LIBOR
USD
1
Month
+
0.56%),
4.94%,
01/25/36
..
5,511
5,291,288
FirstKey
Homes
Trust
(b)
Series
2022-SFR1,
Class
E1,
5.00%,
05/17/39
....................
6,000
5,113,301
Series
2022-SFR2,
Class
E1,
4.50%,
07/17/39
....................
6,382
5,335,379
Flatiron
CLO
17
Ltd.
(a)(b)
Series
2017-1A,
Class
AR,
(LIBOR
USD
3
Month
+
0.98%),
5.59%,
05/15/30
...
2,745
2,711,867
Series
2017-1A,
Class
CR,
(LIBOR
USD
3
Month
+
1.90%),
6.51%,
05/15/30
...
1,000
953,817
Flatiron
CLO
20
Ltd.,
Series
2020-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.79%),
8.47%,
11/20/33
(a)(b)
....................
1,000
968,431
Flatiron
CLO
21
Ltd.
(a)(b)
Series
2021-1A,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
6.08%,
07/19/34
...
2,000
1,858,119
Series
2021-1A,
Class
D,
(LIBOR
USD
3
Month
+
2.90%),
7.13%,
07/19/34
...
2,500
2,361,671
FRTKL,
Series
2021-SFR1,
Class
F,
3.17%,
09/17/38
(b)
.....................
2,900
2,379,702
FS
Rialto
Issuer
LLC,
Series
2022-FL7,
Class
A,
(1
Month
CME
Term
SOFR
+
2.90%),
6.81%,
10/19/39
(a)(b)
...............
8,500
8,440,554
Galaxy
XX
CLO
Ltd.,
Series
2015-20A,
Class
D1R,
(LIBOR
USD
3
Month
+
2.60%),
6.84%,
04/20/31
(a)(b)
...............
1,800
1,693,995
Galaxy
XXIV
CLO
Ltd.,
Series
2017-24A,
Class
C,
(LIBOR
USD
3
Month
+
1.70%),
5.78%,
01/15/31
(a)(b)
....................
500
466,314
Galaxy
XXVII
CLO
Ltd.,
Series
2018-27A,
Class
A,
(LIBOR
USD
3
Month
+
1.02%),
5.66%,
05/16/31
(a)(b)
...............
3,000
2,958,173
Generate
CLO
2
Ltd.,
Series
2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.15%),
5.47%,
01/22/31
(a)(b)
....................
7,660
7,565,623
Generate
CLO
3
Ltd.,
Series
3A,
Class
DR,
(LIBOR
USD
3
Month
+
3.60%),
7.84%,
10/20/29
(a)(b)
....................
2,000
1,828,230
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Generate
CLO
6
Ltd.,
Series
6A,
Class
CR,
(LIBOR
USD
3
Month
+
2.45%),
6.77%,
01/22/35
(a)(b)
....................
USD
1,000
$
937,575
Generate
CLO
7
Ltd.,
Series
2019-2A,
Class
A1,
(LIBOR
USD
3
Month
+
1.37%),
5.69%,
01/22/33
(a)(b)
....................
3,000
2,936,168
Generate
CLO
9
Ltd.
(a)(b)
Series
9A,
Class
B,
(LIBOR
USD
3
Month
+
1.70%),
5.99%,
10/20/34
.........
8,500
8,143,111
Series
9A,
Class
C,
(LIBOR
USD
3
Month
+
2.25%),
6.49%,
10/20/34
.........
3,000
2,759,707
Series
9A,
Class
D,
(LIBOR
USD
3
Month
+
3.35%),
7.59%,
10/20/34
.........
3,000
2,584,276
Series
9A,
Class
E,
(LIBOR
USD
3
Month
+
6.85%),
11.09%,
10/20/34
.........
1,000
879,516
Gilbert
Park
CLO
Ltd.,
Series
2017-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.19%),
5.27%,
10/15/30
(a)(b)
....................
2,250
2,227,826
GoldenTree
Loan
Management
US
CLO
1
Ltd.,
Series
2017-1A,
Class
CR2,
(LIBOR
USD
3
Month
+
1.80%),
6.04%,
04/20/34
(a)(b)
...
9,500
8,808,029
GoldenTree
Loan
Management
US
CLO
10
Ltd.,
Series
2021-10A,
Class
B,
(LIBOR
USD
3
Month
+
1.60%),
5.84%,
07/20/34
(a)(b)
1,000
955,148
GoldenTree
Loan
Management
US
CLO
3
Ltd.,
Series
2018-3A,
Class
AJ,
(LIBOR
USD
3
Month
+
1.30%),
5.54%,
04/20/30
(a)(b)
...
2,000
1,949,559
GoldenTree
Loan
Management
US
CLO
4
Ltd.,
Series
2019-4A,
Class
CR,
(LIBOR
USD
3
Month
+
2.00%),
6.32%,
04/24/31
(a)(b)
...
1,000
945,107
GoldenTree
Loan
Management
US
CLO
5
Ltd.
(a)(b)
Series
2019-5A,
Class
CR,
(LIBOR
USD
3
Month
+
2.05%),
6.29%,
10/20/32
...
2,000
1,893,363
Series
2019-5A,
Class
DR,
(LIBOR
USD
3
Month
+
3.15%),
7.39%,
10/20/32
...
1,000
928,702
GoldenTree
Loan
Management
US
CLO
6
Ltd.,
Series
2019-6A,
Class
BR,
(3
Month
CME
Term
SOFR
+
1.80%),
5.76%,
04/20/35
(a)(b)
800
759,289
GoldenTree
Loan
Opportunities
IX
Ltd.,
Series
2014-9A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.60%),
6.01%,
10/29/29
(a)(b)
........
900
879,207
GoldenTree
Loan
Opportunities
X
Ltd.
(a)(b)
Series
2015-10A,
Class
AR,
(LIBOR
USD
3
Month
+
1.12%),
5.36%,
07/20/31
...
3,300
3,256,112
Series
2015-10A,
Class
C1R,
(LIBOR
USD
3
Month
+
2.10%),
6.34%,
07/20/31
..
1,000
959,049
GoldentTree
Loan
Management
US
CLO
1
Ltd.
(a)(b)
Series
2021-11A,
Class
C,
(LIBOR
USD
3
Month
+
1.95%),
6.19%,
10/20/34
...
3,000
2,783,197
Series
2021-11A,
Class
D,
(LIBOR
USD
3
Month
+
3.00%),
7.24%,
10/20/34
...
1,000
902,129
Golub
Capital
Partners
CLO
53B
Ltd.,
Series
2021-53A,
Class
B,
(LIBOR
USD
3
Month
+
1.80%),
6.04%,
07/20/34
(a)(b)
.........
5,915
5,695,675
Golub
Capital
Partners
CLO
55B
Ltd.,
Series
2021-55A,
Class
D,
(LIBOR
USD
3
Month
+
3.20%),
7.44%,
07/20/34
(a)(b)
.........
2,500
2,312,844
Golub
Capital
Partners
CLO
58B
Ltd.,
Series
2021-58A,
Class
A1,
(LIBOR
USD
3
Month
+
1.18%),
5.54%,
01/25/35
(a)(b)
........
1,000
975,906
Greene
King
Finance
plc
(a)
Series
B1,  (Sterling
Overnight
Index
Average
+
1.92%),
5.35%,
12/15/34
..
GBP
100
91,518
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
B2,  (Sterling
Overnight
Index
Average
+
2.20%),
5.63%,
03/15/36
(c)
.
GBP
100
$
90,105
Greenpoint
Manufactured
Housing,
Series
2000-1,
Class
A4,
8.14%,
03/20/30
(a)
....
USD
4,798
3,569,961
Greywolf
CLO
II
Ltd.,
Series
2013-1A,
Class
B1RR,
(LIBOR
USD
3
Month
+
2.30%),
6.38%,
04/15/34
(a)(b)
...............
1,500
1,398,492
Greywolf
CLO
III
Ltd.
(a)(b)
Series
2020-3RA,
Class
BR,
(3
Month
CME
Term
SOFR
+
2.71%),
6.75%,
04/15/33
3,000
2,812,704
Series
2020-3RA,
Class
CR,
(3
Month
CME
Term
SOFR
+
3.61%),
7.65%,
04/15/33
1,000
904,859
Greywolf
CLO
V
Ltd.,
Series
2015-1A,
Class
CR,
(LIBOR
USD
3
Month
+
3.00%),
7.36%,
01/27/31
(a)(b)
....................
450
394,529
Grippen
Park
CLO
Ltd.,
Series
2017-1A,
Class
C,
(LIBOR
USD
3
Month
+
2.30%),
6.54%,
01/20/30
(a)(b)
....................
1,000
966,305
GSAA
Home
Equity
Trust
Series
2005-14,
Class
1A2,
(LIBOR
USD
1
Month
+
0.70%),
5.09%,
12/25/35
(a)
..
1,025
448,766
Series
2006-4,
Class
1A1,
3.24%,
03/25/36
(a)
...................
2,687
1,917,282
Series
2006-5,
Class
1A1,
(LIBOR
USD
1
Month
+
0.36%),
4.75%,
03/25/36
(a)
..
3,577
1,140,163
Series
2006-18,
Class
AF6,
6.18%,
11/25/36
(d)
...................
3,324
834,732
GSAMP
Trust
(a)
Series
2006-FM3,
Class
A1,
(LIBOR
USD
1
Month
+
0.14%),
4.53%,
11/25/36
...
6,671
3,159,807
Series
2006-HE6,
Class
A4,
(LIBOR
USD
1
Month
+
0.48%),
4.63%,
08/25/36
...
1,440
1,146,689
GT
Loan
Financing
I
Ltd.,
Series
2013-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.10%),
6.47%,
07/28/31
(a)(b)
...............
1,000
966,107
Gulf
Stream
Meridian
1
Ltd.
(a)(b)
Series
2020-IA,
Class
A1,
(LIBOR
USD
3
Month
+
1.37%),
5.45%,
04/15/33
...
7,500
7,345,108
Series
2020-IA,
Class
B,
(LIBOR
USD
3
Month
+
2.00%),
6.08%,
04/15/33
...
2,000
1,927,674
Gulf
Stream
Meridian
4
Ltd.
(a)(b)
Series
2021-4A,
Class
A1,
(LIBOR
USD
3
Month
+
1.20%),
5.28%,
07/15/34
...
7,000
6,816,524
Series
2021-4A,
Class
A2,
(LIBOR
USD
3
Month
+
1.85%),
5.93%,
07/15/34
...
1,250
1,203,220
HalseyPoint
CLO
3
Ltd.,
Series
2020-3A,
Class
A1A,
(LIBOR
USD
3
Month
+
1.45%),
5.86%,
11/30/32
(a)(b)
...............
11,000
10,853,461
HalseyPoint
CLO
4
Ltd.,
Series
2021-4A,
Class
C,
(LIBOR
USD
3
Month
+
2.15%),
6.39%,
04/20/34
(a)(b)
....................
1,750
1,625,524
HalseyPoint
CLO
5
Ltd.
(a)(b)
Series
2021-5A,
Class
B,
(LIBOR
USD
3
Month
+
1.80%),
6.21%,
01/30/35
...
3,500
3,344,168
Series
2021-5A,
Class
D,
(LIBOR
USD
3
Month
+
3.50%),
7.91%,
01/30/35
...
3,000
2,785,725
HalseyPoint
CLO
I
Ltd.
(a)(b)
Series
2019-1A,
Class
A1A1,
(LIBOR
USD
3
Month
+
1.35%),
5.59%,
01/20/33
...
10,000
9,831,924
Series
2019-1A,
Class
B1,
(LIBOR
USD
3
Month
+
2.20%),
6.44%,
01/20/33
...
2,500
2,437,461
Harvest
CLO
XVI
DAC,
Series
16X,
Class
ER,
(EURIBOR
3
Month
+
5.57%),
6.95%,
10/15/31
(a)(c)
....................
EUR
235
207,190
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Henley
CLO
IV
DAC,
Series
4X,
Class
E,
(EURIBOR
3
Month
+
5.25%),
5.39%,
04/25/34
(a)(c)
....................
EUR
300
$
263,053
Highbridge
Loan
Management
Ltd.,
Series
12A-18,
Class
B,
(LIBOR
USD
3
Month
+
1.85%),
6.04%,
07/18/31
(a)(b)
.........
USD
1,000
935,885
Home
Partners
of
America
Trust,
Series
2021-
2,
Class
F,
3.80%,
12/17/26
(b)
.........
9,722
7,947,978
HPS
Loan
Management
Ltd.,
Series
8A-2016,
Class
CR,
(LIBOR
USD
3
Month
+
1.95%),
6.19%,
07/20/30
(a)(b)
...............
1,000
933,754
Invesco
CLO
Ltd.
(a)(b)
Series
2021-2A,
Class
D,
(LIBOR
USD
3
Month
+
2.90%),
6.98%,
07/15/34
...
500
453,492
Series
2022-1A,
Class
B,
(3
Month
CME
Term
SOFR
+
1.80%),
5.76%,
04/20/35
3,125
2,971,875
Series
2022-1A,
Class
C,
(3
Month
CME
Term
SOFR
+
2.15%),
6.11%,
04/20/35
5,000
4,641,975
Series
2022-1A,
Class
D,
(3
Month
CME
Term
SOFR
+
3.05%),
7.01%,
04/20/35
2,550
2,328,532
Invesco
Euro
CLO,
Series
6X,
Class
E,
(EURIBOR
3
Month
+
5.99%),
7.37%,
07/15/34
(a)(c)
....................
EUR
300
261,406
Invesco
Euro
CLO
III
DAC,
Series
3X,
Class
F,
(EURIBOR
3
Month
+
8.07%),
9.45%,
07/15/32
(a)(c)
....................
218
193,571
Invesco
Euro
CLO
V
DAC,
Series
5X,
Class
E,
(EURIBOR
3
Month
+
5.81%),
7.19%,
01/15/34
(a)(c)
....................
200
177,307
Invitation
Homes
Trust,
Series
2018-SFR4,
Class
A,
(LIBOR
USD
1
Month
+
1.10%),
5.44%,
01/17/38
(a)(b)
...............
USD
2,770
2,750,078
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-CH1,
Class
M7,
(LIBOR
USD
1
Month
+
0.80%),
5.19%,
07/25/36
(a)
.........
2,975
2,511,464
KKR
CLO
18
Ltd.,
Series
18,
Class
CR,
(LIBOR
USD
3
Month
+
2.10%),
6.29%,
07/18/30
(a)(b)
8,050
7,725,541
KKR
CLO
27
Ltd.
(a)(b)
Series
27A,
Class
BR,
(3
Month
CME
Term
SOFR
+
1.85%),
5.71%,
10/15/32
...
4,250
4,101,871
Series
27A,
Class
CR,
(3
Month
CME
Term
SOFR
+
2.25%),
6.11%,
10/15/32
....
1,450
1,373,898
KKR
CLO
35
Ltd.,
Series
35A,
Class
B,
(LIBOR
USD
3
Month
+
1.70%),
5.94%,
10/20/34
(a)(b)
3,657
3,502,655
KKR
CLO
41
Ltd.,
Series
2022-41A,
Class
D,
(3
Month
CME
Term
SOFR
+
3.25%),
7.11%,
04/15/35
(a)(b)
...............
5,250
4,681,276
KKR
CLO
Ltd.,
Series
22A,
Class
D,
(LIBOR
USD
3
Month
+
3.10%),
7.34%,
07/20/31
(a)(b)
1,200
1,123,391
LCM
XXV
Ltd.,
Series
25A,
Class
B2,
(LIBOR
USD
3
Month
+
1.65%),
5.89%,
07/20/30
(a)(b)
350
334,556
Long
Beach
Mortgage
Loan
Trust
(a)
Series
2005-3,
Class
1A,
(LIBOR
USD
1
Month
+
0.52%),
4.91%,
08/25/45
...
1,762
1,673,654
Series
2006-4,
Class
1A,
(LIBOR
USD
1
Month
+
0.30%),
4.69%,
05/25/36
...
22,021
12,637,151
Series
2006-6,
Class
2A3,
(LIBOR
USD
1
Month
+
0.30%),
4.69%,
07/25/36
...
5,851
2,354,093
Series
2006-7,
Class
1A,
(LIBOR
USD
1
Month
+
0.31%),
4.70%,
08/25/36
...
6,580
3,503,523
Series
2006-WL3,
Class
2A4,
(LIBOR
USD
1
Month
+
0.60%),
4.99%,
01/25/36
..
1,454
1,294,344
Lucali
CLO
Ltd.,
Series
2020-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.60%),
7.68%,
01/15/33
(a)(b)
....................
2,250
2,103,454
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
44
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Madison
Park
Funding
XX
Ltd.
(a)(b)
Series
2016-20A,
Class
CR,
(LIBOR
USD
3
Month
+
1.90%),
6.26%,
07/27/30
...
USD
4,080
$
3,834,416
Series
2016-20A,
Class
DR,
(LIBOR
USD
3
Month
+
3.00%),
7.36%,
07/27/30
...
1,315
1,221,880
Madison
Park
Funding
XXIX
Ltd.,
Series
2018-29A,
Class
C,
(LIBOR
USD
3
Month
+
2.20%),
6.39%,
10/18/30
(a)(b)
.........
5,450
5,174,087
Madison
Park
Funding
XXVI
Ltd.,
Series
2017-
26A,
Class
AR,
(LIBOR
USD
3
Month
+
1.20%),
5.61%,
07/29/30
(a)(b)
.........
3,500
3,476,266
Madison
Park
Funding
XXVII
Ltd.
(a)(b)
Series
2018-27A,
Class
B,
(LIBOR
USD
3
Month
+
1.80%),
6.04%,
04/20/30
...
1,600
1,506,707
Series
2018-27A,
Class
C,
(LIBOR
USD
3
Month
+
2.60%),
6.84%,
04/20/30
...
1,000
929,791
Madison
Park
Funding
XXXI
Ltd.
(a)(b)
Series
2018-31A,
Class
C,
(LIBOR
USD
3
Month
+
2.15%),
6.47%,
01/23/31
...
600
570,584
Series
2018-31A,
Class
D,
(LIBOR
USD
3
Month
+
3.00%),
7.32%,
01/23/31
...
750
705,957
Madison
Park
Funding
XXXIII
Ltd.
(a)(b)
Series
2019-33A,
Class
BR,
(3
Month
CME
Term
SOFR
+
1.80%),
5.66%,
10/15/32
6,000
5,778,547
Series
2019-33A,
Class
CR,
(3
Month
CME
Term
SOFR
+
2.20%),
6.06%,
10/15/32
4,750
4,487,885
Series
2019-33A,
Class
DR,
(3
Month
CME
Term
SOFR
+
3.10%),
6.96%,
10/15/32
2,000
1,868,710
Marble
Point
CLO
XI
Ltd.,
Series
2017-2A,
Class
B,
(LIBOR
USD
3
Month
+
1.50%),
5.69%,
12/18/30
(a)(b)
...............
1,500
1,424,898
Marino
Park
CLO
DAC,
Series
1X,
Class
D,
(EURIBOR
3
Month
+
5.67%),
5.67%,
01/16/34
(a)(c)
....................
EUR
100
88,717
MASTR
Asset-Backed
Securities
Trust,
Series
2006-AM2,
Class
A4,
(LIBOR
USD
1
Month
+
0.52%),
4.91%,
06/25/36
(a)(b)
........
USD
2,052
1,839,148
MF1
Ltd.,
Series
2021-FL7,
Class
A,
(LIBOR
USD
1
Month
+
1.08%),
5.42%,
10/16/36
(a)(b)
3,050
2,918,417
Milos
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
BR,
(LIBOR
USD
3
Month
+
1.55%),
5.79%,
10/20/30
...
5,862
5,667,360
Series
2017-1A,
Class
CR,
(LIBOR
USD
3
Month
+
1.90%),
6.14%,
10/20/30
...
2,000
1,894,301
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2007-1XS,
Class
2A3,
6.42%,
09/25/46
(d)
.
610
143,646
Neuberger
Berman
CLO
XVIII
Ltd.
(a)(b)
Series
2014-18A,
Class
BR2,
(LIBOR
USD
3
Month
+
2.15%),
6.43%,
10/21/30
..
1,500
1,416,821
Series
2014-18A,
Class
CR2,
(LIBOR
USD
3
Month
+
3.00%),
7.28%,
10/21/30
..
1,250
1,157,042
Neuberger
Berman
CLO
XX
Ltd.,
Series
2015-
20A,
Class
ERR,
(LIBOR
USD
3
Month
+
6.50%),
10.58%,
07/15/34
(a)(b)
........
2,600
2,257,945
Neuberger
Berman
CLO
XXI
Ltd.,
Series
2016-
21A,
Class
DR2,
(LIBOR
USD
3
Month
+
3.30%),
7.54%,
04/20/34
(a)(b)
.........
1,000
937,370
Neuberger
Berman
CLO
XXII
Ltd.
(a)(b)
Series
2016-22A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
5.73%,
10/17/30
...
800
776,250
Series
2016-22A,
Class
CR,
(LIBOR
USD
3
Month
+
2.20%),
6.28%,
10/17/30
...
1,000
952,415
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Neuberger
Berman
Loan
Advisers
CLO
26
Ltd.
(a)(b)
Series
2017-26A,
Class
C,
(LIBOR
USD
3
Month
+
1.75%),
5.94%,
10/18/30
...
USD
2,000
$
1,881,868
Series
2017-26A,
Class
D,
(LIBOR
USD
3
Month
+
2.65%),
6.84%,
10/18/30
...
3,250
2,995,683
Neuberger
Berman
Loan
Advisers
CLO
27
Ltd.,
Series
2018-27A,
Class
D,
(LIBOR
USD
3
Month
+
2.60%),
6.68%,
01/15/30
(a)(b)
...
1,000
929,513
Neuberger
Berman
Loan
Advisers
CLO
29
Ltd.,
Series
2018-29A,
Class
D,
(LIBOR
USD
3
Month
+
3.10%),
7.33%,
10/19/31
(a)(b)
...
500
466,423
Neuberger
Berman
Loan
Advisers
CLO
35
Ltd.,
Series
2019-35A,
Class
A1,
(LIBOR
USD
3
Month
+
1.34%),
5.57%,
01/19/33
(a)(b)
...
8,450
8,311,103
Neuberger
Berman
Loan
Advisers
CLO
37
Ltd.,
Series
2020-37A,
Class
CR,
(LIBOR
USD
3
Month
+
1.80%),
6.04%,
07/20/31
(a)(b)
...
1,563
1,477,956
Neuberger
Berman
Loan
Advisers
CLO
40
Ltd.,
Series
2021-40A,
Class
C,
(LIBOR
USD
3
Month
+
1.75%),
5.83%,
04/16/33
(a)(b)
...
1,000
934,240
Neuberger
Berman
Loan
Advisers
CLO
45
Ltd.,
Series
2021-45A,
Class
A,
(LIBOR
USD
3
Month
+
1.13%),
5.14%,
10/14/35
(a)(b)
...
10,250
9,985,200
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
162,477
New
Residential
Mortgage
Loan
Trust,
Series
2022-SFR2,
Class
F,
4.00%,
09/04/39
(b)
..
USD
5,006
3,802,857
Newark
BSL
CLO
1
Ltd.,
Series
2016-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.10%),
5.46%,
12/21/29
(a)(b)
...............
4,568
4,511,801
North
Westerly
VII
ESG
CLO
DAC,
Series
VII-X,
Class
E,
(EURIBOR
3
Month
+
5.66%),
5.98%,
05/15/34
(a)(c)
.........
EUR
100
85,751
Northwoods
Capital
21
Euro
DAC,
Series
2020-21X,
Class
ER,
(EURIBOR
3
Month
+
6.06%),
7.56%,
07/22/34
(a)(c)
.........
200
174,479
Northwoods
Capital
23
Euro
DAC,
Series
2021-
23X,
Class
E,
(EURIBOR
3
Month
+
6.21%),
8.26%,
03/15/34
(a)(c)
...............
200
177,556
NYACK
Park
CLO
Ltd.
(a)(b)
Series
2021-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.12%),
5.36%,
10/20/34
...
USD
4,418
4,290,769
Series
2021-1A,
Class
C,
(LIBOR
USD
3
Month
+
1.95%),
6.19%,
10/20/34
...
2,500
2,311,530
Oakwood
Mortgage
Investors,
Inc.
Series
1998-D,
Class
M1,
7.42%,
01/15/29
(b)
491
467,251
Series
1999-C,
Class
A2,
7.48%,
08/15/27
2,601
2,181,417
Series
2001-D,
Class
A3,
5.90%,
09/17/31
(a)
323
167,513
Series
2002-B,
Class
A4,
7.09%,
06/15/32
(a)
11
10,702
OCP
CLO
Ltd.
(a)(b)
Series
2014-5A,
Class
CR,
(LIBOR
USD
3
Month
+
2.90%),
7.23%,
04/26/31
...
3,100
2,739,727
Series
2014-6A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.26%),
5.34%,
10/17/30
...
10,800
10,687,425
Series
2014-6A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.72%),
5.80%,
10/17/30
...
7,500
7,278,712
Series
2015-10A,
Class
CR2,
(LIBOR
USD
3
Month
+
2.05%),
6.38%,
01/26/34
..
3,700
3,472,426
Series
2015-10A,
Class
DR2,
(LIBOR
USD
3
Month
+
2.95%),
7.28%,
01/26/34
..
2,000
1,846,433
Series
2016-11A,
Class
A1AR,
(LIBOR
USD
3
Month
+
1.27%),
5.60%,
10/26/30
..
1,000
988,903
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2018-15A,
Class
A3,
(LIBOR
USD
3
Month
+
1.70%),
5.94%,
07/20/31
...
USD
1,000
$
968,679
Series
2019-16A,
Class
CR,
(LIBOR
USD
3
Month
+
1.85%),
5.76%,
04/10/33
...
2,500
2,338,249
Series
2019-17A,
Class
CR,
(LIBOR
USD
3
Month
+
2.00%),
6.24%,
07/20/32
...
6,000
5,628,875
Series
2019-17A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
7.34%,
07/20/32
...
1,500
1,367,665
Series
2020-19A,
Class
CR,
(LIBOR
USD
3
Month
+
2.10%),
6.34%,
10/20/34
...
7,500
6,960,550
Series
2020-19A,
Class
DR,
(LIBOR
USD
3
Month
+
3.15%),
7.39%,
10/20/34
...
1,000
919,915
Series
2021-22A,
Class
C,
(LIBOR
USD
3
Month
+
2.05%),
6.29%,
12/02/34
...
4,500
4,195,215
Series
2021-22A,
Class
D,
(LIBOR
USD
3
Month
+
3.10%),
7.34%,
12/02/34
...
1,250
1,145,206
OCP
Euro
CLO
DAC
(a)(c)
Series
2017-2X,
Class
E,
(EURIBOR
3
Month
+
5.00%),
6.38%,
01/15/32
...
EUR
298
267,710
Series
2017-2X,
Class
F,
(EURIBOR
3
Month
+
6.40%),
7.78%,
01/15/32
...
200
160,057
Series
2019-3X,
Class
ER,
(EURIBOR
3
Month
+
6.02%),
7.48%,
04/20/33
...
400
349,566
Series
2022-5X,
Class
E,
(EURIBOR
3
Month
+
6.47%),
7.93%,
04/20/35
...
500
429,989
Octagon
Investment
Partners
26
Ltd.
(a)(b)
Series
2016-1A,
Class
BR,
(LIBOR
USD
3
Month
+
1.60%),
5.68%,
07/15/30
...
USD
6,000
5,756,226
Series
2016-1A,
Class
CR,
(LIBOR
USD
3
Month
+
1.80%),
5.88%,
07/15/30
...
2,250
2,087,496
Series
2016-1A,
Class
DR,
(LIBOR
USD
3
Month
+
2.85%),
6.93%,
07/15/30
...
1,250
1,104,595
Octagon
Investment
Partners
27
Ltd.,
Series
2016-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.10%),
6.18%,
07/15/30
(a)(b)
.........
1,500
1,410,792
Octagon
Investment
Partners
28
Ltd.,
Series
2016-1A,
Class
C1R,
(LIBOR
USD
3
Month
+
2.25%),
6.57%,
10/24/30
(a)(b)
........
4,000
3,803,857
Octagon
Investment
Partners
29
Ltd.,
Series
2016-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
7.42%,
01/24/33
(a)(b)
.........
1,532
1,387,034
Octagon
Investment
Partners
34
Ltd.,
Series
2017-1A,
Class
B1,
(LIBOR
USD
3
Month
+
1.40%),
5.64%,
01/20/30
(a)(b)
.........
2,000
1,931,451
Octagon
Investment
Partners
35
Ltd.,
Series
2018-1A,
Class
C,
(LIBOR
USD
3
Month
+
2.60%),
6.84%,
01/20/31
(a)(b)
.........
1,000
879,339
Octagon
Investment
Partners
40
Ltd.
(a)(b)
Series
2019-1A,
Class
C1R,
(LIBOR
USD
3
Month
+
2.15%),
6.39%,
01/20/35
...
3,000
2,788,067
Series
2019-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.35%),
7.59%,
01/20/35
...
3,000
2,744,360
Octagon
Investment
Partners
41
Ltd.
(a)(b)
Series
2019-2A,
Class
B1R,
(LIBOR
USD
3
Month
+
1.70%),
5.78%,
10/15/33
...
8,500
8,101,343
Series
2019-2A,
Class
CR,
(LIBOR
USD
3
Month
+
2.15%),
6.23%,
10/15/33
...
3,800
3,574,798
Series
2019-2A,
Class
DR,
(LIBOR
USD
3
Month
+
3.20%),
7.28%,
10/15/33
...
4,250
3,935,082
Octagon
Loan
Funding
Ltd.
(a)(b)
Series
2014-1A,
Class
ARR,
(LIBOR
USD
3
Month
+
1.18%),
5.85%,
11/18/31
...
13,212
12,997,143
Series
2014-1A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.70%),
6.37%,
11/18/31
...
1,500
1,445,420
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2014-1A,
Class
CRR,
(LIBOR
USD
3
Month
+
2.20%),
6.87%,
11/18/31
...
USD
1,000
$
931,474
OHA
Credit
Funding
11
Ltd.,
Series
2022-11A,
Class
D,
(3
Month
CME
Term
SOFR
+
3.60%),
7.56%,
07/19/33
(a)(b)
.........
1,000
942,208
OHA
Credit
Funding
2
Ltd.
(a)(b)
Series
2019-2A,
Class
CR,
(LIBOR
USD
3
Month
+
2.20%),
6.48%,
04/21/34
...
1,500
1,419,239
Series
2019-2A,
Class
DR,
(LIBOR
USD
3
Month
+
3.30%),
7.58%,
04/21/34
...
1,000
927,248
OHA
Credit
Funding
6
Ltd.,
Series
2020-6A,
Class
DR,
(LIBOR
USD
3
Month
+
3.15%),
7.39%,
07/20/34
(a)(b)
...............
1,000
936,316
OHA
Credit
Partners
VII
Ltd.,
Series
2012-7A,
Class
D1R3,
(LIBOR
USD
3
Month
+
2.90%),
7.58%,
02/20/34
(a)(b)
.........
5,970
5,618,804
OHA
Credit
Partners
XI
Ltd.,
Series
2015-11A,
Class
DR,
(LIBOR
USD
3
Month
+
2.95%),
7.19%,
01/20/32
(a)(b)
...............
400
372,093
OHA
Credit
Partners
XIV
Ltd.
(a)(b)
Series
2017-14A,
Class
B,
(LIBOR
USD
3
Month
+
1.50%),
5.78%,
01/21/30
...
1,000
972,137
Series
2017-14A,
Class
C,
(LIBOR
USD
3
Month
+
1.80%),
6.08%,
01/21/30
...
1,500
1,418,070
OHA
Credit
Partners
XVI,
Series
2021-16A,
Class
A,
(LIBOR
USD
3
Month
+
1.15%),
5.34%,
10/18/34
(a)(b)
...............
13,500
13,164,366
OHA
Loan
Funding
Ltd.
(a)(b)
Series
2015-1A,
Class
DR3,
(LIBOR
USD
3
Month
+
3.20%),
7.43%,
01/19/37
...
4,750
4,333,409
Series
2016-1A,
Class
CR,
(LIBOR
USD
3
Month
+
1.95%),
6.19%,
01/20/33
...
2,250
2,120,207
Palmer
Square
CLO
Ltd.
(a)(b)
Series
2013-2A,
Class
BR3,
(LIBOR
USD
3
Month
+
1.85%),
6.08%,
10/17/31
...
2,950
2,784,019
Series
2014-1A,
Class
A2R2,
(LIBOR
USD
3
Month
+
1.45%),
5.53%,
01/17/31
...
6,650
6,449,531
Series
2014-1A,
Class
CR2,
(LIBOR
USD
3
Month
+
2.65%),
6.73%,
01/17/31
...
2,100
1,954,889
Series
2015-1A,
Class
CR4,
(LIBOR
USD
3
Month
+
2.85%),
7.53%,
05/21/34
...
4,100
3,801,702
Series
2015-2A,
Class
A1R2,
(LIBOR
USD
3
Month
+
1.10%),
5.34%,
07/20/30
...
7,898
7,790,971
Series
2015-2A,
Class
CR2,
(LIBOR
USD
3
Month
+
2.75%),
6.99%,
07/20/30
...
1,400
1,289,455
Series
2018-1A,
Class
A2,
(LIBOR
USD
3
Month
+
1.45%),
5.64%,
04/18/31
...
10,000
9,685,335
Series
2018-1A,
Class
B,
(LIBOR
USD
3
Month
+
1.75%),
5.94%,
04/18/31
...
2,000
1,886,619
Series
2018-2A,
Class
A2,
(LIBOR
USD
3
Month
+
1.65%),
5.73%,
07/16/31
...
1,000
968,728
Series
2019-1A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.15%),
5.80%,
11/14/34
...
7,000
6,823,171
Series
2019-1A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.70%),
6.35%,
11/14/34
...
7,000
6,649,887
Series
2019-1A,
Class
BR,
(LIBOR
USD
3
Month
+
2.00%),
6.65%,
11/14/34
...
2,500
2,331,452
Series
2019-1A,
Class
CR,
(LIBOR
USD
3
Month
+
3.05%),
7.70%,
11/14/34
...
3,750
3,460,887
Series
2020-3A,
Class
BR,
(LIBOR
USD
3
Month
+
1.95%),
6.56%,
11/15/31
...
2,000
1,896,798
Series
2020-3A,
Class
CR,
(LIBOR
USD
3
Month
+
2.95%),
7.56%,
11/15/31
...
1,500
1,403,680
Series
2021-1A,
Class
B,
(LIBOR
USD
3
Month
+
1.70%),
5.94%,
04/20/34
...
7,000
6,474,017
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
46
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2021-2A,
Class
C,
(LIBOR
USD
3
Month
+
1.80%),
5.88%,
07/15/34
...
USD
2,000
$
1,852,012
Series
2021-2A,
Class
D,
(LIBOR
USD
3
Month
+
2.90%),
6.98%,
07/15/34
...
4,000
3,675,920
Series
2021-3A,
Class
B,
(LIBOR
USD
3
Month
+
1.65%),
5.73%,
01/15/35
...
7,000
6,669,535
Series
2021-3A,
Class
C,
(LIBOR
USD
3
Month
+
1.95%),
6.03%,
01/15/35
...
5,000
4,652,700
Series
2021-3A,
Class
D,
(LIBOR
USD
3
Month
+
2.95%),
7.03%,
01/15/35
...
2,000
1,861,933
Series
2021-4A,
Class
B,
(LIBOR
USD
3
Month
+
1.65%),
5.73%,
10/15/34
...
7,250
6,914,221
Series
2021-4A,
Class
C,
(LIBOR
USD
3
Month
+
1.95%),
6.03%,
10/15/34
...
4,850
4,521,493
Series
2021-4A,
Class
D,
(LIBOR
USD
3
Month
+
2.95%),
7.03%,
10/15/34
...
6,000
5,543,913
Series
2022-1A,
Class
B,
(3
Month
CME
Term
SOFR
+
1.80%),
5.76%,
04/20/35
1,000
952,794
Series
2022-1A,
Class
C,
(3
Month
CME
Term
SOFR
+
2.05%),
6.01%,
04/20/35
3,500
3,266,921
Series
2022-1A,
Class
D,
(3
Month
CME
Term
SOFR
+
3.05%),
7.01%,
04/20/35
3,250
3,056,595
Park
Avenue
Institutional
Advisers
CLO
Ltd.
(a)(b)
Series
2016-1A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.80%),
6.49%,
08/23/31
...
2,600
2,473,880
Series
2018-1A,
Class
A2R,
(LIBOR
USD
3
Month
+
1.60%),
5.84%,
10/20/31
...
4,700
4,431,887
Series
2019-1A,
Class
C,
(LIBOR
USD
3
Month
+
3.85%),
8.46%,
05/15/32
...
2,500
2,129,885
Series
2021-2A,
Class
C,
(LIBOR
USD
3
Month
+
2.25%),
6.33%,
07/15/34
...
6,000
5,557,346
Pikes
Peak
CLO
2
(a)(b)
Series
2018-2A,
Class
B1R,
(LIBOR
USD
3
Month
+
1.75%),
5.94%,
10/18/34
...
5,000
4,761,182
Series
2018-2A,
Class
CR,
(LIBOR
USD
3
Month
+
2.25%),
6.44%,
10/18/34
...
2,350
2,185,034
Pikes
Peak
CLO
6,
Series
2020-6A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.70%),
6.37%,
05/18/34
(a)(b)
....................
1,000
957,979
Pikes
Peak
CLO
8,
Series
2021-8A,
Class
B,
(LIBOR
USD
3
Month
+
1.75%),
5.99%,
07/20/34
(a)(b)
....................
2,000
1,917,112
Pikes
Peak
CLO
9,
Series
2021-9A,
Class
B,
(LIBOR
USD
3
Month
+
1.75%),
6.11%,
10/27/34
(a)(b)
....................
7,000
6,689,848
Post
CLO
Ltd.
(a)(b)
Series
2021-1A,
Class
B,
(LIBOR
USD
3
Month
+
1.75%),
5.83%,
10/15/34
...
10,000
9,583,649
Series
2021-1A,
Class
C,
(LIBOR
USD
3
Month
+
2.20%),
6.28%,
10/15/34
...
3,500
3,264,735
Series
2021-1A,
Class
D,
(LIBOR
USD
3
Month
+
3.30%),
7.38%,
10/15/34
...
1,200
1,105,488
Series
2022-1A,
Class
D,
(3
Month
CME
Term
SOFR
+
3.20%),
7.16%,
04/20/35
1,750
1,611,455
PPM
CLO
4
Ltd.
(a)(b)
Series
2020-4A,
Class
AR,
(LIBOR
USD
3
Month
+
1.19%),
5.38%,
10/18/34
...
6,000
5,825,813
Series
2020-4A,
Class
BR,
(LIBOR
USD
3
Month
+
1.65%),
5.84%,
10/18/34
...
3,000
2,865,816
Series
2020-4A,
Class
CR,
(LIBOR
USD
3
Month
+
2.10%),
6.29%,
10/18/34
...
1,250
1,151,776
Progress
Residential
Trust
(b)
Series
2019-SFR3,
Class
F,
3.87%,
09/17/36
....................
3,000
2,817,738
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2019-SFR4,
Class
E,
3.44%,
10/17/36
....................
USD
12,500
$
11,722,120
Series
2020-SFR1,
Class
F,
3.43%,
04/17/37
....................
5,500
4,993,402
Series
2020-SFR1,
Class
G,
4.03%,
04/17/37
....................
3,500
3,169,981
Series
2021-SFR10,
Class
F,
4.61%,
12/17/40
....................
8,500
6,946,056
Series
2021-SFR10,
Class
G,
4.86%,
12/17/40
....................
6,000
4,621,444
Series
2021-SFR8,
Class
F,
3.18%,
10/17/38
....................
22,000
18,102,374
Series
2021-SFR8,
Class
G,
4.01%,
10/17/38
....................
10,000
8,292,302
Series
2022-SFR5,
Class
E1,
6.62%,
06/17/39
....................
2,000
1,817,317
Providus
CLO
III
DAC,
Series
3X,
Class
ER,
(EURIBOR
3
Month
+
6.26%),
7.66%,
07/18/34
(a)(c)
....................
EUR
300
262,727
Providus
CLO
V
DAC,
Series
5X,
Class
E,
(EURIBOR
3
Month
+
5.29%),
7.09%,
02/15/35
(a)(c)
....................
171
149,729
Rad
CLO
10
Ltd.
(a)(b)
Series
2021-10A,
Class
C,
(LIBOR
USD
3
Month
+
1.75%),
6.07%,
04/23/34
...
USD
3,750
3,440,349
Series
2021-10A,
Class
D,
(LIBOR
USD
3
Month
+
2.75%),
7.07%,
04/23/34
...
2,000
1,800,031
Rad
CLO
12
Ltd.
(a)(b)
Series
2021-12A,
Class
C,
(LIBOR
USD
3
Month
+
2.05%),
6.46%,
10/30/34
...
1,375
1,276,244
Series
2021-12A,
Class
D,
(LIBOR
USD
3
Month
+
3.05%),
7.46%,
10/30/34
...
3,375
3,104,032
Rad
CLO
14
Ltd.
(a)(b)
Series
2021-14A,
Class
C,
(LIBOR
USD
3
Month
+
2.00%),
6.08%,
01/15/35
...
3,500
3,211,125
Series
2021-14A,
Class
D,
(LIBOR
USD
3
Month
+
3.00%),
7.08%,
01/15/35
...
1,000
894,908
Rad
CLO
15
Ltd.
(a)(b)
Series
2021-15A,
Class
B,
(LIBOR
USD
3
Month
+
1.65%),
5.89%,
01/20/34
...
7,000
6,741,659
Series
2021-15A,
Class
C,
(LIBOR
USD
3
Month
+
2.05%),
6.29%,
01/20/34
...
1,650
1,540,419
Series
2021-15A,
Class
D,
(LIBOR
USD
3
Month
+
3.05%),
7.29%,
01/20/34
...
2,900
2,680,363
Rad
CLO
2
Ltd.
(a)(b)
Series
2018-2A,
Class
AR,
(LIBOR
USD
3
Month
+
1.08%),
5.16%,
10/15/31
...
5,375
5,284,283
Series
2018-2A,
Class
BR,
(LIBOR
USD
3
Month
+
1.50%),
5.58%,
10/15/31
...
5,000
4,829,268
Rad
CLO
3
Ltd.
(a)(b)
Series
2019-3A,
Class
A,
(LIBOR
USD
3
Month
+
1.48%),
5.56%,
04/15/32
...
15,500
15,316,815
Series
2019-3A,
Class
BR,
(LIBOR
USD
3
Month
+
1.55%),
5.63%,
04/15/32
...
4,000
3,855,966
Rad
CLO
5
Ltd.
(a)(b)
Series
2019-5A,
Class
BR,
(LIBOR
USD
3
Month
+
1.70%),
6.02%,
07/24/32
...
3,000
2,891,700
Series
2019-5A,
Class
DR,
(LIBOR
USD
3
Month
+
3.15%),
7.47%,
07/24/32
...
3,500
3,247,528
Rad
CLO
9
Ltd.,
Series
2020-9A,
Class
A1,
(LIBOR
USD
3
Month
+
1.40%),
5.48%,
01/15/34
(a)(b)
....................
1,250
1,229,536
Regatta
Funding
LP,
Series
2013-2A,
Class
CR2,
(LIBOR
USD
3
Month
+
3.70%),
7.78%,
01/15/29
(a)(b)
...............
4,500
4,255,830
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Regatta
IX
Funding
Ltd.
(a)(b)
Series
2017-1A,
Class
B,
(LIBOR
USD
3
Month
+
1.80%),
5.88%,
04/17/30
...
USD
10,000
$
9,735,284
Series
2017-1A,
Class
C,
(LIBOR
USD
3
Month
+
2.45%),
6.53%,
04/17/30
...
1,000
967,087
Regatta
VI
Funding
Ltd.,
Series
2016-1A,
Class
CR2,
(LIBOR
USD
3
Month
+
2.15%),
6.39%,
04/20/34
(a)(b)
...............
1,000
945,817
Regatta
VII
Funding
Ltd.
(a)(b)
Series
2016-1A,
Class
CR2,
(LIBOR
USD
3
Month
+
2.05%),
6.80%,
06/20/34
...
750
702,298
Series
2016-1A,
Class
DR2,
(LIBOR
USD
3
Month
+
3.05%),
7.80%,
06/20/34
...
2,000
1,858,984
Regatta
VIII
Funding
Ltd.,
Series
2017-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.25%),
5.33%,
10/17/30
(a)(b)
...............
3,500
3,459,114
Regatta
X
Funding
Ltd.,
Series
2017-3A,
Class
C,
(LIBOR
USD
3
Month
+
1.80%),
5.88%,
01/17/31
(a)(b)
....................
1,500
1,407,375
Regatta
XII
Funding
Ltd.
(a)(b)
Series
2019-1A,
Class
AR,
(LIBOR
USD
3
Month
+
1.10%),
5.18%,
10/15/32
...
10,000
9,779,384
Series
2019-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
7.18%,
10/15/32
...
1,000
932,666
Regatta
XIII
Funding
Ltd.,
Series
2018-2A,
Class
B,
(LIBOR
USD
3
Month
+
2.10%),
6.18%,
07/15/31
(a)(b)
...............
1,250
1,181,362
Regatta
XV
Funding
Ltd.,
Series
2018-4A,
Class
C,
(LIBOR
USD
3
Month
+
3.30%),
7.66%,
10/25/31
(a)(b)
...............
1,000
945,303
Regatta
XVI
Funding
Ltd.
(a)(b)
Series
2019-2A,
Class
B,
(LIBOR
USD
3
Month
+
2.05%),
6.13%,
01/15/33
...
6,700
6,451,531
Series
2019-2A,
Class
D,
(LIBOR
USD
3
Month
+
3.90%),
7.98%,
01/15/33
...
1,000
947,555
Regatta
XVII
Funding
Ltd.,
Series
2020-1A,
Class
C,
(LIBOR
USD
3
Month
+
2.55%),
6.63%,
10/15/33
(a)(b)
...............
500
480,509
Regatta
XXIII
Funding
Ltd.
(a)(b)
Series
2021-4A,
Class
C,
(LIBOR
USD
3
Month
+
2.05%),
6.29%,
01/20/35
...
3,000
2,811,385
Series
2021-4A,
Class
D,
(LIBOR
USD
3
Month
+
3.05%),
7.29%,
01/20/35
...
2,000
1,867,303
Riserva
CLO
Ltd.
(a)(b)
Series
2016-3A,
Class
CRR,
(LIBOR
USD
3
Month
+
1.80%),
5.99%,
01/18/34
...
1,000
922,745
Series
2016-3A,
Class
DRR,
(LIBOR
USD
3
Month
+
3.25%),
7.44%,
01/18/34
...
1,250
1,159,757
Rockfield
Park
CLO
DAC,
Series
1X,
Class
D,
(EURIBOR
3
Month
+
5.95%),
7.33%,
07/16/34
(a)(c)
....................
EUR
357
314,521
Rockford
Tower
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
BR2A,
(LIBOR
USD
3
Month
+
1.65%),
5.89%,
04/20/34
..
USD
3,500
3,324,771
Series
2017-3A,
Class
C,
(LIBOR
USD
3
Month
+
1.80%),
6.04%,
10/20/30
...
2,300
2,170,564
Series
2018-1A,
Class
B,
(LIBOR
USD
3
Month
+
1.72%),
6.40%,
05/20/31
...
1,000
959,003
Series
2018-2A,
Class
A,
(LIBOR
USD
3
Month
+
1.16%),
5.40%,
10/20/31
...
3,500
3,436,142
Series
2018-2A,
Class
B,
(LIBOR
USD
3
Month
+
1.80%),
6.04%,
10/20/31
...
1,125
1,076,348
Series
2018-2A,
Class
C,
(LIBOR
USD
3
Month
+
2.20%),
6.44%,
10/20/31
...
700
657,923
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2018-2A,
Class
D,
(LIBOR
USD
3
Month
+
3.10%),
7.34%,
10/20/31
...
USD
1,600
$
1,455,947
Series
2019-1A,
Class
DR,
(LIBOR
USD
3
Month
+
3.10%),
7.34%,
04/20/34
...
1,500
1,319,310
Series
2019-2A,
Class
CR,
(LIBOR
USD
3
Month
+
2.00%),
6.68%,
08/20/32
...
5,500
5,157,362
Series
2020-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.28%),
5.52%,
01/20/32
...
10,000
9,835,243
Series
2021-2A,
Class
C,
(LIBOR
USD
3
Month
+
2.10%),
6.34%,
07/20/34
...
2,000
1,841,212
Series
2021-2A,
Class
D,
(LIBOR
USD
3
Month
+
3.25%),
7.49%,
07/20/34
...
1,250
1,149,410
Series
2021-3A,
Class
C,
(LIBOR
USD
3
Month
+
2.15%),
6.39%,
10/20/34
...
3,000
2,774,166
RR
5
Ltd.,
Series
2018-5A,
Class
B,
(LIBOR
USD
3
Month
+
2.25%),
6.33%,
10/15/31
(a)(b)
1,250
1,198,539
Signal
Peak
CLO
1
Ltd.,
Series
2014-1A,
Class
BR3,
(LIBOR
USD
3
Month
+
1.80%),
5.88%,
04/17/34
(a)(b)
...............
630
600,864
Signal
Peak
CLO
10
Ltd.
(a)(b)
Series
2021-9A,
Class
B,
(LIBOR
USD
3
Month
+
1.70%),
5.98%,
07/21/34
...
9,500
9,097,413
Series
2021-9A,
Class
C,
(LIBOR
USD
3
Month
+
2.05%),
6.33%,
07/21/34
...
2,000
1,871,767
Signal
Peak
CLO
2
LLC,
Series
2015-1A,
Class
CR2,
(LIBOR
USD
3
Month
+
1.90%),
6.14%,
04/20/29
(a)(b)
...............
2,000
1,919,324
Signal
Peak
CLO
4
Ltd.
(a)(b)
Series
2017-4A,
Class
CR,
(LIBOR
USD
3
Month
+
2.15%),
6.48%,
10/26/34
...
5,000
4,574,857
Series
2017-4A,
Class
DR,
(LIBOR
USD
3
Month
+
3.20%),
7.53%,
10/26/34
...
2,300
1,995,775
Signal
Peak
CLO
7
Ltd.
(a)(b)
Series
2019-1A,
Class
A,
(LIBOR
USD
3
Month
+
1.50%),
5.91%,
04/30/32
...
5,000
4,937,230
Series
2019-1A,
Class
B,
(LIBOR
USD
3
Month
+
2.00%),
6.41%,
04/30/32
...
5,000
4,757,838
Sixth
Street
CLO
XIX
Ltd.
(a)(b)
Series
2021-19A,
Class
B,
(LIBOR
USD
3
Month
+
1.70%),
5.94%,
07/20/34
...
3,000
2,873,774
Series
2021-19A,
Class
C,
(LIBOR
USD
3
Month
+
2.00%),
6.24%,
07/20/34
...
1,000
928,565
Series
2021-19A,
Class
D,
(LIBOR
USD
3
Month
+
3.00%),
7.24%,
07/20/34
...
4,000
3,661,490
Sixth
Street
CLO
XVII
Ltd.,
Series
2021-17A,
Class
A,
(LIBOR
USD
3
Month
+
1.24%),
5.48%,
01/20/34
(a)(b)
...............
8,500
8,332,162
Sixth
Street
CLO
XVIII
Ltd.,
Series
2021-18A,
Class
D,
(LIBOR
USD
3
Month
+
2.90%),
7.14%,
04/20/34
(a)(b)
...............
1,045
961,527
Sound
Point
CLO
XXI
Ltd.,
Series
2018-3A,
Class
A1A,
(LIBOR
USD
3
Month
+
1.18%),
5.51%,
10/26/31
(a)(b)
...............
6,600
6,427,397
Sound
Point
CLO
XXIII,
Series
2019-2A,
Class
CR,
(LIBOR
USD
3
Month
+
2.25%),
6.33%,
07/15/34
(a)(b)
....................
2,250
2,081,382
Sound
Point
CLO
XXIX
Ltd.,
Series
2021-1A,
Class
B1,
(LIBOR
USD
3
Month
+
1.70%),
6.06%,
04/25/34
(a)(b)
...............
3,350
3,187,818
Sound
Point
CLO
XXVIII
Ltd.,
Series
2020-3A,
Class
A1,
(LIBOR
USD
3
Month
+
1.28%),
5.64%,
01/25/32
(a)(b)
...............
1,500
1,470,066
Sound
Point
CLO
XXXIII
Ltd.,
Series
2022-1A,
Class
B,
(3
Month
CME
Term
SOFR
+
1.90%),
5.96%,
04/25/35
(a)(b)
.........
5,200
4,941,542
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
48
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Sound
Point
Euro
CLO
V
Funding
DAC,
Series
5X,
Class
E,
(EURIBOR
3
Month
+
5.84%),
7.38%,
07/25/35
(a)(c)
...............
EUR
300
$
258,380
Southwick
Park
CLO
LLC
(a)(b)
Series
2019-4A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.06%),
5.30%,
07/20/32
...
USD
2,000
1,961,122
Series
2019-4A,
Class
CR,
(LIBOR
USD
3
Month
+
1.95%),
6.19%,
07/20/32
...
2,550
2,402,002
Series
2019-4A,
Class
ER,
(LIBOR
USD
3
Month
+
6.25%),
10.49%,
07/20/32
...
1,000
855,615
Stewart
Park
CLO
Ltd.,
Series
2015-1A,
Class
DR,
(LIBOR
USD
3
Month
+
2.60%),
6.68%,
01/15/30
(a)(b)
....................
1,700
1,527,058
Structured
Asset
Securities
Corp.
Mortgage
Loan
Trust
(a)
Series
2006-BC3,
Class
A1,
(LIBOR
USD
1
Month
+
0.32%),
4.71%,
10/25/36
...
5,501
3,693,840
Series
2007-MN1A,
Class
A1,
(LIBOR
USD
1
Month
+
0.23%),
4.62%,
01/25/37
(b)
.
1,448
866,766
Symphony
CLO
XX
Ltd.,
Series
2018-20A,
Class
DR,
(LIBOR
USD
3
Month
+
3.75%),
7.83%,
01/16/32
(a)(b)
...............
2,750
2,541,458
Symphony
CLO
XXII
Ltd.,
Series
2020-22A,
Class
B,
(LIBOR
USD
3
Month
+
1.70%),
5.89%,
04/18/33
(a)(b)
...............
1,250
1,198,069
Tallman
Park
CLO
Ltd.,
Series
2021-1A,
Class
C,
(LIBOR
USD
3
Month
+
1.95%),
6.19%,
04/20/34
(a)(b)
....................
830
775,036
TCI-Flatiron
CLO
Ltd.
(a)(b)
Series
2017-1A,
Class
C,
(LIBOR
USD
3
Month
+
1.85%),
6.50%,
11/18/30
...
1,250
1,181,257
Series
2018-1A,
Class
CR,
(LIBOR
USD
3
Month
+
1.75%),
6.16%,
01/29/32
...
4,000
3,743,401
Series
2018-1A,
Class
DR,
(LIBOR
USD
3
Month
+
2.75%),
7.16%,
01/29/32
...
2,000
1,858,089
TCW
CLO
Ltd.
(a)(b)
Series
2020-1A,
Class
CRR,
(LIBOR
USD
3
Month
+
2.05%),
6.29%,
04/20/34
...
3,500
3,262,024
Series
2020-1A,
Class
DRR,
(LIBOR
USD
3
Month
+
3.40%),
7.64%,
04/20/34
...
2,250
2,050,668
Series
2021-1A,
Class
C,
(LIBOR
USD
3
Month
+
1.90%),
6.14%,
03/18/34
...
1,000
921,040
Series
2021-2A,
Class
C,
(LIBOR
USD
3
Month
+
2.10%),
6.46%,
07/25/34
...
2,500
2,314,053
Series
2021-2A,
Class
D,
(LIBOR
USD
3
Month
+
3.25%),
7.61%,
07/25/34
...
5,000
4,523,541
TICP
CLO
IX
Ltd.
(a)(b)
Series
2017-9A,
Class
B,
(LIBOR
USD
3
Month
+
1.60%),
5.84%,
01/20/31
...
1,000
976,828
Series
2017-9A,
Class
D,
(LIBOR
USD
3
Month
+
2.90%),
7.14%,
01/20/31
...
1,000
949,192
TICP
CLO
V
Ltd.,
Series
2016-5A,
Class
DR,
(LIBOR
USD
3
Month
+
3.15%),
7.23%,
07/17/31
(a)(b)
....................
2,500
2,325,070
TICP
CLO
VI
Ltd.
(a)(b)
Series
2016-6A,
Class
BR2,
(LIBOR
USD
3
Month
+
1.50%),
5.58%,
01/15/34
...
2,000
1,909,150
Series
2016-6A,
Class
CR2,
(LIBOR
USD
3
Month
+
1.90%),
5.98%,
01/15/34
...
1,650
1,541,308
TICP
CLO
VII
Ltd.
(a)(b)
Series
2017-7A,
Class
BR,
(LIBOR
USD
3
Month
+
1.70%),
5.78%,
04/15/33
...
2,000
1,925,495
Series
2017-7A,
Class
CR,
(LIBOR
USD
3
Month
+
2.15%),
6.23%,
04/15/33
...
6,500
6,176,923
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2017-7A,
Class
DR,
(LIBOR
USD
3
Month
+
3.20%),
7.28%,
04/15/33
...
USD
4,000
$
3,710,472
TICP
CLO
XI
Ltd.
(a)(b)
Series
2018-11A,
Class
A,
(LIBOR
USD
3
Month
+
1.18%),
5.42%,
10/20/31
...
8,545
8,414,985
Series
2018-11A,
Class
D,
(LIBOR
USD
3
Month
+
3.05%),
7.29%,
10/20/31
...
1,100
1,046,102
Series
2018-11A,
Class
E,
(LIBOR
USD
3
Month
+
6.00%),
10.24%,
10/20/31
...
1,000
908,930
TICP
CLO
XII
Ltd.
(a)(b)
Series
2018-12A,
Class
CR,
(LIBOR
USD
3
Month
+
2.10%),
6.18%,
07/15/34
...
13,450
12,612,960
Series
2018-12A,
Class
DR,
(LIBOR
USD
3
Month
+
3.30%),
7.38%,
07/15/34
...
1,500
1,401,139
TICP
CLO
XIII
Ltd.,
Series
2019-13A,
Class
DR,
(LIBOR
USD
3
Month
+
3.15%),
7.23%,
04/15/34
(a)(b)
....................
2,000
1,864,719
TICP
CLO
XIV
Ltd.,
Series
2019-14A,
Class
BR,
(LIBOR
USD
3
Month
+
2.20%),
6.44%,
10/20/32
(a)(b)
....................
3,250
3,094,481
Trestles
CLO
Ltd.,
Series
2020-3A,
Class
C,
(LIBOR
USD
3
Month
+
2.25%),
6.49%,
01/20/33
(a)(b)
....................
1,450
1,365,801
Tricon
American
Homes
Trust
(b)
Series
2019-SFR1,
Class
E,
3.40%,
03/17/38
....................
7,000
6,255,248
Series
2020-SFR2,
Class
E2,
3.08%,
11/17/39
....................
1,000
817,723
Tricon
Residential
Trust
(b)
Series
2021-SFR1,
Class
F,
3.69%,
07/17/38
....................
5,500
4,651,276
Series
2021-SFR1,
Class
G,
4.13%,
07/17/38
....................
3,551
2,945,591
Series
2022-SFR2,
Class
E,
7.51%,
07/17/40
....................
10,000
9,368,817
Upland
CLO
Ltd.,
Series
2016-1A,
Class
CR,
(LIBOR
USD
3
Month
+
2.90%),
7.14%,
04/20/31
(a)(b)
....................
1,500
1,366,419
Voya
CLO
Ltd.
(a)(b)
Series
2014-1A,
Class
BR2,
(3
Month
CME
Term
SOFR
+
2.16%),
6.09%,
04/18/31
1,000
938,957
Series
2014-4A,
Class
BR2,
(LIBOR
USD
3
Month
+
2.09%),
6.10%,
07/14/31
...
500
461,794
Series
2016-3A,
Class
A1R,
(LIBOR
USD
3
Month
+
1.19%),
5.38%,
10/18/31
...
500
493,204
Voya
Euro
CLO
II
DAC,
Series
2X,
Class
ER,
(EURIBOR
3
Month
+
6.02%),
7.40%,
07/15/35
(a)(c)
....................
EUR
390
339,339
Washington
Mutual
Asset-Backed
CertificatesTrust,
Series
2006-HE5,
Class
1A,
(LIBOR
USD
1
Month
+
0.16%),
3.94%,
10/25/36
(a)
.....................
USD
12,227
9,107,729
Webster
Park
CLO
Ltd.,
Series
2015-1A,
Class
A1BR,
(LIBOR
USD
3
Month
+
1.35%),
5.59%,
07/20/30
(a)(b)
...............
3,800
3,664,975
Wellman
Park
CLO
Ltd.,
Series
2021-1A,
Class
B,
(LIBOR
USD
3
Month
+
1.60%),
5.68%,
07/15/34
(a)(b)
....................
7,000
6,689,871
Whetstone
Park
CLO
Ltd.,
Series
2021-1A,
Class
D,
(LIBOR
USD
3
Month
+
2.90%),
7.14%,
01/20/35
(a)(b)
...............
2,500
2,226,460
Whitebox
CLO
I
Ltd.
(a)(b)
Series
2019-1A,
Class
ANBR,
(LIBOR
USD
3
Month
+
1.70%),
6.02%,
07/24/32
..
10,415
10,057,793
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
(continued)
Series
2019-1A,
Class
BR,
(LIBOR
USD
3
Month
+
2.05%),
6.37%,
07/24/32
...
USD
5,000
$
4,708,974
Whitebox
CLO
III
Ltd.,
Series
2021-3A,
Class
A1,
(LIBOR
USD
3
Month
+
1.22%),
5.30%,
10/15/34
(a)(b)
....................
2,000
1,944,781
York
CLO
1
Ltd.,
Series
2014-1A,
Class
BRR,
(LIBOR
USD
3
Month
+
1.65%),
5.97%,
10/22/29
(a)(b)
....................
2,100
2,053,027
Total
Asset-Backed
Securities
—
12.8%
(Cost:
$1,779,049,614)
...........................
1,667,811,057
Shares
Shares
Common
Stocks
Aerospace
&
Defense
—
0.2%
Airbus
SE
........................
34,853
4,144,109
BAE
Systems
plc
...................
406,888
4,202,503
L3Harris
Technologies,
Inc.
............
38,470
8,009,839
Lockheed
Martin
Corp.
...............
2,737
1,331,523
MTU
Aero
Engines
AG
...............
19,568
4,209,768
Raytheon
Technologies
Corp.
..........
58,076
5,861,030
27,758,772
Air
Freight
&
Logistics
—
0.2%
CJ
Logistics
Corp.
(e)
.................
2,959
220,669
DSV
A/S
.........................
22,805
3,606,319
Hyundai
Glovis
Co.
Ltd.
(e)
.............
8,031
1,042,677
United
Parcel
Service,
Inc.,
Class
B
......
85,866
14,926,945
ZTO
Express
Cayman,
Inc.,
ADR
........
13,289
357,075
20,153,685
Airlines
—
0.1%
(e)
Copa
Holdings
SA,
Class
A
(f)
...........
80,067
6,659,172
InterGlobe
Aviation
Ltd.
(b)(c)
............
255,891
6,192,135
Korean
Air
Lines
Co.
Ltd.
.............
72,634
1,323,642
14,174,949
Auto
Components
—
0.0%
Lear
Corp.
.......................
46,078
5,714,594
Automobiles
—
0.1%
Astra
International
Tbk.
PT
............
11,451,600
4,190,711
Bajaj
Auto
Ltd.
.....................
8,238
359,210
BYD
Co.
Ltd.,
Class
A
................
62,200
2,296,217
Dongfeng
Motor
Group
Co.
Ltd.,
Class
H
...
510,000
291,404
General
Motors
Co.
.................
174,312
5,863,856
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
H
...........................
188,000
125,906
13,127,304
Banks
—
1.6%
Absa
Group
Ltd.
...................
543,672
6,173,731
Abu
Dhabi
Commercial
Bank
PJSC
......
2,362,795
5,782,504
Abu
Dhabi
Islamic
Bank
PJSC
..........
184,545
457,183
Al
Rajhi
Bank
(e)
....................
36,832
736,575
AMMB
Holdings
Bhd.
................
236,100
221,980
Axis
Bank
Ltd.
.....................
738,285
8,308,396
Bank
Central
Asia
Tbk.
PT
.............
1,121,000
614,687
Bank
of
Beijing
Co.
Ltd.,
Class
A
........
1,476,400
918,987
Bank
of
China
Ltd.,
Class
H
............
34,588,000
12,518,417
Bank
of
Communications
Co.
Ltd.,
Class
H
.
1,318,000
756,397
Bank
of
Hangzhou
Co.
Ltd.,
Class
A
......
634,800
1,197,853
Bank
Rakyat
Indonesia
Persero
Tbk.
PT
...
45,218,113
14,336,415
BNP
Paribas
SA
...................
132,295
7,532,771
Boubyan
Bank
KSCP
................
83,890
219,289
Security
Shares
Shares
Value
Banks
(continued)
Capitec
Bank
Holdings
Ltd.
............
1,980
$
215,536
Chang
Hwa
Commercial
Bank
Ltd.
.......
795,768
443,387
China
CITIC
Bank
Corp.
Ltd.,
Class
H
.....
1,658,000
733,702
China
Construction
Bank
Corp.,
Class
H
...
1,644,000
1,028,140
CIMB
Group
Holdings
Bhd.
............
854,900
1,125,021
Citigroup,
Inc.
.....................
225,922
10,218,452
Citizens
Financial
Group,
Inc.
..........
606,457
23,876,212
Comerica,
Inc.
.....................
24,925
1,666,236
Commercial
Bank
PSQC
(The)
..........
171,546
234,104
Commercial
International
Bank
Egypt
SAE
..
1,289,240
2,165,427
DBS
Group
Holdings
Ltd.
.............
443,200
11,218,103
Dubai
Islamic
Bank
PJSC
.............
527,831
819,253
Emirates
NBD
Bank
PJSC
.............
195,800
689,635
First
Abu
Dhabi
Bank
PJSC
............
76,830
356,979
First
Citizens
BancShares,
Inc.,
Class
A
....
7,088
5,375,256
First
Financial
Holding
Co.
Ltd.
..........
1,193,786
1,028,228
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
1,153,512
8,301,569
Gulf
Bank
KSCP
...................
482,968
496,131
HDFC
Bank
Ltd.
...................
467,988
9,178,909
Hong
Leong
Bank
Bhd.
...............
91,300
425,670
Huaxia
Bank
Co.
Ltd.,
Class
A
..........
213,800
160,243
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
A
.......................
137,800
86,366
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
.......................
14,995,000
7,690,781
KBC
Group
NV
....................
83,813
5,396,328
Kotak
Mahindra
Bank
Ltd.
.............
49,900
1,097,865
Kuwait
Finance
House
KSCP
...........
412,073
1,113,471
M&T
Bank
Corp.
...................
85,649
12,424,244
Malayan
Banking
Bhd.
...............
609,900
1,204,544
Masraf
Al
Rayan
QSC
................
791,469
685,310
National
Bank
of
Kuwait
SAKP
..........
376,181
1,326,440
Nordea
Bank
Abp
..................
706,174
7,564,505
OTP
Bank
Nyrt.
....................
167,275
4,545,048
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
H
(b)(c)
.........................
3,647,000
2,256,821
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
..........................
1,005,408
6,978,259
Public
Bank
Bhd.
...................
1,293,500
1,268,346
Qatar
International
Islamic
Bank
QSC
.....
93,964
267,100
Qatar
Islamic
Bank
SAQ
..............
139,070
703,931
Qatar
National
Bank
QPSC
............
310,693
1,529,554
RHB
Bank
Bhd.
....................
330,600
434,367
Sberbank
of
Russia
PJSC
(e)(g)
...........
877,548
119
Shanghai
Commercial
&
Savings
Bank
Ltd.
(The)
.........................
319,845
458,163
Shanghai
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
.......................
346,800
294,481
Taiwan
Business
Bank
...............
2,757,000
1,158,855
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
1,019,000
860,980
TCS
Group
Holding
plc,
GDR,
Class
A
(c)(e)(g)
.
78,717
787
Tisco
Financial
Group
PCL,
NVDR
.......
435,300
1,246,592
UniCredit
SpA
.....................
267,943
3,801,994
Wells
Fargo
&
Co.
..................
271,198
11,197,765
215,124,394
Beverages
—
0.4%
Ambev
SA
(e)
......................
2,943,799
8,068,072
Ambev
SA,
ADR
(e)
..................
276,004
750,731
Carlsberg
A/S,
Class
B
...............
26,341
3,494,054
Coca-Cola
Femsa
SAB
de
CV
..........
47,902
324,214
Coca-Cola
Femsa
SAB
de
CV,
ADR
......
4,881
331,322
Diageo
plc
.......................
331,567
14,513,309
Fomento
Economico
Mexicano
SAB
de
CV
.
574,609
4,492,427
Fomento
Economico
Mexicano
SAB
de
CV,
ADR
.........................
37,022
2,892,159
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
50
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Shares
Shares
Value
Beverages
(continued)
Kweichow
Moutai
Co.
Ltd.,
Class
A
.......
26,600
$
6,609,680
United
Spirits
Ltd.
(e)
.................
94,404
1,000,098
Wuliangye
Yibin
Co.
Ltd.,
Class
A
........
168,800
4,389,647
46,865,713
Biotechnology
—
0.2%
3SBio,
Inc.
(b)(c)
.....................
667,500
706,760
AbbVie,
Inc.
......................
122,523
19,800,942
BGI
Genomics
Co.
Ltd.,
Class
A
.........
202,000
1,507,852
Biocon
Ltd.
.......................
195,092
616,520
Bloomage
Biotechnology
Corp.
Ltd.,
Class
A
40,454
788,381
23,420,455
Building
Products
—
0.0%
Cie
de
Saint-Gobain
.................
65,009
3,180,295
Capital
Markets
—
0.2%
B3
SA
-
Brasil
Bolsa
Balcao
............
3,702,010
9,333,955
China
Galaxy
Securities
Co.
Ltd.,
Class
H
..
852,000
414,229
Intercontinental
Exchange,
Inc.
.........
180,161
18,482,717
Invesco
Ltd.
......................
95,375
1,715,796
Sealand
Securities
Co.
Ltd.,
Class
A
......
100,600
48,331
29,995,028
Chemicals
—
0.3%
Air
Liquide
SA
.....................
88,137
12,509,764
Asian
Paints
Ltd.
...................
48,806
1,814,420
Hansol
Chemical
Co.
Ltd.
(e)
............
29,310
4,316,751
International
Flavors
&
Fragrances,
Inc.
....
79,007
8,283,094
Linde
plc
........................
6,867
2,238,376
Mesaieed
Petrochemical
Holding
Co.
.....
70,782
41,285
Orbia
Advance
Corp.
SAB
de
CV
........
20,053
35,554
PPG
Industries,
Inc.
.................
25,511
3,207,753
Saudi
Basic
Industries
Corp.
...........
111,240
2,661,008
Sika
AG
(Registered)
................
10,364
2,491,539
Yanbu
National
Petrochemical
Co.
.......
65,288
726,265
38,325,809
Commercial
Services
&
Supplies
—
0.0%
(e)
Preston
Holdings
LLC
(g)
..............
24,388
5,365
S-1
Corp.
........................
2,822
132,629
Saudi
Airlines
Catering
Co.
............
13,368
268,165
406,159
Communications
Equipment
—
0.1%
Accton
Technology
Corp.
.............
523,300
3,973,836
Cisco
Systems,
Inc.
.................
143,226
6,823,287
Telefonaktiebolaget
LM
Ericsson,
ADR
....
151,263
883,376
Wistron
NeWeb
Corp.
................
184,000
469,211
Yealink
Network
Technology
Corp.
Ltd.,
Class
A
143,004
1,250,828
ZTE
Corp.,
Class
H
.................
122,400
268,898
13,669,436
Construction
&
Engineering
—
0.0%
Mcdermott
International
Ltd.
(e)
..........
165,884
53,083
Vinci
SA
.........................
54,398
5,422,774
5,475,857
Construction
Materials
—
0.0%
Taiwan
Cement
Corp.
................
1,119,000
1,223,255
Consumer
Finance
—
0.1%
Capital
One
Financial
Corp.
............
28,341
2,634,580
Kaspi.KZ
JSC,
GDR
(c)
................
78,641
5,648,313
Synchrony
Financial
.................
333,620
10,962,753
19,245,646
Security
Shares
Shares
Value
Containers
&
Packaging
—
0.1%
Sealed
Air
Corp.
...................
196,099
$
9,781,418
Diversified
Financial
Services
—
0.1%
Apollo
Global
Management,
Inc.
.........
92,076
5,873,528
Equitable
Holdings,
Inc.
..............
150,292
4,313,380
10,186,908
Diversified
Telecommunication
Services
—
0.6%
AT&T,
Inc.
........................
173,689
3,197,615
Cellnex
Telecom
SA
(b)(c)
...............
795,323
26,381,860
China
Tower
Corp.
Ltd.,
Class
H
(b)(c)
......
4,336,000
465,283
Chunghwa
Telecom
Co.
Ltd.
...........
653,000
2,401,485
Hellenic
Telecommunications
Organization
SA
35,834
559,695
Koninklijke
KPN
NV
.................
3,651,092
11,301,067
LG
Uplus
Corp.
....................
66,112
578,964
Ooredoo
QPSC
....................
121,899
305,849
Saudi
Telecom
Co.
..................
823,551
8,014,145
Sitios
Latinoamerica
SAB
de
CV
.........
12,406
5,953
Telefonica
Brasil
SA
.................
164,376
1,190,777
Telefonica
Brasil
SA,
ADR
.............
96,579
690,540
Telekom
Malaysia
Bhd.
...............
220,400
270,064
Telkom
Indonesia
Persero
Tbk.
PT
.......
4,793,400
1,154,309
Telkom
Indonesia
Persero
Tbk.
PT,
ADR
...
7,014
167,284
TELUS
Corp.
.....................
804,320
15,522,069
Verizon
Communications,
Inc.
..........
164,930
6,498,242
78,705,201
Electric
Utilities
—
1.1%
Alliant
Energy
Corp.
.................
133,181
7,352,923
American
Electric
Power
Co.,
Inc.
........
95,385
9,056,806
CLP
Holdings
Ltd.
..................
971,500
7,077,934
Duke
Energy
Corp.
.................
190,174
19,586,020
Edison
International
.................
68,188
4,338,121
EDP
-
Energias
de
Portugal
SA
.........
2,830,208
14,108,042
Entergy
Corp.
.....................
71,131
8,002,237
Eversource
Energy
.................
140,487
11,778,430
Exelon
Corp.
......................
199,112
8,607,612
NextEra
Energy,
Inc.
................
320,451
26,789,704
PG&E
Corp.
(e)
.....................
685,233
11,141,889
Saudi
Electricity
Co.
.................
24,613
152,149
Southern
Co.
(The)
.................
156,696
11,189,661
Terna
-
Rete
Elettrica
Nazionale
.........
586,000
4,327,728
143,509,256
Electrical
Equipment
—
0.2%
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
.......................
5,600
316,962
Schneider
Electric
SE
................
150,550
21,142,436
Shanghai
Electric
Group
Co.
Ltd.,
Class
A
(e)
.
1,549,000
880,006
22,339,404
Electronic
Equipment,
Instruments
&
Components
—
0.2%
Delta
Electronics,
Inc.
................
210,000
1,946,698
Foxconn
Technology
Co.
Ltd.
...........
94,000
158,378
Hon
Hai
Precision
Industry
Co.
Ltd.
.......
722,000
2,340,170
Largan
Precision
Co.
Ltd.
.............
30,000
1,982,983
Samsung
SDI
Co.
Ltd.
...............
8,593
4,034,779
TE
Connectivity
Ltd.
.................
137,058
15,734,258
26,197,266
Energy
Equipment
&
Services
—
0.1%
Baker
Hughes
Co.,
Class
A
............
365,175
10,783,618
China
Oilfield
Services
Ltd.,
Class
H
......
4,520,000
5,493,832
Dialog
Group
Bhd.
..................
387,500
215,500
16,492,950
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Shares
Shares
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.5%
Alexandria
Real
Estate
Equities,
Inc.
......
88,566
$
12,901,409
American
Tower
Corp.
...............
145,846
30,898,934
Assura
plc
.......................
22,200,145
14,640,601
Boston
Properties,
Inc.
...............
134,627
9,098,093
Community
Healthcare
Trust,
Inc.
........
136,831
4,898,550
Covivio
.........................
105,943
6,288,625
Cromwell
European
REIT
(c)
............
3,129,720
5,028,047
Crown
Castle,
Inc.
..................
79,330
10,760,321
Digital
Realty
Trust,
Inc.
..............
87,485
8,772,121
EPR
Properties
....................
282,361
10,650,657
Equinix,
Inc.
......................
8,709
5,704,656
ESR
Kendall
Square
REIT
Co.
Ltd.
.......
2,862,252
9,046,946
Goodman
Group
...................
1,023,230
12,033,547
Healthpeak
Properties,
Inc.
............
429,315
10,762,927
LondonMetric
Property
plc
.............
2,739,278
5,686,067
LXI
REIT
plc
(c)
.....................
4,202,408
5,742,717
Omega
Healthcare
Investors,
Inc.
........
397,653
11,114,401
Outfront
Media,
Inc.
.................
521,311
8,643,336
Physicians
Realty
Trust
...............
832,139
12,041,051
Prologis,
Inc.
......................
153,857
17,344,300
Rexford
Industrial
Realty,
Inc.
..........
207,265
11,324,960
SBA
Communications
Corp.,
Class
A
......
40,827
11,444,216
SL
Green
Realty
Corp.
...............
265,210
8,942,881
Spirit
Realty
Capital,
Inc.
..............
299,835
11,972,412
Sun
Communities,
Inc.
...............
99,419
14,216,917
Target
Healthcare
REIT
plc
............
7,923,104
7,682,067
UDR,
Inc.
........................
451,966
17,504,643
VICI
Properties,
Inc.
.................
532,059
17,238,712
Warehouses
De
Pauw
CVA
............
310,533
8,895,773
321,279,887
Food
&
Staples
Retailing
—
0.2%
Abdullah
Al
Othaim
Markets
Co.
.........
8,006
222,130
Bid
Corp.
Ltd.
.....................
37,264
723,404
BIM
Birlesik
Magazalar
A/S
............
14,555
106,366
President
Chain
Store
Corp.
...........
103,000
910,691
Sendas
Distribuidora
SA
(e)
.............
1,655,463
6,104,975
Wal-Mart
de
Mexico
SAB
de
CV
.........
4,236,563
14,975,211
Walmart,
Inc.
......................
10,608
1,504,108
X5
Retail
Group
NV,
GDR,
Class
S
(c)(e)(g)
....
207,497
2,075
24,548,960
Food
Products
—
0.3%
Almarai
Co.
JSC
...................
34,567
492,394
AVI
Ltd.
.........................
60,793
269,298
China
Mengniu
Dairy
Co.
Ltd.
(e)
.........
1,712,000
7,719,603
Danone
SA
.......................
72,744
3,834,026
IOI
Corp.
Bhd.
.....................
236,900
218,014
Kraft
Heinz
Co.
(The)
................
173,121
7,047,756
Marico
Ltd.
.......................
97,866
602,238
Mondelez
International,
Inc.,
Class
A
......
29,693
1,979,039
Nestle
India
Ltd.
...................
1,676
396,468
Nestle
Malaysia
Bhd.
................
4,500
143,019
Nestle
SA
(Registered)
...............
61,739
7,131,437
PPB
Group
Bhd.
...................
35,500
140,549
QL
Resources
Bhd.
.................
70,800
88,560
Savola
Group
(The)
.................
19,173
140,634
Thai
Union
Group
PCL,
NVDR
..........
3,701,800
1,805,777
Uni-President
Enterprises
Corp.
.........
510,000
1,103,903
33,112,715
Gas
Utilities
—
0.2%
Beijing
Enterprises
Holdings
Ltd.
........
111,000
354,401
ENN
Energy
Holdings
Ltd.
.............
770,100
10,756,796
Kunlun
Energy
Co.
Ltd.
...............
8,450,000
6,007,554
Petronas
Gas
Bhd.
..................
44,200
171,783
Security
Shares
Shares
Value
Gas
Utilities
(continued)
Tokyo
Gas
Co.
Ltd.
.................
203,500
$
3,984,489
21,275,023
Health
Care
Equipment
&
Supplies
—
0.4%
Baxter
International,
Inc.
..............
108,900
5,550,633
EssilorLuxottica
SA
.................
60,225
10,896,702
Koninklijke
Philips
NV
................
201,610
3,033,670
Medtronic
plc
.....................
308,105
23,945,921
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
....................
113,200
5,156,362
Zimmer
Biomet
Holdings,
Inc.
..........
55,016
7,014,540
55,597,828
Health
Care
Providers
&
Services
—
0.5%
Bangkok
Dusit
Medical
Services
PCL,
NVDR
2,964,300
2,478,927
Bumrungrad
Hospital
PCL,
NVDR
.......
374,700
2,292,277
Cardinal
Health,
Inc.
.................
95,928
7,373,985
Cigna
Corp.
......................
16,231
5,377,980
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
..........................
6,534
381,562
Elevance
Health,
Inc.
................
8,900
4,565,433
Hapvida
Participacoes
e
Investimentos
SA
(b)(c)(e)
5,978,948
5,829,563
Humana,
Inc.
.....................
7,567
3,875,742
IHH
Healthcare
Bhd.
................
353,500
498,845
Laboratory
Corp.
of
America
Holdings
.....
44,474
10,472,737
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
H
.......................
277,100
460,029
Sinopharm
Group
Co.
Ltd.,
Class
H
......
311,200
787,682
UnitedHealth
Group,
Inc.
..............
29,133
15,445,734
59,840,496
Hotels,
Restaurants
&
Leisure
—
0.2%
Alsea
SAB
de
CV
(e)
.................
170,553
321,912
Compass
Group
plc
.................
77,870
1,798,177
Genting
Malaysia
Bhd.
...............
470,600
287,281
NEW
Top
YK
(e)(g)(h)
..................
12,874
—
OPAP
SA
........................
362,827
5,133,189
Sands
China
Ltd.
(e)
..................
2,618,000
8,587,637
Seera
Group
Holding
(e)
...............
122,949
572,232
Yum
China
Holdings,
Inc.
(f)
............
155,155
8,479,221
25,179,649
Household
Durables
—
0.2%
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
...................
1,059,600
2,645,615
Newell
Brands,
Inc.
.................
219,378
2,869,464
Taylor
Wimpey
plc
..................
12,139,603
14,867,365
20,382,444
Household
Products
—
0.2%
Kimberly-Clark
Corp.
................
12,551
1,703,798
Reckitt
Benckiser
Group
plc
............
317,363
21,998,451
Unilever
Indonesia
Tbk.
PT
............
1,848,000
558,233
24,260,482
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Electricity
Generating
PCL,
NVDR
.......
62,200
309,629
Engie
Brasil
Energia
SA
..............
24,715
177,472
RWE
AG
........................
86,561
3,826,665
4,313,766
Industrial
Conglomerates
—
0.0%
Industries
Qatar
QSC
................
191,189
670,248
Siemens
AG
(Registered)
.............
16,521
2,277,442
2,947,690
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
52
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Shares
Shares
Value
Insurance
—
0.9%
American
International
Group,
Inc.
.......
109,723
$
6,938,883
ASR
Nederland
NV
.................
94,055
4,468,932
Assurant,
Inc.
.....................
93,992
11,754,639
Bangkok
Life
Assurance
PCL,
NVDR
.....
273,300
226,862
F&G
Annuities
&
Life,
Inc.
(e)
............
13,624
272,616
Fidelity
National
Financial,
Inc.
..........
200,355
7,537,355
Gjensidige
Forsikring
ASA
.............
167,419
3,283,759
Life
Insurance
Corp.
of
India
...........
79,584
658,088
New
China
Life
Insurance
Co.
Ltd.,
Class
H
.
252,300
614,270
People's
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
H
...................
1,696,000
561,063
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
.
322,000
304,450
Prudential
Financial,
Inc.
..............
9,740
968,740
Prudential
plc
.....................
2,188,157
29,836,166
Qatar
Insurance
Co.
SAQ
.............
72,642
38,097
Sampo
OYJ,
Class
A
................
143,784
7,509,768
Sanlam
Ltd.
......................
1,466,207
4,204,141
Tryg
A/S
.........................
229,577
5,456,026
Willis
Towers
Watson
plc
..............
26,922
6,584,583
Zurich
Insurance
Group
AG
............
48,183
23,035,201
114,253,639
Interactive
Media
&
Services
—
0.0%
Autohome,
Inc.,
ADR
................
3,341
102,235
Baidu,
Inc.,
Class
A
(e)
................
4,750
67,739
Meta
Platforms,
Inc.,
Class
A
(e)
..........
29,530
3,553,640
Tencent
Holdings
Ltd.
................
36,900
1,564,573
5,288,187
Internet
&
Direct
Marketing
Retail
—
0.2%
(e)
Alibaba
Group
Holding
Ltd.
............
682,100
7,484,624
Alibaba
Group
Holding
Ltd.,
ADR
........
136,911
12,060,490
Prosus
NV
.......................
98,559
6,804,853
Vipshop
Holdings
Ltd.,
ADR
............
39,325
536,393
26,886,360
IT
Services
—
0.8%
Accenture
plc,
Class
A
...............
64,862
17,307,776
Cognizant
Technology
Solutions
Corp.,
Class
A
157,933
9,032,188
Fidelity
National
Information
Services,
Inc.
..
140,739
9,549,141
HCL
Technologies
Ltd.
...............
176,999
2,219,725
Infosys
Ltd.
.......................
60,613
1,105,054
Infosys
Ltd.,
ADR
...................
61,807
1,113,144
NEXTDC
Ltd.
(e)
....................
2,095,355
12,929,611
Paychex,
Inc.
.....................
127,901
14,780,240
Samsung
SDS
Co.
Ltd.
(e)
..............
8,540
832,302
SS&C
Technologies
Holdings,
Inc.
.......
143,259
7,458,064
SUNeVision
Holdings
Ltd.
.............
12,844,000
6,928,597
Tata
Consultancy
Services
Ltd.
.........
241,435
9,494,943
Visa,
Inc.,
Class
A
..................
70,044
14,552,341
107,303,126
Life
Sciences
Tools
&
Services
—
0.2%
Lonza
Group
AG
(Registered)
..........
37,986
18,646,395
Sartorius
Stedim
Biotech
..............
2,677
869,940
Syngene
International
Ltd.
(b)(c)
..........
39,183
277,044
19,793,379
Machinery
—
0.4%
Alfa
Laval
AB
.....................
71,812
2,077,330
Epiroc
AB,
Class
A
..................
1,021,092
18,593,178
Han's
Laser
Technology
Industry
Group
Co.
Ltd.,
Class
A
....................
1,142,794
4,219,470
Komatsu
Ltd.
.....................
395,200
8,541,903
Otis
Worldwide
Corp.
................
212,522
16,642,598
Security
Shares
Shares
Value
Machinery
(continued)
Volvo
AB,
Class
B
..................
147,823
$
2,670,215
52,744,694
Marine
—
0.0%
MISC
Bhd.
.......................
137,700
234,431
Media
—
0.1%
Cheil
Worldwide,
Inc.
(e)
...............
3,769
68,842
Comcast
Corp.,
Class
A
..............
187,930
6,571,912
Fox
Corp.,
Class
A
..................
99,100
3,009,667
MultiChoice
Group
..................
71,713
494,821
Telenet
Group
Holding
NV
.............
7,142
116,660
10,261,902
Metals
&
Mining
—
0.1%
Alrosa
PJSC
(e)(g)
....................
607,124
82
Anglo
American
Platinum
Ltd.
..........
1,156
96,476
Cia
de
Minas
Buenaventura
SAA,
ADR
....
86,386
643,576
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
A
...
69,000
691,125
Gold
Fields
Ltd.
....................
369,067
3,832,702
Gold
Fields
Ltd.,
ADR
(f)
...............
111,529
1,154,325
Hochschild
Mining
plc
................
107,064
91,009
Novolipetsk
Steel
PJSC
(e)(g)
............
14
—
Project
Investor
Holdings
LLC,
(Acquired
02/12/19,
cost
$0)
(e)(g)(i)
.............
24,388
—
Shandong
Gold
Mining
Co.
Ltd.,
Class
A
...
833,484
2,300,852
Zijin
Mining
Group
Co.
Ltd.,
Class
A
......
188,300
270,346
Zijin
Mining
Group
Co.
Ltd.,
Class
H
......
4,848,000
6,515,674
15,596,167
Multiline
Retail
—
0.0%
Central
Retail
Corp.
PCL,
NVDR
........
333,800
445,618
Dollar
General
Corp.
................
19,882
4,895,942
Fix
Price
Group
plc,
GDR
(b)(c)(e)(g)
.........
1,377,673
193
Hyundai
Department
Store
Co.
Ltd.
(e)
.....
2,371
111,119
5,452,872
Multi-Utilities
—
0.7%
Ameren
Corp.
.....................
78,210
6,954,433
CenterPoint
Energy,
Inc.
..............
202,584
6,075,494
CMS
Energy
Corp.
..................
152,603
9,664,348
Dominion
Energy,
Inc.
................
270,932
16,613,550
DTE
Energy
Co.
...................
51,566
6,060,552
National
Grid
plc
...................
925,805
11,090,549
NiSource,
Inc.
.....................
345,818
9,482,330
Public
Service
Enterprise
Group,
Inc.
.....
277,980
17,031,835
Qatar
Electricity
&
Water
Co.
QSC
.......
41,488
200,269
Sempra
Energy
....................
96,076
14,847,585
98,020,945
Oil,
Gas
&
Consumable
Fuels
—
1.2%
BP
plc
..........................
3,289,594
18,980,766
Cheniere
Energy,
Inc.
................
66,695
10,001,582
Chesapeake
Energy
Corp.
............
39,920
3,767,250
Chevron
Corp.
.....................
41,201
7,395,167
China
Petroleum
&
Chemical
Corp.,
Class
H
3,890,000
1,874,249
China
Petroleum
&
Chemical
Corp.,
ADR
(g)
..
1,451
69,911
ConocoPhillips
....................
18,928
2,233,504
DT
Midstream,
Inc.
..................
108,730
6,008,420
Ecopetrol
SA,
ADR
..................
415,678
4,352,149
Enbridge,
Inc.
.....................
488,837
19,105,801
Energy
Transfer
LP
.................
190,805
2,264,855
Enterprise
Products
Partners
LP
.........
94,431
2,277,676
EQT
Corp.
.......................
118,913
4,022,827
Equitrans
Midstream
Corp.
............
49,005
328,334
Gibson
Energy,
Inc.
.................
23,759
414,817
Hess
Corp.
.......................
19,795
2,807,327
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Kinder
Morgan,
Inc.
.................
33,263
$
601,395
LUKOIL
PJSC
(g)
....................
417,114
57
Magellan
Midstream
Partners
LP
........
39,227
1,969,588
MOL
Hungarian
Oil
&
Gas
plc
..........
565,301
3,939,729
MPLX
LP
........................
69,509
2,282,676
Novatek
PJSC
(g)
...................
690
—
NuStar
Energy
LP
..................
22,360
357,760
ONEOK,
Inc.
......................
5,587
367,066
Pembina
Pipeline
Corp.
..............
72,889
2,474,135
PetroChina
Co.
Ltd.,
Class
H
...........
16,152,200
7,378,221
Petroleo
Brasileiro
SA,
ADR
...........
227,951
2,427,678
Petronet
LNG
Ltd.
..................
2,391,175
6,219,411
Plains
All
American
Pipeline
LP
.........
186,522
2,193,499
PTT
Exploration
&
Production
PCL,
NVDR
..
455,200
2,318,159
Qatar
Fuel
QSC
....................
37,378
183,213
Qatar
Gas
Transport
Co.
Ltd.
...........
497,810
498,629
Saudi
Arabian
Oil
Co.
(b)(c)
..............
219,184
1,881,461
Shell
plc
.........................
247,723
6,983,514
Targa
Resources
Corp.
...............
109,367
8,038,474
TC
Energy
Corp.
...................
61,442
2,449,455
TotalEnergies
SE
...................
122,446
7,686,328
Ultrapar
Participacoes
SA,
ADR
.........
80,863
195,688
Western
Midstream
Partners
LP
.........
53,280
1,430,568
Williams
Cos.,
Inc.
(The)
..............
335,288
11,030,975
158,812,314
Personal
Products
—
0.2%
Colgate-Palmolive
India
Ltd.
...........
22,626
419,612
Dabur
India
Ltd.
....................
98,627
668,210
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
....
36,203
8,982,326
Godrej
Consumer
Products
Ltd.
(e)
........
551,939
5,823,360
L'Oreal
SA
.......................
15,456
5,534,759
Unilever
plc,
ADR
..................
121,553
6,120,194
27,548,461
Pharmaceuticals
—
1.0%
AstraZeneca
plc
...................
290,833
39,355,342
Bayer
AG
(Registered)
...............
124,026
6,383,631
China
Medical
System
Holdings
Ltd.
......
257,000
402,151
Cipla
Ltd.
........................
94,495
1,227,702
Dong-E-E-Jiao
Co.
Ltd.,
Class
A
.........
62,800
368,927
Dr.
Reddy's
Laboratories
Ltd.
...........
14,414
737,188
Eli
Lilly
&
Co.
.....................
5,880
2,151,139
Euroapi
SA
(e)
......................
170,906
2,534,026
Joincare
Pharmaceutical
Group
Industry
Co.
Ltd.,
Class
A
....................
605,035
985,945
Merck
&
Co.,
Inc.
...................
13,093
1,452,668
Novo
Nordisk
A/S,
Class
B
............
164,929
22,399,925
Novo
Nordisk
A/S,
ADR
..............
24,746
3,349,124
Roche
Holding
AG
Genussscheine
.......
19,593
6,156,857
Sanofi
..........................
398,846
38,459,358
Sun
Pharmaceutical
Industries
Ltd.
.......
7,541
91,193
Torrent
Pharmaceuticals
Ltd.
...........
22,802
426,280
126,481,456
Professional
Services
—
0.2%
Leidos
Holdings,
Inc.
................
33,737
3,548,795
NMG,
Inc.
(e)
.......................
3,714
561,742
RELX
plc
........................
708,218
19,609,406
Robert
Half
International,
Inc.
...........
35,420
2,615,059
26,335,002
Real
Estate
Management
&
Development
—
0.3%
Aldar
Properties
PJSC
...............
1,388,773
1,668,719
Barwa
Real
Estate
Co.
...............
234,595
183,949
Emaar
Economic
City
(e)
...............
28,763
63,807
Emaar
Properties
PJSC
..............
3,183,010
5,063,947
Security
Shares
Shares
Value
Real
Estate
Management
&
Development
(continued)
Hang
Lung
Properties
Ltd.
.............
3,289,000
$
6,407,007
Hulic
Co.
Ltd.
.....................
874,500
6,867,061
Mabanee
Co.
KPSC
.................
52,113
144,673
VGP
NV
.........................
57,305
4,794,885
Vonovia
SE
.......................
475,673
11,205,160
36,399,208
Road
&
Rail
—
0.3%
ALD
SA
(b)(c)
.......................
78,722
908,292
Canadian
Pacific
Railway
Ltd.
..........
147,668
11,010,213
CSX
Corp.
.......................
412,536
12,780,365
Daqin
Railway
Co.
Ltd.,
Class
A
.........
2,180,248
2,104,040
Union
Pacific
Corp.
.................
28,028
5,803,758
West
Japan
Railway
Co.
..............
53,100
2,305,567
34,912,235
Semiconductors
&
Semiconductor
Equipment
—
0.5%
ASE
Technology
Holding
Co.
Ltd.
........
95,000
288,646
ASML
Holding
NV
..................
10,866
5,924,709
Broadcom,
Inc.
....................
3,563
1,992,180
Chipbond
Technology
Corp.
............
167,000
311,351
MediaTek,
Inc.
.....................
592,000
11,969,612
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
3,280,000
47,636,959
68,123,457
Software
—
0.4%
Intuit,
Inc.
........................
48,733
18,967,858
Microsoft
Corp.
....................
120,464
28,889,677
47,857,535
Specialty
Retail
—
0.3%
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
........................
884,909
1,060,916
Home
Product
Center
PCL,
NVDR
.......
4,389,600
1,962,499
Industria
de
Diseno
Textil
SA
...........
931,183
24,733,199
Jarir
Marketing
Co.
..................
11,459
457,319
PTT
Oil
&
Retail
Business
PCL,
NVDR
....
247,200
169,710
Ross
Stores,
Inc.
...................
38,513
4,470,204
Topsports
International
Holdings
Ltd.
(b)(c)
...
571,000
449,879
Truworths
International
Ltd.
............
123,950
400,020
33,703,746
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Catcher
Technology
Co.
Ltd.
...........
193,000
1,059,936
Inventec
Corp.
.....................
545,000
465,124
Lenovo
Group
Ltd.
..................
2,008,000
1,635,512
Lite-On
Technology
Corp.
.............
420,000
867,998
Quanta
Computer,
Inc.
...............
531,000
1,245,268
Samsung
Electronics
Co.
Ltd.
..........
27,773
1,219,047
Samsung
Electronics
Co.
Ltd.,
GDR
(c)
.....
8,522
9,439,895
15,932,780
Textiles,
Apparel
&
Luxury
Goods
—
0.3%
Bosideng
International
Holdings
Ltd.
......
416,000
197,131
Kering
SA
........................
33,775
17,189,040
Li
Ning
Co.
Ltd.
....................
236,000
2,029,365
LVMH
Moet
Hennessy
Louis
Vuitton
SE
....
17,798
12,951,485
Pou
Chen
Corp.
....................
494,000
549,079
Ralph
Lauren
Corp.,
Class
A
...........
39,392
4,162,553
37,078,653
Tobacco
—
0.2%
Altria
Group,
Inc.
...................
93,890
4,291,712
British
American
Tobacco
plc
...........
81,858
3,238,151
ITC
Ltd.
.........................
546,818
2,188,777
KT&G
Corp.
(e)
.....................
24,120
1,743,334
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
54
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Shares
Shares
Value
Tobacco
(continued)
Philip
Morris
International,
Inc.
..........
199,961
$
20,238,053
31,700,027
Trading
Companies
&
Distributors
—
0.2%
Azelis
Group
NV
...................
35,264
998,908
BOC
Aviation
Ltd.
(b)(c)
................
812,000
6,764,447
Ferguson
plc
......................
127,439
15,999,187
23,762,542
Transportation
Infrastructure
—
0.8%
Aena
SME
SA
(b)(c)(e)
.................
127,569
15,991,851
Aeroports
de
Paris
(e)
.................
17,705
2,371,969
Atlas
Arteria
Ltd.
(h)
..................
1,535,792
6,916,396
Auckland
International
Airport
Ltd.
(e)
......
1,002,795
4,973,452
China
Merchants
Port
Holdings
Co.
Ltd.
...
222,000
324,117
Flughafen
Zurich
AG
(Registered)
(e)
......
63,229
9,784,077
Fraport
AG
Frankfurt
Airport
Services
Worldwide
(e)
....................
209,579
8,487,444
Getlink
SE
.......................
167,802
2,687,040
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
.......................
593,623
8,511,445
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
.......................
2,979
69,407
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
ADR
(f)
........................
1,259
293,334
Hamburger
Hafen
und
Logistik
AG
.......
51,596
654,753
Japan
Airport
Terminal
Co.
Ltd.
(e)
........
46,200
2,278,457
Jiangsu
Expressway
Co.
Ltd.,
Class
H
....
7,092,000
6,455,856
Malaysia
Airports
Holdings
Bhd.
(e)
........
110,700
165,000
Salik
Co.
PJSC
(e)
...................
12,682,548
8,564,156
Taiwan
High
Speed
Rail
Corp.
..........
238,000
222,328
Transurban
Group
(h)
.................
3,366,557
29,618,488
Zhejiang
Expressway
Co.
Ltd.,
Class
H
....
266,000
204,536
108,574,106
Water
Utilities
—
0.1%
American
Water
Works
Co.,
Inc.
.........
12,974
1,977,497
Severn
Trent
plc
...................
185,860
5,937,883
7,915,380
Wireless
Telecommunication
Services
—
0.2%
Advanced
Info
Service
PCL,
NVDR
.......
196,000
1,102,287
Axiata
Group
Bhd.
..................
244,600
171,796
DiGi.Com
Bhd.
....................
230,700
209,371
Etihad
Etisalat
Co.
..................
106,234
982,003
Far
EasTone
Telecommunications
Co.
Ltd.
..
368,000
789,354
Global
Telecom
Holding
SAE
(e)
..........
49,473
4,157
KDDI
Corp.
.......................
362,200
10,984,402
Maxis
Bhd.
.......................
127,400
111,099
Mobile
Telecommunications
Co.
KSCP
....
278,483
513,188
Mobile
Telecommunications
Co.
Saudi
Arabia
(e)
265,127
708,088
Mobile
TeleSystems
PJSC
(g)
...........
26,804
4
Rogers
Communications,
Inc.,
Class
B
....
99,446
4,654,278
SK
Telecom
Co.
Ltd.
.................
37,693
1,414,010
SK
Telecom
Co.
Ltd.,
ADR
(f)
............
24,866
511,991
Taiwan
Mobile
Co.
Ltd.
...............
273,000
840,631
Vodacom
Group
Ltd.
................
124,561
899,500
Vodafone
Group
plc
.................
4,179,866
4,233,024
28,129,183
Total
Common
Stocks
—
20.3%
(Cost:
$2,576,278,670)
...........................
2,646,914,481
Security
Par
(000)
Par
(000)
Value
Corporate
Bonds
Aerospace
&
Defense
—
1.0%
Boeing
Co.
(The)
5.15%,
05/01/30
.................
USD
9,444
$
9,213,937
3.63%,
02/01/31
.................
2,858
2,504,085
3.65%,
03/01/47
.................
730
489,695
3.63%,
03/01/48
.................
310
202,822
3.85%,
11/01/48
.................
325
223,079
3.90%,
05/01/49
.................
300
210,650
5.81%,
05/01/50
.................
8,567
7,943,116
5.93%,
05/01/60
.................
5,269
4,799,765
Bombardier,
Inc.
(b)
7.50%,
03/15/25
.................
2,536
2,511,437
7.13%,
06/15/26
.................
9,201
8,926,942
7.88%,
04/15/27
.................
6,324
6,134,127
6.00%,
02/15/28
.................
2,536
2,345,090
7.45%,
05/01/34
.................
946
946,000
BWX
Technologies,
Inc.,
4.13%,
06/30/28
(b)
.
3,252
2,922,735
F-Brasile
SpA,
Series
XR,
7.38%,
08/15/26
(b)
2,497
2,041,297
General
Dynamics
Corp.,
4.25%,
04/01/40
.
300
273,701
Howmet
Aerospace,
Inc.,
5.13%,
10/01/24
.
306
302,585
L3Harris
Technologies,
Inc.
3.83%,
04/27/25
.................
355
344,741
4.40%,
06/15/28
.................
1,450
1,387,963
2.90%,
12/15/29
.................
235
200,454
1.80%,
01/15/31
.................
1,565
1,201,045
4.85%,
04/27/35
.................
200
186,356
5.05%,
04/27/45
.................
120
107,510
Lockheed
Martin
Corp.
4.07%,
12/15/42
.................
445
384,954
5.70%,
11/15/54
.................
520
544,836
Northrop
Grumman
Corp.,
5.25%,
05/01/50
.
625
615,431
Raytheon
Technologies
Corp.
4.13%,
11/16/28
.................
355
339,773
2.25%,
07/01/30
.................
400
332,858
4.50%,
06/01/42
.................
1,415
1,272,535
4.15%,
05/15/45
.................
385
320,954
3.03%,
03/15/52
.................
1,600
1,084,718
Rolls-Royce
plc,
5.75%,
10/15/27
(b)
......
7,779
7,409,498
Spirit
AeroSystems,
Inc.
(b)
7.50%,
04/15/25
.................
372
367,595
9.38%,
11/30/29
.................
3,527
3,712,873
TransDigm,
Inc.
8.00%,
12/15/25
(b)
................
12,787
12,976,120
6.25%,
03/15/26
(b)
................
28,280
27,889,453
6.38%,
06/15/26
.................
1,190
1,157,816
7.50%,
03/15/27
.................
2,071
2,049,063
4.63%,
01/15/29
.................
4,220
3,710,519
4.88%,
05/01/29
.................
2,289
1,996,580
Triumph
Group,
Inc.,
8.88%,
06/01/24
(b)
...
7,975
8,114,563
129,699,271
Air
Freight
&
Logistics
—
0.0%
FedEx
Corp.
3.10%,
08/05/29
.................
781
689,203
4.25%,
05/15/30
.................
100
94,326
4.55%,
04/01/46
.................
795
644,957
5.25%,
05/15/50
.................
200
182,099
1,610,585
Airlines
—
0.5%
Air
Canada,
3.88%,
08/15/26
(b)
.........
3,193
2,828,145
Air
France-KLM
(c)
(EURIBOR
ICE
Swap
Rate
3
Year
+
13.00%),
6.50%
(a)(j)(k)
............
EUR
1,000
1,052,583
3.88%,
07/01/26
.................
1,000
957,796
Allegiant
Travel
Co.,
7.25%,
08/15/27
(b)
...
USD
935
889,336
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
55
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Airlines
(continued)
American
Airlines,
Inc.
(b)
11.75%,
07/15/25
................
USD
9,041
$
9,697,370
5.50%,
04/20/26
.................
2,129
2,047,241
5.75%,
04/20/29
.................
5,623
5,139,414
Avianca
Midco
2
plc,
9.00%,
12/01/28
(b)
...
3,480
2,540,546
Delta
Air
Lines,
Inc.,
4.75%,
10/20/28
(b)
....
2,129
2,000,819
Deutsche
Lufthansa
AG
(c)
2.00%,
07/14/24
.................
EUR
1,000
1,024,575
2.88%,
05/16/27
.................
200
185,723
3.75%,
02/11/28
.................
500
475,012
3.50%,
07/14/29
.................
1,200
1,087,004
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
01/20/26
(b)
...............
USD
2,941
2,661,605
International
Consolidated
Airlines
Group
SA
(c)
2.75%,
03/25/25
.................
EUR
800
779,559
1.13%,
05/18/28
(j)
................
1,200
940,111
3.75%,
03/25/29
.................
600
491,337
Mileage
Plus
Holdings
LLC,
6.50%,
06/20/27
(b)
USD
10,568
10,507,203
Spirit
Loyalty
Cayman
Ltd.
8.00%,
09/20/25
(b)
................
1,929
1,937,462
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
B,
4.88%,
01/15/26
347
329,855
Series
2020-1,
Class
A,
5.88%,
10/15/27
7,609
7,502,082
United
Airlines,
Inc.
(b)
4.38%,
04/15/26
.................
3,461
3,208,091
4.63%,
04/15/29
.................
4,777
4,159,313
62,442,182
Auto
Components
—
0.4%
Adient
Global
Holdings
Ltd.,
3.50%,
08/15/24
(c)
EUR
1,450
1,481,011
Aptiv
plc
3.25%,
03/01/32
.................
USD
985
805,690
3.10%,
12/01/51
.................
715
422,556
4.15%,
05/01/52
.................
200
143,903
Clarios
Global
LP
6.75%,
05/15/25
(b)
................
4,587
4,597,603
4.38%,
05/15/26
(c)
................
EUR
613
605,548
6.25%,
05/15/26
(b)
................
USD
4,261
4,165,137
8.50%,
05/15/27
(b)
................
22,615
22,083,468
Dana
Financing
Luxembourg
SARL,
3.00%,
07/15/29
(c)
....................
EUR
650
531,377
Dealer
Tire
LLC,
8.00%,
02/01/28
(b)
......
USD
1,248
1,098,082
Faurecia
SE
(c)
2.63%,
06/15/25
.................
EUR
888
862,633
7.25%,
06/15/26
.................
575
619,454
2.75%,
02/15/27
.................
999
899,776
3.75%,
06/15/28
.................
590
535,567
Goodyear
Tire
&
Rubber
Co.
(The)
5.00%,
07/15/29
.................
USD
912
760,744
5.63%,
04/30/33
.................
2,063
1,684,030
Grupo
Antolin-Irausa
SA
(c)
3.38%,
04/30/26
.................
EUR
273
236,709
3.50%,
04/30/28
.................
977
738,500
Icahn
Enterprises
LP
6.25%,
05/15/26
.................
USD
2,685
2,580,006
5.25%,
05/15/27
.................
3,277
3,000,421
4.38%,
02/01/29
.................
1,942
1,642,252
IHO
Verwaltungs
GmbH
(l)
3.88%,
(3.88%
Cash
or
4.63%
PIK),
05/15/27
(a)(c)
..................
EUR
906
815,868
6.00%,
(6.00%
Cash
or
6.75%
PIK),
05/15/27
(b)
...................
USD
200
174,973
ZF
Europe
Finance
BV
(c)
2.00%,
02/23/26
.................
EUR
1,200
1,104,578
2.50%,
10/23/27
.................
500
440,437
Security
Par
(000)
Par
(000)
Value
Auto
Components
(continued)
ZF
Finance
GmbH
(c)
3.00%,
09/21/25
.................
EUR
200
$
196,698
2.00%,
05/06/27
.................
700
610,841
2.75%,
05/25/27
.................
400
359,671
53,197,533
Automobiles
—
0.3%
Ford
Motor
Co.
4.35%,
12/08/26
.................
USD
59
55,952
3.25%,
02/12/32
.................
3,576
2,681,792
6.10%,
08/19/32
.................
1,397
1,289,930
General
Motors
Co.
4.00%,
04/01/25
.................
600
585,180
6.13%,
10/01/25
.................
3,300
3,358,443
5.00%,
10/01/28
.................
200
191,547
5.40%,
10/15/29
.................
1,296
1,236,770
5.60%,
10/15/32
.................
2,411
2,239,810
6.25%,
10/02/43
.................
745
688,774
5.20%,
04/01/45
.................
2,455
1,995,351
5.40%,
04/01/48
.................
2,331
1,905,182
5.95%,
04/01/49
.................
2,920
2,544,822
Hyundai
Capital
America
(b)
1.25%,
09/18/23
.................
480
465,201
0.80%,
01/08/24
.................
3,620
3,443,743
0.88%,
06/14/24
.................
2,395
2,233,841
1.00%,
09/17/24
.................
1,865
1,723,087
Jaguar
Land
Rover
Automotive
plc
7.75%,
10/15/25
(b)
................
400
368,000
6.88%,
11/15/26
(c)
................
EUR
400
378,939
5.88%,
01/15/28
(b)
................
USD
200
152,090
4.50%,
07/15/28
(c)
................
EUR
848
685,499
Mercedes-Benz
Finance
North
America
LLC,
5.50%,
11/27/24
(b)
...............
USD
1,560
1,568,817
Nissan
Motor
Acceptance
Co.
LLC,
2.75%,
03/09/28
(b)
....................
675
546,724
Nissan
Motor
Co.
Ltd.,
4.35%,
09/17/27
(b)
..
2,885
2,615,962
RCI
Banque
SA,
(EUR
Swap
Annual
5
Year
+
2.85%),
2.63%,
02/18/30
(a)(c)
.........
EUR
3,500
3,329,057
Renault
SA
(c)
1.25%,
06/24/25
.................
100
95,673
2.38%,
05/25/26
.................
500
480,781
TML
Holdings
Pte.
Ltd.,
4.35%,
06/09/26
(c)
..
USD
2,339
2,088,727
Volkswagen
Group
of
America
Finance
LLC
(b)
1.25%,
11/24/25
.................
505
450,183
3.20%,
09/26/26
.................
305
282,774
Volvo
Car
AB,
2.50%,
10/07/27
(c)
.......
EUR
728
685,145
40,367,796
Banks
—
4.8%
ABN
AMRO
Bank
NV,
(EUR
Swap
Annual
5
Year
+
4.67%),
4.38%
(a)(c)(k)
..........
3,000
2,958,617
Banco
Bilbao
Vizcaya
Argentaria
SA
(a)(k)
(EUR
Swap
Annual
5
Year
+
5.66%),
5.88%
(c)
.....................
200
205,419
(EUR
Swap
Annual
5
Year
+
6.04%),
6.00%
(c)
.....................
8,200
8,531,634
(USD
Swap
Semi
5
Year
+
3.87%),
6.13%
USD
20,400
17,369,166
Banco
BPM
SpA
(a)(c)
(EUR
Swap
Annual
5
Year
+
5.42%),
5.00%,
09/14/30
...............
EUR
352
364,261
(EUR
Swap
Annual
5
Year
+
3.17%),
2.88%,
06/29/31
...............
5,114
4,530,077
(EUR
Swap
Annual
5
Year
+
3.40%),
3.38%,
01/19/32
...............
1,661
1,475,755
Banco
de
Sabadell
SA
(a)(c)
(EUR
Swap
Annual
5
Year
+
2.20%),
2.00%,
01/17/30
...............
700
667,340
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
56
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(EUR
Swap
Annual
5
Year
+
2.95%),
2.50%,
04/15/31
...............
EUR
3,200
$
2,973,282
Banco
do
Brasil
SA,
4.75%,
03/20/24
(c)
....
USD
2,804
2,757,208
Banco
Espirito
Santo
SA
(c)(e)(m)
2.63%,
05/08/17
.................
EUR
800
102,763
4.75%,
01/15/18
.................
1,500
192,681
4.00%,
01/21/23
.................
5,400
693,652
Banco
Mercantil
del
Norte
SA,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.64%),
5.88%
(a)(b)(k)
..........
USD
1,725
1,536,113
Banco
Nacional
de
Panama,
2.50%,
08/11/30
(b)
2,704
2,158,637
Banco
Santander
SA
2.75%,
05/28/25
.................
800
748,712
(EUR
Swap
Annual
5
Year
+
4.53%),
4.38%
(a)(c)(k)
...................
EUR
5,600
5,087,549
1.85%,
03/25/26
.................
USD
600
529,584
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.90%),
1.72%,
09/14/27
(a)
..............
1,000
854,166
3.31%,
06/27/29
.................
200
174,130
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
3,612,931
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
3,013,425
Bank
of
America
Corp.
(SOFR
1
Day
+
0.67%),
1.84%,
02/04/25
(a)
2,790
2,674,969
(SOFR
1
Day
+
0.91%),
0.98%,
09/25/25
(a)
1,990
1,831,548
(LIBOR
USD
3
Month
+
0.81%),
3.37%,
01/23/26
(a)
...................
780
743,716
(SOFR
1
Day
+
1.15%),
1.32%,
06/19/26
(a)
2,886
2,598,829
Series
N,
(SOFR
1
Day
+
0.91%),
1.66%,
03/11/27
(a)
...................
374
330,879
(SOFR
1
Day
+
2.04%),
4.95%,
07/22/28
(a)
4,200
4,101,975
(SOFR
1
Day
+
1.99%),
6.20%,
11/10/28
(a)
4,495
4,640,960
(LIBOR
USD
3
Month
+
1.04%),
3.42%,
12/20/28
(a)
...................
4,860
4,400,873
(LIBOR
USD
3
Month
+
1.21%),
3.97%,
02/07/30
(a)
...................
1,500
1,362,345
(LIBOR
USD
3
Month
+
1.18%),
3.19%,
07/23/30
(a)
...................
400
344,033
(LIBOR
USD
3
Month
+
1.19%),
2.88%,
10/22/30
(a)
...................
25
20,914
(SOFR
1
Day
+
1.37%),
1.92%,
10/24/31
(a)
265
202,430
Series
N,
(SOFR
1
Day
+
1.22%),
2.65%,
03/11/32
(a)
...................
1,090
872,465
(SOFR
1
Day
+
1.32%),
2.69%,
04/22/32
(a)
1,625
1,300,624
(SOFR
1
Day
+
1.33%),
2.97%,
02/04/33
(a)
1,310
1,055,360
(SOFR
1
Day
+
1.83%),
4.57%,
04/27/33
(a)
1,640
1,500,112
(SOFR
1
Day
+
2.16%),
5.02%,
07/22/33
(a)
30
28,482
Series
L,
4.75%,
04/21/45
..........
420
356,240
(LIBOR
USD
3
Month
+
1.99%),
4.44%,
01/20/48
(a)
...................
235
198,184
(LIBOR
USD
3
Month
+
3.15%),
4.08%,
03/20/51
(a)
...................
800
626,047
(SOFR
1
Day
+
1.88%),
2.83%,
10/24/51
(a)
790
484,303
Bank
of
Communications
Co.
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%),
3.80%
(a)(c)(k)
...
3,000
2,865,000
Bank
of
Communications
Hong
Kong
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.53%),
3.73%
(a)(c)(k)
...
1,000
958,750
Bank
of
Cyprus
PCL,
(EUR
Swap
Annual
1
Year
+
2.79%),
2.50%,
06/24/27
(a)(c)
....
EUR
525
460,199
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Bank
of
East
Asia
Ltd.
(The),
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.53%),
5.83%
(a)(c)(k)
..........
USD
4,653
$
4,071,375
Bank
of
Ireland
Group
plc
(a)
(EUR
Swap
Annual
5
Year
+
7.92%),
7.50%
(c)(k)
....................
EUR
800
830,995
(EUR
Swap
Annual
5
Year
+
6.43%),
6.00%
(c)(k)
....................
2,700
2,684,721
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.65%),
6.25%,
09/16/26
(b)
..............
USD
1,355
1,344,137
(EUR
Swap
Annual
5
Year
+
4.15%),
6.75%,
03/01/33
(c)
..............
EUR
875
930,705
Bank
of
Montreal,
(USD
Swap
Semi
5
Year
+
1.43%),
3.80%,
12/15/32
(a)
..........
USD
300
264,156
Bank
of
Nova
Scotia
(The)
0.70%,
04/15/24
.................
300
283,510
3.45%,
04/11/25
.................
100
96,234
2.95%,
03/11/27
.................
300
276,812
Barclays
plc
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.67%),
8.00%
(a)(k)
....................
2,900
2,817,657
(LIBOR
USD
3
Month
+
1.61%),
3.93%,
05/07/25
(a)
...................
455
441,230
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
6.58%),
7.13%
(a)(k)
.
GBP
3,252
3,710,342
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.87%),
6.13%
(a)(k)
....................
USD
22,075
20,143,437
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
6.02%),
6.38%
(a)(c)(k)
GBP
4,026
4,453,382
5.20%,
05/12/26
.................
USD
2,100
2,042,241
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
6.96%),
8.88%
(a)(c)(k)
GBP
2,400
2,854,592
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.41%),
4.38%
(a)(k)
....................
USD
4,905
3,740,062
4.84%,
05/09/28
.................
640
590,078
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.43%),
8.00%
(a)(k)
....................
25,220
23,580,700
(LIBOR
USD
3
Month
+
3.05%),
5.09%,
06/20/30
(a)
...................
1,300
1,197,379
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.00%),
5.75%,
08/09/33
(a)
..............
505
477,054
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
1,494,506
BNP
Paribas
SA
(a)
(LIBOR
USD
6
Month
+
0.08%),
4.24%
(k)
450
315,000
(LIBOR
USD
3
Month
+
2.24%),
4.71%,
01/10/25
(b)
...................
5,035
4,984,668
(USD
Swap
Semi
5
Year
+
3.98%),
7.00%
(b)
(k)
.........................
4,429
4,187,125
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.90%),
7.75%
(b)(k)
....................
5,600
5,530,000
(EUR
Swap
Annual
5
Year
+
4.65%),
6.88%
(c)(k)
....................
EUR
5,800
6,131,002
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.34%),
4.63%
(b)(k)
....................
USD
10,475
8,092,990
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
57
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Burgan
Bank
SAK,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.01%),
5.75%
(a)(c)(k)
..............
USD
975
$
844,777
CaixaBank
SA
(a)(c)(k)
(EUR
Swap
Annual
5
Year
+
6.22%),
6.38%
EUR
2,800
2,918,330
(EUR
Swap
Annual
5
Year
+
6.50%),
6.75%
6,800
7,091,624
(EUR
Swap
Annual
5
Year
+
4.50%),
5.25%
1,800
1,664,764
(EUR
Swap
Annual
5
Year
+
6.35%),
5.88%
1,800
1,762,338
Chong
Hing
Bank
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.86%),
5.70%
(a)(c)(k)
.............
USD
380
358,578
Citibank
NA,
3.65%,
01/23/24
.........
300
295,876
Citigroup,
Inc.
(LIBOR
USD
3
Month
+
0.90%),
3.35%,
04/24/25
(a)
...................
1,025
993,920
3.20%,
10/21/26
.................
200
185,032
4.45%,
09/29/27
.................
3,025
2,884,060
(SOFR
1
Day
+
1.89%),
4.66%,
05/24/28
(a)
2,100
2,032,295
(LIBOR
USD
3
Month
+
1.15%),
3.52%,
10/27/28
(a)
...................
350
319,339
(SOFR
1
Day
+
1.42%),
2.98%,
11/05/30
(a)
425
357,351
(SOFR
1
Day
+
1.15%),
2.67%,
01/29/31
(a)
1,775
1,455,825
(SOFR
1
Day
+
2.11%),
2.57%,
06/03/31
(a)
1,555
1,257,669
(SOFR
1
Day
+
1.17%),
2.56%,
05/01/32
(a)
665
524,994
(SOFR
1
Day
+
1.35%),
3.06%,
01/25/33
(a)
245
197,719
(SOFR
1
Day
+
1.94%),
3.79%,
03/17/33
(a)
1,270
1,086,220
(SOFR
1
Day
+
2.09%),
4.91%,
05/24/33
(a)
355
332,434
(SOFR
1
Day
+
2.34%),
6.27%,
11/17/33
(a)
860
887,212
(SOFR
1
Day
+
1.38%),
2.90%,
11/03/42
(a)
145
100,062
Commerzbank
AG,
(EUR
Swap
Annual
5
Year
+
6.36%),
6.13%
(a)(c)(k)
.............
EUR
14,000
13,900,992
Commonwealth
Bank
of
Australia,
3.78%,
03/14/32
(b)
....................
USD
555
457,477
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
1,673,193
Credit
Agricole
SA
(a)(b)(k)
(USD
Swap
Semi
5
Year
+
4.90%),
7.88%
3,600
3,566,880
(USD
Swap
Semi
5
Year
+
6.19%),
8.13%
3,886
3,934,187
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%),
4.75%
......................
23,110
18,520,759
Danske
Bank
A/S
(a)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.45%),
3.77%,
03/28/25
(b)
..............
545
528,077
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
7
Year
+
4.13%),
7.00%
(c)(k)
....................
24,620
23,327,450
Discover
Bank,
(USD
Swap
Semi
5
Year
+
1.73%),
4.68%,
08/09/28
(a)
..........
1,050
1,007,769
Erste
Group
Bank
AG,
(EUR
Swap
Annual
5
Year
+
6.20%),
6.50%
(a)(c)(k)
..........
EUR
2,200
2,294,938
Fifth
Third
Bancorp,
(SOFR
1
Day
+
2.19%),
6.36%,
10/27/28
(a)
...............
USD
1,060
1,090,628
Grupo
Aval
Ltd.,
4.38%,
02/04/30
(b)
......
2,091
1,689,528
HDFC
Bank
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.93%),
3.70%
(a)(c)(k)
..............
3,300
2,813,250
HSBC
Bank
plc,
Series
1M,
(LIBOR
USD
6
Month
+
0.25%),
5.40%
(a)(k)
.........
5,810
4,008,900
HSBC
Holdings
plc
(LIBOR
USD
3
Month
+
1.21%),
3.80%,
03/11/25
(a)
...................
1,160
1,127,668
(USD
Swap
Rate
5
Year
+
4.37%),
6.38%
(a)
(k)
.........................
4,019
3,894,721
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(SOFR
1
Day
+
0.71%),
0.98%,
05/24/25
(a)
USD
1,710
$
1,583,259
4.25%,
08/18/25
.................
500
480,974
(SOFR
1
Day
+
1.51%),
4.18%,
12/09/25
(a)
2,490
2,418,237
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.22%),
4.00%
(a)(k)
....................
990
856,304
(SOFR
1
Day
+
3.35%),
7.39%,
11/03/28
(a)
5,653
5,941,023
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.65%),
4.60%
(a)(k)
....................
9,830
7,647,577
(SOFR
1
Day
+
1.19%),
2.80%,
05/24/32
(a)
1,495
1,156,650
(SOFR
1
Day
+
4.25%),
8.11%,
11/03/33
(a)
1,685
1,782,864
5.25%,
03/14/44
.................
340
286,389
HSBC
USA,
Inc.,
3.75%,
05/24/24
......
200
196,092
Huntington
National
Bank
(The),
(SOFR
Index
+
1.65%),
4.55%,
05/17/28
(a)
........
535
516,205
ING
Groep
NV
3.55%,
04/09/24
.................
430
420,612
(USD
Swap
Rate
5
Year
+
4.20%),
6.75%
(a)
(c)(k)
........................
5,877
5,648,091
(USD
Swap
Semi
5
Year
+
4.45%),
6.50%
(a)
(k)
.........................
2,010
1,900,431
(SOFR
1
Day
+
1.64%),
3.87%,
03/28/26
(a)
300
288,680
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.34%),
5.75%
(a)(k)
....................
679
602,534
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.86%),
3.88%
(a)(k)
....................
17,590
12,816,413
Intesa
Sanpaolo
SpA
(EUR
Swap
Annual
5
Year
+
6.07%),
5.88%
(a)(c)(k)
...................
EUR
1,650
1,653,545
5.71%,
01/15/26
(b)
................
USD
1,489
1,430,929
(EUR
Swap
Annual
5
Year
+
7.19%),
7.75%
(a)(c)(k)
...................
EUR
6,327
6,524,178
(EUR
Swap
Annual
5
Year
+
5.85%),
5.50%
(a)(c)(k)
...................
1,250
1,103,567
(EUR
Swap
Annual
5
Year
+
5.56%),
6.38%
(a)(c)(k)
...................
1,500
1,375,967
5.15%,
06/10/30
(c)
................
GBP
500
491,819
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.60%),
4.20%,
06/01/32
(a)(b)
.............
USD
2,695
1,980,038
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.75%),
4.95%,
06/01/42
(a)(b)
.............
940
603,620
Itau
Unibanco
Holding
SA,
3.25%,
01/24/25
(b)
1,612
1,547,318
JPMorgan
Chase
&
Co.
3.38%,
05/01/23
.................
1,680
1,672,102
(SOFR
1
Day
+
1.16%),
2.30%,
10/15/25
(a)
350
329,823
(LIBOR
USD
3
Month
+
1.34%),
3.78%,
02/01/28
(a)
...................
225
210,216
(SOFR
1
Day
+
1.56%),
4.32%,
04/26/28
(a)
2,200
2,100,971
(SOFR
1
Day
+
1.89%),
2.18%,
06/01/28
(a)
4,340
3,794,822
(SOFR
1
Day
+
1.99%),
4.85%,
07/25/28
(a)
1,480
1,442,679
(LIBOR
USD
3
Month
+
1.33%),
4.45%,
12/05/29
(a)
...................
140
131,510
(SOFR
1
Day
+
2.58%),
5.72%,
09/14/33
(a)
7,266
7,092,004
(LIBOR
USD
3
Month
+
1.36%),
3.88%,
07/24/38
(a)
...................
2,335
1,938,043
5.50%,
10/15/40
.................
970
955,798
(SOFR
1
Day
+
2.46%),
3.11%,
04/22/41
(a)
140
101,742
5.40%,
01/06/42
.................
480
470,587
(SOFR
1
Day
+
1.46%),
3.16%,
04/22/42
(a)
1,215
881,996
5.63%,
08/16/43
.................
15
14,564
4.95%,
06/01/45
.................
765
683,486
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
58
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
Series
W,
(LIBOR
USD
3
Month
+
1.00%),
5.61%,
05/15/47
(a)
..............
USD
19,006
$
14,550,423
Kasikornbank
PCL
(a)(c)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.94%),
5.28%
(k)
.....................
2,110
1,996,324
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.70%),
3.34%,
10/02/31
...............
2,100
1,834,875
KBC
Group
NV,
(EUR
Swap
Annual
5
Year
+
4.69%),
4.75%
(a)(c)(k)
..............
EUR
7,200
7,338,834
KeyBank
NA,
4.15%,
08/08/25
.........
USD
565
551,995
Krung
Thai
Bank
PCL,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.53%),
4.40%
(a)(c)(k)
.............
300
267,337
Lloyds
Banking
Group
plc
4.50%,
11/04/24
.................
800
780,691
4.45%,
05/08/25
.................
500
490,429
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.50%),
3.87%,
07/09/25
(a)
..............
1,100
1,064,656
(USD
Swap
Semi
5
Year
+
4.50%),
7.50%
(a)
(k)
.........................
3,975
3,834,711
4.58%,
12/10/25
.................
2,250
2,178,669
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.82%),
6.75%
(a)(k)
....................
7,290
6,918,347
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.75%),
4.72%,
08/11/26
(a)
..............
1,365
1,335,562
4.55%,
08/16/28
.................
265
249,319
Mitsubishi
UFJ
Financial
Group,
Inc.
3.76%,
07/26/23
.................
15
14,876
1.41%,
07/17/25
.................
1,595
1,448,403
3.74%,
03/07/29
.................
500
460,765
3.20%,
07/18/29
.................
365
318,707
2.05%,
07/17/30
.................
1,000
788,800
Mizuho
Financial
Group,
Inc.,
(SOFR
1
Day
+
1.25%),
1.24%,
07/10/24
(a)
..........
900
878,215
Nanyang
Commercial
Bank
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.51%),
6.50%
(a)(c)(k)
..........
920
859,223
NatWest
Group
plc
(a)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.15%),
2.36%,
05/22/24
...............
590
581,550
(LIBOR
USD
3
Month
+
1.76%),
4.27%,
03/22/25
....................
800
782,303
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.85%),
7.47%,
11/10/26
...............
1,895
1,971,937
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
4.99%),
5.13%
(k)
..
GBP
750
760,177
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.35%),
3.03%,
11/28/35
...............
USD
1,185
872,479
Nordea
Bank
Abp
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.11%),
6.63%
(a)(c)(k)
...................
1,100
1,080,269
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.11%),
6.63%
(a)(b)(k)
...................
14,225
13,969,837
1.50%,
09/30/26
(b)
................
2,500
2,158,747
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.60%),
3.75%
(a)(b)(k)
...................
USD
7,115
$
5,493,156
PNC
Financial
Services
Group,
Inc.
(The)
3.90%,
04/29/24
.................
100
98,774
2.20%,
11/01/24
.................
100
95,547
2.55%,
01/22/30
.................
650
551,451
(SOFR
Index
+
2.14%),
6.04%,
10/28/33
(a)
2,394
2,492,393
Regions
Financial
Corp.,
2.25%,
05/18/25
..
100
93,451
Santander
UK
Group
Holdings
plc
(a)
(BPSWS5
+
5.79%),
6.75%
(c)(k)
.......
GBP
6,725
7,794,818
(SOFR
1
Day
+
2.75%),
6.83%,
11/21/26
USD
1,795
1,818,194
(SOFR
1
Day
+
0.99%),
1.67%,
06/14/27
1,150
977,837
Shinhan
Financial
Group
Co.
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.06%),
2.88%
(a)(c)(k)
...
3,200
2,704,000
Skandinaviska
Enskilda
Banken
AB,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.07%),
6.88%
(a)(c)(k)
...
600
575,250
Societe
Generale
SA
(USD
Swap
Semi
5
Year
+
4.30%),
7.38%
(a)
(b)(k)
........................
2,290
2,195,265
(USD
Swap
Semi
5
Year
+
4.98%),
7.88%
(a)
(b)(k)
........................
300
296,946
(USD
Swap
Semi
5
Year
+
4.98%),
7.88%
(a)
(c)(k)
........................
6,526
6,459,556
(USD
Swap
Rate
5
Year
+
5.87%),
8.00%
(a)
(b)(k)
........................
16,275
16,295,344
(USD
Swap
Semi
5
Year
+
5.87%),
8.00%
(a)
(c)(k)
........................
1,893
1,895,366
4.00%,
01/12/27
(b)
................
360
333,310
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.39%),
9.38%
(a)(b)(k)
...................
2,270
2,329,504
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.51%),
5.38%
(a)(b)(k)
...................
12,900
10,450,764
Standard
Chartered
plc
(a)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.66%),
6.00%
(c)(k)
....................
1,200
1,154,335
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.95%),
1.82%,
11/23/25
(b)
..............
1,475
1,347,182
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.14%),
4.30%
(b)(k)
....................
11,150
8,557,015
Sumitomo
Mitsui
Financial
Group,
Inc.
2.35%,
01/15/25
.................
1,675
1,584,887
3.04%,
07/16/29
.................
900
778,191
2.75%,
01/15/30
.................
950
797,139
TMBThanachart
Bank
PCL,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.26%),
4.90%
(a)(c)(k)
.............
2,431
2,224,365
Toronto-Dominion
Bank
(The)
0.70%,
09/10/24
.................
1,585
1,475,068
3.77%,
06/06/25
.................
1,585
1,538,165
(USD
Swap
Semi
5
Year
+
2.21%),
3.63%,
09/15/31
(a)
...................
100
92,105
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.08%),
8.13%,
10/31/82
(a)
..............
23,625
24,570,000
UniCredit
SpA
(a)(c)
(EUR
Swap
Annual
5
Year
+
6.39%),
6.63%
(k)
.....................
EUR
5,619
5,809,752
(USD
Swap
Semi
5
Year
+
5.18%),
8.00%
(k)
USD
24,210
23,112,561
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
59
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Banks
(continued)
(EUR
Swap
Annual
5
Year
+
4.93%),
5.38%
(k)
.....................
EUR
1,000
$
956,595
(EURIBOR
ICE
Swap
Rate
5
Year
+
7.33%),
7.50%
(k)
...............
4,968
5,165,209
(EUR
Swap
Annual
5
Year
+
2.80%),
2.73%,
01/15/32
...............
400
359,689
US
Bancorp,
3.00%,
07/30/29
.........
USD
200
175,595
Wells
Fargo
&
Co.
(SOFR
1
Day
+
1.32%),
3.91%,
04/25/26
(a)
2,535
2,463,785
(SOFR
1
Day
+
1.51%),
3.53%,
03/24/28
(a)
1,655
1,532,532
(LIBOR
USD
3
Month
+
1.31%),
3.58%,
05/22/28
(a)
...................
715
663,874
(SOFR
1
Day
+
1.98%),
4.81%,
07/25/28
(a)
1,515
1,479,695
5.61%,
01/15/44
.................
950
921,019
4.65%,
11/04/44
.................
210
176,773
4.75%,
12/07/46
.................
740
619,710
(SOFR
1
Day
+
4.50%),
5.01%,
04/04/51
(a)
955
841,236
Westpac
Banking
Corp.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.75%),
2.67%,
11/15/35
(a)
..............
460
341,898
4.42%,
07/24/39
.................
200
165,085
3.13%,
11/18/41
.................
590
389,175
Woori
Bank,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.66%),
4.25%
(a)(c)(k)
...................
2,203
2,068,479
621,173,424
Beverages
—
0.1%
Anheuser-Busch
Cos.
LLC
4.70%,
02/01/36
.................
145
136,944
4.90%,
02/01/46
.................
5,125
4,659,011
Anheuser-Busch
InBev
Worldwide,
Inc.
4.75%,
01/23/29
.................
1,170
1,154,898
4.95%,
01/15/42
.................
80
75,019
4.60%,
04/15/48
.................
460
399,718
5.55%,
01/23/49
.................
160
158,175
5.80%,
01/23/59
.................
195
199,459
Coca-Cola
Femsa
SAB
de
CV,
1.85%,
09/01/32
595
447,477
Fomento
Economico
Mexicano
SAB
de
CV,
3.50%,
01/16/50
................
700
484,575
Keurig
Dr
Pepper,
Inc.,
4.50%,
04/15/52
...
420
349,958
8,065,234
Biotechnology
—
0.1%
AbbVie,
Inc.
2.60%,
11/21/24
.................
1,100
1,052,325
3.80%,
03/15/25
.................
1,550
1,510,645
3.60%,
05/14/25
.................
605
586,334
4.55%,
03/15/35
.................
150
140,262
4.30%,
05/14/36
.................
1,055
949,993
4.05%,
11/21/39
.................
200
171,190
4.40%,
11/06/42
.................
1,405
1,218,728
4.45%,
05/14/46
.................
880
756,299
4.88%,
11/14/48
.................
840
765,124
4.25%,
11/21/49
.................
539
447,308
Amgen,
Inc.
3.00%,
01/15/52
.................
995
635,045
4.20%,
02/22/52
.................
1,020
808,855
4.88%,
03/01/53
.................
410
363,619
4.40%,
02/22/62
.................
428
338,621
Cidron
Aida
Finco
SARL
(c)
5.00%,
04/01/28
.................
EUR
1,156
1,054,918
6.25%,
04/01/28
.................
GBP
663
649,242
Gilead
Sciences,
Inc.
4.50%,
02/01/45
.................
USD
900
791,789
Security
Par
(000)
Par
(000)
Value
Biotechnology
(continued)
4.75%,
03/01/46
.................
USD
375
$
337,473
4.15%,
03/01/47
.................
100
82,592
2.80%,
10/01/50
.................
300
191,800
12,852,162
Building
Products
—
0.2%
Advanced
Drainage
Systems,
Inc.
(b)
5.00%,
09/30/27
.................
2,515
2,345,238
6.38%,
06/15/30
.................
1,238
1,202,915
Camelot
Return
Merger
Sub,
Inc.,
8.75%,
08/01/28
(b)
....................
1,719
1,577,406
Carlisle
Cos.,
Inc.,
2.20%,
03/01/32
......
1,210
919,222
HT
Troplast
GmbH,
9.25%,
07/15/25
(c)
....
EUR
376
365,017
JELD-WEN,
Inc.,
6.25%,
05/15/25
(b)
.....
USD
902
843,681
Masonite
International
Corp.
(b)
5.38%,
02/01/28
.................
2,046
1,891,752
3.50%,
02/15/30
.................
1,633
1,320,976
New
Enterprise
Stone
&
Lime
Co.,
Inc.
(b)
5.25%,
07/15/28
.................
799
709,489
9.75%,
07/15/28
.................
773
714,205
PCF
GmbH
(c)
4.75%,
04/15/26
.................
EUR
589
520,789
(EURIBOR
3
Month
+
4.75%),
6.13%,
04/15/26
(a)
...................
395
380,012
Smyrna
Ready
Mix
Concrete
LLC,
6.00%,
11/01/28
(b)
....................
USD
8,565
7,663,106
Standard
Industries,
Inc.
2.25%,
11/21/26
(c)
................
EUR
619
563,221
5.00%,
02/15/27
(b)
................
USD
1,078
994,706
4.75%,
01/15/28
(b)
................
842
757,707
4.38%,
07/15/30
(b)
................
2,245
1,829,506
3.38%,
01/15/31
(b)
................
1,354
1,018,890
Summit
Materials
LLC,
5.25%,
01/15/29
(b)
..
1,062
988,749
26,606,587
Capital
Markets
—
1.6%
AG
TTMT
Escrow
Issuer
LLC,
8.63%,
09/30/27
(b)
....................
1,482
1,489,410
Aretec
Escrow
Issuer,
Inc.,
7.50%,
04/01/29
(b)
847
698,973
Bank
of
New
York
Mellon
(The),
(SOFR
1
Day
+
0.80%),
5.22%,
11/21/25
(a)
.........
810
812,129
Bank
of
New
York
Mellon
Corp.
(The),
3.00%,
10/30/28
.....................
100
89,384
Blackstone
Holdings
Finance
Co.
LLC
(b)
5.90%,
11/03/27
.................
3,627
3,654,157
6.20%,
04/22/33
.................
4,169
4,202,379
Blackstone
Private
Credit
Fund
7.05%,
09/29/25
(b)
................
1,492
1,480,171
2.63%,
12/15/26
.................
400
331,090
3.25%,
03/15/27
.................
3,429
2,887,086
Codere
New
Holdco
SA
7.50%,
11/30/27
(b)
................
EUR
370
176,447
Compass
Group
Diversified
Holdings
LLC,
5.25%,
04/15/29
(b)
...............
USD
2,917
2,496,342
Credit
Suisse
AG
3.63%,
09/09/24
.................
300
279,731
3.70%,
02/21/25
.................
800
737,674
Credit
Suisse
Group
AG
(a)
(USD
Swap
Semi
5
Year
+
4.60%),
7.50%
(b)
(k)
.........................
6,225
4,974,520
(USD
Swap
Semi
5
Year
+
4.60%),
7.50%
(c)
(k)
.........................
1,000
870,000
(USD
Swap
Semi
5
Year
+
4.60%),
7.50%
(b)
(k)
.........................
1,772
1,541,640
(USD
Swap
Semi
5
Year
+
3.46%),
6.25%
(c)
(k)
.........................
1,173
916,735
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
60
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(USD
Swap
Semi
5
Year
+
3.46%),
6.25%
(b)
(k)
.........................
USD
8,807
$
6,882,935
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.89%),
5.25%
(b)(k)
....................
4,848
3,154,504
(EURIBOR
ICE
Swap
Rate
1
Year
+
4.95%),
7.75%,
03/01/29
(c)
........
EUR
1,225
1,302,069
Deutsche
Bank
AG
(a)
(SOFR
1
Day
+
2.16%),
2.22%,
09/18/24
USD
3,440
3,322,434
Series
2020,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.52%),
6.00%
(k)
...............
23,000
19,505,647
(SOFR
1
Day
+
2.58%),
3.96%,
11/26/25
600
573,339
(SOFR
1
Day
+
3.19%),
6.12%,
07/14/26
840
834,379
(SOFR
1
Day
+
1.87%),
2.13%,
11/24/26
595
524,914
(EUR
Swap
Annual
5
Year
+
4.55%),
4.50%
(c)(k)
....................
EUR
1,600
1,335,921
(EURIBOR
ICE
Swap
Rate
5
Year
+
6.94%),
10.00%
(c)(k)
.............
5,400
5,973,855
(EUR
Swap
Annual
5
Year
+
5.69%),
6.75%
(c)(k)
....................
1,400
1,308,553
(EURIBOR
ICE
Swap
Rate
5
Year
+
3.30%),
4.00%,
06/24/32
(c)
........
800
757,661
Drawbridge
Special
Opportunities
Fund
LP,
3.88%,
02/15/26
(b)
...............
USD
250
225,325
Goldman
Sachs
Group,
Inc.
(The)
(SOFR
1
Day
+
0.57%),
0.67%,
03/08/24
(a)
1,400
1,384,916
5.70%,
11/01/24
.................
1,900
1,922,614
(LIBOR
USD
3
Month
+
1.20%),
3.27%,
09/29/25
(a)
...................
930
896,174
Series
U,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.92%),
3.65%
(a)(k)
....................
11,000
8,882,500
(SOFR
1
Day
+
0.79%),
1.09%,
12/09/26
(a)
2,080
1,833,574
(SOFR
1
Day
+
0.80%),
1.43%,
03/09/27
(a)
700
613,836
(SOFR
1
Day
+
0.91%),
1.95%,
10/21/27
(a)
275
240,456
(SOFR
1
Day
+
1.73%),
4.48%,
08/23/28
(a)
2,860
2,741,065
(LIBOR
USD
3
Month
+
1.30%),
4.22%,
05/01/29
(a)
...................
695
647,474
(SOFR
1
Day
+
1.09%),
1.99%,
01/27/32
(a)
2,370
1,805,505
(SOFR
1
Day
+
1.28%),
2.62%,
04/22/32
(a)
710
566,218
(SOFR
1
Day
+
1.25%),
2.38%,
07/21/32
(a)
780
605,209
(SOFR
1
Day
+
1.41%),
3.10%,
02/24/33
(a)
4,267
3,464,721
6.75%,
10/01/37
.................
850
906,970
5.15%,
05/22/45
.................
195
175,153
Huarong
Finance
2017
Co.
Ltd.,
4.75%,
04/27/27
(c)
....................
1,900
1,661,669
Huarong
Finance
2019
Co.
Ltd.
(c)
2.50%,
02/24/23
.................
534
530,662
(LIBOR
USD
3
Month
+
1.13%),
5.82%,
02/24/23
(a)
...................
616
613,844
3.75%,
05/29/24
.................
900
851,513
Huarong
Finance
Co.
Ltd.,
3.25%,
11/13/24
(c)
200
183,475
Intercontinental
Exchange,
Inc.
3.10%,
09/15/27
.................
25
23,128
4.60%,
03/15/33
.................
570
545,001
4.25%,
09/21/48
.................
15
12,560
5.20%,
06/15/62
.................
375
353,804
Kane
Bidco
Ltd.,
6.50%,
02/15/27
(c)
......
GBP
365
366,251
Morgan
Stanley
(a)
(SOFR
1
Day
+
1.16%),
3.62%,
04/17/25
USD
990
966,045
(SOFR
1
Day
+
0.53%),
0.79%,
05/30/25
840
780,943
(SOFR
1
Day
+
1.99%),
2.19%,
04/28/26
725
673,717
(SOFR
1
Day
+
0.88%),
1.59%,
05/04/27
1,075
943,027
(SOFR
1
Day
+
1.61%),
4.21%,
04/20/28
6,400
6,087,001
Security
Par
(000)
Par
(000)
Value
Capital
Markets
(continued)
(LIBOR
USD
3
Month
+
1.34%),
3.59%,
07/22/28
....................
USD
1,430
$
1,311,668
(LIBOR
USD
3
Month
+
1.63%),
4.43%,
01/23/30
....................
800
744,563
(SOFR
1
Day
+
1.14%),
2.70%,
01/22/31
1,985
1,640,298
(SOFR
1
Day
+
3.12%),
3.62%,
04/01/31
285
248,806
(SOFR
1
Day
+
1.29%),
2.94%,
01/21/33
1,330
1,075,941
(SOFR
1
Day
+
1.49%),
3.22%,
04/22/42
180
133,196
(SOFR
1
Day
+
1.43%),
2.80%,
01/25/52
160
98,512
MSCI,
Inc.
(b)
4.00%,
11/15/29
.................
1,438
1,252,548
3.63%,
09/01/30
.................
2,053
1,706,556
3.88%,
02/15/31
.................
1,673
1,390,974
3.63%,
11/01/31
.................
1,086
898,101
Nomura
Holdings,
Inc.
1.65%,
07/14/26
.................
455
395,984
2.68%,
07/16/30
.................
500
399,834
2.61%,
07/14/31
.................
880
680,596
Northern
Trust
Corp.
3.95%,
10/30/25
.................
100
97,908
1.95%,
05/01/30
.................
200
164,304
6.13%,
11/02/32
.................
3,600
3,795,992
Owl
Rock
Capital
Corp.
3.75%,
07/22/25
.................
2,613
2,414,176
3.40%,
07/15/26
.................
1,401
1,223,293
OWL
Rock
Core
Income
Corp.
5.50%,
03/21/25
.................
2,516
2,439,019
7.75%,
09/16/27
(b)
................
4,902
4,886,139
S&P
Global,
Inc.
2.90%,
03/01/32
(b)
................
405
345,447
3.25%,
12/01/49
.................
90
64,355
Sherwood
Financing
plc
(c)
4.50%,
11/15/26
.................
EUR
713
613,447
6.00%,
11/15/26
.................
GBP
473
440,311
State
Street
Corp.,
(LIBOR
USD
3
Month
+
1.00%),
5.77%,
06/15/47
(a)
..........
USD
48,980
37,569,811
Sun
Hung
Kai
&
Co.
BVI
Ltd.,
5.00%,
09/07/26
(c)
....................
750
615,000
SURA
Asset
Management
SA,
4.88%,
04/17/24
(b)
....................
3,157
3,133,323
UBS
Group
AG
(a)
(USD
Swap
Semi
5
Year
+
4.34%),
7.00%
(b)
(k)
.........................
13,976
13,749,915
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.83%),
1.01%,
07/30/24
(b)
..............
1,055
1,025,825
(USD
Swap
Semi
5
Year
+
4.87%),
7.00%
(c)
(k)
.........................
2,023
1,997,713
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.86%),
5.13%
(c)(k)
....................
850
792,625
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.08%),
1.36%,
01/30/27
(b)
..............
530
464,148
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.40%),
4.88%
(b)(k)
....................
2,135
1,809,413
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.85%),
1.49%,
08/10/27
(b)
..............
315
271,013
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.31%),
4.38%
(b)(k)
....................
6,640
5,044,797
209,553,980
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
61
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Chemicals
—
0.5%
Air
Products
&
Chemicals,
Inc.,
2.80%,
05/15/50
.....................
USD
5
$
3,461
Alpek
SAB
de
CV,
3.25%,
02/25/31
(b)
.....
365
303,246
Ashland
LLC,
3.38%,
09/01/31
(b)
........
721
576,274
Avient
Corp.,
7.13%,
08/01/30
(b)
........
1,361
1,330,421
Axalta
Coating
Systems
Dutch
Holding
B
BV,
3.75%,
01/15/25
(c)
...............
EUR
220
225,095
Axalta
Coating
Systems
LLC
(b)
4.75%,
06/15/27
.................
USD
1,477
1,365,339
3.38%,
02/15/29
.................
1,484
1,224,545
Celanese
US
Holdings
LLC
5.90%,
07/05/24
.................
1,700
1,699,452
6.17%,
07/15/27
.................
1,502
1,481,462
Chemours
Co.
(The),
5.75%,
11/15/28
(b)
...
894
803,018
Diamond
BC
BV,
4.63%,
10/01/29
(b)
......
3,844
3,084,810
DuPont
de
Nemours,
Inc.
5.32%,
11/15/38
.................
575
552,608
5.42%,
11/15/48
.................
150
142,770
Eastman
Chemical
Co.,
4.80%,
09/01/42
..
220
184,856
Ecolab,
Inc.,
2.70%,
12/15/51
.........
855
531,817
Element
Solutions,
Inc.,
3.88%,
09/01/28
(b)
.
15,230
12,945,500
Equate
Petrochemical
BV
(b)
4.25%,
11/03/26
.................
1,222
1,166,093
2.63%,
04/28/28
.................
803
697,004
FIS
Fabbrica
Italiana
Sintetici
SpA,
5.63%,
08/01/27
(c)
....................
EUR
747
634,019
Gates
Global
LLC,
6.25%,
01/15/26
(b)
.....
USD
1,121
1,081,765
Herens
Holdco
SARL,
4.75%,
05/15/28
(b)
..
3,919
2,929,100
Herens
Midco
SARL,
5.25%,
05/15/29
(c)
...
EUR
1,483
1,096,401
Illuminate
Buyer
LLC,
9.00%,
07/01/28
(b)
...
USD
2,889
2,418,747
INEOS
Quattro
Finance
1
plc,
3.75%,
07/15/26
(c)
....................
EUR
131
114,988
Ingevity
Corp.,
3.88%,
11/01/28
(b)
.......
USD
528
454,009
Kobe
U.S.
Midco
2,
Inc.,
9.25%,
11/01/26
(a)(b)
1,868
1,307,600
LSF11
A5
HoldCo
LLC,
6.63%,
10/15/29
(b)
..
860
710,456
LYB
International
Finance
III
LLC
1.25%,
10/01/25
.................
800
713,685
4.20%,
10/15/49
.................
280
208,211
4.20%,
05/01/50
.................
55
40,665
3.63%,
04/01/51
.................
100
66,908
LyondellBasell
Industries
NV,
4.63%,
02/26/55
220
171,263
Minerals
Technologies,
Inc.,
5.00%,
07/01/28
(b)
1,293
1,151,546
Monitchem
HoldCo
2
SA,
9.50%,
09/15/26
(c)
EUR
200
199,092
Monitchem
HoldCo
3
SA,
5.25%,
03/15/25
(c)
1,407
1,443,848
Nutrien
Ltd.,
5.90%,
11/07/24
.........
USD
275
278,456
Olympus
Water
US
Holding
Corp.,
3.88%,
10/01/28
(c)
....................
EUR
348
301,097
Pearl
Holding
II
Ltd.,
6.00%,
(6.00%
Cash
or
14.00%
PIK),
(c)(k)(l)
...............
USD
573
7,608
Pearl
Holding
III
Ltd.,
9.00%,
10/22/25
(c)
...
456
159,030
Sasol
Financing
USA
LLC
6.50%,
09/27/28
.................
435
393,077
5.50%,
03/18/31
.................
3,305
2,675,604
SCIL
IV
LLC
4.38%,
11/01/26
(c)
................
EUR
160
146,438
5.38%,
11/01/26
(b)
................
USD
1,825
1,546,687
Scotts
Miracle-Gro
Co.
(The)
4.00%,
04/01/31
.................
1,193
911,382
4.38%,
02/01/32
.................
204
153,755
Sherwin-Williams
Co.
(The)
3.45%,
06/01/27
.................
289
271,064
2.95%,
08/15/29
.................
200
175,077
2.30%,
05/15/30
.................
300
246,629
4.50%,
06/01/47
.................
195
163,641
3.30%,
05/15/50
.................
15
10,253
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
SK
Invictus
Intermediate
II
SARL,
5.00%,
10/30/29
(b)
....................
USD
4,176
$
3,424,320
Synthomer
plc,
3.88%,
07/01/25
(c)
.......
EUR
394
385,072
UPL
Corp.
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.87%),
5.25%
(a)(c)(k)
...................
USD
1,908
1,299,586
WR
Grace
Holdings
LLC
(b)
4.88%,
06/15/27
.................
2,611
2,313,686
5.63%,
08/15/29
.................
9,842
7,945,151
65,867,687
Commercial
Services
&
Supplies
—
0.7%
ADT
Security
Corp.
(The),
4.88%,
07/15/32
(b)
1,499
1,273,893
Allied
Universal
Holdco
LLC
6.63%,
07/15/26
(b)
................
13,564
12,411,060
9.75%,
07/15/27
(b)
................
4,851
4,220,370
3.63%,
06/01/28
(c)
................
EUR
500
423,416
4.63%,
06/01/28
(b)
................
USD
9,109
7,462,087
4.88%,
06/01/28
(c)
................
GBP
310
293,448
6.00%,
06/01/29
(b)
................
USD
8,134
5,903,329
APi
Group
DE,
Inc.
(b)
4.13%,
07/15/29
.................
1,008
835,451
4.75%,
10/15/29
.................
1,044
904,997
APX
Group,
Inc.
(b)
6.75%,
02/15/27
.................
569
547,691
5.75%,
07/15/29
.................
2,047
1,695,298
Aramark
Services,
Inc.
(b)
5.00%,
04/01/25
.................
2,458
2,398,484
6.38%,
05/01/25
.................
3,410
3,368,091
5.00%,
02/01/28
.................
1,378
1,285,585
Brink's
Co.
(The),
5.50%,
07/15/25
(b)
.....
102
100,146
Clean
Harbors,
Inc.,
4.88%,
07/15/27
(b)
....
1,927
1,825,833
Covanta
Holding
Corp.
4.88%,
12/01/29
(b)
................
2,464
2,018,681
5.00%,
09/01/30
.................
398
321,400
Garda
World
Security
Corp.,
4.63%,
02/15/27
(b)
894
789,384
GFL
Environmental,
Inc.
(b)
4.25%,
06/01/25
.................
535
511,030
3.75%,
08/01/25
.................
1,136
1,073,520
5.13%,
12/15/26
.................
1,633
1,561,650
4.00%,
08/01/28
.................
2,201
1,881,855
3.50%,
09/01/28
.................
1,663
1,462,047
4.75%,
06/15/29
.................
2,589
2,266,023
4.38%,
08/15/29
.................
1,877
1,590,664
Iliad
Holding
SASU,
7.00%,
10/15/28
(b)
....
5,013
4,530,700
Intrum
AB
(c)
3.13%,
07/15/24
.................
EUR
135
138,870
4.88%,
08/15/25
.................
838
813,254
3.50%,
07/15/26
.................
952
852,196
3.00%,
09/15/27
.................
500
424,514
9.25%,
03/15/28
.................
475
502,108
Legends
Hospitality
Holding
Co.
LLC,
5.00%,
02/01/26
(b)
....................
USD
1,404
1,249,560
Madison
IAQ
LLC,
5.88%,
06/30/29
(b)
.....
2,703
1,852,633
Neptune
Bidco
US,
Inc.,
9.29%,
04/15/29
(b)
.
1,632
1,538,160
Paprec
Holding
SA,
3.50%,
07/01/28
(c)
....
EUR
513
472,926
Prime
Security
Services
Borrower
LLC
(b)
5.25%,
04/15/24
.................
USD
1,048
1,029,461
5.75%,
04/15/26
.................
1,999
1,924,037
6.25%,
01/15/28
.................
2,122
1,931,360
Republic
Services,
Inc.
0.88%,
11/15/25
.................
700
626,940
3.95%,
05/15/28
.................
205
194,724
Techem
Verwaltungsgesellschaft
674
mbH,
6.00%,
07/30/26
(c)
...............
EUR
1,146
1,151,004
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
62
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Services
&
Supplies
(continued)
Techem
Verwaltungsgesellschaft
675
mbH,
2.00%,
07/15/25
(c)
...............
EUR
300
$
294,240
Tuspark
Forward
Ltd.,
7.95%,
05/13/24
(c)
..
USD
180
39,296
Verisure
Holding
AB
(c)
(EURIBOR
3
Month
+
5.00%),
6.38%,
04/15/25
(a)
...................
EUR
346
366,968
3.88%,
07/15/26
.................
538
519,761
3.25%,
02/15/27
.................
1,084
1,001,676
9.25%,
10/15/27
.................
328
366,693
Waste
Pro
USA,
Inc.,
5.50%,
02/15/26
(b)
...
USD
6,684
5,902,640
86,149,154
Communications
Equipment
—
0.2%
CommScope
Technologies
LLC,
6.00%,
06/15/25
(b)
....................
3,926
3,572,660
CommScope,
Inc.
(b)
6.00%,
03/01/26
.................
2,128
1,963,910
8.25%,
03/01/27
.................
1,389
1,076,475
7.13%,
07/01/28
.................
2,392
1,709,966
4.75%,
09/01/29
.................
3,246
2,616,925
Motorola
Solutions,
Inc.
4.60%,
02/23/28
.................
900
871,697
4.60%,
05/23/29
.................
1,725
1,641,730
2.30%,
11/15/30
.................
780
609,923
2.75%,
05/24/31
.................
915
731,581
Nokia
OYJ,
6.63%,
05/15/39
..........
2,016
1,913,509
Viasat,
Inc.
(b)
5.63%,
09/15/25
.................
2,453
2,275,863
5.63%,
04/15/27
.................
2,719
2,469,804
6.50%,
07/15/28
.................
3,303
2,477,986
Viavi
Solutions,
Inc.,
3.75%,
10/01/29
(b)
...
823
691,694
24,623,723
Construction
&
Engineering
—
0.1%
Aeropuertos
Dominicanos
Siglo
XXI
SA,
6.75%,
03/30/29
(b)
....................
1,181
1,144,094
Arcosa,
Inc.,
4.38%,
04/15/29
(b)
........
2,674
2,318,841
Cellnex
Finance
Co.
SA
(c)
1.00%,
09/15/27
.................
EUR
200
178,096
1.50%,
06/08/28
.................
800
711,287
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
1,269
1,104,530
GMR
Hyderabad
International
Airport
Ltd.,
5.38%,
04/10/24
(c)
...............
536
526,050
Heathrow
Finance
plc
(c)(d)
4.75%,
03/01/24
.................
GBP
200
235,141
4.12%,
09/01/29
.................
1,071
964,615
MasTec,
Inc.,
4.50%,
08/15/28
(b)
........
USD
1,045
935,996
Mexico
City
Airport
Trust,
4.25%,
10/31/26
(b)
3,191
3,030,054
Summit
Digitel
Infrastructure
Ltd.,
2.88%,
08/12/31
(c)
....................
860
653,187
11,801,891
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)(k)
..............
1,682
1,555,850
Consumer
Finance
—
0.9%
AerCap
Ireland
Capital
DAC
3.15%,
02/15/24
.................
2,650
2,561,642
6.50%,
07/15/25
.................
885
896,751
2.45%,
10/29/26
.................
200
174,888
Ally
Financial,
Inc.,
5.75%,
11/20/25
.....
2,010
1,947,183
American
Express
Co.
3.95%,
08/01/25
.................
2,300
2,253,168
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.85%),
3.55%
(a)(k)
....................
USD
35,415
$
29,093,422
American
Honda
Finance
Corp.
1.95%,
05/10/23
.................
590
583,113
2.00%,
03/24/28
.................
1,440
1,240,623
Capital
One
Financial
Corp.
3.30%,
10/30/24
.................
2,215
2,137,806
(SOFR
1
Day
+
1.29%),
2.64%,
03/03/26
(a)
1,475
1,381,554
Series
M,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.16%),
3.95%
(a)(k)
....................
16,300
12,801,705
(SOFR
1
Day
+
0.86%),
1.88%,
11/02/27
(a)
300
261,268
3.80%,
01/31/28
.................
1,060
990,754
(SOFR
1
Day
+
1.27%),
2.62%,
11/02/32
(a)
420
321,603
Discover
Financial
Services,
6.70%,
11/29/32
650
660,710
Encore
Capital
Group,
Inc.
(c)
4.88%,
10/15/25
.................
EUR
444
444,967
5.38%,
02/15/26
.................
GBP
300
324,240
4.25%,
06/01/28
.................
897
832,299
Ford
Motor
Credit
Co.
LLC
3.81%,
01/09/24
.................
USD
1,775
1,726,237
5.58%,
03/18/24
.................
1,700
1,677,645
4.54%,
03/06/25
.................
GBP
600
689,019
4.69%,
06/09/25
.................
USD
200
190,293
5.13%,
06/16/25
.................
2,956
2,841,726
4.13%,
08/04/25
.................
3,078
2,880,978
3.38%,
11/13/25
.................
724
654,505
2.70%,
08/10/26
.................
1,717
1,491,043
4.95%,
05/28/27
.................
1,606
1,498,237
4.13%,
08/17/27
.................
519
464,505
3.82%,
11/02/27
.................
297
261,030
2.90%,
02/16/28
.................
2,240
1,850,059
2.90%,
02/10/29
.................
200
159,752
5.11%,
05/03/29
.................
2,034
1,841,879
4.00%,
11/13/30
.................
2,217
1,819,802
3.63%,
06/17/31
.................
892
700,718
General
Motors
Financial
Co.,
Inc.
3.25%,
01/05/23
.................
7,750
7,749,535
2.40%,
04/10/28
.................
255
214,473
Global
Aircraft
Leasing
Co.
Ltd.,
6.50%,
(6.50%
Cash
or
7.25%
PIK),
09/15/24
(b)(l)
......
2,320
1,921,591
John
Deere
Capital
Corp.,
2.60%,
03/07/24
.
205
199,691
LeasePlan
Corp.
NV,
(EURIBOR
ICE
Swap
Rate
5
Year
+
7.56%),
7.38%
(a)(c)(k)
.....
EUR
1,400
1,483,644
Lincoln
Financing
SARL
(c)
3.63%,
04/01/24
.................
500
527,197
(EURIBOR
3
Month
+
3.88%),
5.03%,
04/01/24
(a)
...................
600
637,453
Muthoot
Finance
Ltd.,
4.40%,
09/02/23
(c)
...
USD
2,665
2,598,375
Navient
Corp.
7.25%,
09/25/23
.................
376
375,694
5.88%,
10/25/24
.................
600
580,530
5.50%,
03/15/29
.................
1,399
1,141,584
OneMain
Finance
Corp.
6.88%,
03/15/25
.................
1,610
1,546,687
7.13%,
03/15/26
.................
5,318
5,056,780
3.50%,
01/15/27
.................
1,857
1,537,540
6.63%,
01/15/28
.................
899
827,826
5.38%,
11/15/29
.................
451
368,873
SLM
Corp.,
3.13%,
11/02/26
..........
1,322
1,124,295
Toyota
Motor
Credit
Corp.
1.15%,
08/13/27
.................
1,525
1,297,221
3.38%,
04/01/30
.................
527
477,930
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
63
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
(continued)
VistaJet
Malta
Finance
plc,
6.38%,
02/01/30
(b)
USD
2,393
$
1,918,767
111,240,810
Containers
&
Packaging
—
0.5%
ARD
Finance
SA,
6.50%,
06/30/27
(b)
.....
4,580
3,185,222
Ardagh
Metal
Packaging
Finance
USA
LLC
6.00%,
06/15/27
(b)
................
4,137
4,049,896
2.00%,
09/01/28
(c)
................
EUR
388
334,344
3.00%,
09/01/29
(c)
................
559
436,819
4.00%,
09/01/29
(b)
................
USD
17,661
13,996,825
Ardagh
Packaging
Finance
plc
5.25%,
04/30/25
(b)
................
680
647,182
2.13%,
08/15/26
(c)
................
EUR
1,343
1,197,988
4.75%,
07/15/27
(c)
................
GBP
131
108,699
Ball
Corp.
5.25%,
07/01/25
.................
USD
113
111,525
2.88%,
08/15/30
.................
747
596,195
3.13%,
09/15/31
.................
313
251,380
Berry
Global,
Inc.,
1.57%,
01/15/26
......
2,295
2,044,422
Canpack
SA,
3.13%,
11/01/25
(b)
........
810
704,953
Clydesdale
Acquisition
Holdings,
Inc.
(b)
6.63%,
04/15/29
.................
5,865
5,576,152
8.75%,
04/15/30
.................
2,587
2,214,398
Crown
Americas
LLC
4.75%,
02/01/26
.................
1,705
1,655,129
4.25%,
09/30/26
.................
620
591,219
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/26
368
378,860
Fiber
Bidco
Spa,
11.00%,
10/25/27
(c)
.....
EUR
640
724,549
Graphic
Packaging
International
LLC
3.50%,
03/15/28
(b)
................
USD
993
864,220
2.63%,
02/01/29
(c)
................
EUR
100
93,675
3.50%,
03/01/29
(b)
................
USD
364
310,138
Klabin
Austria
GmbH,
3.20%,
01/12/31
(b)
...
2,905
2,338,525
Kleopatra
Finco
SARL,
4.25%,
03/01/26
(c)
..
EUR
1,648
1,370,672
Kleopatra
Holdings
2
SCA,
6.50%,
09/01/26
(c)
180
105,254
LABL,
Inc.,
5.88%,
11/01/28
(b)
.........
USD
2,185
1,903,725
Mauser
Packaging
Solutions
Holding
Co.,
5.50%,
04/15/24
(b)
...............
1,381
1,342,811
OI
European
Group
BV
(c)
3.13%,
11/15/24
.................
EUR
200
207,151
2.88%,
02/15/25
.................
766
787,166
SAN
Miguel
Industrias
Pet
SA,
3.50%,
08/02/28
(b)
....................
USD
3,552
3,005,436
Trivium
Packaging
Finance
BV
(b)(d)
5.50%,
08/15/26
.................
4,450
4,080,364
8.50%,
08/15/27
.................
8,949
8,210,930
Verallia
SA,
1.88%,
11/10/31
(c)
.........
EUR
300
249,393
WestRock
MWV
LLC,
8.20%,
01/15/30
....
USD
200
225,519
WRKCo,
Inc.
3.75%,
03/15/25
.................
325
314,317
4.90%,
03/15/29
.................
400
384,033
3.00%,
06/15/33
.................
1,855
1,473,166
66,072,252
Distributors
—
0.0%
(b)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
3.88%,
11/15/29
.............
745
609,000
BCPE
Empire
Holdings,
Inc.,
7.63%,
05/01/27
989
886,916
Resideo
Funding,
Inc.,
4.00%,
09/01/29
...
493
398,615
1,894,531
Diversified
Consumer
Services
—
0.2%
Johns
Hopkins
University,
Series
A,
4.71%,
07/01/32
.....................
1,950
1,939,304
Metis
Merger
Sub
LLC,
6.50%,
05/15/29
(b)
..
969
813,459
Northwestern
University,
4.64%,
12/01/44
..
470
449,281
Rekeep
SpA,
7.25%,
02/01/26
(c)
........
EUR
1,791
1,593,610
Security
Par
(000)
Par
(000)
Value
Diversified
Consumer
Services
(continued)
Service
Corp.
International
5.13%,
06/01/29
.................
USD
716
$
671,268
3.38%,
08/15/30
.................
1,285
1,044,585
4.00%,
05/15/31
.................
3,371
2,839,143
Sotheby's
(b)
7.38%,
10/15/27
.................
7,409
6,946,897
5.88%,
06/01/29
.................
3,842
3,226,128
University
of
Miami,
Series
2022,
4.06%,
04/01/52
.....................
320
260,767
University
of
Southern
California,
Series
2017,
3.84%,
10/01/47
................
375
311,673
20,096,115
Diversified
Financial
Services
—
0.2%
doValue
SpA
(c)
5.00%,
08/04/25
.................
EUR
500
512,478
3.38%,
07/31/26
.................
403
378,235
Garfunkelux
Holdco
3
SA
(c)
6.75%,
11/01/25
.................
1,732
1,478,117
7.75%,
11/01/25
.................
GBP
744
698,854
Jefferies
Finance
LLC,
5.00%,
08/15/28
(b)
..
USD
3,083
2,514,896
MPH
Acquisition
Holdings
LLC,
5.50%,
09/01/28
(b)
....................
1,541
1,202,134
NTT
Finance
Corp.
(b)
4.14%,
07/26/24
.................
355
349,364
1.16%,
04/03/26
.................
2,845
2,515,992
Operadora
de
Servicios
Mega
SA
de
CV
Sofom
ER,
8.25%,
02/11/25
(b)
............
258
127,597
Sabre
GLBL,
Inc.
(b)
9.25%,
04/15/25
.................
1,924
1,916,548
7.38%,
09/01/25
.................
1,453
1,396,391
11.25%,
12/15/27
................
1,725
1,776,276
Shell
International
Finance
BV
2.38%,
11/07/29
.................
20
17,285
4.38%,
05/11/45
.................
10
8,738
3.00%,
11/26/51
.................
130
88,025
Shift4
Payments
LLC,
4.63%,
11/01/26
(b)
...
2,646
2,499,915
Siemens
Financieringsmaatschappij
NV
(b)
0.65%,
03/11/24
.................
880
837,002
2.88%,
03/11/41
.................
1,325
972,943
Verscend
Escrow
Corp.,
9.75%,
08/15/26
(b)
.
12,882
12,620,624
31,911,414
Diversified
Telecommunication
Services
—
1.5%
Altice
France
Holding
SA,
10.50%,
05/15/27
(b)
5,952
4,538,400
Altice
France
SA
2.50%,
01/15/25
(c)
................
EUR
817
782,729
5.88%,
02/01/27
(c)
................
1,400
1,303,598
8.13%,
02/01/27
(b)
................
USD
10,069
9,171,651
5.50%,
01/15/28
(b)
................
4,359
3,413,620
5.13%,
01/15/29
(b)
................
894
672,209
5.50%,
10/15/29
(b)
................
325
247,822
AT&T,
Inc.
4.35%,
03/01/29
.................
25
23,774
4.50%,
05/15/35
.................
2,685
2,440,796
5.35%,
09/01/40
.................
1,500
1,429,088
4.65%,
06/01/44
.................
200
167,883
3.65%,
06/01/51
.................
710
500,062
3.50%,
09/15/53
.................
164
110,689
3.55%,
09/15/55
.................
926
617,868
3.65%,
09/15/59
.................
406
271,748
Bakrie
Telecom
Pte.
Ltd.,
11.50%,
05/07/15
(c)(e)
(m)
.........................
1,000
2,063
British
Telecommunications
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.49%),
4.88%,
11/23/81
(a)(b)
....
1,000
786,693
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
64
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
CCO
Holdings
LLC
5.13%,
05/01/27
(b)
................
USD
4,098
$
3,819,623
5.00%,
02/01/28
(b)
................
2,233
2,027,542
5.38%,
06/01/29
(b)
................
3,058
2,765,258
6.38%,
09/01/29
(b)
................
6,094
5,726,775
4.50%,
08/15/30
(b)
................
4,324
3,572,294
4.25%,
02/01/31
(b)
................
7,673
6,154,628
4.75%,
02/01/32
(b)
................
3,869
3,136,598
4.50%,
05/01/32
.................
1,279
1,018,084
4.50%,
06/01/33
(b)
................
2,030
1,557,477
4.25%,
01/15/34
(b)
................
10,437
7,702,976
Cellnex
Telecom
SA
(c)
1.00%,
04/20/27
.................
EUR
200
182,173
0.50%,
07/05/28
(j)
................
200
211,612
1.75%,
10/23/30
.................
400
331,540
0.75%,
11/20/31
(j)
................
4,300
3,318,246
Consolidated
Communications,
Inc.,
6.50%,
10/01/28
(b)
....................
USD
3,359
2,610,147
Deutsche
Telekom
International
Finance
BV,
8.75%,
06/15/30
(d)
...............
12
14,151
Frontier
Communications
Holdings
LLC
(b)
5.88%,
10/15/27
.................
1,705
1,583,212
5.00%,
05/01/28
.................
8,367
7,296,191
6.75%,
05/01/29
.................
3,439
2,844,947
6.00%,
01/15/30
.................
1,991
1,564,076
8.75%,
05/15/30
.................
2,859
2,906,887
Iliad
Holding
SASU
6.50%,
10/15/26
(b)
................
6,796
6,302,976
5.63%,
10/15/28
(c)
................
EUR
500
484,095
Iliad
SA
(c)
1.50%,
10/14/24
.................
300
304,112
2.38%,
06/17/26
.................
300
288,751
5.38%,
06/14/27
.................
1,600
1,699,018
1.88%,
02/11/28
.................
200
176,021
Kaixo
Bondco
Telecom
SA,
5.13%,
09/30/29
(c)
116
105,236
Level
3
Financing,
Inc.
(b)
3.40%,
03/01/27
.................
USD
3,476
2,937,169
4.63%,
09/15/27
.................
1,045
869,962
4.25%,
07/01/28
.................
1,259
991,714
3.63%,
01/15/29
.................
1,272
931,411
3.75%,
07/15/29
.................
2,549
1,833,675
3.88%,
11/15/29
.................
301
237,530
Liquid
Telecommunications
Financing
plc,
5.50%,
09/04/26
(b)
...............
775
554,997
Lorca
Telecom
Bondco
SA
4.00%,
09/18/27
(c)
................
EUR
1,947
1,860,118
Lumen
Technologies,
Inc.
(b)
4.00%,
02/15/27
.................
USD
7,243
6,138,098
4.50%,
01/15/29
.................
3,737
2,579,322
5.38%,
06/15/29
.................
817
588,185
Network
i2i
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.27%),
5.65%
(a)(c)(k)
...................
4,615
4,380,789
Quebecor
Media,
Inc.,
5.75%,
01/15/23
...
2,730
2,723,475
RCS
&
RDS
SA
(c)
2.50%,
02/05/25
.................
EUR
900
872,965
3.25%,
02/05/28
.................
200
170,309
Sprint
Capital
Corp.
6.88%,
11/15/28
.................
USD
10,135
10,519,522
8.75%,
03/15/32
.................
9,657
11,492,796
TDC
Holding
A/S,
6.88%,
02/23/23
(c)(d)
....
GBP
700
842,034
Telecom
Italia
Capital
SA
6.38%,
11/15/33
.................
USD
1,333
1,090,514
6.00%,
09/30/34
.................
4,075
3,079,477
7.20%,
07/18/36
.................
142
115,290
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Telecom
Italia
Finance
SA,
7.75%,
01/24/33
EUR
410
$
461,707
Telecom
Italia
SpA
4.00%,
04/11/24
(c)
................
200
208,203
5.30%,
05/30/24
(b)
................
USD
1,446
1,369,998
2.75%,
04/15/25
(c)
................
EUR
300
297,052
2.38%,
10/12/27
(c)
................
600
537,387
1.63%,
01/18/29
(c)
................
3,627
2,949,816
Telefonica
Emisiones
SA
4.10%,
03/08/27
.................
USD
600
569,263
4.90%,
03/06/48
.................
670
514,919
Vantage
Towers
AG
(c)
0.00%,
03/31/25
.................
EUR
200
203,856
0.38%,
03/31/27
.................
300
297,532
Verizon
Communications,
Inc.
3.88%,
02/08/29
.................
USD
3,275
3,072,819
4.02%,
12/03/29
.................
24
22,417
1.50%,
09/18/30
.................
285
221,569
1.68%,
10/30/30
.................
711
554,204
2.55%,
03/21/31
.................
420
345,391
2.36%,
03/15/32
.................
540
428,059
5.85%,
09/15/35
.................
690
698,793
4.27%,
01/15/36
.................
720
640,933
2.65%,
11/20/40
.................
1,400
944,977
3.40%,
03/22/41
.................
4,055
3,048,964
2.85%,
09/03/41
.................
440
302,808
3.85%,
11/01/42
.................
85
67,365
6.55%,
09/15/43
.................
245
266,122
3.70%,
03/22/61
.................
934
651,456
Virgin
Media
Finance
plc
3.75%,
07/15/30
(c)
................
EUR
661
540,865
5.00%,
07/15/30
(b)
................
USD
1,350
1,082,781
Virgin
Media
Secured
Finance
plc
5.25%,
05/15/29
(c)
................
GBP
100
103,365
5.50%,
05/15/29
(b)
................
USD
400
358,312
4.25%,
01/15/30
(c)
................
GBP
108
101,008
4.50%,
08/15/30
(b)
................
USD
843
704,263
Zayo
Group
Holdings,
Inc.
(b)
4.00%,
03/01/27
.................
21,199
15,656,945
6.13%,
03/01/28
.................
13,325
7,556,323
195,774,163
Electric
Utilities
—
0.9%
AEP
Transmission
Co.
LLC,
3.15%,
09/15/49
75
51,890
AES
Panama
Generation
Holdings
SRL,
4.38%,
05/31/30
(c)
...............
1,831
1,579,009
Alabama
Power
Co.
3.94%,
09/01/32
.................
590
541,863
4.15%,
08/15/44
.................
300
248,254
3.13%,
07/15/51
.................
55
37,343
Baltimore
Gas
&
Electric
Co.
4.25%,
09/15/48
.................
200
167,636
3.20%,
09/15/49
.................
525
369,313
2.90%,
06/15/50
.................
105
69,386
CenterPoint
Energy
Houston
Electric
LLC
Series
AG,
3.00%,
03/01/32
.........
285
245,606
Series
K2,
6.95%,
03/15/33
.........
100
111,947
Commonwealth
Edison
Co.
5.90%,
03/15/36
.................
200
208,446
Series
133,
3.85%,
03/15/52
.........
500
397,956
DTE
Electric
Co.,
Series
B,
3.65%,
03/01/52
100
77,268
Duke
Energy
Carolinas
LLC
2.85%,
03/15/32
.................
1,205
1,019,338
6.05%,
04/15/38
.................
100
105,363
3.70%,
12/01/47
.................
600
456,444
3.20%,
08/15/49
.................
882
618,171
3.55%,
03/15/52
.................
200
149,364
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
65
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Duke
Energy
Corp.
5.00%,
12/08/25
.................
USD
1,055
$
1,052,714
2.45%,
06/01/30
.................
425
349,473
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.32%),
3.25%,
01/15/82
(a)
..............
18,465
13,486,912
Duke
Energy
Florida
LLC
2.50%,
12/01/29
.................
2,225
1,901,520
1.75%,
06/15/30
.................
255
202,651
6.40%,
06/15/38
.................
400
438,736
3.85%,
11/15/42
.................
320
257,044
Duke
Energy
Progress
LLC
3.45%,
03/15/29
.................
2,868
2,640,038
4.10%,
05/15/42
.................
100
83,939
Edison
International
Series
B,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.90%),
5.00%
(a)(k)
....................
1,870
1,563,226
6.95%,
11/15/29
.................
1,510
1,576,864
EDP
-
Energias
de
Portugal
SA,
(EUR
Swap
Annual
5
Year
+
2.38%),
1.88%,
08/02/81
(a)(c)
EUR
500
456,279
Emera
US
Finance
LP,
0.83%,
06/15/24
...
USD
975
909,842
Enel
Finance
International
NV,
1.38%,
07/12/26
(b)
....................
1,890
1,628,728
Eversource
Energy
2.80%,
05/01/23
.................
690
686,488
4.60%,
07/01/27
.................
365
359,920
Exelon
Corp.
3.95%,
06/15/25
.................
595
581,072
4.05%,
04/15/30
.................
300
278,519
4.70%,
04/15/50
.................
250
217,767
FirstEnergy
Corp.
Series
B,
4.40%,
07/15/27
(d)
.........
1,500
1,395,373
2.65%,
03/01/30
.................
460
375,056
Series
B,
2.25%,
09/01/30
..........
161
127,786
Series
C,
5.35%,
07/15/47
(d)
.........
149
133,025
FirstEnergy
Transmission
LLC
(b)
4.35%,
01/15/25
.................
1,235
1,203,430
5.45%,
07/15/44
.................
5,163
4,802,756
4.55%,
04/01/49
.................
1,448
1,171,647
Florida
Power
&
Light
Co.
5.65%,
02/01/37
.................
500
508,974
3.70%,
12/01/47
.................
365
292,622
3.15%,
10/01/49
.................
465
334,930
2.88%,
12/04/51
.................
218
146,200
Georgia
Power
Co.,
4.70%,
05/15/32
.....
1,640
1,581,058
Interstate
Power
and
Light
Co.
3.25%,
12/01/24
.................
300
289,380
3.10%,
11/30/51
.................
100
64,846
Kallpa
Generacion
SA,
4.88%,
05/24/26
(c)
..
3,114
2,973,481
MidAmerican
Energy
Co.
3.65%,
04/15/29
.................
1,025
958,338
4.25%,
07/15/49
.................
1,175
996,671
Mong
Duong
Finance
Holdings
BV,
5.13%,
05/07/29
(c)
....................
4,260
3,535,268
Naturgy
Finance
BV
(a)(c)(k)
(EUR
Swap
Annual
9
Year
+
3.08%),
3.38%
EUR
200
207,811
(EUR
Swap
Annual
5
Year
+
2.44%),
2.37%
900
835,014
NextEra
Energy
Capital
Holdings,
Inc.
3.55%,
05/01/27
.................
USD
215
202,556
1.90%,
06/15/28
.................
700
597,628
2.44%,
01/15/32
.................
184
148,471
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.55%),
3.80%,
03/15/82
(a)
..............
27,037
22,030,959
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Northern
States
Power
Co.
2.90%,
03/01/50
.................
USD
350
$
239,388
2.60%,
06/01/51
.................
360
228,186
NRG
Energy,
Inc.
2.45%,
12/02/27
(b)
................
800
662,844
5.75%,
01/15/28
.................
1,122
1,053,188
5.25%,
06/15/29
(b)
................
544
480,210
Ohio
Power
Co.
Series
Q,
1.63%,
01/15/31
..........
1,200
928,547
4.15%,
04/01/48
.................
140
113,578
4.00%,
06/01/49
.................
975
768,901
Series
R,
2.90%,
10/01/51
..........
55
35,784
Oncor
Electric
Delivery
Co.
LLC
3.75%,
04/01/45
.................
840
675,290
3.80%,
09/30/47
.................
345
279,333
4.10%,
11/15/48
.................
245
207,016
3.10%,
09/15/49
.................
195
138,018
3.70%,
05/15/50
.................
275
216,811
4.60%,
06/01/52
(b)
................
600
548,455
Pacific
Gas
&
Electric
Co.
3.45%,
07/01/25
.................
1,460
1,382,118
3.30%,
12/01/27
.................
1,065
939,896
4.45%,
04/15/42
.................
475
353,296
4.00%,
12/01/46
.................
258
172,727
4.95%,
07/01/50
.................
1,540
1,193,254
5.25%,
03/01/52
.................
470
383,691
PacifiCorp
2.90%,
06/15/52
.................
620
404,729
5.35%,
12/01/53
.................
1,010
999,596
Pattern
Energy
Operations
LP,
4.50%,
08/15/28
(b)
....................
2,979
2,671,074
PECO
Energy
Co.
2.85%,
09/15/51
.................
130
85,567
4.60%,
05/15/52
.................
200
179,806
PPL
Electric
Utilities
Corp.,
3.95%,
06/01/47
25
20,229
Progress
Energy,
Inc.
7.00%,
10/30/31
.................
100
109,036
6.00%,
12/01/39
.................
350
353,815
Public
Service
Co.
of
Colorado
Series
34,
3.20%,
03/01/50
.........
600
425,587
2.70%,
01/15/51
.................
100
64,382
Series
39,
4.50%,
06/01/52
.........
100
89,745
Public
Service
Electric
&
Gas
Co.
4.90%,
12/15/32
.................
1,545
1,547,766
5.80%,
05/01/37
.................
100
104,260
2.05%,
08/01/50
.................
280
156,021
3.00%,
03/01/51
.................
100
68,065
Southern
California
Edison
Co.
Series
J,
0.70%,
08/01/23
..........
305
297,114
1.10%,
04/01/24
.................
600
569,858
Series
D,
4.70%,
06/01/27
..........
465
455,327
5.95%,
11/01/32
.................
5,455
5,763,747
4.00%,
04/01/47
.................
725
566,570
Series
B,
4.88%,
03/01/49
..........
70
61,553
3.65%,
02/01/50
.................
700
511,227
Series
20A,
2.95%,
02/01/51
........
240
153,751
Series
H,
3.65%,
06/01/51
..........
435
316,168
3.45%,
02/01/52
.................
200
142,286
Series
E,
5.45%,
06/01/52
..........
490
467,908
Southern
Co.
(The),
4.48%,
08/01/24
(d)
....
1,325
1,308,398
Tampa
Electric
Co.
4.35%,
05/15/44
.................
100
82,866
4.45%,
06/15/49
.................
475
391,903
3.45%,
03/15/51
.................
135
94,247
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
66
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Electric
Utilities
(continued)
Virginia
Electric
&
Power
Co.
Series
B,
6.00%,
01/15/36
..........
USD
250
$
257,145
6.35%,
11/30/37
.................
300
317,862
4.45%,
02/15/44
.................
300
257,202
4.60%,
12/01/48
.................
595
515,343
Vistra
Operations
Co.
LLC
(b)
5.13%,
05/13/25
.................
2,250
2,199,870
5.50%,
09/01/26
.................
302
290,952
5.63%,
02/15/27
.................
1,344
1,275,002
5.00%,
07/31/27
.................
140
129,933
4.38%,
05/01/29
.................
1,734
1,494,044
Wisconsin
Electric
Power
Co.,
2.05%,
12/15/24
400
378,612
116,618,706
Electrical
Equipment
—
0.1%
Energizer
Gamma
Acquisition
BV,
3.50%,
06/30/29
(c)
....................
EUR
588
499,818
Sensata
Technologies
BV
(b)
5.00%,
10/01/25
.................
USD
3,445
3,364,424
4.00%,
04/15/29
.................
2,040
1,759,500
5.88%,
09/01/30
.................
1,853
1,756,135
Vertiv
Group
Corp.,
4.13%,
11/15/28
(b)
....
5,365
4,560,250
11,940,127
Electronic
Equipment,
Instruments
&
Components
—
0.1%
Belden,
Inc.,
3.88%,
03/15/28
(c)
........
EUR
500
486,386
CDW
LLC
3.28%,
12/01/28
.................
USD
569
487,155
3.25%,
02/15/29
.................
2,110
1,797,066
Coherent
Corp.,
5.00%,
12/15/29
(b)
......
5,898
5,086,612
Sensata
Technologies,
Inc.
(b)
4.38%,
02/15/30
.................
251
218,496
3.75%,
02/15/31
.................
750
616,980
8,692,695
Energy
Equipment
&
Services
—
0.2%
Archrock
Partners
LP
(b)
6.88%,
04/01/27
.................
2,139
2,042,027
6.25%,
04/01/28
.................
4,004
3,663,708
Enerflex
Ltd.,
9.00%,
10/15/27
(b)
........
1,969
1,963,576
Halliburton
Co.
3.80%,
11/15/25
.................
187
181,887
2.92%,
03/01/30
.................
650
557,257
5.00%,
11/15/45
.................
275
243,498
Nabors
Industries
Ltd.
(b)
7.25%,
01/15/26
.................
1,570
1,479,566
7.50%,
01/15/28
.................
2,042
1,868,218
Nabors
Industries,
Inc.
5.75%,
02/01/25
.................
4,447
4,240,704
7.38%,
05/15/27
(b)
................
2,707
2,622,256
Precision
Drilling
Corp.,
6.88%,
01/15/29
(b)
.
92
85,653
Saipem
Finance
International
BV,
3.38%,
07/15/26
(c)
....................
EUR
500
486,091
Tervita
Corp.,
11.00%,
12/01/25
(b)
.......
USD
993
1,067,543
Transocean,
Inc.,
11.50%,
01/30/27
(b)
.....
1,164
1,166,910
USA
Compression
Partners
LP
6.88%,
04/01/26
.................
2,998
2,875,951
6.88%,
09/01/27
.................
2,194
2,051,391
Vallourec
SA,
8.50%,
06/30/26
(c)
........
EUR
717
752,453
Weatherford
International
Ltd.
(b)
11.00%,
12/01/24
................
USD
67
68,343
6.50%,
09/15/28
.................
1,749
1,714,545
8.63%,
04/30/30
.................
2,445
2,347,953
31,479,530
Security
Par
(000)
Par
(000)
Value
Entertainment
—
0.3%
Banijay
Entertainment
SASU,
3.50%,
03/01/25
(c)
....................
EUR
150
$
150,612
Banijay
Group
SAS,
6.50%,
03/01/26
(c)
....
900
905,524
Lions
Gate
Capital
Holdings
LLC,
5.50%,
04/15/29
(b)
....................
USD
5,674
3,289,768
Live
Nation
Entertainment,
Inc.
(b)
4.88%,
11/01/24
.................
659
638,073
6.50%,
05/15/27
.................
8,994
8,801,080
4.75%,
10/15/27
.................
3,889
3,462,474
3.75%,
01/15/28
.................
603
513,803
NBCUniversal
Media
LLC,
5.95%,
04/01/41
.
380
395,668
Netflix,
Inc.
4.88%,
04/15/28
.................
2,045
1,974,624
4.63%,
05/15/29
.................
EUR
1,190
1,246,550
3.63%,
06/15/30
(c)
................
980
961,971
Odeon
Finco
plc,
12.75%,
11/01/27
(b)
.....
USD
488
424,560
Pinewood
Finance
Co.
Ltd.,
3.25%,
09/30/25
(c)
GBP
543
602,630
TWDC
Enterprises
18
Corp.,
4.13%,
06/01/44
USD
85
72,772
Walt
Disney
Co.
(The)
6.40%,
12/15/35
.................
375
410,225
3.50%,
05/13/40
.................
753
606,172
3.60%,
01/13/51
.................
200
152,287
Warnermedia
Holdings,
Inc.
(b)
4.28%,
03/15/32
.................
125
102,971
5.14%,
03/15/52
.................
6,714
4,880,852
5.39%,
03/15/62
.................
3,370
2,460,146
WMG
Acquisition
Corp.,
2.25%,
08/15/31
(c)
.
EUR
773
646,360
32,699,122
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.8%
Alexandria
Real
Estate
Equities,
Inc.
3.95%,
01/15/28
.................
USD
1,925
1,807,176
4.90%,
12/15/30
.................
835
813,472
1.88%,
02/01/33
.................
900
669,195
American
Tower
Corp.
3.50%,
01/31/23
.................
1,680
1,677,979
3.38%,
10/15/26
.................
995
930,285
3.95%,
03/15/29
.................
615
566,942
2.10%,
06/15/30
.................
1,995
1,579,135
2.70%,
04/15/31
.................
4,364
3,552,092
4.05%,
03/15/32
.................
3,534
3,151,607
AvalonBay
Communities,
Inc.,
5.00%,
02/15/33
510
501,797
Boston
Properties
LP
3.40%,
06/21/29
.................
500
430,605
2.90%,
03/15/30
.................
660
539,487
3.25%,
01/30/31
.................
200
165,336
Brookfield
Property
REIT,
Inc.,
4.50%,
04/01/27
(b)
....................
1,856
1,551,273
Camden
Property
Trust,
2.80%,
05/15/30
..
290
249,524
Crown
Castle,
Inc.
3.80%,
02/15/28
.................
1,075
999,069
4.30%,
02/15/29
.................
715
675,203
3.10%,
11/15/29
.................
200
174,329
2.10%,
04/01/31
.................
900
709,329
2.50%,
07/15/31
.................
1,200
967,028
2.90%,
04/01/41
.................
400
274,024
Digital
Realty
Trust
LP,
5.55%,
01/15/28
...
875
880,785
Equinix,
Inc.
1.45%,
05/15/26
.................
500
439,567
2.90%,
11/18/26
.................
575
525,548
3.20%,
11/18/29
.................
4,222
3,674,919
3.90%,
04/15/32
.................
3,655
3,247,260
3.00%,
07/15/50
.................
225
141,268
2.95%,
09/15/51
.................
265
165,061
3.40%,
02/15/52
.................
500
340,558
ERP
Operating
LP,
2.85%,
11/01/26
.....
530
491,056
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
67
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Global
Net
Lease,
Inc.,
3.75%,
12/15/27
(b)
..
USD
998
$
825,263
GLP
Capital
LP
4.00%,
01/15/30
.................
495
433,528
3.25%,
01/15/32
.................
4,913
3,927,377
HAT
Holdings
I
LLC,
3.38%,
06/15/26
(b)
...
1,302
1,131,178
Healthpeak
Properties,
Inc.
3.00%,
01/15/30
.................
458
393,876
2.88%,
01/15/31
.................
75
62,680
Iron
Mountain
Information
Management
Services,
Inc.,
5.00%,
07/15/32
(b)
......
1,407
1,168,796
Iron
Mountain,
Inc.
(b)
5.00%,
07/15/28
.................
227
203,887
5.25%,
07/15/30
.................
3,555
3,089,295
5.63%,
07/15/32
.................
1,116
967,144
Kimco
Realty
Corp.,
4.60%,
02/01/33
.....
920
841,354
LMIRT
Capital
Pte.
Ltd.,
7.25%,
06/19/24
(c)
.
2,920
1,927,200
Mid-America
Apartments
LP,
1.70%,
02/15/31
230
179,323
MPT
Operating
Partnership
LP
2.55%,
12/05/23
.................
GBP
430
493,856
3.33%,
03/24/25
.................
EUR
1,033
995,421
5.25%,
08/01/26
.................
USD
1,055
960,841
0.99%,
10/15/26
.................
EUR
610
495,124
5.00%,
10/15/27
.................
USD
1,392
1,170,018
4.63%,
08/01/29
.................
4,466
3,405,703
3.50%,
03/15/31
.................
8,831
6,053,506
Prologis
LP
2.13%,
04/15/27
.................
100
89,534
2.88%,
11/15/29
.................
100
87,007
2.25%,
04/15/30
.................
600
499,868
3.05%,
03/01/50
.................
120
79,898
Realty
Income
Corp.
3.88%,
04/15/25
.................
450
440,867
3.00%,
01/15/27
.................
370
342,046
3.95%,
08/15/27
.................
360
343,207
2.20%,
06/15/28
.................
320
274,037
5.63%,
10/13/32
.................
1,080
1,096,878
2.85%,
12/15/32
.................
45
36,493
Regency
Centers
LP
2.95%,
09/15/29
.................
1,075
902,265
3.70%,
06/15/30
.................
2,245
1,958,375
RHP
Hotel
Properties
LP
4.75%,
10/15/27
.................
5,958
5,392,057
4.50%,
02/15/29
(b)
................
845
728,891
RLJ
Lodging
Trust
LP,
3.75%,
07/01/26
(b)
..
847
754,328
SBA
Communications
Corp.
3.88%,
02/15/27
.................
1,838
1,660,658
3.13%,
02/01/29
.................
2,467
2,051,286
Simon
Property
Group
LP
3.25%,
09/13/49
.................
200
132,380
3.80%,
07/15/50
.................
660
479,191
Trust
Fibra
Uno,
5.25%,
01/30/26
(b)
......
1,546
1,494,596
UDR,
Inc.
3.20%,
01/15/30
.................
300
260,274
2.10%,
08/01/32
.................
85
62,447
Unibail-Rodamco-Westfield
SE,
(EUR
Swap
Annual
5
Year
+
1.68%),
2.13%
(a)(c)(k)
....
EUR
800
723,350
Uniti
Group
LP,
4.75%,
04/15/28
(b)
.......
USD
583
466,400
Ventas
Realty
LP,
3.00%,
01/15/30
......
680
570,471
VICI
Properties
LP
3.50%,
02/15/25
(b)
................
2,324
2,191,137
4.63%,
06/15/25
(b)
................
379
363,366
4.50%,
09/01/26
(b)
................
67
63,052
4.25%,
12/01/26
(b)
................
147
137,140
4.50%,
01/15/28
(b)
................
2,678
2,457,405
3.88%,
02/15/29
(b)
................
397
347,945
Security
Par
(000)
Par
(000)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
4.63%,
12/01/29
(b)
................
USD
1,637
$
1,489,670
4.95%,
02/15/30
.................
3,289
3,130,856
4.13%,
08/15/30
(b)
................
2,184
1,911,360
5.13%,
05/15/32
.................
905
837,985
5.63%,
05/15/52
.................
6,231
5,511,756
99,984,755
Food
&
Staples
Retailing
—
0.2%
7-Eleven,
Inc.,
0.95%,
02/10/26
(b)
.......
2,015
1,764,725
Albertsons
Cos.,
Inc.
(b)
3.25%,
03/15/26
.................
2,763
2,520,008
4.63%,
01/15/27
.................
744
691,079
5.88%,
02/15/28
.................
3,075
2,923,341
4.88%,
02/15/30
.................
4,423
3,947,351
Bellis
Acquisition
Co.
plc
(c)
3.25%,
02/16/26
.................
GBP
1,000
981,667
4.50%,
02/16/26
.................
2,441
2,466,391
Casino
Guichard
Perrachon
SA,
(EURIBOR
ICE
Swap
Rate
5
Year
+
3.82%),
3.99%
(a)(c)(k)
EUR
800
149,229
Iceland
Bondco
plc,
4.63%,
03/15/25
(c)
....
GBP
175
175,389
Market
Bidco
Finco
plc,
5.50%,
11/04/27
(c)
..
519
476,607
Ocado
Group
plc,
3.88%,
10/08/26
(c)
.....
835
777,294
Performance
Food
Group,
Inc.,
4.25%,
08/01/29
(b)
....................
USD
1,931
1,673,443
Picard
Groupe
SAS,
3.88%,
07/01/26
(c)
...
EUR
504
459,153
Quatrim
SASU,
5.88%,
01/15/24
(c)
......
500
521,829
United
Natural
Foods,
Inc.,
6.75%,
10/15/28
(b)
USD
630
605,320
US
Foods,
Inc.
(b)
4.75%,
02/15/29
.................
2,292
2,035,113
4.63%,
06/01/30
.................
1,752
1,542,836
Walmart,
Inc.
1.50%,
09/22/28
.................
100
85,695
2.65%,
09/22/51
.................
630
425,946
24,222,416
Food
Products
—
0.3%
Chobani
LLC
(b)
7.50%,
04/15/25
.................
7,741
7,537,799
4.63%,
11/15/28
.................
5,887
5,125,281
Darling
Ingredients,
Inc.,
6.00%,
06/15/30
(b)
.
3,468
3,389,970
General
Mills,
Inc.,
3.00%,
02/01/51
.....
46
31,453
JBS
USA
LUX
SA,
3.75%,
12/01/31
(b)
.....
2,114
1,726,928
Knight
Castle
Investments
Ltd.,
7.99%,
01/23/23
(c)(e)(m)
.................
231
161,700
Kraft
Heinz
Foods
Co.
3.88%,
05/15/27
.................
400
382,159
4.38%,
06/01/46
.................
1,254
1,019,004
4.88%,
10/01/49
.................
7,278
6,317,616
5.50%,
06/01/50
.................
6,865
6,560,856
Lamb
Weston
Holdings,
Inc.
(b)
4.88%,
05/15/28
.................
1,376
1,303,760
4.13%,
01/31/30
.................
2,679
2,366,093
Pilgrim's
Pride
Corp.,
3.50%,
03/01/32
(b)
...
1,092
854,490
Post
Holdings,
Inc.
(b)
5.75%,
03/01/27
.................
526
508,684
5.63%,
01/15/28
.................
413
388,776
5.50%,
12/15/29
.................
124
112,209
4.63%,
04/15/30
.................
129
111,294
4.50%,
09/15/31
.................
186
156,363
Premier
Foods
Finance
plc,
3.50%,
10/15/26
(c)
GBP
569
601,906
Simmons
Foods,
Inc.,
4.63%,
03/01/29
(b)
..
USD
2,736
2,227,248
40,883,589
Gas
Utilities
—
0.0%
Atmos
Energy
Corp.
2.63%,
09/15/29
.................
100
86,744
4.13%,
10/15/44
.................
100
82,046
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
68
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Gas
Utilities
(continued)
2.85%,
02/15/52
.................
USD
305
$
197,364
CenterPoint
Energy
Resources
Corp.,
1.75%,
10/01/30
.....................
170
134,024
China
Oil
&
Gas
Group
Ltd.,
5.50%,
01/25/23
(c)
123
121,268
Piedmont
Natural
Gas
Co.,
Inc.,
5.05%,
05/15/52
.....................
100
90,227
Promigas
SA
ESP
3.75%,
10/16/29
(b)
................
2,312
1,881,390
3.75%,
10/16/29
(c)
................
1,344
1,093,680
Suburban
Propane
Partners
LP,
5.00%,
06/01/31
(b)
....................
619
526,139
UGI
International
LLC,
2.50%,
12/01/29
(c)
..
EUR
1,199
979,061
5,191,943
Health
Care
Equipment
&
Supplies
—
0.2%
Abbott
Laboratories
3.75%,
11/30/26
.................
USD
500
486,764
4.75%,
11/30/36
.................
845
836,413
6.15%,
11/30/37
.................
240
268,171
Avantor
Funding,
Inc.
(b)
4.63%,
07/15/28
.................
2,211
2,009,003
3.88%,
11/01/29
.................
1,318
1,106,791
Becton
Dickinson
and
Co.
3.73%,
12/15/24
.................
158
154,073
3.70%,
06/06/27
.................
1,575
1,488,101
Embecta
Corp.,
6.75%,
02/15/30
(b)
......
617
556,842
Garden
Spinco
Corp.,
8.63%,
07/20/30
(b)
..
1,738
1,842,280
GE
HealthCare
Technologies,
Inc.
(b)
5.55%,
11/15/24
.................
1,375
1,379,951
5.86%,
03/15/30
.................
1,300
1,330,370
6.38%,
11/22/52
.................
395
419,534
Medline
Borrower
LP
(b)
3.88%,
04/01/29
.................
1,942
1,565,174
5.25%,
10/01/29
.................
9,642
7,658,352
Teleflex,
Inc.,
4.63%,
11/15/27
.........
172
163,931
21,265,750
Health
Care
Providers
&
Services
—
0.8%
Acadia
Healthcare
Co.,
Inc.,
5.50%,
07/01/28
(b)
705
668,692
AdaptHealth
LLC
(b)
6.13%,
08/01/28
.................
449
411,593
5.13%,
03/01/30
.................
204
173,663
Aetna,
Inc.
4.75%,
03/15/44
.................
550
484,320
3.88%,
08/15/47
.................
326
250,326
AHP
Health
Partners,
Inc.,
5.75%,
07/15/29
(b)
2,676
2,090,625
Banner
Health
2.91%,
01/01/42
.................
100
72,558
2.91%,
01/01/51
.................
100
65,849
Cano
Health
LLC,
6.25%,
10/01/28
(b)
.....
763
461,615
Centene
Corp.
2.45%,
07/15/28
.................
3,053
2,576,885
3.00%,
10/15/30
.................
8,931
7,321,180
2.50%,
03/01/31
.................
11,183
8,750,397
2.63%,
08/01/31
.................
2,070
1,626,606
Chrome
Bidco
SASU,
3.50%,
05/31/28
(c)
...
EUR
1,008
903,674
Cigna
Corp.,
4.13%,
11/15/25
.........
USD
400
390,813
CommonSpirit
Health
3.35%,
10/01/29
.................
500
435,124
2.78%,
10/01/30
.................
225
185,586
3.82%,
10/01/49
.................
300
223,292
3.91%,
10/01/50
.................
440
325,638
Community
Health
Systems,
Inc.
(b)
5.63%,
03/15/27
.................
1,857
1,592,303
6.00%,
01/15/29
.................
4,642
3,882,940
5.25%,
05/15/30
.................
2,516
1,897,158
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
4.75%,
02/15/31
.................
USD
761
$
552,501
CVS
Health
Corp.
1.30%,
08/21/27
.................
160
135,461
4.30%,
03/25/28
.................
789
763,154
1.88%,
02/28/31
.................
2,835
2,223,784
5.13%,
07/20/45
.................
1,450
1,321,537
5.05%,
03/25/48
.................
550
493,650
Elevance
Health,
Inc.
2.38%,
01/15/25
.................
105
99,673
5.50%,
10/15/32
.................
910
931,590
6.38%,
06/15/37
.................
500
534,768
4.65%,
01/15/43
.................
250
226,563
3.70%,
09/15/49
.................
625
474,479
4.55%,
05/15/52
.................
400
347,467
6.10%,
10/15/52
.................
70
74,625
Encompass
Health
Corp.
4.50%,
02/01/28
.................
116
105,375
4.75%,
02/01/30
.................
4,682
4,111,461
4.63%,
04/01/31
.................
1,444
1,241,142
HCA,
Inc.
5.38%,
09/01/26
.................
1,170
1,156,986
3.50%,
09/01/30
.................
210
181,120
5.50%,
06/15/47
.................
960
852,596
5.25%,
06/15/49
.................
965
821,901
3.50%,
07/15/51
.................
625
400,980
4.63%,
03/15/52
(b)
................
8,382
6,523,673
HealthEquity,
Inc.,
4.50%,
10/01/29
(b)
.....
3,983
3,480,744
Hoag
Memorial
Hospital
Presbyterian,
3.80%,
07/15/52
.....................
500
389,231
Humana,
Inc.,
2.15%,
02/03/32
........
255
198,985
Kaiser
Foundation
Hospitals,
Series
2021,
2.81%,
06/01/41
................
299
216,646
Korian
SA
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
9.08%),
4.13%
(a)(c)(k)
GBP
1,100
1,002,371
Legacy
LifePoint
Health
LLC
(b)
6.75%,
04/15/25
.................
USD
1,540
1,449,279
4.38%,
02/15/27
.................
1,764
1,492,026
Memorial
Health
Services,
3.45%,
11/01/49
.
495
359,094
Molina
Healthcare,
Inc.
(b)
4.38%,
06/15/28
.................
1,674
1,527,676
3.88%,
11/15/30
.................
2,361
2,000,805
Mount
Nittany
Medical
Center
Obligated
Group,
Series
2022,
3.80%,
11/15/52
........
265
200,277
Nationwide
Children's
Hospital,
Inc.,
4.56%,
11/01/52
.....................
195
173,000
Option
Care
Health,
Inc.,
4.38%,
10/31/29
(b)
.
2,383
2,084,434
RWJ
Barnabas
Health,
Inc.,
3.48%,
07/01/49
580
420,858
Surgery
Center
Holdings,
Inc.
(b)
6.75%,
07/01/25
.................
1,950
1,922,230
10.00%,
04/15/27
................
2,618
2,663,815
Sutter
Health
Series
20A,
2.29%,
08/15/30
........
870
703,594
Series
20A,
3.36%,
08/15/50
........
244
165,375
Tenet
Healthcare
Corp.
4.63%,
07/15/24
.................
132
128,734
4.63%,
09/01/24
(b)
................
1,371
1,331,594
4.88%,
01/01/26
(b)
................
5,108
4,830,343
6.25%,
02/01/27
(b)
................
3,584
3,442,468
5.13%,
11/01/27
(b)
................
999
929,310
4.63%,
06/15/28
(b)
................
234
209,369
6.13%,
10/01/28
(b)
................
2,154
1,928,519
4.38%,
01/15/30
(b)
................
1,378
1,192,748
6.13%,
06/15/30
(b)
................
2,586
2,463,941
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
69
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
UnitedHealth
Group,
Inc.
6.88%,
02/15/38
.................
USD
1,000
$
1,172,936
3.50%,
08/15/39
.................
775
633,395
2.75%,
05/15/40
.................
345
250,293
4.63%,
11/15/41
.................
115
105,982
4.75%,
07/15/45
.................
440
412,029
4.25%,
06/15/48
.................
510
440,516
3.70%,
08/15/49
.................
400
316,529
2.90%,
05/15/50
.................
185
125,157
3.25%,
05/15/51
.................
180
128,797
5.88%,
02/15/53
.................
650
701,847
6.05%,
02/15/63
.................
415
450,333
100,010,603
Health
Care
Technology
—
0.1%
(b)
AthenaHealth
Group,
Inc.,
6.50%,
02/15/30
.
13,311
9,809,304
IQVIA,
Inc.,
5.00%,
10/15/26
..........
1,065
1,016,914
10,826,218
Hotels,
Restaurants
&
Leisure
—
1.3%
1011778
BC
ULC
(b)
5.75%,
04/15/25
.................
2,266
2,248,322
4.38%,
01/15/28
.................
1,015
908,837
4.00%,
10/15/30
.................
994
804,951
Accor
SA
(c)
(EUR
Swap
Annual
5
Year
+
4.56%),
4.38%
(a)(k)
....................
EUR
600
602,963
0.70%,
12/07/27
(j)
................
892
391,615
Boyd
Gaming
Corp.
4.75%,
12/01/27
.................
USD
1,104
1,028,243
4.75%,
06/15/31
(b)
................
1,037
902,190
Boyne
USA,
Inc.,
4.75%,
05/15/29
(b)
.....
3,444
3,048,093
Burger
King
France
SAS,
(EURIBOR
3
Month
+
4.75%),
6.39%,
11/01/26
(a)(c)
.........
EUR
225
234,018
Caesars
Entertainment,
Inc.
(b)
6.25%,
07/01/25
.................
USD
9,341
9,076,421
8.13%,
07/01/27
.................
7,607
7,474,258
4.63%,
10/15/29
.................
8,420
6,852,280
Caesars
Resort
Collection
LLC,
5.75%,
07/01/25
(b)
....................
2,453
2,401,257
Carnival
Corp.
10.13%,
02/01/26
(c)
...............
EUR
1,888
1,998,051
10.50%,
02/01/26
(b)
...............
USD
2,731
2,744,000
7.63%,
03/01/26
(c)
................
EUR
636
546,687
5.75%,
03/01/27
(b)
................
USD
5,607
4,003,622
9.88%,
08/01/27
(b)
................
3,224
3,046,680
4.00%,
08/01/28
(b)
................
5,645
4,602,990
6.00%,
05/01/29
(b)
................
5,643
3,760,393
Carnival
Holdings
Bermuda
Ltd.,
10.38%,
05/01/28
(b)
....................
9,352
9,600,857
CCM
Merger,
Inc.,
6.38%,
05/01/26
(b)
.....
1,275
1,201,458
CDI
Escrow
Issuer,
Inc.,
5.75%,
04/01/30
(b)
.
4,350
3,899,467
Cedar
Fair
LP
5.50%,
05/01/25
(b)
................
5,334
5,275,948
6.50%,
10/01/28
.................
435
420,863
Champion
Path
Holdings
Ltd.,
4.85%,
01/27/28
(c)
....................
4,311
3,595,105
Churchill
Downs,
Inc.
(b)
5.50%,
04/01/27
.................
2,842
2,692,952
4.75%,
01/15/28
.................
304
272,040
Cirsa
Finance
International
SARL
(c)
4.75%,
05/22/25
.................
EUR
933
940,720
4.50%,
03/15/27
.................
274
252,211
Codere
Finance
2
Luxembourg
SA
(l)
8.00%,
(8.00%
Cash
or
11.00%
PIK),
09/30/26
(c)(d)
..................
1,144
1,083,534
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
2.00%,
(2.00%
Cash
or
13.63%
PIK),
11/30/27
(a)(b)
..................
USD
135
$
76,004
12.75%,
(12.75%
Cash
or
12.75%
PIK),
11/30/27
(a)(c)
..................
EUR
282
161,306
CPUK
Finance
Ltd.
(c)
4.88%,
08/28/25
.................
GBP
619
688,293
4.50%,
08/28/27
.................
200
200,009
Elior
Group
SA,
3.75%,
07/15/26
(c)
......
EUR
100
89,383
Expedia
Group,
Inc.
6.25%,
05/01/25
(b)
................
USD
308
310,611
2.95%,
03/15/31
.................
300
241,239
Fertitta
Entertainment
LLC
(b)
4.63%,
01/15/29
.................
2,542
2,151,129
6.75%,
01/15/30
.................
525
423,465
Food
Service
Project
SA,
5.50%,
01/21/27
(c)
EUR
816
804,866
Fortune
Star
BVI
Ltd.,
6.75%,
07/02/23
(c)
...
USD
4,703
4,420,820
Hilton
Domestic
Operating
Co.,
Inc.
(b)
5.38%,
05/01/25
.................
1,228
1,215,481
5.75%,
05/01/28
.................
1,839
1,783,830
3.75%,
05/01/29
.................
295
255,175
4.00%,
05/01/31
.................
2,094
1,751,903
Hilton
Worldwide
Finance
LLC,
4.88%,
04/01/27
.....................
1,175
1,118,398
Inter
Media
&
Communication
SpA,
6.75%,
02/09/27
(c)
....................
EUR
408
412,723
Life
Time,
Inc.
(b)
5.75%,
01/15/26
.................
USD
2,032
1,890,776
8.00%,
04/15/26
.................
1,674
1,502,415
Lindblad
Expeditions
LLC,
6.75%,
02/15/27
(b)
2,752
2,496,532
Lottomatica
SpA
(c)
5.13%,
07/15/25
.................
EUR
380
384,590
6.25%,
07/15/25
.................
1,139
1,184,794
MajorDrive
Holdings
IV
LLC,
6.38%,
06/01/29
(b)
USD
1,336
996,911
Melco
Resorts
Finance
Ltd.
(c)
4.88%,
06/06/25
.................
1,000
917,687
5.63%,
07/17/27
.................
630
534,831
5.75%,
07/21/28
.................
1,000
825,000
5.38%,
12/04/29
.................
431
336,180
Merlin
Entertainments
Ltd.,
5.75%,
06/15/26
(b)
1,559
1,459,594
MGM
China
Holdings
Ltd.,
5.25%,
06/18/25
(c)
4,116
3,847,945
MGM
Resorts
International
6.00%,
03/15/23
.................
2,565
2,555,894
5.75%,
06/15/25
.................
261
253,660
Midco
GB
SASU,
7.75%,
(7.75%
Cash
or
8.50%
PIK),
11/01/27
(c)(l)
...........
EUR
150
144,506
Midwest
Gaming
Borrower
LLC,
4.88%,
05/01/29
(b)
....................
USD
1,935
1,646,422
Motion
Bondco
DAC,
6.63%,
11/15/27
(b)
...
784
673,886
NCL
Corp.
Ltd.
(b)
5.88%,
03/15/26
.................
2,260
1,775,162
7.75%,
02/15/29
.................
544
409,382
NCL
Finance
Ltd.,
6.13%,
03/15/28
(b)
.....
1,086
801,708
Premier
Entertainment
Sub
LLC
(b)
5.63%,
09/01/29
.................
700
516,180
5.88%,
09/01/31
.................
888
628,171
Raptor
Acquisition
Corp.,
4.88%,
11/01/26
(b)
.
1,501
1,333,489
Royal
Caribbean
Cruises
Ltd.
(b)
11.50%,
06/01/25
................
2,600
2,788,500
4.25%,
07/01/26
.................
700
565,843
5.50%,
08/31/26
.................
783
658,699
5.38%,
07/15/27
.................
1,316
1,065,567
11.63%,
08/15/27
................
1,375
1,380,816
5.50%,
04/01/28
.................
1,134
904,983
8.25%,
01/15/29
.................
1,461
1,468,122
9.25%,
01/15/29
.................
3,426
3,520,558
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
70
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
(continued)
Scientific
Games
International,
Inc.
(b)
8.63%,
07/01/25
.................
USD
1,982
$
2,022,040
7.25%,
11/15/29
.................
475
456,000
Six
Flags
Entertainment
Corp.,
5.50%,
04/15/27
(b)
....................
1,028
925,868
Station
Casinos
LLC
(b)
4.50%,
02/15/28
.................
933
811,133
4.63%,
12/01/31
.................
1,835
1,471,988
Stonegate
Pub
Co.
Financing
plc
(c)
8.00%,
07/13/25
.................
GBP
1,111
1,195,398
8.25%,
07/31/25
.................
1,102
1,201,701
Studio
City
Finance
Ltd.
6.00%,
07/15/25
(c)
................
USD
800
684,400
5.00%,
01/15/29
(b)
................
3,070
2,267,962
Vail
Resorts,
Inc.,
6.25%,
05/15/25
(b)
.....
954
954,001
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
02/15/29
(b)
....................
422
339,710
Wyndham
Hotels
&
Resorts,
Inc.,
4.38%,
08/15/28
(b)
....................
1,844
1,654,437
Wynn
Las
Vegas
LLC,
5.25%,
05/15/27
(b)
..
2,243
2,024,242
Wynn
Macau
Ltd.,
5.50%,
01/15/26
(c)
.....
4,974
4,528,827
Wynn
Resorts
Finance
LLC
(b)
7.75%,
04/15/25
.................
1,855
1,844,717
5.13%,
10/01/29
.................
4,618
3,958,226
Yum!
Brands,
Inc.,
5.35%,
11/01/43
......
48
39,480
167,864,594
Household
Durables
—
0.1%
Ashton
Woods
USA
LLC
(b)
4.63%,
08/01/29
.................
764
611,758
4.63%,
04/01/30
.................
1,114
894,108
Brookfield
Residential
Properties,
Inc.
(b)
5.00%,
06/15/29
.................
1,588
1,240,816
4.88%,
02/15/30
.................
3,081
2,402,155
CD&R
Smokey
Buyer,
Inc.,
6.75%,
07/15/25
(b)
2,805
2,407,027
K.
Hovnanian
Enterprises,
Inc.,
7.75%,
02/15/26
(b)
....................
1,758
1,687,680
KB
Home,
7.25%,
07/15/30
...........
516
501,392
Mattamy
Group
Corp.,
4.63%,
03/01/30
(b)
..
1,303
1,056,035
Meritage
Homes
Corp.,
5.13%,
06/06/27
...
595
559,424
SWF
Escrow
Issuer
Corp.,
6.50%,
10/01/29
(b)
2,493
1,444,569
Taylor
Morrison
Communities,
Inc.,
5.13%,
08/01/30
(b)
....................
61
52,840
Tempur
Sealy
International,
Inc.
(b)
4.00%,
04/15/29
.................
1,824
1,532,452
3.88%,
10/15/31
.................
932
731,643
TRI
Pointe
Homes,
Inc.
5.25%,
06/01/27
.................
1,900
1,696,187
5.70%,
06/15/28
.................
343
310,705
17,128,791
Household
Products
—
0.0%
Central
Garden
&
Pet
Co.
5.13%,
02/01/28
.................
1,436
1,335,882
4.13%,
10/15/30
.................
1,410
1,158,179
Kimberly-Clark
de
Mexico
SAB
de
CV,
2.43%,
07/01/31
(b)
....................
1,630
1,332,525
Spectrum
Brands,
Inc.
(b)
5.00%,
10/01/29
.................
159
137,603
5.50%,
07/15/30
.................
446
393,610
4,357,799
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
AES
Corp.
(The)
1.38%,
01/15/26
.................
1,645
1,460,741
2.45%,
01/15/31
.................
960
763,701
Security
Par
(000)
Par
(000)
Value
Independent
Power
and
Renewable
Electricity
Producers
(continued)
Calpine
Corp.
(b)
5.13%,
03/15/28
.................
USD
7,610
$
6,790,348
4.63%,
02/01/29
.................
200
171,611
5.00%,
02/01/31
.................
128
107,379
Clearway
Energy
Operating
LLC,
4.75%,
03/15/28
(b)
....................
3,832
3,536,728
Colbun
SA,
3.15%,
01/19/32
(b)
.........
3,740
3,144,639
TransAlta
Corp.,
7.75%,
11/15/29
.......
824
841,536
16,816,683
Industrial
Conglomerates
—
0.0%
Alfa
SAB
de
CV,
6.88%,
03/25/44
(b)
......
753
734,175
Insurance
—
1.0%
Acrisure
LLC,
6.00%,
08/01/29
(b)
........
1,576
1,287,954
Alliant
Holdings
Intermediate
LLC
(b)
4.25%,
10/15/27
.................
8,689
7,782,109
6.75%,
10/15/27
.................
18,824
16,920,141
5.88%,
11/01/29
.................
10,926
8,985,542
Allianz
SE
(a)(b)(k)
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%),
3.50%
......................
26,200
21,947,148
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.17%),
3.20%
......................
10,600
7,878,559
Allstate
Corp.
(The),
Series
B,
(LIBOR
USD
3
Month
+
2.94%),
5.75%,
08/15/53
(a)
....
2,800
2,632,000
American
International
Group,
Inc.
4.80%,
07/10/45
.................
455
408,398
4.38%,
06/30/50
.................
200
169,170
AmWINS
Group,
Inc.,
4.88%,
06/30/29
(b)
...
3,410
2,892,180
Aon
Corp.
3.75%,
05/02/29
.................
550
507,344
2.80%,
05/15/30
.................
100
85,283
2.05%,
08/23/31
.................
300
237,203
2.60%,
12/02/31
.................
1,365
1,114,124
Aon
Global
Ltd.
3.50%,
06/14/24
.................
955
932,070
4.60%,
06/14/44
.................
365
311,626
Ardonagh
Midco
2
plc,
11.50%,
(11.50%
Cash
or
12.75%
PIK),
01/15/27
(b)(l)
.........
640
608,408
Asahi
Mutual
Life
Insurance
Co.,
(USD
Swap
Semi
5
Year
+
4.59%),
6.50%
(a)(c)(k)
.....
2,700
2,680,830
Aviva
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
4.65%),
6.88%
(a)(c)(k)
GBP
3,375
3,692,587
Berkshire
Hathaway
Finance
Corp.,
3.85%,
03/15/52
.....................
USD
10
7,970
BUPA
Finance
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
3.17%),
4.00%
(a)(c)(k)
...................
GBP
1,500
1,225,455
Galaxy
Bidco
Ltd.,
6.50%,
07/31/26
(c)
.....
1,567
1,604,578
GTCR
AP
Finance,
Inc.,
8.00%,
05/15/27
(b)
.
USD
2,161
2,069,979
Hartford
Financial
Services
Group,
Inc.
(The),
2.90%,
09/15/51
................
75
47,143
HUB
International
Ltd.
(b)
7.00%,
05/01/26
.................
7,326
7,172,081
5.63%,
12/01/29
.................
605
528,396
Jones
Deslauriers
Insurance
Management,
Inc.,
10.50%,
12/15/30
(b)
...........
2,044
2,013,042
Just
Group
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
4.27%),
5.00%
(a)(c)(k)
...................
GBP
550
471,272
Legal
&
General
Group
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
5.38%),
5.63%
(a)(c)(k)
..............
2,175
2,258,054
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
71
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
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
$
9,082,791
(EUR
Swap
Annual
5
Year
+
3.70%),
3.63%,
05/23/59
(c)
..............
EUR
3,928
3,700,160
Marsh
&
McLennan
Cos.,
Inc.
4.38%,
03/15/29
.................
USD
1,175
1,134,919
2.38%,
12/15/31
.................
160
129,208
MetLife,
Inc.,
5.00%,
07/15/52
.........
230
218,948
NFP
Corp.
(b)
4.88%,
08/15/28
.................
6,507
5,539,382
6.88%,
08/15/28
.................
13,059
10,764,259
7.50%,
10/01/30
.................
871
819,074
Progressive
Corp.
(The)
3.00%,
03/15/32
.................
290
251,800
6.25%,
12/01/32
.................
200
218,025
Prudential
Financial,
Inc.
3.91%,
12/07/47
.................
110
87,595
3.94%,
12/07/49
.................
105
81,772
4.35%,
02/25/50
.................
230
194,747
3.70%,
03/13/51
.................
100
76,307
QBE
Insurance
Group
Ltd.,
(USD
Swap
Rate
10
Year
+
4.40%),
5.88%,
06/17/46
(a)(c)
..
677
628,578
Ryan
Specialty
Group
LLC,
4.38%,
02/01/30
(b)
1,083
937,765
Teachers
Insurance
&
Annuity
Association
of
America,
4.27%,
05/15/47
(b)
.........
575
470,157
Travelers
Cos.,
Inc.
(The)
4.00%,
05/30/47
.................
240
194,020
2.55%,
04/27/50
.................
25
15,445
133,015,598
Interactive
Media
&
Services
—
0.0%
Alphabet,
Inc.
1.90%,
08/15/40
.................
1,030
683,532
2.05%,
08/15/50
.................
335
195,793
Meta
Platforms,
Inc.,
3.85%,
08/15/32
....
1,275
1,121,920
Tencent
Holdings
Ltd.,
3.84%,
04/22/51
(b)
..
460
326,025
2,327,270
Internet
&
Direct
Marketing
Retail
—
0.1%
Alibaba
Group
Holding
Ltd.,
3.15%,
02/09/51
825
513,332
Amazon.com,
Inc.
3.30%,
04/13/27
.................
100
94,900
3.15%,
08/22/27
.................
925
869,194
3.88%,
08/22/37
.................
1,075
952,364
4.05%,
08/22/47
.................
245
210,074
3.95%,
04/13/52
.................
850
703,530
2.70%,
06/03/60
.................
295
177,688
3.25%,
05/12/61
.................
895
612,710
4.10%,
04/13/62
.................
325
268,193
ANGI
Group
LLC,
3.88%,
08/15/28
(b)
.....
3,907
2,899,326
Go
Daddy
Operating
Co.
LLC,
5.25%,
12/01/27
(b)
....................
1,346
1,273,935
Match
Group
Holdings
II
LLC
(b)
4.63%,
06/01/28
.................
723
644,525
5.63%,
02/15/29
.................
3,505
3,259,650
3.63%,
10/01/31
.................
1,788
1,371,153
Very
Group
Funding
plc
(The),
6.50%,
08/01/26
(c)
....................
GBP
310
266,240
14,116,814
IT
Services
—
0.5%
Acuris
Finance
US,
Inc.,
5.00%,
05/01/28
(b)
.
USD
4,676
3,729,110
Ahead
DB
Holdings
LLC,
6.63%,
05/01/28
(b)
994
798,927
Arches
Buyer,
Inc.,
4.25%,
06/01/28
(b)
....
1,306
1,021,424
Atos
SE,
1.75%,
05/07/25
(c)
...........
EUR
1,000
862,149
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
Block,
Inc.,
3.50%,
06/01/31
..........
USD
11,032
$
8,802,709
Booz
Allen
Hamilton,
Inc.
(b)
3.88%,
09/01/28
.................
2,535
2,245,915
4.00%,
07/01/29
.................
4,194
3,691,324
CA
Magnum
Holdings,
5.38%,
10/31/26
(b)
..
5,124
4,637,886
Cablevision
Lightpath
LLC
(b)
3.88%,
09/15/27
.................
2,467
2,033,162
5.63%,
09/15/28
.................
1,358
1,008,895
Centurion
Bidco
SpA,
5.88%,
09/30/26
(c)
...
EUR
785
722,939
Fidelity
National
Information
Services,
Inc.,
3.10%,
03/01/41
................
USD
195
134,298
Fiserv,
Inc.
3.50%,
07/01/29
.................
10
9,009
2.65%,
06/01/30
.................
755
634,680
4.40%,
07/01/49
.................
225
182,541
Gartner,
Inc.
(b)
4.50%,
07/01/28
.................
2,122
1,978,404
3.63%,
06/15/29
.................
1,025
900,688
Global
Payments,
Inc.
1.20%,
03/01/26
.................
955
832,433
2.15%,
01/15/27
.................
800
697,881
3.20%,
08/15/29
.................
2,986
2,538,253
5.40%,
08/15/32
.................
6,721
6,400,748
4.15%,
08/15/49
.................
305
217,011
5.95%,
08/15/52
.................
6,011
5,434,911
International
Business
Machines
Corp.,
4.25%,
05/15/49
.....................
100
82,444
ION
Trading
Technologies
SARL,
5.75%,
05/15/28
(b)
....................
1,842
1,535,768
Mastercard,
Inc.
3.35%,
03/26/30
.................
345
316,320
3.85%,
03/26/50
.................
160
133,510
Nexi
SpA,
0.00%,
02/24/28
(c)(j)(n)
........
EUR
1,100
842,021
Northwest
Fiber
LLC
(b)
4.75%,
04/30/27
.................
USD
4,388
3,860,837
6.00%,
02/15/28
.................
1,475
1,142,068
PayPal
Holdings,
Inc.
1.65%,
06/01/25
.................
955
886,577
4.40%,
06/01/32
.................
380
357,662
3.25%,
06/01/50
.................
155
105,335
Twilio,
Inc.
3.63%,
03/15/29
.................
1,540
1,251,096
3.88%,
03/15/31
.................
2,805
2,225,361
United
Group
BV
(c)
4.88%,
07/01/24
.................
EUR
1,366
1,357,378
4.00%,
11/15/27
.................
1,411
1,115,918
4.63%,
08/15/28
.................
142
111,396
64,838,988
Leisure
Products
—
0.0%
Mattel,
Inc.
3.75%,
04/01/29
(b)
................
USD
1,397
1,227,020
6.20%,
10/01/40
.................
875
755,267
5.45%,
11/01/41
.................
1,769
1,439,951
3,422,238
Life
Sciences
Tools
&
Services
—
0.0%
Bio-Rad
Laboratories,
Inc.,
3.30%,
03/15/27
100
92,416
Charles
River
Laboratories
International,
Inc.
(b)
3.75%,
03/15/29
.................
347
306,887
4.00%,
03/15/31
.................
826
714,490
PRA
Health
Sciences,
Inc.,
2.88%,
07/15/26
(b)
1,790
1,620,045
Syneos
Health,
Inc.,
3.63%,
01/15/29
(b)
...
1,376
1,095,771
Thermo
Fisher
Scientific,
Inc.
2.00%,
10/15/31
.................
1,700
1,376,778
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
72
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Life
Sciences
Tools
&
Services
(continued)
4.95%,
11/21/32
.................
USD
595
$
603,389
5,809,776
Machinery
—
0.3%
Amsted
Industries,
Inc.,
5.63%,
07/01/27
(b)
.
360
341,518
ATS
Corp.,
4.13%,
12/15/28
(b)
.........
814
702,287
Chart
Industries,
Inc.
(b)
7.50%,
01/01/30
.................
4,565
4,589,149
9.50%,
01/01/31
.................
703
721,004
Daimler
Trucks
Finance
North
America
LLC,
2.00%,
12/14/26
(b)
...............
820
722,496
EnPro
Industries,
Inc.,
5.75%,
10/15/26
...
559
542,230
GrafTech
Finance,
Inc.,
4.63%,
12/15/28
(b)
..
4,018
3,299,672
Husky
III
Holding
Ltd.,
13.00%,
(13.00%
Cash
or
13.75%
PIK),
02/15/25
(b)(l)
.........
2,542
2,249,670
Mueller
Water
Products,
Inc.,
4.00%,
06/15/29
(b)
783
688,061
Novafives
SAS,
5.00%,
06/15/25
(c)
......
EUR
787
672,899
OT
Merger
Corp.,
7.88%,
10/15/29
(b)
.....
USD
877
464,810
Otis
Worldwide
Corp.
3.11%,
02/15/40
.................
108
78,764
3.36%,
02/15/50
.................
10
6,994
Parker-Hannifin
Corp.,
4.50%,
09/15/29
...
845
809,721
Renk
AG,
5.75%,
07/15/25
(c)
..........
EUR
709
703,963
Stevens
Holding
Co.,
Inc.,
6.13%,
10/01/26
(b)
USD
658
659,645
Terex
Corp.,
5.00%,
05/15/29
(b)
........
2,775
2,494,031
Titan
Acquisition
Ltd.,
7.75%,
04/15/26
(b)
...
6,165
5,552,126
Titan
International,
Inc.,
7.00%,
04/30/28
..
371
350,269
TK
Elevator
Holdco
GmbH
6.63%,
07/15/28
(c)
................
EUR
630
554,322
7.63%,
07/15/28
(b)
................
USD
4,134
3,375,466
TK
Elevator
Midco
GmbH,
4.38%,
07/15/27
(c)
EUR
1,148
1,087,187
TK
Elevator
US
Newco,
Inc.,
5.25%,
07/15/27
(b)
USD
10,550
9,363,547
Wabash
National
Corp.,
4.50%,
10/15/28
(b)
.
2,282
1,943,319
41,973,150
Marine
—
0.0%
(b)
Danaos
Corp.,
8.50%,
03/01/28
........
1,212
1,163,520
Seaspan
Corp.,
5.50%,
08/01/29
.......
2,319
1,757,338
2,920,858
Media
—
1.4%
Altice
Financing
SA
2.25%,
01/15/25
(c)
................
EUR
1,303
1,276,657
3.00%,
01/15/28
(c)
................
376
317,161
5.00%,
01/15/28
(b)
................
USD
3,724
2,997,820
4.25%,
08/15/29
(c)
................
EUR
471
406,119
5.75%,
08/15/29
(b)
................
USD
4,786
3,764,490
AMC
Networks,
Inc.
4.75%,
08/01/25
.................
1,332
1,012,320
4.25%,
02/15/29
.................
940
585,712
Block
Communications,
Inc.,
4.88%,
03/01/28
(b)
1,041
908,273
Cable
One,
Inc.
0.00%,
03/15/26
(j)(n)
...............
665
522,358
4.00%,
11/15/30
(b)
................
5,520
4,331,631
Charter
Communications
Operating
LLC
4.50%,
02/01/24
.................
655
647,265
2.80%,
04/01/31
.................
755
587,773
4.40%,
04/01/33
.................
2,868
2,454,031
6.38%,
10/23/35
.................
390
380,166
6.48%,
10/23/45
.................
1,840
1,659,264
5.75%,
04/01/48
.................
100
81,869
5.13%,
07/01/49
.................
1,530
1,156,928
4.80%,
03/01/50
.................
690
500,905
3.90%,
06/01/52
.................
200
125,565
5.25%,
04/01/53
.................
7,459
5,757,176
6.83%,
10/23/55
.................
225
207,571
3.85%,
04/01/61
.................
455
263,154
Security
Par
(000)
Par
(000)
Value
Media
(continued)
5.50%,
04/01/63
.................
USD
6,245
$
4,761,878
Clear
Channel
International
BV,
6.63%,
08/01/25
(b)
....................
1,764
1,683,216
Clear
Channel
Outdoor
Holdings,
Inc.
(b)
5.13%,
08/15/27
.................
15,530
13,456,745
7.75%,
04/15/28
.................
5,463
3,988,041
7.50%,
06/01/29
.................
7,419
5,447,549
CMG
Media
Corp.,
8.88%,
12/15/27
(b)
....
3,259
2,453,049
Comcast
Corp.
3.15%,
03/01/26
.................
2,725
2,593,840
2.35%,
01/15/27
.................
300
272,579
4.15%,
10/15/28
.................
1,232
1,181,423
2.65%,
02/01/30
.................
2,350
2,033,029
5.50%,
11/15/32
.................
380
396,223
4.60%,
10/15/38
.................
1,600
1,478,140
3.75%,
04/01/40
.................
190
156,698
4.00%,
08/15/47
.................
240
191,664
3.97%,
11/01/47
.................
180
143,798
2.80%,
01/15/51
.................
1,705
1,076,034
2.89%,
11/01/51
.................
2,548
1,636,440
CSC
Holdings
LLC
5.25%,
06/01/24
.................
3,360
3,128,210
6.50%,
02/01/29
(b)
................
1,734
1,417,545
4.13%,
12/01/30
(b)
................
8,987
6,343,294
3.38%,
02/15/31
(b)
................
980
639,093
4.50%,
11/15/31
(b)
................
6,032
4,185,086
Directv
Financing
LLC,
5.88%,
08/15/27
(b)
..
4,041
3,615,321
DISH
DBS
Corp.
5.25%,
12/01/26
(b)
................
10,363
8,729,118
5.75%,
12/01/28
(b)
................
4,307
3,437,524
5.13%,
06/01/29
.................
2,119
1,366,988
DISH
Network
Corp.,
11.75%,
11/15/27
(b)
..
3,542
3,647,906
GCI
LLC,
4.75%,
10/15/28
(b)
..........
2,329
1,956,547
Interpublic
Group
of
Cos.,
Inc.
(The),
3.38%,
03/01/41
.....................
180
126,299
Lamar
Media
Corp.,
4.00%,
02/15/30
.....
958
837,292
LCPR
Senior
Secured
Financing
DAC
(b)
6.75%,
10/15/27
.................
4,680
4,375,800
5.13%,
07/15/29
.................
1,890
1,565,691
Midcontinent
Communications,
5.38%,
08/15/27
(b)
....................
554
501,583
Outfront
Media
Capital
LLC
(b)
5.00%,
08/15/27
.................
4,814
4,333,786
4.25%,
01/15/29
.................
1,321
1,096,073
4.63%,
03/15/30
.................
593
490,603
Paramount
Global,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.00%),
6.38%,
03/30/62
(a)
..........
5,523
4,515,104
Radiate
Holdco
LLC
(b)
4.50%,
09/15/26
.................
2,748
2,018,955
6.50%,
09/15/28
.................
8,841
3,704,512
SES
SA
(a)(c)(k)
(EUR
Swap
Annual
5
Year
+
5.40%),
5.63%
EUR
800
831,303
(EUR
Swap
Annual
5
Year
+
3.19%),
2.88%
1,298
1,102,663
Sinclair
Television
Group,
Inc.,
4.13%,
12/01/30
(b)
....................
USD
5,121
3,839,144
Sirius
XM
Radio,
Inc.
(b)
3.13%,
09/01/26
.................
2,875
2,552,828
5.00%,
08/01/27
.................
1,851
1,710,992
4.00%,
07/15/28
.................
3,137
2,730,131
4.13%,
07/01/30
.................
49
40,435
3.88%,
09/01/31
.................
69
53,832
Stagwell
Global
LLC,
5.63%,
08/15/29
(b)
...
1,577
1,300,363
Summer
BC
Holdco
B
SARL,
5.75%,
10/31/26
(c)
....................
EUR
1,919
1,728,090
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
73
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Media
(continued)
Summer
BidCo
BV
(c)(l)
9.00%,
(9.00%
Cash
or
9.75%
PIK),
11/15/25
(a)
...................
EUR
829
$
625,531
9.00%,
(9.00%
Cash
or
9.75%
PIK),
11/15/25
....................
371
280,974
Tele
Columbus
AG,
3.88%,
05/02/25
(c)
....
1,943
1,557,600
Telenet
Finance
Luxembourg
Notes
SARL,
5.50%,
03/01/28
(b)
...............
USD
5,000
4,500,000
Univision
Communications,
Inc.
(b)
5.13%,
02/15/25
.................
3,353
3,193,364
7.38%,
06/30/30
.................
1,640
1,567,348
UPC
Broadband
Finco
BV,
4.88%,
07/15/31
(b)
3,665
3,048,529
Virgin
Media
Vendor
Financing
Notes
III
DAC,
4.88%,
07/15/28
(c)
...............
GBP
567
551,876
Virgin
Media
Vendor
Financing
Notes
IV
DAC,
5.00%,
07/15/28
(b)
...............
USD
4,386
3,833,835
VZ
Secured
Financing
BV,
3.50%,
01/15/32
(c)
EUR
1,219
1,017,805
Ziggo
Bond
Co.
BV
(b)
6.00%,
01/15/27
.................
USD
783
728,519
5.13%,
02/28/30
.................
2,165
1,748,237
Ziggo
BV,
4.88%,
01/15/30
(b)
..........
2,525
2,112,844
175,583,127
Metals
&
Mining
—
0.7%
ABJA
Investment
Co.
Pte.
Ltd.,
5.95%,
07/31/24
(c)
....................
3,359
3,346,404
AngloGold
Ashanti
Holdings
plc,
3.75%,
10/01/30
.....................
2,487
2,157,939
Antofagasta
plc,
2.38%,
10/14/30
(b)
......
1,540
1,228,920
Arconic
Corp.
(b)
6.00%,
05/15/25
.................
1,656
1,628,008
6.13%,
02/15/28
.................
2,574
2,415,094
ATI,
Inc.
5.88%,
12/01/27
.................
118
112,842
4.88%,
10/01/29
.................
769
679,588
5.13%,
10/01/31
.................
2,835
2,496,500
Barrick
North
America
Finance
LLC,
5.75%,
05/01/43
.....................
30
30,294
BHP
Billiton
Finance
USA
Ltd.,
5.00%,
09/30/43
41
39,721
Big
River
Steel
LLC,
6.63%,
01/31/29
(b)
...
11,973
11,406,985
Carpenter
Technology
Corp.,
7.63%,
03/15/30
1,528
1,531,647
Commercial
Metals
Co.,
4.38%,
03/15/32
..
1,677
1,458,867
Constellium
SE
(b)
5.88%,
02/15/26
.................
4,305
4,146,877
5.63%,
06/15/28
.................
2,235
2,065,632
3.75%,
04/15/29
.................
6,865
5,577,383
ERO
Copper
Corp.,
6.50%,
02/15/30
(b)
....
1,594
1,284,166
Freeport
Indonesia
PT,
4.76%,
04/14/27
(c)
..
3,125
2,996,438
Fresnillo
plc,
4.25%,
10/02/50
(b)
........
1,821
1,430,396
JSW
Steel
Ltd.,
5.95%,
04/18/24
(c)
......
630
622,125
Kaiser
Aluminum
Corp.,
4.50%,
06/01/31
(b)
.
4,619
3,712,521
New
Gold,
Inc.,
7.50%,
07/15/27
(b)
......
3,848
3,376,828
Newmont
Corp.
2.80%,
10/01/29
.................
235
199,782
5.45%,
06/09/44
.................
200
190,247
Nexa
Resources
SA,
5.38%,
05/04/27
(b)
...
2,341
2,194,395
Novelis
Corp.
(b)
3.25%,
11/15/26
.................
3,178
2,849,109
4.75%,
01/30/30
.................
5,748
5,095,976
3.88%,
08/15/31
.................
5,319
4,342,391
Nucor
Corp.
3.95%,
05/23/25
.................
720
704,428
2.00%,
06/01/25
.................
205
190,780
2.98%,
12/15/55
.................
75
46,393
Periama
Holdings
LLC,
5.95%,
04/19/26
(c)
..
4,374
4,068,640
Southern
Copper
Corp.,
5.88%,
04/23/45
..
150
153,169
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
(continued)
Steel
Dynamics,
Inc.
2.40%,
06/15/25
.................
USD
95
$
89,079
5.00%,
12/15/26
.................
700
700,444
1.65%,
10/15/27
.................
535
448,251
3.25%,
10/15/50
.................
410
265,815
Stillwater
Mining
Co.,
4.00%,
11/16/26
(c)
...
3,420
3,005,966
Vedanta
Resources
Finance
II
plc
13.88%,
01/21/24
(c)
...............
3,215
2,787,606
8.95%,
03/11/25
(b)
................
639
432,123
8.95%,
03/11/25
(c)
................
2,627
1,776,509
Vedanta
Resources
Ltd.
7.13%,
05/31/23
(c)
................
1,040
964,795
84,251,073
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
Starwood
Property
Trust,
Inc.
(b)
5.50%,
11/01/23
.................
217
215,111
4.38%,
01/15/27
.................
862
754,315
969,426
Multiline
Retail
—
0.0%
(b)
Golden
Eagle
Retail
Group
Ltd.,
4.63%,
05/21/23
.....................
430
417,718
NMG
Holding
Co.,
Inc.,
7.13%,
04/01/26
...
2,222
2,082,609
2,500,327
Multi-Utilities
—
0.1%
Berkshire
Hathaway
Energy
Co.
3.75%,
11/15/23
.................
825
816,068
3.70%,
07/15/30
.................
100
91,108
4.60%,
05/01/53
(b)
................
400
347,323
CMS
Energy
Corp.
3.45%,
08/15/27
.................
100
92,712
4.88%,
03/01/44
.................
300
272,109
Consumers
Energy
Co.
3.60%,
08/15/32
.................
640
583,018
3.25%,
08/15/46
.................
475
341,779
2.50%,
05/01/60
.................
500
279,858
Dominion
Energy,
Inc.
3.90%,
10/01/25
.................
1,120
1,090,728
Series
C,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.20%),
4.35%
(a)(k)
....................
10,005
8,403,534
Series
C,
3.38%,
04/01/30
..........
300
264,365
Series
C,
2.25%,
08/15/31
..........
300
238,703
NiSource,
Inc.
3.60%,
05/01/30
.................
400
356,168
4.80%,
02/15/44
.................
100
87,871
3.95%,
03/30/48
.................
290
224,945
Puget
Sound
Energy,
Inc.,
2.89%,
09/15/51
.
100
63,866
San
Diego
Gas
&
Electric
Co.,
2.95%,
08/15/51
450
303,916
Sempra
Energy
3.70%,
04/01/29
.................
840
765,644
3.80%,
02/01/38
.................
825
676,536
15,300,251
Oil,
Gas
&
Consumable
Fuels
—
3.1%
Aethon
United
BR
LP,
8.25%,
02/15/26
(b)
...
4,730
4,691,905
Antero
Midstream
Partners
LP
(b)
5.75%,
03/01/27
.................
1,634
1,544,714
5.75%,
01/15/28
.................
732
679,010
Apache
Corp.
4.25%,
01/15/30
.................
1,282
1,134,450
5.35%,
07/01/49
.................
1,170
945,239
Ascent
Resources
Utica
Holdings
LLC
(b)
9.00%,
11/01/27
.................
4,105
5,049,150
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
74
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
5.88%,
06/30/29
.................
USD
4,890
$
4,360,071
BP
Capital
Markets
America,
Inc.
3.02%,
01/16/27
.................
582
541,877
3.59%,
04/14/27
.................
732
697,234
4.23%,
11/06/28
.................
458
443,738
3.63%,
04/06/30
.................
530
486,403
1.75%,
08/10/30
.................
60
47,832
3.06%,
06/17/41
.................
1,525
1,128,851
BP
Capital
Markets
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.40%),
4.88%
(a)(k)
..............
5,000
4,375,000
Buckeye
Partners
LP
5.85%,
11/15/43
.................
1,712
1,275,574
5.60%,
10/15/44
.................
503
367,294
Callon
Petroleum
Co.
6.38%,
07/01/26
.................
2,179
2,030,928
8.00%,
08/01/28
(b)
................
5,075
4,837,915
7.50%,
06/15/30
(b)
................
4,754
4,349,910
Cameron
LNG
LLC,
3.30%,
01/15/35
(b)
....
765
615,914
Cenovus
Energy,
Inc.,
3.75%,
02/15/52
...
490
344,080
Cheniere
Corpus
Christi
Holdings
LLC
5.88%,
03/31/25
.................
1,895
1,906,510
5.13%,
06/30/27
.................
1,165
1,150,936
Cheniere
Energy
Partners
LP
4.50%,
10/01/29
.................
8,495
7,638,886
4.00%,
03/01/31
.................
6,201
5,279,283
3.25%,
01/31/32
.................
2,783
2,211,669
Chesapeake
Energy
Corp.
(b)
5.88%,
02/01/29
.................
71
67,272
6.75%,
04/15/29
.................
847
824,639
CITGO
Petroleum
Corp.
(b)
7.00%,
06/15/25
.................
1,719
1,676,644
6.38%,
06/15/26
.................
2,934
2,828,010
Civitas
Resources,
Inc.,
5.00%,
10/15/26
(b)
.
1,167
1,066,936
CNX
Midstream
Partners
LP,
4.75%,
04/15/30
(b)
746
612,216
CNX
Resources
Corp.,
7.38%,
01/15/31
(b)
..
1,572
1,506,746
Colgate
Energy
Partners
III
LLC
(b)
7.75%,
02/15/26
.................
3,471
3,367,008
5.88%,
07/01/29
.................
4,170
3,581,449
Comstock
Resources,
Inc.
(b)
6.75%,
03/01/29
.................
2,266
2,045,065
5.88%,
01/15/30
.................
4,058
3,488,663
ConocoPhillips
Co.,
3.80%,
03/15/52
.....
465
365,556
Continuum
Energy
Levanter
Pte.
Ltd.
4.50%,
02/09/27
(b)
................
1,016
916,827
4.50%,
02/09/27
(c)
................
1,894
1,709,665
Coterra
Energy,
Inc.,
3.90%,
05/15/27
....
155
144,727
CQP
Holdco
LP,
5.50%,
06/15/31
(b)
......
8,941
7,810,054
Crescent
Energy
Finance
LLC,
7.25%,
05/01/26
(b)
....................
5,109
4,814,415
Crestwood
Midstream
Partners
LP
(b)
5.63%,
05/01/27
.................
2,110
1,962,300
6.00%,
02/01/29
.................
1,909
1,751,528
CrownRock
LP,
5.63%,
10/15/25
(b)
......
9,665
9,326,725
Cullinan
Holdco
Scsp,
4.63%,
10/15/26
(c)
..
EUR
1,057
988,012
DCP
Midstream
Operating
LP
3.25%,
02/15/32
.................
USD
683
564,930
6.45%,
11/03/36
(b)
................
3,694
3,619,836
6.75%,
09/15/37
(b)
................
4,179
4,212,383
Devon
Energy
Corp.
5.25%,
10/15/27
.................
1,070
1,058,798
4.50%,
01/15/30
.................
500
465,497
4.75%,
05/15/42
.................
323
273,415
Diamondback
Energy,
Inc.
3.50%,
12/01/29
.................
690
605,352
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
3.13%,
03/24/31
.................
USD
269
$
222,748
6.25%,
03/15/33
.................
7,245
7,353,429
4.25%,
03/15/52
.................
4,634
3,390,562
6.25%,
03/15/53
.................
330
318,898
DT
Midstream,
Inc.
(b)
4.13%,
06/15/29
.................
3,153
2,708,774
4.38%,
06/15/31
.................
1,138
954,668
Earthstone
Energy
Holdings
LLC,
8.00%,
04/15/27
(b)
....................
2,851
2,727,409
EIG
Pearl
Holdings
SARL
(b)
3.55%,
08/31/36
.................
2,394
2,007,668
4.39%,
11/30/46
.................
3,555
2,721,353
El
Paso
Natural
Gas
Co.
LLC,
3.50%,
02/15/32
(b)
....................
2,921
2,449,015
Enbridge,
Inc.
4.00%,
10/01/23
.................
500
495,972
0.55%,
10/04/23
.................
355
343,209
2.50%,
01/15/25
.................
1,040
983,896
4.25%,
12/01/26
.................
500
480,705
3.70%,
07/15/27
.................
644
602,837
3.13%,
11/15/29
.................
125
108,982
4.50%,
06/10/44
.................
30
24,943
Series
16-A,
(LIBOR
USD
3
Month
+
3.89%),
6.00%,
01/15/77
(a)
........
13,675
12,556,923
Energy
Transfer
LP
5.88%,
01/15/24
.................
3,740
3,749,406
4.90%,
02/01/24
.................
245
243,601
2.90%,
05/15/25
.................
1,900
1,789,315
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.69%),
6.50%
(a)(k)
....................
5,417
4,658,620
5.55%,
02/15/28
.................
2,210
2,192,165
5.25%,
04/15/29
.................
270
261,078
3.75%,
05/15/30
.................
2,768
2,440,506
5.75%,
02/15/33
.................
1,610
1,575,160
5.95%,
10/01/43
.................
220
202,130
5.15%,
03/15/45
.................
1,250
1,034,603
6.13%,
12/15/45
.................
150
138,786
5.30%,
04/15/47
.................
3,022
2,514,270
5.40%,
10/01/47
.................
200
169,411
6.00%,
06/15/48
.................
495
446,217
6.25%,
04/15/49
.................
2,305
2,143,361
5.00%,
05/15/50
.................
4,744
3,790,128
EnLink
Midstream
LLC
(b)
5.63%,
01/15/28
.................
4,395
4,186,230
6.50%,
09/01/30
.................
1,812
1,793,336
EnLink
Midstream
Partners
LP
4.15%,
06/01/25
.................
431
407,316
4.85%,
07/15/26
.................
1,641
1,542,586
5.60%,
04/01/44
.................
1,173
967,451
5.05%,
04/01/45
.................
466
353,148
5.45%,
06/01/47
.................
427
342,988
EnQuest
plc,
11.63%,
11/01/27
(b)
.......
305
286,778
Enterprise
Products
Operating
LLC
6.45%,
09/01/40
.................
150
156,434
4.85%,
08/15/42
.................
105
92,751
4.45%,
02/15/43
.................
1,130
951,541
4.85%,
03/15/44
.................
510
449,536
4.80%,
02/01/49
.................
575
489,967
4.20%,
01/31/50
.................
930
731,232
3.30%,
02/15/53
.................
140
93,126
EOG
Resources,
Inc.,
4.95%,
04/15/50
...
170
161,744
EQM
Midstream
Partners
LP
6.00%,
07/01/25
(b)
................
844
814,457
4.13%,
12/01/26
.................
178
158,321
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
75
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
6.50%,
07/01/27
(b)
................
USD
4,017
$
3,839,248
4.50%,
01/15/29
(b)
................
138
115,910
7.50%,
06/01/30
(b)
................
681
656,157
4.75%,
01/15/31
(b)
................
1,962
1,603,935
EQT
Corp.,
5.70%,
04/01/28
..........
325
323,254
Exxon
Mobil
Corp.,
2.99%,
03/19/25
.....
100
96,321
Galaxy
Pipeline
Assets
Bidco
Ltd.,
2.94%,
09/30/40
(c)
....................
2,019
1,615,013
Genesis
Energy
LP
6.50%,
10/01/25
.................
1,569
1,499,509
7.75%,
02/01/28
.................
1,092
1,005,164
GNL
Quintero
SA,
4.63%,
07/31/29
(c)
.....
1,478
1,425,973
Greenko
Solar
Mauritius
Ltd.,
5.95%,
07/29/26
(c)
....................
5,565
5,043,281
Greenko
Wind
Projects
Mauritius
Ltd.,
5.50%,
04/06/25
(c)
....................
500
465,875
Gulfport
Energy
Corp.,
8.00%,
05/17/26
(b)
..
333
324,187
Harbour
Energy
plc,
5.50%,
10/15/26
(b)
....
1,178
1,055,629
Harvest
Midstream
I
LP,
7.50%,
09/01/28
(b)
.
569
543,076
Hess
Corp.
4.30%,
04/01/27
.................
955
912,076
5.60%,
02/15/41
.................
1,025
968,901
5.80%,
04/01/47
.................
800
763,730
Hess
Midstream
Operations
LP,
4.25%,
02/15/30
(b)
....................
1,086
928,444
HF
Sinclair
Corp.,
2.63%,
10/01/23
......
885
866,584
Hilcorp
Energy
I
LP
(b)
6.25%,
11/01/28
.................
997
902,285
5.75%,
02/01/29
.................
1,546
1,376,043
6.00%,
04/15/30
.................
133
118,274
6.00%,
02/01/31
.................
130
112,132
6.25%,
04/15/32
.................
57
49,186
HPCL-Mittal
Energy
Ltd.,
5.25%,
04/28/27
(c)
.
700
641,375
India
Cleantech
Energy,
4.70%,
08/10/26
(b)
.
1,671
1,429,094
India
Green
Energy
Holdings,
5.38%,
04/29/24
(c)
....................
1,695
1,631,437
ITT
Holdings
LLC,
6.50%,
08/01/29
(b)
.....
3,147
2,650,215
KazMunayGas
National
Co.
JSC,
3.50%,
04/14/33
(b)
....................
941
692,694
Kinder
Morgan
Energy
Partners
LP
6.95%,
01/15/38
.................
886
937,403
6.38%,
03/01/41
.................
75
74,186
5.40%,
09/01/44
.................
850
763,727
Kinder
Morgan,
Inc.
3.15%,
01/15/23
.................
2,105
2,103,178
4.80%,
02/01/33
.................
2,111
1,957,141
5.55%,
06/01/45
.................
775
706,654
5.45%,
08/01/52
.................
3,604
3,234,873
Kinetik
Holdings
LP,
5.88%,
06/15/30
(b)
....
1,256
1,177,855
Leviathan
Bond
Ltd.,
5.75%,
06/30/23
(b)(c)
..
2,508
2,490,766
Magnolia
Oil
&
Gas
Operating
LLC,
6.00%,
08/01/26
(b)
....................
268
257,280
Marathon
Oil
Corp.,
4.40%,
07/15/27
.....
1,285
1,227,139
Marathon
Petroleum
Corp.
6.50%,
03/01/41
.................
100
102,722
4.75%,
09/15/44
.................
49
40,915
5.00%,
09/15/54
.................
100
83,448
Medco
Oak
Tree
Pte.
Ltd.,
7.38%,
05/14/26
(c)
2,590
2,457,263
Medco
Platinum
Road
Pte.
Ltd.,
6.75%,
01/30/25
(c)
....................
240
232,245
MPLX
LP
1.75%,
03/01/26
.................
1,160
1,033,989
4.13%,
03/01/27
.................
900
850,061
4.25%,
12/01/27
.................
790
746,488
4.00%,
03/15/28
.................
425
395,297
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
5.50%,
02/15/49
.................
USD
7,813
$
6,866,778
4.95%,
03/14/52
.................
1,345
1,098,655
Murphy
Oil
Corp.
5.75%,
08/15/25
.................
119
116,930
6.13%,
12/01/42
(d)
................
150
117,000
Neptune
Energy
Bondco
plc,
6.63%,
05/15/25
(b)
1,768
1,716,742
New
Fortress
Energy,
Inc.
(b)
6.75%,
09/15/25
.................
7,415
7,013,107
6.50%,
09/30/26
.................
8,812
8,183,704
NGL
Energy
Operating
LLC,
7.50%,
02/01/26
(b)
2,203
1,961,532
NGPL
PipeCo
LLC,
7.77%,
12/15/37
(b)
....
3,527
3,669,903
Northern
Oil
&
Gas,
Inc.,
8.13%,
03/01/28
(b)
.
8,173
7,847,666
NuStar
Logistics
LP
5.75%,
10/01/25
.................
752
722,923
6.38%,
10/01/30
.................
47
43,459
Occidental
Petroleum
Corp.
6.95%,
07/01/24
.................
203
206,861
8.88%,
07/15/30
.................
1,484
1,675,443
6.63%,
09/01/30
.................
5,450
5,631,921
7.50%,
05/01/31
.................
1,275
1,362,299
6.45%,
09/15/36
.................
2,092
2,133,840
6.60%,
03/15/46
.................
546
561,829
ONEOK,
Inc.,
4.95%,
07/13/47
.........
3,088
2,487,149
Ovintiv,
Inc.,
6.63%,
08/15/37
.........
2,426
2,439,941
PDC
Energy,
Inc.,
6.13%,
09/15/24
......
568
564,762
Permian
Resources
Operating
LLC
(b)
5.38%,
01/15/26
.................
1,058
963,081
6.88%,
04/01/27
.................
1,925
1,813,808
Phillips
66,
3.30%,
03/15/52
..........
810
558,929
Pioneer
Natural
Resources
Co.
0.55%,
05/15/23
.................
580
570,449
1.13%,
01/15/26
.................
310
276,305
1.90%,
08/15/30
.................
300
234,936
2.15%,
01/15/31
.................
755
596,753
Plains
All
American
Pipeline
LP
3.55%,
12/15/29
.................
2,831
2,454,663
6.65%,
01/15/37
.................
1,343
1,321,306
5.15%,
06/01/42
.................
4,598
3,726,755
4.30%,
01/31/43
.................
430
311,751
Puma
International
Financing
SA
(c)
5.13%,
10/06/24
.................
829
766,825
5.00%,
01/24/26
.................
1,911
1,643,818
Range
Resources
Corp.,
4.75%,
02/15/30
(b)
.
129
113,663
ReNew
Power
Pvt
Ltd.,
5.88%,
03/05/27
(c)
..
4,035
3,855,442
Repsol
International
Finance
BV
(a)(c)
(EUR
Swap
Annual
5
Year
+
4.00%),
3.75%
(k)
.....................
EUR
550
544,485
(EUR
Swap
Annual
5
Year
+
4.41%),
4.25%
(k)
.....................
1,106
1,053,687
(EUR
Swap
Annual
10
Year
+
4.20%),
4.50%,
03/25/75
...............
300
309,899
Rockcliff
Energy
II
LLC,
5.50%,
10/15/29
(b)
.
USD
4,112
3,762,274
Rockies
Express
Pipeline
LLC,
4.95%,
07/15/29
(b)
....................
420
376,887
Sabine
Pass
Liquefaction
LLC
5.75%,
05/15/24
.................
975
975,235
5.63%,
03/01/25
.................
1,105
1,106,561
5.90%,
09/15/37
(b)
................
665
665,460
Santos
Finance
Ltd.,
5.25%,
03/13/29
(c)
...
1,100
1,008,451
SM
Energy
Co.
5.63%,
06/01/25
.................
421
404,156
6.63%,
01/15/27
.................
245
235,989
6.50%,
07/15/28
.................
1,793
1,719,075
Southwestern
Energy
Co.
5.70%,
01/23/25
(d)
................
309
303,592
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
76
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
5.38%,
02/01/29
.................
USD
2,879
$
2,669,006
Spectra
Energy
Partners
LP,
5.95%,
09/25/43
100
97,142
Sunoco
LP,
5.88%,
03/15/28
..........
911
862,754
Tallgrass
Energy
Partners
LP
(b)
6.00%,
03/01/27
.................
482
450,004
5.50%,
01/15/28
.................
260
230,578
6.00%,
12/31/30
.................
1,094
946,015
6.00%,
09/01/31
.................
1,126
968,116
Tap
Rock
Resources
LLC,
7.00%,
10/01/26
(b)
7,060
6,566,506
Targa
Resources
Corp.,
6.25%,
07/01/52
..
2,602
2,455,639
Targa
Resources
Partners
LP,
4.00%,
01/15/32
4,322
3,636,488
TerraForm
Power
Operating
LLC,
5.00%,
01/31/28
(b)
....................
1,080
971,989
TotalEnergies
Capital
International
SA,
3.13%,
05/29/50
.....................
194
137,006
Transcontinental
Gas
Pipe
Line
Co.
LLC,
3.25%,
05/15/30
................
500
433,897
Valero
Energy
Corp.
4.35%,
06/01/28
.................
253
243,757
4.00%,
06/01/52
.................
90
67,611
Venture
Global
Calcasieu
Pass
LLC
(b)
3.88%,
08/15/29
.................
6,705
5,866,875
4.13%,
08/15/31
.................
6,385
5,439,988
3.88%,
11/01/33
.................
14,266
11,653,895
Vermilion
Energy,
Inc.,
6.88%,
05/01/30
(b)
..
1,373
1,252,976
Western
Midstream
Operating
LP
4.75%,
08/15/28
.................
256
233,802
4.30%,
02/01/30
(d)
................
1,900
1,658,548
5.45%,
04/01/44
.................
2,063
1,713,775
5.30%,
03/01/48
.................
1,661
1,365,719
5.50%,
08/15/48
.................
856
710,457
5.50%,
02/01/50
(d)
................
6,750
5,560,650
Williams
Cos.,
Inc.
(The)
4.55%,
06/24/24
.................
1,425
1,409,406
3.75%,
06/15/27
.................
500
470,626
402,266,267
Paper
&
Forest
Products
—
0.0%
Georgia-Pacific
LLC,
1.75%,
09/30/25
(b)
...
187
170,803
Suzano
Austria
GmbH
2.50%,
09/15/28
.................
390
327,113
Series
DM3N,
3.13%,
01/15/32
.......
2,435
1,896,256
2,394,172
Personal
Products
—
0.0%
Coty,
Inc.
3.88%,
04/15/26
(c)
................
EUR
1,299
1,291,076
4.75%,
04/15/26
(c)
................
600
600,523
4.75%,
01/15/29
(b)
................
USD
141
127,605
2,019,204
Pharmaceuticals
—
0.3%
Astrazeneca
Finance
LLC,
2.25%,
05/28/31
.
155
128,929
AstraZeneca
plc,
6.45%,
09/15/37
.......
25
28,182
Bayer
AG,
(EUR
Swap
Annual
5
Year
+
3.75%),
4.50%,
03/25/82
(a)(c)
..............
EUR
1,500
1,461,164
Bayer
US
Finance
II
LLC
(b)
4.25%,
12/15/25
.................
USD
1,525
1,477,612
4.38%,
12/15/28
.................
1,700
1,595,816
Bristol-Myers
Squibb
Co.
2.90%,
07/26/24
.................
332
322,284
3.40%,
07/26/29
.................
25
23,136
2.95%,
03/15/32
.................
31
26,969
3.70%,
03/15/52
.................
760
591,170
3.90%,
03/15/62
.................
230
176,805
Catalent
Pharma
Solutions,
Inc.
(b)
5.00%,
07/15/27
.................
3,091
2,876,232
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
3.13%,
02/15/29
.................
USD
1,049
$
835,240
3.50%,
04/01/30
.................
2,681
2,116,891
Cheplapharm
Arzneimittel
GmbH
4.38%,
01/15/28
(c)
................
EUR
692
648,935
5.50%,
01/15/28
(b)
................
USD
1,850
1,546,970
Elanco
Animal
Health,
Inc.,
6.40%,
08/28/28
(d)
1,486
1,413,944
Gruenenthal
GmbH
(c)
3.63%,
11/15/26
.................
EUR
558
545,650
4.13%,
05/15/28
.................
835
802,208
Jazz
Securities
DAC,
4.38%,
01/15/29
(b)
...
USD
800
712,920
Merck
&
Co.,
Inc.
3.40%,
03/07/29
.................
155
144,398
2.15%,
12/10/31
.................
1,060
865,590
6.50%,
12/01/33
(d)
................
185
208,042
2.45%,
06/24/50
.................
175
110,554
2.75%,
12/10/51
.................
825
551,215
Nidda
Healthcare
Holding
GmbH,
7.50%,
08/21/26
(c)
....................
EUR
1,491
1,518,234
Organon
&
Co.
(b)
4.13%,
04/30/28
.................
USD
3,866
3,422,956
5.13%,
04/30/31
.................
4,171
3,611,587
Pfizer,
Inc.
3.45%,
03/15/29
.................
515
485,652
2.55%,
05/28/40
.................
45
32,539
5.60%,
09/15/40
.................
140
146,444
4.30%,
06/15/43
.................
155
142,368
Pharmacia
LLC,
6.60%,
12/01/28
(d)
......
300
329,324
Roche
Holdings,
Inc.,
2.61%,
12/13/51
(b)
...
1,435
929,285
Rossini
SARL,
6.75%,
10/30/25
(c)
.......
EUR
1,312
1,388,779
Takeda
Pharmaceutical
Co.
Ltd.
4.40%,
11/26/23
.................
USD
687
681,484
3.18%,
07/09/50
.................
2,147
1,448,020
Teva
Pharmaceutical
Finance
Netherlands
II
BV
1.25%,
03/31/23
(c)
................
EUR
408
429,865
6.00%,
01/31/25
.................
1,100
1,155,270
4.50%,
03/01/25
.................
1,215
1,241,907
3.75%,
05/09/27
.................
440
406,030
1.63%,
10/15/28
(c)
................
300
237,901
4.38%,
05/09/30
.................
359
316,392
Teva
Pharmaceutical
Finance
Netherlands
III
BV
6.00%,
04/15/24
.................
USD
1,400
1,372,700
7.13%,
01/31/25
.................
400
394,575
3.15%,
10/01/26
.................
660
572,633
4.75%,
05/09/27
.................
736
663,228
Wyeth
LLC,
5.95%,
04/01/37
..........
505
543,069
40,681,098
Professional
Services
—
0.1%
AMN
Healthcare,
Inc.,
4.00%,
04/15/29
(b)
..
696
595,595
CoreLogic,
Inc.,
4.50%,
05/01/28
(b)
......
2,990
2,293,928
Dun
&
Bradstreet
Corp.
(The),
5.00%,
12/15/29
(b)
....................
5,080
4,347,276
Korn
Ferry,
4.63%,
12/15/27
(b)
.........
1,965
1,809,785
La
Financiere
Atalian
SASU
(c)
5.13%,
05/15/25
.................
EUR
1,071
782,962
6.63%,
05/15/25
.................
GBP
150
120,759
Science
Applications
International
Corp.,
4.88%,
04/01/28
(b)
...............
USD
2,119
1,960,071
11,910,376
Real
Estate
Management
&
Development
—
0.5%
ADLER
Group
SA
(c)(m)
3.25%,
08/05/25
.................
EUR
1,000
434,602
2.75%,
11/13/26
.................
1,000
422,828
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
77
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
Agile
Group
Holdings
Ltd.,
5.75%,
01/02/25
(c)
USD
3,852
$
2,021,645
Arabian
Centres
Sukuk
II
Ltd.,
5.63%,
10/07/26
(b)
....................
2,861
2,590,635
Aroundtown
SA
(a)(c)(k)
(GBP
Swap
5
Year
+
4.38%),
4.75%
...
GBP
329
182,676
(EUR
Swap
Annual
5
Year
+
3.98%),
3.38%
EUR
1,100
544,745
ATF
Netherlands
BV,
(EUR
Swap
Annual
5
Year
+
4.38%),
3.75%
(a)(c)(k)
..........
1,000
521,052
Celulosa
Arauco
y
Constitucion
SA,
3.88%,
11/02/27
.....................
USD
325
304,139
Central
China
Real
Estate
Ltd.
(c)
7.90%,
11/07/23
.................
557
181,025
7.25%,
08/13/24
.................
498
139,440
China
Aoyuan
Group
Ltd.
(c)(e)(m)
6.35%,
02/08/24
.................
6,938
537,695
5.98%,
08/18/25
.................
1,900
147,250
China
Evergrande
Group
(c)(e)(m)
11.50%,
01/22/23
................
4,595
313,896
10.00%,
04/11/23
................
3,674
247,536
7.50%,
06/28/23
.................
1,500
101,250
12.00%,
01/22/24
................
3,281
221,468
10.50%,
04/11/24
................
930
64,402
China
SCE
Group
Holdings
Ltd.,
7.38%,
04/09/24
(c)
....................
3,349
1,641,010
CIFI
Holdings
Group
Co.
Ltd.
(c)(e)(m)
6.00%,
07/16/25
.................
3,272
818,000
5.25%,
05/13/26
.................
4,415
1,081,675
Citycon
OYJ,
(EUR
Swap
Annual
5
Year
+
4.71%),
4.50%
(a)(c)(k)
..............
EUR
600
375,889
Country
Garden
Holdings
Co.
Ltd.,
4.20%,
02/06/26
(c)
....................
USD
1,982
1,201,588
Cushman
&
Wakefield
US
Borrower
LLC,
6.75%,
05/15/28
(b)
...............
2,667
2,545,278
DEMIRE
Deutsche
Mittelstand
Real
Estate
AG,
1.88%,
10/15/24
(c)
...............
EUR
900
654,730
DIC
Asset
AG,
2.25%,
09/22/26
(c)
.......
900
549,141
Easy
Tactic
Ltd.
(l)
7.50%,
(7.50%
Cash
or
7.50%
PIK),
07/11/27
....................
USD
855
172,250
7.50%,
(7.50%
Cash
or
7.50%
PIK),
07/11/28
....................
3,280
624,878
Fantasia
Holdings
Group
Co.
Ltd.
(c)(e)(m)
11.75%,
04/17/22
................
2,039
158,022
7.95%,
07/05/22
.................
1,650
133,799
12.25%,
10/18/22
................
3,269
253,347
10.88%,
01/09/23
................
1,345
104,237
11.88%,
06/01/23
................
1,500
116,250
9.25%,
07/28/23
.................
3,540
274,350
9.88%,
10/19/23
.................
2,640
204,600
15.00%,
12/31/49
................
1,735
134,463
Fastighets
AB
Balder,
(EUR
Swap
Annual
5
Year
+
3.19%),
2.87%,
06/02/81
(a)(c)
....
EUR
397
287,117
Global
Prime
Capital
Pte.
Ltd.,
5.95%,
01/23/25
(c)
....................
USD
2,656
2,514,568
Heimstaden
Bostad
AB
(a)(c)(k)
(EUR
Swap
Annual
5
Year
+
3.91%),
3.38%
EUR
400
238,745
(EUR
Swap
Annual
5
Year
+
3.15%),
2.63%
1,725
958,757
Howard
Hughes
Corp.
(The)
(b)
5.38%,
08/01/28
.................
USD
872
785,436
4.13%,
02/01/29
.................
1,028
860,950
4.38%,
02/01/31
.................
504
407,771
JGC
Ventures
Pte.
Ltd.
(l)
3.00%,
(3.00%
Cash
or
3.00%
PIK),
06/30/25
(c)(e)(m)
.................
2,986
1,163,523
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
3.00%,
(3.00%
Cash
or
3.00%
PIK),
06/30/25
....................
USD
48
$
10,166
Kaisa
Group
Holdings
Ltd.
(c)(e)(m)
11.95%,
10/22/22
................
1,345
174,850
11.50%,
01/30/23
................
1,413
183,690
10.88%,
07/23/23
................
3,811
495,430
9.75%,
09/28/23
.................
1,565
203,450
11.95%,
11/12/23
................
1,980
257,400
9.38%,
06/30/24
.................
744
96,720
KWG
Group
Holdings
Ltd.,
5.95%,
08/10/25
(c)
5,766
2,356,853
Lai
Sun
MTN
Ltd.,
5.00%,
07/28/26
(c)
.....
1,000
712,375
MAF
Global
Securities
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.54%),
6.38%
(a)(c)(k)
.............
2,389
2,284,183
MAF
Sukuk
Ltd.
(c)
4.64%,
05/14/29
.................
3,051
2,960,042
3.93%,
02/28/30
.................
2,507
2,320,229
Modern
Land
China
Co.
Ltd.,
12.85%,
10/25/21
(c)(e)(m)
.................
330
18,727
Modernland
Overseas
Pte.
Ltd.
(c)(l)
Series
2,
1.00%,
(1.00%
Cash
or
3.00%
PIK),
04/30/27
................
38
12,749
3.00%,
(3.00%
Cash
or
3.00%
PIK),
04/30/27
(e)(m)
..................
1,450
543,311
New
Metro
Global
Ltd.,
6.80%,
08/05/23
(c)
..
2,710
2,452,550
NWD
Finance
BVI
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.86%),
4.13%
(a)(c)(k)
.............
6,084
4,258,800
Powerlong
Real
Estate
Holdings
Ltd.
(c)
6.95%,
07/23/23
.................
895
302,062
7.13%,
01/15/24
.................
957
291,785
6.25%,
08/10/24
.................
762
230,410
Realogy
Group
LLC
(b)
5.75%,
01/15/29
.................
1,995
1,508,998
5.25%,
04/15/30
.................
1,079
787,141
Redsun
Properties
Group
Ltd.,
10.50%,
10/03/22
(c)(e)(m)
.................
4,159
405,503
RKPF
Overseas
2019
A
Ltd.
(c)
6.70%,
09/30/24
.................
1,880
1,648,877
6.00%,
09/04/25
.................
2,230
1,773,965
Ronshine
China
Holdings
Ltd.
(c)(e)(m)
8.10%,
06/09/23
.................
945
47,250
7.35%,
12/15/23
.................
1,027
51,350
Shimao
Group
Holdings
Ltd.
(c)(e)(m)
5.60%,
07/15/26
.................
895
147,675
3.45%,
01/11/31
.................
1,145
183,200
Shui
On
Development
Holding
Ltd.
(c)
5.75%,
11/12/23
.................
1,143
1,074,420
6.15%,
08/24/24
.................
2,155
1,858,687
Sunac
China
Holdings
Ltd.
(c)(e)(m)
7.50%,
02/01/24
.................
828
171,810
7.00%,
07/09/25
.................
3,573
732,465
Theta
Capital
Pte.
Ltd.,
8.13%,
01/22/25
(c)
..
3,674
2,769,966
Times
China
Holdings
Ltd.
(c)
6.75%,
07/08/25
.................
3,390
556,807
6.20%,
03/22/26
.................
2,450
393,225
Unique
Pub
Finance
Co.
plc
(The)
(c)
Series
A4,
5.66%,
06/30/27
.........
GBP
525
623,135
Series
N,
6.46%,
03/30/32
(d)
.........
800
967,210
Wanda
Properties
International
Co.
Ltd.,
7.25%,
01/29/24
(c)
....................
USD
800
705,650
Yango
Justice
International
Ltd.
(e)(m)
10.25%,
09/15/22
................
950
19,000
9.25%,
04/15/23
(c)
................
2,081
31,215
8.25%,
11/25/23
(c)
................
4,104
61,560
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
78
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Real
Estate
Management
&
Development
(continued)
7.50%,
04/15/24
(c)
................
USD
2,675
$
40,125
7.88%,
09/04/24
(c)
................
1,215
18,225
Yanlord
Land
HK
Co.
Ltd.,
6.80%,
02/27/24
(c)
1,830
1,756,800
Yuzhou
Group
Holdings
Co.
Ltd.
(c)(e)(m)
8.38%,
10/30/24
.................
1,745
157,050
7.70%,
02/20/25
.................
3,562
311,675
8.30%,
05/27/25
.................
900
78,750
7.38%,
01/13/26
.................
2,220
194,250
7.85%,
08/12/26
.................
1,680
147,000
6.35%,
01/13/27
.................
2,087
182,612
Zhenro
Properties
Group
Ltd.,
8.00%,
03/06/23
(e)(m)
..................
1,041
51,595
66,859,631
Road
&
Rail
—
0.4%
Albion
Financing
1
SARL,
6.13%,
10/15/26
(b)
1,639
1,461,677
Avis
Budget
Car
Rental
LLC,
5.38%,
03/01/29
(b)
266
227,547
BCP
V
Modular
Services
Finance
II
plc
(c)
4.75%,
11/30/28
.................
EUR
1,300
1,161,974
6.13%,
11/30/28
.................
GBP
800
807,820
Burlington
Northern
Santa
Fe
LLC
6.15%,
05/01/37
.................
USD
185
200,429
5.75%,
05/01/40
.................
300
313,860
5.15%,
09/01/43
.................
100
97,573
4.90%,
04/01/44
.................
995
939,207
4.15%,
04/01/45
.................
100
85,391
4.70%,
09/01/45
.................
200
183,665
4.05%,
06/15/48
.................
100
83,298
3.55%,
02/15/50
.................
105
80,394
2.88%,
06/15/52
.................
305
203,335
Canadian
National
Railway
Co.,
3.85%,
08/05/32
.....................
740
687,551
Canadian
Pacific
Railway
Co.
3.00%,
12/02/41
.................
570
429,722
4.80%,
08/01/45
.................
200
182,269
3.10%,
12/02/51
.................
515
346,230
CSX
Corp.
3.25%,
06/01/27
.................
600
560,554
4.25%,
03/15/29
.................
200
192,376
4.10%,
11/15/32
.................
90
84,375
4.30%,
03/01/48
.................
430
364,998
4.75%,
11/15/48
.................
165
149,033
EC
Finance
plc,
3.00%,
10/15/26
(c)
......
EUR
925
891,645
Hertz
Corp.
(The)
(b)
4.63%,
12/01/26
.................
USD
958
802,325
5.00%,
12/01/29
.................
839
636,465
Loxam
SAS
(c)
4.25%,
04/15/24
.................
EUR
200
212,415
3.25%,
01/14/25
.................
708
719,921
3.75%,
07/15/26
.................
673
647,449
4.50%,
02/15/27
.................
703
685,467
5.75%,
07/15/27
.................
200
181,977
National
Express
Group
plc,
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
4.14%),
4.25%
(a)(c)(k)
..............
GBP
600
595,804
NESCO
Holdings
II,
Inc.,
5.50%,
04/15/29
(b)
.
USD
1,421
1,243,375
Norfolk
Southern
Corp.
3.80%,
08/01/28
.................
200
190,116
3.94%,
11/01/47
.................
100
80,033
4.15%,
02/28/48
.................
750
615,793
4.05%,
08/15/52
.................
100
80,098
3.70%,
03/15/53
.................
545
409,183
3.16%,
05/15/55
.................
150
99,268
Penske
Truck
Leasing
Co.
LP
(b)
4.00%,
07/15/25
.................
3,115
2,980,309
4.20%,
04/01/27
.................
340
319,007
Security
Par
(000)
Par
(000)
Value
Road
&
Rail
(continued)
5.88%,
11/15/27
.................
USD
1,205
$
1,213,457
Ryder
System,
Inc.
2.50%,
09/01/24
.................
550
523,158
2.85%,
03/01/27
.................
700
631,893
Uber
Technologies,
Inc.
(b)
7.50%,
05/15/25
.................
4,486
4,482,732
8.00%,
11/01/26
.................
3,398
3,409,695
7.50%,
09/15/27
.................
4,087
4,089,861
6.25%,
01/15/28
.................
4,100
3,935,999
4.50%,
08/15/29
.................
9,967
8,683,799
Union
Pacific
Corp.
2.89%,
04/06/36
.................
200
158,953
3.55%,
08/15/39
.................
3
2,477
4.05%,
03/01/46
.................
25
20,460
3.25%,
02/05/50
.................
300
216,168
3.50%,
02/14/53
.................
515
386,694
3.95%,
08/15/59
.................
1,005
783,255
3.84%,
03/20/60
.................
411
317,490
3.80%,
04/06/71
.................
100
73,649
Williams
Scotsman
International,
Inc.,
6.13%,
06/15/25
(b)
....................
1,546
1,530,540
XPO
Escrow
Sub
LLC,
7.50%,
11/15/27
(b)
..
812
821,679
51,515,887
Semiconductors
&
Semiconductor
Equipment
—
0.4%
ams-OSRAM
AG
(c)(j)
0.00%,
03/05/25
(n)
................
EUR
1,200
983,000
2.13%,
11/03/27
.................
600
447,726
Analog
Devices,
Inc.
1.70%,
10/01/28
.................
USD
410
347,401
2.80%,
10/01/41
.................
235
171,991
Applied
Materials,
Inc.,
3.30%,
04/01/27
...
1,280
1,215,410
Broadcom,
Inc.
4.15%,
11/15/30
.................
340
304,692
2.45%,
02/15/31
(b)
................
4,002
3,152,051
4.15%,
04/15/32
(b)
................
520
456,486
4.30%,
11/15/32
.................
2,719
2,396,365
2.60%,
02/15/33
(b)
................
3,347
2,512,249
3.42%,
04/15/33
(b)
................
7,374
5,911,793
3.47%,
04/15/34
(b)
................
4,907
3,914,473
3.14%,
11/15/35
(b)
................
3,387
2,490,347
3.19%,
11/15/36
(b)
................
1,986
1,426,520
4.93%,
05/15/37
(b)
................
2,725
2,377,195
Entegris
Escrow
Corp.,
4.75%,
04/15/29
(b)
..
12,050
10,988,844
Entegris,
Inc.
(b)
4.38%,
04/15/28
.................
2,219
1,962,116
3.63%,
05/01/29
.................
1,182
962,443
Intel
Corp.,
2.80%,
08/12/41
..........
115
80,298
KLA
Corp.
4.10%,
03/15/29
.................
1,326
1,279,389
4.65%,
07/15/32
.................
195
191,002
5.00%,
03/15/49
.................
300
279,592
3.30%,
03/01/50
.................
765
553,970
Lam
Research
Corp.
3.75%,
03/15/26
.................
800
775,614
4.88%,
03/15/49
.................
171
161,893
2.88%,
06/15/50
.................
314
209,819
Marvell
Technology,
Inc.,
2.95%,
04/15/31
..
1,547
1,244,312
NVIDIA
Corp.,
3.50%,
04/01/40
........
790
639,749
NXP
BV
4.30%,
06/18/29
.................
1,070
991,422
3.40%,
05/01/30
.................
600
515,738
2.50%,
05/11/31
.................
1,415
1,114,136
2.65%,
02/15/32
.................
590
459,020
5.00%,
01/15/33
.................
300
281,506
3.25%,
05/11/41
.................
100
69,206
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
79
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Qorvo,
Inc.,
4.38%,
10/15/29
..........
USD
2,831
$
2,503,283
QUALCOMM,
Inc.
4.30%,
05/20/47
.................
584
502,162
4.50%,
05/20/52
.................
200
175,153
Synaptics,
Inc.,
4.00%,
06/15/29
(b)
.......
3,420
2,881,517
Texas
Instruments,
Inc.
4.15%,
05/15/48
.................
100
88,491
2.70%,
09/15/51
.................
265
182,114
TSMC
Arizona
Corp.,
4.50%,
04/22/52
....
535
477,488
57,677,976
Software
—
1.1%
ACI
Worldwide,
Inc.,
5.75%,
08/15/26
(b)
...
180
174,375
Autodesk,
Inc.
3.50%,
06/15/27
.................
18
16,862
2.40%,
12/15/31
.................
1,565
1,250,159
Boxer
Parent
Co.,
Inc.
6.50%,
10/02/25
(c)
................
EUR
2,080
2,114,029
7.13%,
10/02/25
(b)
................
USD
3,913
3,805,438
9.13%,
03/01/26
(b)
................
5,305
5,004,816
Camelot
Finance
SA,
4.50%,
11/01/26
(b)
...
4,410
4,133,275
Cedacri
Mergeco
SpA,
(EURIBOR
3
Month
+
4.63%),
6.39%,
05/15/28
(a)(c)
.........
EUR
865
858,486
Central
Parent,
Inc.,
7.25%,
06/15/29
(b)
....
USD
4,191
4,099,309
Clarivate
Science
Holdings
Corp.
(b)
3.88%,
07/01/28
.................
7,500
6,497,970
4.88%,
07/01/29
.................
5,931
5,043,426
Cloud
Software
Group
Holdings,
Inc.,
6.50%,
03/31/29
(b)
....................
18,709
15,758,239
Condor
Merger
Sub,
Inc.,
7.38%,
02/15/30
(b)
8,148
6,551,244
Consensus
Cloud
Solutions,
Inc.
(b)
6.00%,
10/15/26
.................
937
876,320
6.50%,
10/15/28
.................
1,426
1,311,590
Elastic
NV,
4.13%,
07/15/29
(b)
.........
2,711
2,189,675
Fair
Isaac
Corp.,
4.00%,
06/15/28
(b)
......
3,387
3,073,723
Gen
Digital,
Inc.,
7.13%,
09/30/30
(b)
......
1,803
1,771,447
Helios
Software
Holdings,
Inc.,
4.63%,
05/01/28
(b)
....................
1,048
796,454
Microsoft
Corp.
3.45%,
08/08/36
.................
538
475,960
2.53%,
06/01/50
.................
856
563,290
2.92%,
03/17/52
.................
2,631
1,861,434
MicroStrategy,
Inc.,
6.13%,
06/15/28
(b)
....
3,671
2,624,949
NCR
Corp.
(b)
5.75%,
09/01/27
.................
884
845,921
5.00%,
10/01/28
.................
1,675
1,427,995
5.13%,
04/15/29
.................
1,664
1,391,642
Open
Text
Corp.,
6.90%,
12/01/27
(b)
.....
6,325
6,325,000
Oracle
Corp.
5.80%,
11/10/25
.................
245
250,484
6.15%,
11/09/29
.................
1,015
1,053,536
2.95%,
04/01/30
.................
4,037
3,441,956
2.88%,
03/25/31
.................
7,558
6,266,542
6.25%,
11/09/32
.................
2,980
3,118,930
3.85%,
07/15/36
.................
850
695,057
6.50%,
04/15/38
.................
500
518,293
5.38%,
07/15/40
.................
850
779,997
3.65%,
03/25/41
.................
370
273,132
4.13%,
05/15/45
.................
485
365,773
4.00%,
07/15/46
.................
350
255,058
4.00%,
11/15/47
.................
435
317,940
3.60%,
04/01/50
.................
7,516
5,060,272
3.95%,
03/25/51
.................
10,134
7,219,859
6.90%,
11/09/52
.................
5,960
6,376,155
4.38%,
05/15/55
.................
130
98,248
3.85%,
04/01/60
.................
190
126,242
Security
Par
(000)
Par
(000)
Value
Software
(continued)
PTC,
Inc.,
3.63%,
02/15/25
(b)
..........
USD
860
$
819,090
Roper
Technologies,
Inc.,
3.65%,
09/15/23
.
350
346,266
Salesforce,
Inc.
2.70%,
07/15/41
.................
625
446,078
2.90%,
07/15/51
.................
355
232,673
3.05%,
07/15/61
.................
295
187,318
SS&C
Technologies,
Inc.,
5.50%,
09/30/27
(b)
5,909
5,533,165
TeamSystem
SpA,
(EURIBOR
3
Month
+
3.75%),
5.13%,
02/15/28
(a)(c)
.........
EUR
392
396,276
Veritas
US,
Inc.,
7.50%,
09/01/25
(b)
......
USD
800
550,975
VMware,
Inc.
4.70%,
05/15/30
.................
960
893,006
2.20%,
08/15/31
.................
2,715
2,060,316
Workday,
Inc.,
3.80%,
04/01/32
........
1,110
979,838
ZoomInfo
Technologies
LLC,
3.88%,
02/01/29
(b)
8,278
6,956,686
136,462,189
Specialty
Retail
—
0.4%
Arko
Corp.,
5.13%,
11/15/29
(b)
.........
1,388
1,089,858
Asbury
Automotive
Group,
Inc.
4.50%,
03/01/28
.................
234
206,014
4.75%,
03/01/30
.................
231
193,197
5.00%,
02/15/32
(b)
................
622
511,719
Constellation
Automotive
Financing
plc,
4.88%,
07/15/27
(c)
....................
GBP
1,184
932,856
eG
Global
Finance
plc
3.63%,
02/07/24
(c)
................
EUR
430
434,655
6.75%,
02/07/25
(b)
................
USD
1,781
1,554,867
6.25%,
10/30/25
(c)
................
EUR
351
328,574
8.50%,
10/30/25
(b)
................
USD
2,845
2,650,468
Goldstory
SASU,
5.38%,
03/01/26
(c)
.....
EUR
1,883
1,839,630
Group
1
Automotive,
Inc.,
4.00%,
08/15/28
(b)
USD
897
759,248
GYP
Holdings
III
Corp.,
4.63%,
05/01/29
(b)
..
1,793
1,463,927
Home
Depot,
Inc.
(The)
5.95%,
04/01/41
.................
200
217,525
4.20%,
04/01/43
.................
125
109,373
4.50%,
12/06/48
.................
815
739,032
3.35%,
04/15/50
.................
710
521,159
Ken
Garff
Automotive
LLC,
4.88%,
09/15/28
(b)
711
594,771
LBM
Acquisition
LLC,
6.25%,
01/15/29
(b)
...
416
264,722
LCM
Investments
Holdings
II
LLC,
4.88%,
05/01/29
(b)
....................
2,213
1,772,145
Lithia
Motors,
Inc.,
3.88%,
06/01/29
(b)
.....
999
821,288
Lowe's
Cos.,
Inc.
5.00%,
04/15/33
.................
810
790,731
2.80%,
09/15/41
.................
220
149,710
4.65%,
04/15/42
.................
110
96,453
3.70%,
04/15/46
.................
735
544,226
5.13%,
04/15/50
.................
130
118,165
3.00%,
10/15/50
.................
675
429,394
3.50%,
04/01/51
.................
130
91,121
4.25%,
04/01/52
.................
1,240
983,076
5.63%,
04/15/53
.................
1,165
1,115,249
4.45%,
04/01/62
.................
320
248,767
Murphy
Oil
USA,
Inc.,
4.75%,
09/15/29
....
1,353
1,238,035
Penske
Automotive
Group,
Inc.,
3.50%,
09/01/25
.....................
987
915,995
PetSmart,
Inc.,
7.75%,
02/15/29
(b)
.......
5,620
5,278,262
Specialty
Building
Products
Holdings
LLC,
6.38%,
09/30/26
(b)
...............
873
702,905
SRS
Distribution,
Inc.
(b)
4.63%,
07/01/28
.................
5,899
5,229,287
6.13%,
07/01/29
.................
4,973
4,020,770
6.00%,
12/01/29
.................
3,758
2,990,816
Staples,
Inc.,
7.50%,
04/15/26
(b)
........
3,362
2,893,606
White
Cap
Buyer
LLC,
6.88%,
10/15/28
(b)
..
8,826
7,634,568
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
80
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
White
Cap
Parent
LLC,
8.25%,
(8.25%
Cash
or
9.00%
PIK),
03/15/26
(b)(l)
...........
USD
1,851
$
1,600,171
54,076,335
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
Apple,
Inc.
2.20%,
09/11/29
.................
1,800
1,556,199
4.50%,
02/23/36
.................
1,075
1,066,428
3.45%,
02/09/45
.................
225
180,846
3.85%,
08/04/46
.................
1,100
933,970
2.65%,
05/11/50
.................
990
654,988
2.65%,
02/08/51
.................
1,460
962,837
2.70%,
08/05/51
.................
370
243,919
3.95%,
08/08/52
.................
1,110
943,163
Dell
International
LLC,
6.02%,
06/15/26
...
875
892,636
HP,
Inc.
2.20%,
06/17/25
.................
1,250
1,167,832
1.45%,
06/17/26
.................
2,170
1,900,925
3.00%,
06/17/27
.................
500
456,371
10,960,114
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
BK
LC
Lux
Finco1
SARL,
5.25%,
04/30/29
(c)
EUR
381
350,732
Crocs,
Inc.
(b)
4.25%,
03/15/29
.................
USD
317
268,531
4.13%,
08/15/31
.................
809
659,294
European
TopSoho
SARL,
Series
SMCP,
4.00%,
09/21/21
(c)(e)(j)(m)
............
EUR
1,300
1,184,136
Kontoor
Brands,
Inc.,
4.13%,
11/15/29
(b)
...
USD
747
609,634
William
Carter
Co.
(The),
5.63%,
03/15/27
(b)
.
2,360
2,263,758
5,336,085
Thrifts
&
Mortgage
Finance
—
0.2%
Enact
Holdings,
Inc.,
6.50%,
08/15/25
(b)
...
1,565
1,535,828
Home
Point
Capital,
Inc.,
5.00%,
02/01/26
(b)
.
1,307
903,778
Jerrold
Finco
plc,
5.25%,
01/15/27
(c)
.....
GBP
400
399,437
Ladder
Capital
Finance
Holdings
LLLP
(b)
4.25%,
02/01/27
.................
USD
2,155
1,810,263
4.75%,
06/15/29
.................
1,068
862,260
MGIC
Investment
Corp.,
5.25%,
08/15/28
..
1,182
1,089,905
Nationstar
Mortgage
Holdings,
Inc.
(b)
6.00%,
01/15/27
.................
2,262
2,024,490
5.13%,
12/15/30
.................
670
517,466
5.75%,
11/15/31
.................
1,240
964,100
Nationwide
Building
Society
(a)(c)(k)
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
5.39%),
5.88%
...
GBP
3,534
4,026,764
(U.K.
Government
Bonds
5
Year
Note
Generic
Bid
Yield
+
5.63%),
5.75%
...
2,650
2,866,802
Nykredit
Realkredit
A/S,
(EUR
Swap
Annual
5
Year
+
4.57%),
4.13%
(a)(c)(k)
..........
EUR
1,200
1,169,633
Rocket
Mortgage
LLC,
2.88%,
10/15/26
(b)
..
USD
4,826
4,136,666
22,307,392
Tobacco
—
0.0%
Altria
Group,
Inc.
5.80%,
02/14/39
.................
200
184,413
5.95%,
02/14/49
.................
1,142
1,015,502
3.70%,
02/04/51
.................
385
241,134
BAT
Capital
Corp.
3.46%,
09/06/29
.................
1,350
1,160,156
4.39%,
08/15/37
.................
1,775
1,380,065
3.73%,
09/25/40
.................
420
285,189
4.54%,
08/15/47
.................
488
344,808
4.76%,
09/06/49
.................
165
119,504
Philip
Morris
International,
Inc.
5.63%,
11/17/29
.................
600
608,687
Security
Par
(000)
Par
(000)
Value
Tobacco
(continued)
5.75%,
11/17/32
.................
USD
235
$
239,565
5,579,023
Trading
Companies
&
Distributors
—
0.3%
Air
Lease
Corp.
3.38%,
07/01/25
.................
1,400
1,324,149
2.88%,
01/15/26
.................
3,485
3,224,516
1.88%,
08/15/26
.................
1,880
1,632,850
Aviation
Capital
Group
LLC,
1.95%,
09/20/26
(b)
1,835
1,554,541
Beacon
Roofing
Supply,
Inc.,
4.13%,
05/15/29
(b)
1,313
1,091,092
Fortress
Transportation
&
Infrastructure
Investors
LLC
(b)
6.50%,
10/01/25
.................
1,729
1,625,613
9.75%,
08/01/27
.................
308
308,770
5.50%,
05/01/28
.................
2,086
1,779,587
Foundation
Building
Materials,
Inc.,
6.00%,
03/01/29
(b)
....................
729
545,805
H&E
Equipment
Services,
Inc.,
3.88%,
12/15/28
(b)
....................
326
277,683
Herc
Holdings,
Inc.,
5.50%,
07/15/27
(b)
....
863
804,963
Imola
Merger
Corp.,
4.75%,
05/15/29
(b)
....
5,370
4,659,085
United
Rentals
North
America,
Inc.
5.50%,
05/15/27
.................
943
930,930
6.00%,
12/15/29
(b)
................
11,860
11,785,875
5.25%,
01/15/30
.................
6
5,637
WESCO
Distribution,
Inc.
(b)
7.13%,
06/15/25
.................
2,308
2,336,878
7.25%,
06/15/28
.................
3,729
3,777,380
37,665,354
Transportation
Infrastructure
—
0.0%
(c)
Abertis
Infraestructuras
Finance
BV,
(EUR
Swap
Annual
5
Year
+
3.69%),
3.25%
(a)(k)
.
EUR
600
542,076
Getlink
SE,
3.50%,
10/30/25
..........
677
702,954
1,245,030
Water
Utilities
—
0.0%
Thames
Water
Kemble
Finance
plc,
4.63%,
05/19/26
(c)
....................
GBP
1,089
1,109,927
Wireless
Telecommunication
Services
—
0.5%
America
Movil
SAB
de
CV
3.63%,
04/22/29
.................
USD
1,300
1,178,369
4.38%,
04/22/49
.................
550
469,760
Connect
Finco
SARL,
6.75%,
10/01/26
(b)
...
12,302
11,400,996
Globe
Telecom,
Inc.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.53%),
4.20%
(a)(c)(k)
..............
1,770
1,578,397
Kenbourne
Invest
SA,
4.70%,
01/22/28
(c)
..
1,495
1,164,044
Ligado
Networks
LLC,
15.50%,
(15.50%
Cash
or
15.50%
PIK),
11/01/23
(a)(b)(l)
........
1,826
538,512
Millicom
International
Cellular
SA
(b)
5.13%,
01/15/28
.................
1,719
1,595,232
4.50%,
04/27/31
.................
1,727
1,449,924
Rogers
Communications,
Inc.
3.80%,
03/15/32
(b)
................
775
668,789
4.30%,
02/15/48
.................
347
261,535
4.35%,
05/01/49
.................
351
268,356
3.70%,
11/15/49
.................
270
182,856
4.55%,
03/15/52
(b)
................
1,633
1,266,042
SoftBank
Group
Corp.
(c)
(USD
Swap
Rate
5
Year
+
4.23%),
6.00%
(a)
(k)
.........................
600
569,880
2.13%,
07/06/24
.................
EUR
1,370
1,374,859
4.50%,
04/20/25
.................
200
201,434
4.75%,
07/30/25
.................
1,783
1,784,553
Sprint
Corp.,
7.63%,
03/01/26
.........
USD
2,839
2,987,497
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
81
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Wireless
Telecommunication
Services
(continued)
Telefonica
Europe
BV
(a)(c)(k)
(EUR
Swap
Annual
8
Year
+
2.97%),
3.88%
EUR
800
$
775,006
(EUR
Swap
Annual
6
Year
+
4.32%),
7.13%
1,000
1,091,859
T-Mobile
USA,
Inc.
2.25%,
02/15/26
.................
USD
1,615
1,469,070
2.05%,
02/15/28
.................
1,200
1,030,599
2.55%,
02/15/31
.................
525
428,883
3.50%,
04/15/31
.................
827
714,362
2.70%,
03/15/32
.................
249
201,178
4.38%,
04/15/40
.................
475
405,365
3.00%,
02/15/41
.................
880
620,949
4.50%,
04/15/50
.................
109
89,613
3.30%,
02/15/51
.................
925
617,292
3.40%,
10/15/52
.................
200
134,390
Vmed
O2
UK
Financing
I
plc
4.00%,
01/31/29
(c)
................
GBP
900
845,452
4.25%,
01/31/31
(b)
................
USD
493
399,091
4.50%,
07/15/31
(c)
................
GBP
1,204
1,106,383
4.75%,
07/15/31
(b)
................
USD
5,358
4,352,571
Vodafone
Group
plc
6.15%,
02/27/37
.................
100
101,311
5.25%,
05/30/48
.................
722
635,887
(EUR
Swap
Annual
5
Year
+
3.43%),
4.20%,
10/03/78
(a)(c)
.............
EUR
732
709,130
(GBP
Swap
5
Year
+
3.27%),
4.88%,
10/03/78
(a)(c)
..................
GBP
1,925
2,175,419
(USD
Swap
Semi
5
Year
+
4.87%),
7.00%,
04/04/79
(a)
...................
USD
13,795
13,869,907
(EUR
Swap
Annual
5
Year
+
3.00%),
2.63%,
08/27/80
(a)(c)
.............
EUR
400
375,368
Series
NC10,
(EUR
Swap
Annual
5
Year
+
3.48%),
3.00%,
08/27/80
(a)(c)
.......
400
340,934
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.45%),
3.25%,
06/04/81
(a)
..............
USD
7,145
5,965,361
67,396,415
Total
Corporate
Bonds
—
30.8%
(Cost:
$4,592,557,703)
...........................
4,017,765,211
Equity-Linked
Notes
Aerospace
&
Defense
—
0.1%
BMO
Capital
Markets
Corp.
(Raytheon
Technologies
Corp.),
24.15%, 01/11/23
..
35
3,438,529
JPMorgan
Structured
Products
BV
(Airbus
SE),
22.91%, 01/26/23
................
EUR
25
2,998,822
JPMorgan
Structured
Products
BV
(BAE
Systems
plc),
22.10%, 01/26/23
.......
GBP
244
2,436,088
Royal
Bank
of
Canada
(Lockheed
Martin
Corp.),
11.11%, 02/23/23
(b)
..........
USD
2
778,030
9,651,469
Air
Freight
&
Logistics
—
0.1%
Royal
Bank
of
Canada
(United
Parcel
Service,
Inc.),
13.31%, 02/01/23
(b)
...........
36
6,292,685
Airlines
—
0.1%
JPMorgan
Structured
Products
BV
(Delta
Air
Lines,
Inc.),
14.51%, 01/17/23
........
162
5,341,937
Societe
Generale
SA
(Southwest
Airlines
Co.),
15.19%, 01/26/23
................
152
5,119,559
10,461,496
Auto
Components
—
0.0%
BNP
Paribas
SA
(Lear
Corp.),
23.16%, 02/23/23
(b)
...............
28
3,421,175
Security
Par
(000)
Par
(000)
Value
Automobiles
—
0.1%
Citigroup,
Inc.
(General
Motors
Co.),
17.57%, 01/19/23
................
USD
86
$
2,933,783
Mizuho
Financial
Group,
Inc.
(Tesla,
Inc.),
32.10%, 01/26/23
................
30
3,800,979
UBS
AG
(Ford
Motor
Co.),
23.30%, 02/03/23
652
7,655,359
14,390,121
Banks
—
0.2%
Bank
of
Montreal
(Comerica,
Inc.),
20.88%, 01/17/23
................
15
1,006,220
Bank
of
Montreal
(Wells
Fargo
&
Co.),
13.03%, 01/17/23
................
116
4,829,073
Barclays
Bank
plc
(KeyCorp.),
14.62%, 01/20/23
................
251
4,386,004
Citigroup,
Inc.
(First
Citizens
BancShares,
Inc.),
20.52%, 01/06/23
................
3
2,206,129
JPMorgan
Structured
Products
BV
(Citizens
Financial
Group,
Inc.),
14.51%, 01/17/23
(b)(c)
62
2,449,244
Merrill
Lynch
International
&
Co.
(Citigroup,
Inc.),
22.02%, 02/23/23
.............
97
4,356,535
Mizuho
Financial
Group,
Inc.
(Truist
Financial
Corp.),
12.66%, 01/19/23
...........
94
4,070,600
UBS
AG
(JPMorgan
Chase
&
Co.),
14.40%, 01/17/23
................
63
8,495,138
31,798,943
Beverages
—
0.1%
UBS
AG
(Coca-Cola
Co.
(The)),
6.60%, 02/10/23
.................
213
13,519,801
Capital
Markets
—
0.3%
BNP
Paribas
SA
(LPL
Financial
Holdings,
Inc.),
12.17%, 02/03/23
(b)
...............
25
5,464,020
Citigroup,
Inc.
(Blackstone,
Inc.),
13.97%, 01/18/23
................
121
9,055,718
Citigroup,
Inc.
(Invesco
Ltd.),
16.54%, 01/19/23
57
1,035,245
Merrill
Lynch
International
&
Co.
(Netwealth
Group
Ltd),
29.02%, 02/16/23
........
132
1,700,339
Royal
Bank
of
Canada
(Nasdaq,
Inc.),
10.89%, 01/26/23
(b)
...............
98
6,034,932
Societe
Generale
SA
(Goldman
Sachs
Group,
Inc.
(The)),
14.55%, 01/18/23
........
18
6,234,490
Societe
Generale
SA
(Morgan
Stanley),
12.61%, 01/18/23
................
76
6,492,036
36,016,780
Chemicals
—
0.1%
BNP
Paribas
SA
(Mosaic
Co.
(The)),
19.64%, 02/23/23
(b)
...............
121
5,362,992
Societe
Generale
SA
(CF
Industries
Holdings,
Inc.),
21.28%, 02/15/23
.............
52
4,599,509
UBS
AG
(PPG
Industries,
Inc.),
17.90%, 01/23/23
................
15
1,873,859
11,836,360
Commercial
Services
&
Supplies
—
0.1%
(b)
BNP
Paribas
SA
(Republic
Services,
Inc.),
8.01%, 02/10/23
.................
16
2,082,159
Royal
Bank
of
Canada
(Downer
EDI
Ltd),
14.39%, 01/27/23
................
130
6,554,798
8,636,957
Communications
Equipment
—
0.0%
BNP
Paribas
SA
(Cisco
Systems,
Inc.),
17.73%, 02/23/23
(b)
...............
86
4,084,413
Citigroup,
Inc.
(Telefonaktiebolaget
LM
Ericsson),
16.13%, 01/06/23
.........
91
526,829
4,611,242
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
82
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Construction
Materials
—
0.0%
Barclays
Bank
plc
(Vulcan
Materials
Co.),
13.09%, 02/16/23
................
USD
12
$
2,112,573
Consumer
Finance
—
0.1%
Citigroup,
Inc.
(American
Express
Co.),
18.35%, 01/25/23
................
48
7,217,748
Royal
Bank
of
Canada
(Discover
Financial
Services),
18.84%, 01/20/23
(b)
........
42
4,103,431
Royal
Bank
of
Canada
(Synchrony
Financial),
20.92%, 01/27/23
(b)
...............
92
3,070,076
UBS
AG
(Capital
One
Financial
Corp.),
20.80%, 01/23/23
................
17
1,591,908
15,983,163
Containers
&
Packaging
—
0.1%
JPMorgan
Structured
Products
BV
(Graphic
Packaging
Holding
Co.),
16.25%, 02/01/23
249
5,560,674
JPMorgan
Structured
Products
BV
(Sealed
Air
Corp.),
19.48%, 01/17/23
(b)(c)
.........
68
3,385,553
8,946,227
Distributors
—
0.0%
BNP
Paribas
SA
(Genuine
Parts
Co.),
11.56%, 02/17/23
(b)
...............
12
2,075,082
Diversified
Financial
Services
—
0.2%
Barclays
Bank
plc
(Equitable
Holdings,
Inc.),
23.03%, 02/16/23
................
90
2,574,560
BNP
Paribas
SA
(SPDR
S&P
500
ETF
Trust),
12.22%, 01/25/23
(b)
...............
28
10,707,232
Citigroup,
Inc.
(SPDR
S&P
500
ETF
Trust),
8.25%, 01/04/23
.................
28
10,639,929
Societe
Generale
SA
(Apollo
Global
Management
Inc.),
27.26%, 02/06/23
...
55
3,539,401
27,461,122
Diversified
Telecommunication
Services
—
0.1%
Mizuho
Financial
Group,
Inc.
(Verizon
Communications,
Inc.),
19.70%, 01/17/23
80
3,103,178
Royal
Bank
of
Canada
(TELUS
Corp.),
17.71%, 01/26/23
................
412
7,549,849
Societe
Generale
SA
(TELUS
Corp.),
17.21%, 01/26/23
................
110
2,015,433
UBS
AG
(TELUS
Corp.),
22.60%, 02/06/23
.
104
1,925,257
14,593,717
Electric
Utilities
—
0.2%
Barclays
Bank
plc
(American
Electric
Power
Co.,
Inc.),
18.35%, 02/23/23
.........
23
2,156,772
BNP
Paribas
SA
(NextEra
Energy,
Inc.),
12.41%, 01/24/23
(b)
...............
96
8,042,209
Merrill
Lynch
International
&
Co.
(Edison
International),
24.23%, 01/11/23
.......
32
1,959,255
Societe
Generale
SA
(American
Electric
Power
Co.,
Inc.),
7.61%, 01/18/23
..........
120
11,291,967
UBS
AG
(Exelon
Corp.),
15.40%, 02/06/23
..
41
1,750,265
25,200,468
Electrical
Equipment
—
0.1%
Societe
Generale
SA
(Eaton
Corp.
plc),
9.20%, 01/18/23
.................
67
10,539,717
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Royal
Bank
of
Canada
(Corning,
Inc.),
12.65%, 01/26/23
(b)
...............
131
4,227,236
Energy
Equipment
&
Services
—
0.0%
Mizuho
Financial
Group,
Inc.
(Schlumberger
Ltd),
12.75%, 01/23/23
.............
105
5,574,276
Security
Par
(000)
Par
(000)
Value
Entertainment
—
0.1%
BNP
Paribas
SA
(Walt
Disney
Co.
(The)),
13.06%, 02/09/23
(b)
...............
USD
58
$
5,120,407
Mizuho
Financial
Group,
Inc.
(Netflix,
Inc.),
25.70%, 01/19/23
................
27
7,913,158
13,033,565
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
Barclays
Bank
plc
(SL
Green
Realty
Corp.),
32.48%, 02/16/23
................
24
797,942
BNP
Paribas
SA
(Host
Hotels
&
Resorts,
Inc.),
13.51%, 02/16/23
(b)
...............
151
2,472,718
BNP
Paribas
SA
(Public
Storage),
15.14%, 02/23/23
(b)
...............
13
3,763,286
Royal
Bank
of
Canada
(Prologis,
Inc.),
17.19%, 01/20/23
(b)
...............
77
8,754,213
Societe
Generale
SA
(Prologis,
Inc.),
16.62%, 01/19/23
................
15
1,724,439
17,512,598
Food
&
Staples
Retailing
—
0.2%
BNP
Paribas
SA
(Walmart,
Inc.)
14.05%,
02/02/23
(b)
...............
6
903,736
9.23%,
02/22/23
(b)
................
93
13,267,601
Mizuho
Financial
Group,
Inc.
(Tesco
plc),
11.70%, 01/27/23
................
25
5,547,109
Societe
Generale
SA
(Walmart,
Inc.),
9.93%, 01/18/23
.................
73
10,444,523
30,162,969
Food
Products
—
0.2%
Mizuho
Financial
Group,
Inc.
(Hershey
Co.
(The)),
7.11%, 02/03/23
............
19
4,466,197
Royal
Bank
of
Canada
(Archer-Daniels-Midland
Co.),
13.75%, 01/24/23
(b)
............
119
11,027,375
Societe
Generale
SA
(Mondelez
International,
Inc.),
10.06%, 01/27/23
.............
52
3,474,111
UBS
AG
(Kraft
Heinz
Co.
(The)),
12.10%, 02/06/23
................
104
4,213,107
UBS
AG
(Mondelez
International,
Inc.),
12.90%, 02/16/23
................
18
1,176,064
24,356,854
Gas
Utilities
—
0.1%
Citigroup,
Inc.
(APA
Group),
19.43%, 01/06/23
172
8,050,168
Health
Care
Equipment
&
Supplies
—
0.1%
Citigroup,
Inc.
(Zimmer
Biomet
Holdings,
Inc.),
16.77%, 01/19/23
................
33
3,859,703
Royal
Bank
of
Canada
(Koninklijke
Philips
NV),
27.66%, 02/09/23
(b)
...............
EUR
86
1,261,445
Toronto-Dominion
Bank
(The)
(Medtronic
plc),
18.75%, 01/19/23
................
USD
57
4,436,784
9,557,932
Health
Care
Providers
&
Services
—
0.7%
BNP
Paribas
SA
(Cigna
Corp.),
12.94%, 01/06/23
(b)
...............
33
11,061,910
BNP
Paribas
SA
(CVS
Health
Corp.),
11.25%, 01/06/23
(b)
...............
110
10,260,730
BNP
Paribas
SA
(Elevance
Health,
Inc.),
11.64%, 01/26/23
(b)
...............
17
8,570,589
BNP
Paribas
SA
(Humana,
Inc.),
13.34%, 01/06/23
(b)
...............
19
9,753,646
BNP
Paribas
SA
(McKesson
Corp.),
11.88%, 01/06/23
(b)
...............
27
10,169,339
BNP
Paribas
SA
(UnitedHealth
Group,
Inc.),
11.01%, 01/06/23
(b)
...............
20
10,486,989
Citigroup,
Inc.
(UnitedHealth
Group,
Inc.),
13.43%, 01/19/23
................
16
8,378,052
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
83
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Health
Care
Providers
&
Services
(continued)
JPMorgan
Structured
Products
BV
(CVS
Health
Corp.),
12.94%, 02/09/23
...........
USD
17
$
1,604,540
Merrill
Lynch
International
&
Co.
(Cardinal
Health,
Inc.),
25.03%, 02/16/23
.......
41
3,212,506
Societe
Generale
SA
(Cigna
Corp.),
15.10%, 02/06/23
................
10
3,265,680
Societe
Generale
SA
(Elevance
Health,
Inc.),
14.13%, 01/26/23
................
3
1,710,741
Societe
Generale
SA
(Humana,
Inc.),
19.75%, 02/02/23
................
4
2,287,993
Societe
Generale
SA
(Laboratory
Corp.
of
America
Holdings),
18.56%, 02/06/23
...
19
4,398,956
Toronto-Dominion
Bank
(The)
(Elevance
Health,
Inc.),
18.14%, 01/19/23
.......
5
2,614,987
87,776,658
Hotels,
Restaurants
&
Leisure
—
0.2%
BNP
Paribas
SA
(Expedia
Group,
Inc.),
17.48%, 02/10/23
(b)
...............
28
2,512,008
Mizuho
Financial
Group,
Inc.
(Marriott
International,
Inc.),
14.46%, 02/14/23
...
27
4,107,354
Royal
Bank
of
Canada
(Hilton
Worldwide
Holdings,
Inc.),
11.80%, 02/14/23
(b)
.....
64
8,232,905
Royal
Bank
of
Canada
(McDonald's
Corp.),
5.47%, 01/25/23
(b)
................
43
11,261,186
26,113,453
Household
Products
—
0.2%
Barclays
Bank
plc
(Kimberly-Clark
Corp.),
15.13%, 02/02/23
................
8
1,019,560
BNP
Paribas
SA
(Procter
&
Gamble
Co.
(The)),
7.80%, 01/19/23
(b)
................
97
14,311,457
JPMorgan
Structured
Products
BV
(Kimberly-
Clark
Corp.),
5.13%, 01/25/23
........
48
6,513,833
21,844,850
Insurance
—
0.3%
Barclays
Bank
plc
(Marsh
&
McLennan
Cos.,
Inc..),
9.31%, 01/27/23
.............
45
7,456,518
BNP
Paribas
SA
(Willis
Towers
Watson
plc),
15.93%, 02/02/23
(b)
...............
16
3,939,546
Citigroup,
Inc.
(Progressive
Corp.
(The)),
13.05%, 01/26/23
................
44
5,701,323
Mizuho
Financial
Group,
Inc.
(Allstate
Corp.
(The)),
11.76%, 01/24/23
...........
33
4,492,981
Mizuho
Financial
Group,
Inc.
(Fidelity
National
Financial,
Inc.),
20.86%, 01/23/23
......
86
3,397,094
Mizuho
Financial
Group,
Inc.
(MetLife,
Inc.),
9.61%, 02/02/23
.................
57
4,157,943
Societe
Generale
SA
(MetLife,
Inc.),
12.82%, 02/02/23
................
23
1,658,367
Societe
Generale
SA
(Travelers
Cos.,
Inc.
(The)),
12.19%, 01/20/23
...........
9
1,739,287
UBS
AG
(American
International
Group,
Inc.),
16.30%, 01/23/23
................
66
4,115,702
36,658,761
Interactive
Media
&
Services
—
0.1%
Societe
Generale
SA
(Alphabet,
Inc.),
13.81%, 02/01/23
................
121
10,779,904
Internet
&
Direct
Marketing
Retail
—
0.1%
BMO
Capital
Markets
Corp.
(Amazon.com,
Inc.),
15.37%, 01/26/23
.............
122
10,328,063
BNP
Paribas
SA
(Amazon.com,
Inc.),
19.38%, 02/03/23
(b)
...............
56
4,816,469
Security
Par
(000)
Par
(000)
Value
Internet
&
Direct
Marketing
Retail
(continued)
Societe
Generale
SA
(Amazon.com,
Inc.),
22.40%, 02/03/23
................
USD
30
$
2,555,162
17,699,694
IT
Services
—
0.3%
Barclays
Bank
plc
(SS&C
Technologies
Holdings,
Inc.),
23.50%, 01/11/23
......
61
3,191,195
BMO
Capital
Markets
Corp.
(Mastercard,
Inc.),
13.26%, 01/26/23
................
31
10,949,093
BNP
Paribas
SA
(Cognizant
Technology
Solutions
Corp.),
19.84%, 02/23/23
(b)
...
95
5,341,032
BNP
Paribas
SA
(Fiserv,
Inc.),
11.57%, 02/08/23
(b)
...............
53
5,386,697
JPMorgan
Structured
Products
BV
(Fidelity
National
Information
Services,
Inc.),
22.88%, 01/11/23
(b)(c)
..............
52
3,415,270
JPMorgan
Structured
Products
BV
(Fiserv,
Inc.),
12.34%, 02/08/23
.............
17
1,706,800
Mizuho
Financial
Group,
Inc.
(Global
Payments,
Inc.),
16.31%, 02/10/23
.....
21
2,073,817
Mizuho
Financial
Group,
Inc.
(PayPal
Holdings,
Inc.),
22.06%, 02/01/23
.............
62
4,518,634
36,582,538
Life
Sciences
Tools
&
Services
—
0.1%
Societe
Generale
SA
(Agilent
Technologies,
Inc.),
15.10%, 02/23/23
.............
16
2,377,427
Societe
Generale
SA
(Danaher
Corp.),
18.91%, 01/27/23
................
42
10,997,344
Societe
Generale
SA
(Thermo
Fisher
Scientific,
Inc.),
15.02%, 02/02/23
.............
8
4,172,446
17,547,217
Machinery
—
0.8%
BNP
Paribas
SA
(Spirax-Sarco
Engineering
plc)
8.01%,
01/13/23
(b)
................
3
10,888,576
10.86%,
11/13/23
(b)
...............
3
10,891,803
Citigroup,
Inc.
(Spirax-Sarco
Engineering
plc)
8.91%,
01/13/23
.................
3
10,599,009
9.35%,
01/31/23
.................
3
10,633,092
Mizuho
Financial
Group,
Inc.
(Caterpillar,
Inc.),
15.11%, 01/27/23
................
35
8,328,326
Royal
Bank
of
Canada
(Spirax-Sarco
Engineering
plc)
10.87%,
02/07/23
(b)
...............
2
7,952,008
11.06%,
02/14/23
(b)
...............
2
7,945,773
10.81%,
02/22/23
(b)
...............
2
8,098,174
Societe
Generale
SA
(Deere
&
Co.),
18.63%, 02/17/23
................
9
4,080,256
Societe
Generale
SA
(Spirax-Sarco
Engineering
plc)
9.63%,
01/13/23
.................
3
10,544,319
9.89%,
01/25/23
.................
3
10,573,665
100,535,001
Media
—
0.1%
JPMorgan
Structured
Products
BV
(Publicis
Groupe
SA),
14.33%, 01/09/23
.......
EUR
19
1,186,609
Royal
Bank
of
Canada
(Comcast
Corp.),
15.95%, 01/24/23
(b)
...............
USD
316
11,002,114
Societe
Generale
SA
(Comcast
Corp.),
26.74%, 01/06/23
................
113
3,723,493
15,912,216
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
84
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Metals
&
Mining
—
0.2%
Barclays
Bank
plc
(Alcoa
Corp.),
34.04%, 01/19/23
................
USD
92
$
4,232,244
Citigroup,
Inc.
(Freeport-McMoRan,
Inc.),
19.47%, 01/06/23
................
259
9,481,641
JPMorgan
Structured
Products
BV
(Perseus
Mining
Ltd),
21.33%, 01/26/23
........
GBP
219
2,721,485
Mizuho
Financial
Group,
Inc.
(Perseus
Mining
Ltd),
20.05%, 01/17/23
.............
USD
6
572,395
Royal
Bank
of
Canada
(Nucor
Corp.),
19.70%, 01/30/23
(b)
...............
44
5,878,612
22,886,377
Multiline
Retail
—
0.1%
JPMorgan
Structured
Products
BV
(Macy's,
Inc.),
22.64%, 02/22/23
.............
294
6,253,132
Societe
Generale
SA
(Target
Corp.),
20.20%, 03/02/23
................
25
3,823,757
UBS
AG
(Dollar
General
Corp.),
16.10%, 01/23/23
................
7
1,790,400
11,867,289
Multi-Utilities
—
0.0%
Citigroup,
Inc.
(Public
Service
Enterprise
Group,
Inc.),
18.30%, 01/19/23
.......
42
2,457,222
Oil,
Gas
&
Consumable
Fuels
—
0.5%
Barclays
Bank
plc
(Pioneer
Natural
Resources
Co.),
27.36%, 01/06/23
.............
43
9,780,488
BNP
Paribas
SA
(ConocoPhillips),
23.25%, 02/23/23
(b)
...............
11
1,329,724
BNP
Paribas
SA
(Occidental
Petroleum
Corp.),
18.60%, 01/06/23
(b)
...............
113
7,128,326
BNP
Paribas
SA
(Williams
Cos.,
Inc.
(The)),
23.02%, 02/02/23
(b)
...............
44
1,462,565
JPMorgan
Structured
Products
BV
(BP
plc),
20.50%, 01/26/23
................
GBP
1,061
6,151,811
JPMorgan
Structured
Products
BV
(Shell
plc),
17.90%, 01/09/23
................
75
2,112,406
Societe
Generale
SA
(Chevron
Corp.),
14.01%, 01/27/23
................
USD
32
5,695,654
Societe
Generale
SA
(Devon
Energy
Corp.),
22.32%, 01/18/23
................
158
9,832,413
Societe
Generale
SA
(Diamondback
Energy,
Inc.),
14.08%, 02/23/23
.............
41
5,528,547
Societe
Generale
SA
(EQT
Corp.),
26.52%, 01/06/23
................
71
2,423,015
Societe
Generale
SA
(Exxon
Mobil
Corp.),
8.94%, 02/01/23
.................
52
5,708,562
Societe
Generale
SA
(Hess
Corp.),
33.84%, 02/02/23
................
12
1,639,228
UBS
AG
(Chevron
Corp.),
11.30%, 01/27/23
.
10
1,720,403
60,513,142
Personal
Products
—
0.0%
Mizuho
Financial
Group,
Inc.
(Unilever
plc),
11.55%, 01/23/23
................
73
3,640,513
Pharmaceuticals
—
0.3%
BNP
Paribas
SA
(Novo
Nordisk
A/S),
19.73%, 02/02/23
(b)
...............
11
1,370,453
Citigroup,
Inc.
(Eli
Lilly
&
Co.),
28.60%, 01/06/23
................
2
878,899
HSBC
Bank
plc
(AstraZeneca
plc),
17.91%, 01/26/23
................
GBP
41
5,442,346
Mizuho
Financial
Group,
Inc.
(Eli
Lilly
&
Co.),
12.40%, 02/01/23
................
USD
30
10,903,927
Royal
Bank
of
Canada
(Bayer
AG),
24.39%, 02/09/23
(b)
...............
EUR
74
3,934,434
Security
Par
(000)
Par
(000)
Value
Pharmaceuticals
(continued)
Royal
Bank
of
Canada
(Merck
KGaA),
12.43%, 02/23/23
(b)
...............
USD
8
$
854,009
Royal
Bank
of
Canada
(Sanofi),
23.21%, 02/09/23
(b)
...............
EUR
49
4,711,228
UBS
AG
(Jazz
Pharmaceuticals
plc),
10.70%, 01/26/23
................
USD
36
5,660,427
UBS
AG
(Merck
KGaA),
14.90%, 02/01/23
..
99
11,060,820
44,816,543
Professional
Services
—
0.0%
Merrill
Lynch
International
&
Co.
(Leidos
Holdings,
Inc.),
22.17%, 01/11/23
......
20
2,132,827
Real
Estate
Management
&
Development
—
0.0%
UBS
AG
(Sirius
Real
Estate
Ltd),
14.80%, 01/23/23
................
11
1,651,690
Road
&
Rail
—
0.2%
Barclays
Bank
plc
(Old
Dominion
Freight
Line,
Inc.),
14.25%, 01/25/23
.............
28
8,084,313
BNP
Paribas
SA
(Union
Pacific
Corp.),
12.34%, 01/20/23
(b)
...............
26
5,410,927
Societe
Generale
SA
(CSX
Corp.),
15.26%, 01/20/23
................
260
8,090,179
21,585,419
Semiconductors
&
Semiconductor
Equipment
—
0.1%
Citigroup,
Inc.
(Broadcom,
Inc.),
17.13%, 01/19/23
................
4
1,979,930
Royal
Bank
of
Canada
(KLA
Corp.),
13.11%, 01/25/23
(b)
...............
22
8,170,123
Societe
Generale
SA
(Analog
Devices,
Inc.),
17.42%, 02/16/23
................
25
4,149,758
14,299,811
Software
—
0.4%
Barclays
Bank
plc
(Cadence
Design
Systems,
Inc.),
20.31%, 02/23/23
.............
26
4,248,468
BNP
Paribas
SA
(Fortinet,
Inc.),
16.19%, 02/06/23
(b)
...............
110
5,372,406
Citigroup,
Inc.
(Microsoft
Corp.),
16.91%, 01/25/23
................
87
21,094,077
JPMorgan
Structured
Products
BV
(Paycom
Software,
Inc.),
15.13%, 02/08/23
(b)(c)
...
8
2,551,207
Societe
Generale
SA
(Microsoft
Corp.),
18.68%, 01/06/23
................
12
2,729,082
Societe
Generale
SA
(Palo
Alto
Networks,
Inc.),
12.22%, 01/18/23
................
66
9,217,322
UBS
AG
(ServiceNow,
Inc.),
13.60%, 01/25/23
21
8,178,388
53,390,950
Specialty
Retail
—
0.3%
Mizuho
Financial
Group,
Inc.
(Ross
Stores,
Inc.),
16.15%, 01/17/23
.............
23
2,464,524
Mizuho
Financial
Group,
Inc.
(Ulta
Beauty,
Inc.),
12.20%, 01/26/23
.............
11
5,396,852
Societe
Generale
SA
(Home
Depot,
Inc.
(The)),
14.71%, 01/18/23
................
35
11,139,499
Societe
Generale
SA
(O'Reilly
Automotive,
Inc.),
10.57%, 02/09/23
.............
6
5,359,721
UBS
AG
(O'Reilly
Automotive,
Inc.),
10.50%, 02/03/23
................
11
8,932,618
33,293,214
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
Barclays
Bank
plc
(Apple,
Inc.)
7.98%,
01/26/23
.................
154
20,131,180
13.10%,
02/15/23
................
154
20,278,416
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
85
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Technology
Hardware,
Storage
&
Peripherals
(continued)
Barclays
Bank
plc
(Samsung
Electronics
Co.
Ltd.),
14.48%, 02/09/23
............
USD
1
$
555,026
40,964,622
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
UBS
AG
(Ralph
Lauren
Corp.),
30.80%, 02/16/23
................
24
2,478,959
Tobacco
—
0.2%
Barclays
Bank
plc
(Philip
Morris
International,
Inc.),
13.36%, 02/10/23
.............
133
13,605,468
Mizuho
Financial
Group,
Inc.
(Altria
Group,
Inc.),
21.90%, 02/16/23
.............
56
2,613,632
Royal
Bank
of
Canada
(British
American
Tobacco
plc),
22.52%, 02/09/23
(b)
......
GBP
49
1,963,809
UBS
AG
(Altria
Group,
Inc.),
27.60%, 01/25/23
USD
186
8,656,140
26,839,049
Trading
Companies
&
Distributors
—
0.2%
Mizuho
Financial
Group,
Inc.
(United
Rentals,
Inc.),
13.50%, 01/26/23
.............
30
10,880,037
Royal
Bank
of
Canada
(United
Rentals,
Inc.),
10.80%, 01/25/23
(b)
...............
24
8,451,501
19,331,538
Transportation
Infrastructure
—
0.1%
JPMorgan
Structured
Products
BV
(SIA
Engineering
Co.
Ltd.),
20.28%, 01/26/23
.
EUR
10
1,370,493
Mizuho
Financial
Group,
Inc.
(Aeroports
de
Paris),
10.16%, 01/26/23
............
USD
21
5,105,417
UBS
AG
(Aeroports
de
Paris),
12.60%, 01/26/23
................
34
8,051,899
14,527,809
Wireless
Telecommunication
Services
—
0.0%
(b)
Royal
Bank
of
Canada
(Rogers
Communications,
Inc.),
19.30%, 02/23/23
CAD
60
2,730,342
Royal
Bank
of
Canada
(Vodafone
Group
plc),
32.87%, 01/09/23
................
GBP
2,508
2,579,497
5,309,839
Total
Equity-Linked
Notes
—
8.6%
(Cost:
$1,155,024,502)
...........................
1,123,461,801
Floating
Rate
Loan
Interests
Aerospace
&
Defense
—
0.1%
(a)
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.25%),
8.98%
,
 05/25/28
.................
USD
2,652
2,221,902
Atlas
CC
Acquisition
Corp.,
1st
Lien
Term
Loan
C,
(LIBOR
USD
3
Month
+
4.25%),
8.98%
,
 05/25/28
.................
539
451,913
Cobham
Ultra
SeniorCo
SARL,
Facility
Term
Loan
B,
(LIBOR
USD
6
Month
+
3.75%),
7.06%
,
 08/03/29
.................
603
585,383
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B1,
(1
Month
CME
Term
SOFR
+
3.50%),
7.92%
,
 04/06/26
.................
2,387
2,270,740
Dynasty
Acquisition
Co.,
Inc.,
Term
Loan
B2,
(1
Month
CME
Term
SOFR
+
3.50%),
7.92%
,
 04/06/26
.................
1,283
1,220,609
Peraton
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
8.13%
,
 02/01/28
2,600
2,534,097
Peraton
Corp.,
2nd
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
7.75%),
12.09%
,
 02/01/29
1,118
1,060,305
TransDigm,
Inc.,
Term
Loan
F,
(LIBOR
USD
3
Month
+
2.25%),
6.98%
,
 12/09/25
.....
1,959
1,932,259
Security
Par
(000)
Par
(000)
Value
Aerospace
&
Defense
(continued)
TransDigm,
Inc.,
Term
Loan
H,
(3
Month
CME
Term
SOFR
+
3.25%),
7.57%
,
 02/22/27
..
USD
939
$
934,540
13,211,748
Airlines
—
0.1%
(a)
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
8.99%
,
 04/20/28
2,258
2,245,672
Air
Canada,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
8.13%
,
 08/11/28
..........
2,299
2,267,435
American
Airlines,
Inc.,
Term
Loan
(LIBOR
USD
1
Month
+
1.75%),
6.14%, 06/27/25
...............
1,810
1,736,478
(LIBOR
USD
1
Month
+
1.75%),
6.14%, 01/29/27
...............
818
774,552
Kestrel
Bidco,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
7.35%
,
 12/11/26
......
1,003
909,478
Mileage
Plus
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
10.00%
,
 06/21/27
2,965
3,046,217
United
AirLines,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
8.11%
,
 04/21/28
.
2,478
2,441,901
13,421,733
Auto
Components
—
0.0%
(a)
Adient
US
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.25%),
7.63%
,
 04/10/28
.....
922
910,721
Clarios
Global
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.63%
,
 04/30/26
4,014
3,924,883
4,835,604
Automobiles
—
0.0%
Dealer
Tire
Financial,
LLC,
Term
Loan
B2,
(3
Month
CME
Term
SOFR
+
4.50%),
8.82%
,
 12/14/27
(a)
................
1,935
1,906,456
Banks
—
0.1%
CML
Hyatt
Lost
Pines,
Term
Loan,
(LIBOR
USD
1
Month
+
0.00%),
0.00%
-
13.93%
,
 01/01/28
(a)(g)
..............
10,600
10,358,181
Beverages
—
0.1%
(a)
Naked
Juice
LLC,
1st
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
+
3.25%),
7.93%
,
 01/24/29
.................
5,347
4,768,913
Naked
Juice
LLC,
2nd
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
+
6.00%),
10.68%
,
 01/24/30
................
1,845
1,451,203
6,220,116
Building
Products
—
0.0%
(a)
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
7.57%
,
 04/12/28
.................
342
305,788
CP
Atlas
Buyer,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
4.25%
-
7.88%
,
 11/23/27
.................
1,848
1,613,252
CP
Iris
Holdco
I,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
7.88%
,
 10/02/28
.................
811
720,375
CP
Iris
Holdco
I,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan,
10/02/28
(o)
.............
145
128,882
Jeld-Wen,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.25%),
6.63%
,
 07/28/28
.....
1,313
1,221,900
Wilsonart
LLC,
Term
Loan
E,
(LIBOR
USD
3
Month
+
3.25%),
7.98%
,
 12/31/26
.....
2,032
1,929,600
5,919,797
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
86
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Capital
Markets
—
0.2%
(a)
Advisor
Group
Holdings,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.50%),
8.88%
,
 07/31/26
.................
USD
1,443
$
1,408,855
Axalta
Coating
Systems
Dutch
Holding
B
BV,
Facility
Term
Loan
B4,
(3
Month
CME
Term
SOFR
+
3.00%),
7.51%
,
 12/20/29
.....
1,244
1,244,000
Azalea
TopCo,
Inc.,
1st
Lien
Term
Loan
(LIBOR
USD
1
Month
+
3.50%),
7.88%, 07/24/26
...............
1,664
1,520,597
(LIBOR
USD
1
Month
+
3.75%),
8.13%, 07/24/26
...............
782
716,380
Castlelake
Aviation
One
DAC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
7.52%
,
 10/22/26
.................
1,596
1,579,282
CML
Paradise
Plaza,
Term
Loan,
(LIBOR
USD
3
Month
+
0.00%),
0.00%
-
13.93%
,
 01/01/28
(g)
...............
9,420
9,098,925
Focus
Financial
Partners
LLC,
Term
Loan
B4,
(1
Month
CME
Term
SOFR
+
2.50%),
6.82%
,
 06/30/28
.................
1,621
1,587,327
Greenhill
&
Co.,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.63%
,
 04/12/24
....
975
946,829
Ion
Trading
Finance
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
9.48%
,
 04/01/28
717
678,150
Mercury
Borrower,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
8.25%
,
 08/02/28
.................
2,322
2,213,123
20,993,468
Chemicals
—
0.2%
(a)
ARC
Falcon
I,
Inc.,
Delayed
Draw
Term
Loan,
09/30/28
(o)
.....................
165
144,742
ARC
Falcon
I,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
8.13%
,
 09/30/28
.....
1,121
981,566
Aruba
Investments
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
8.14%
,
 11/24/27
.................
943
914,179
Ascend
Performance
Materials
Operations
LLC,
Term
Loan,
(6
Month
CME
Term
SOFR
+
4.75%),
8.83%
,
 08/27/26
..........
2,545
2,390,821
CPC
Acquisition
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
8.48%
,
 12/29/27
.................
860
618,115
Discovery
Purchaser
Corp.,
1st
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
+
4.38%),
7.97%
,
 10/04/29
.................
1,712
1,556,636
Ecovyst
Catalyst
Technologies
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
6.91%
,
 06/09/28
.................
1,635
1,606,964
Element
Solutions,
Inc.,
Term
Loan
B1,
(1
Month
CME
Term
SOFR
+
2.00%),
6.32%
,
 01/31/26
.................
2,203
2,196,415
Herens
Holdco
SARL,
Facility
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.00%),
8.73%
,
 07/03/28
.................
1,390
1,270,242
Lummus
Technology
Holdings
V
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
7.88%
,
 06/30/27
.................
1,009
964,616
Messer
Industries
GmbH,
Term
Loan
B1,
(LIBOR
USD
3
Month
+
2.50%),
7.23%
,
 03/02/26
.................
1,775
1,757,526
Momentive
Performance
Materials,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.64%
,
 05/15/24
...........
1,613
1,605,465
Security
Par
(000)
Par
(000)
Value
Chemicals
(continued)
Oxea
Holding
Vier
GMBH,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
3.25%),
7.00%
,
 10/14/24
.................
USD
1,886
$
1,776,439
Sparta
US
HoldCo
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
7.62%
,
 08/02/28
.................
1,312
1,273,166
WR
Grace
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
8.50%
,
 09/22/28
860
842,570
19,899,462
Commercial
Services
&
Supplies
—
0.2%
(a)
Allied
Universal
Holdco
LLC,
Term
Loan,
(1
Month
CME
Term
SOFR
+
3.75%),
8.17%
,
 05/12/28
.................
2,906
2,755,369
Amentum
Government
Services
Holdings
LLC,
1st
Lien
Term
Loan,
(6
Month
CME
Term
SOFR
+
4.00%),
7.56%
-
8.76%
,
 02/15/29
1,395
1,356,195
Aramark
Intermediate
HoldCo
Corp.,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
1.75%),
6.13%
,
 03/11/25
.................
1,950
1,934,770
Asplundh
Tree
Expert
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
1.75%),
6.13%
,
 09/07/27
2,265
2,261,592
Covanta
Holding
Corp.,
Term
Loan
B,
(1
Month
CME
Term
SOFR
+
2.50%),
6.82%
,
 11/30/28
.................
1,886
1,869,830
Covanta
Holding
Corp.,
Term
Loan
C,
(1
Month
CME
Term
SOFR
+
2.50%),
6.82%
,
 11/30/28
.................
142
141,121
LABL,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
9.38%
,
 10/29/28
...........
1,355
1,282,309
PECF
USS
Intermediate
Holding
III
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.25%),
8.63%
,
 12/15/28
.................
1,179
979,751
Prime
Security
Services
Borrower
LLC,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
2.75%),
6.50%
,
 09/23/26
...........
1,949
1,929,886
Tempo
Acquisition
LLC,
Term
Loan
B1,
(1
Month
CME
Term
SOFR
+
3.00%),
7.32%
,
 08/31/28
.................
5,107
5,086,593
TruGreen
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
8.38%
,
 11/02/27
....
1,386
1,227,367
Viad
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
9.38%
,
 07/30/28
(g)
..........
1,332
1,251,700
22,076,483
Communications
Equipment
—
0.0%
ViaSat,
Inc.,
Term
Loan,
(1
Month
CME
Term
SOFR
+
4.50%),
8.94%
,
 03/02/29
(a)
....
1,807
1,754,942
Construction
&
Engineering
—
0.1%
(a)
Brand
Industrial
Services,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
7.92%
-
8.61%
,
 06/21/24
.................
2,561
2,285,908
Hilton
Washington
Dupont
Hotel,
Term
Loan,
(LIBOR
USD
1
Month
+
0.00%),
0.00%
-
13.93%
,
 04/01/24
(g)
...............
14,575
13,718,389
Pike
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
7.39%
,
 01/21/28
...........
981
966,321
USIC
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
7.88%
,
 05/12/28
.................
1,325
1,262,498
18,233,116
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
87
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Construction
Materials
—
0.1%
(a)
American
Builders
&
Contractors
Supply
Co.,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.00%),
6.38%
,
 01/15/27
...........
USD
1,623
$
1,607,531
New
AMI
I
LLC,
1st
Lien
Term
Loan,
(1
Month
CME
Term
SOFR
+
6.00%),
10.32%
,
 03/08/29
................
1,578
1,345,244
Oscar
AcquisitionCo
LLC,
Term
Loan
B,
(3
Month
CME
Term
SOFR
+
4.50%),
9.18%
,
 04/29/29
.................
1,182
1,116,293
Standard
Industries,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
6.43%
,
 09/22/28
1,284
1,267,289
TAMKO
Building
Products
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
7.41%
-
7.73%
,
 05/29/26
.................
847
816,760
6,153,117
Containers
&
Packaging
—
0.1%
(a)
Charter
Next
Generation,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
8.13%
,
 12/01/27
.................
3,503
3,396,452
Mauser
Packaging
Solutions
Holding
Co.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.37%
-
7.62%
,
 04/03/24
...........
2,500
2,437,704
Pactiv
Evergreen,
Inc.,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
3.25%),
7.32%
-
7.63%
,
 02/05/26
.................
996
982,298
Tosca
Services
LLC,
Term
Loan,
(1
Month
CME
Term
SOFR
+
3.50%),
7.94%
,
 08/18/27
..
1,218
974,702
Trident
TPI
Holdings,
Inc.,
Delayed
Draw
Term
Loan
B3,
(LIBOR
USD
3
Month
+
4.00%),
7.67%
-
8.07%
,
 09/15/28
...........
169
162,333
Trident
TPI
Holdings,
Inc.,
Term
Loan
B3,
(LIBOR
USD
3
Month
+
4.00%),
7.67%
,
 09/15/28
.................
1,189
1,139,499
9,092,988
Distributors
—
0.0%
PAI
Holdco,
Inc.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
8.16%
,
 10/28/27
(a)
1,331
1,166,895
Diversified
Consumer
Services
—
0.1%
(a)
Ascend
Learning
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
7.88%
,
 12/11/28
.................
1,669
1,575,190
Ascend
Learning
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.75%),
10.13%
,
 12/10/29
................
1,629
1,390,759
Bright
Horizons
Family
Solutions
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.25%),
6.69%
,
 11/24/28
.................
1,649
1,615,912
Sotheby's,
Term
Loan,
(LIBOR
USD
3
Month
+
4.50%),
8.58%
,
 01/15/27
...........
2,780
2,705,494
Spring
Education
Group,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
8.73%
,
 07/30/25
.................
993
967,017
Veritas
US,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
5.00%),
9.73%
,
 09/01/25
.....
3,907
2,739,218
Wand
Newco
3,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.00%),
7.38%
,
 02/05/26
.................
2,337
2,210,701
WCG
Purchaser
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
8.38%
,
 01/08/27
.................
1,322
1,196,165
14,400,456
Security
Par
(000)
Par
(000)
Value
Diversified
Financial
Services
—
0.9%
(a)
Belron
Finance
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
6.69%
,
 10/30/26
....
USD
1,292
$
1,284,342
Belron
Group
SA,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
7.06%
,
 04/13/28
.....
788
778,682
CML
ST
Regis
Aspen,
Term
Loan,
(LIBOR
USD
3
Month
+
0.00%),
0.00%
,
 01/01/28
(g)
...
11,991
11,491,546
Colorado
Plaza,
Term
Loan,
(LIBOR
USD
1
Month
+
0.00%),
0.00%
-
13.93%
,
 05/15/24
(g)(m)
..............
7,906
3,969,883
Deerfield
Dakota
Holding
LLC,
1st
Lien
Term
Loan,
(1
Month
CME
Term
SOFR
+
3.75%),
8.07%
,
 04/09/27
.................
4,530
4,222,905
Deerfield
Dakota
Holding
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.75%),
11.13%
,
 04/07/28
................
1,440
1,364,400
Houston
Center,
Term
Loan,
(LIBOR
USD
1
Month
+
0.00%),
0.00%
-
13.93%
,
 01/09/24
(g)
...............
40,436
38,803,904
Lions
Gate
Capital
Holdings
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.25%),
6.63%
,
 03/24/25
.................
2,438
2,322,180
Park
Avenue
Tower,
Term
Loan,
(LIBOR
USD
1
Month
+
0.00%),
0.00%
-
13.93%
,
 03/09/24
(g)
...............
31,329
30,749,362
Sheraton
Austin,
Term
Loan,
(LIBOR
USD
3
Month
+
0.00%),
0.00%
,
 01/01/28
(g)
....
8,491
8,167,250
Sotera
Health
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
7.16%
,
 12/11/26
.................
3,147
2,895,240
The
Vinoy
St.
Petersburg,
Term
Loan,
(LIBOR
USD
1
Month
+
0.00%),
0.00%
,
 01/01/38
(g)
11,197
10,756,198
Travelport
Finance
SARL,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.00%),
9.73%
,
 05/29/26
.................
1,302
880,203
UPC
Financing
Partnership,
Facility
Term
Loan
AX,
(LIBOR
USD
1
Month
+
2.93%),
7.24%
,
 01/31/29
.................
646
630,324
White
Cap
Supply
Holdings
LLC,
Term
Loan,
(1
Month
CME
Term
SOFR
+
3.75%),
8.07%
,
 10/19/27
.................
1,290
1,245,124
119,561,543
Diversified
Telecommunication
Services
—
0.2%
(a)
Altice
Financing
SA,
Term
Loan
(LIBOR
USD
3
Month
+
2.75%),
6.83%, 07/15/25
...............
942
910,448
(LIBOR
USD
3
Month
+
2.75%),
6.83%, 01/31/26
...............
463
444,057
Altice
France
SA,
Term
Loan
B13,
(LIBOR
USD
3
Month
+
4.00%),
8.65%
,
 08/14/26
....
1,909
1,771,306
Cablevision
Lightpath
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.57%
,
 11/30/27
.
452
431,740
Connect
Finco
SARL,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
7.58%
,
 12/11/26
....
5,664
5,590,598
Consolidated
Communications,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.50%),
7.88%
,
 10/02/27
.................
1,328
1,168,404
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.75%),
8.50%
,
 05/01/28
.................
1,341
1,276,765
Iridium
Satellite
LLC,
Term
Loan
B2,
(1
Month
CME
Term
SOFR
+
2.50%),
6.92%
,
 11/04/26
.................
2,077
2,055,433
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
88
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Diversified
Telecommunication
Services
(continued)
Level
3
Financing,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
1.75%),
6.13%
,
 03/01/27
USD
1,115
$
1,066,219
Orbcomm,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
8.63%
-
8.98%
,
 09/01/28
.................
1,176
1,001,660
Radiate
Holdco
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.63%
,
 09/25/26
....
2,158
1,745,387
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
N,
(LIBOR
USD
1
Month
+
2.50%),
6.82%
,
 01/31/28
.................
462
453,874
Virgin
Media
Bristol
LLC,
Facility
Term
Loan
Q,
(LIBOR
USD
1
Month
+
3.25%),
7.57%
,
 01/31/29
.................
795
786,454
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
7.38%
,
 03/09/27
3,974
3,207,697
21,910,042
Electric
Utilities
—
0.0%
(a)
Calpine
Construction
Finance
Co.
LP,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
6.39%
,
 01/15/25
.................
781
778,762
Edgewater
Generation
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
8.13%
,
 12/13/25
.................
704
665,740
1,444,502
Electrical
Equipment
—
0.0%
(a)
Arcline
FM
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
9.48%
,
 06/23/28
.................
1,668
1,581,469
AZZ,
Inc.,
Term
Loan,
(SOFR
3
Month
+
4.25%),
8.67%
,
 05/13/29
...........
602
601,063
Graftech
International
Ltd.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
7.38%
,
 02/12/25
545
538,425
2,720,957
Electronic
Equipment,
Instruments
&
Components
—
0.0%
Coherent
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.75%),
7.13%
,
 07/02/29
(a)
....
1,274
1,257,298
Energy
Equipment
&
Services
—
0.0%
(a)
Lealand
Finance
Co.
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
7.07%
,
 06/28/24
(g)
41
25,670
Lealand
Finance
Co.
BV,
Term
Loan,
(LIBOR
USD
1
Month
+
1.00%),
5.07%
-
5.38%
,
 06/30/25
.................
402
210,311
235,981
Entertainment
—
0.2%
(a)
AMC
Entertainment
Holdings,
Inc.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.00%),
7.27%
,
 04/22/26
.................
1,786
961,678
City
Football
Group
Ltd.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
7.36%
,
 07/21/28
1,720
1,604,065
Formula
One
Management
Ltd.,
1st
Lien
Facility
Term
Loan
B,
(1
Month
CME
Term
SOFR
+
3.25%),
7.57%
,
 01/15/30
.....
1,308
1,306,365
Kingpin
Intermediate
Holdings
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
7.89%
,
 07/03/24
(g)
................
2,946
2,938,788
Live
Nation
Entertainment,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
1.75%),
6.13%
,
 10/19/26
.................
4,465
4,353,669
NASCAR
Holdings
LLC,
Term
Loan,
10/19/26
(o)
504
502,923
Security
Par
(000)
Par
(000)
Value
Entertainment
(continued)
Playtika
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.75%),
7.13%
,
 03/13/28
USD
1,952
$
1,859,799
Renaissance
Holding
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.63%
,
 05/30/25
.................
86
81,636
SMG
US
Midco
2,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
6.91%
,
 01/23/25
.................
1,318
1,280,907
UFC
Holdings
LLC,
1st
Lien
Term
Loan
B3,
(LIBOR
USD
3
Month
+
2.75%),
7.11%
,
 04/29/26
.................
1,646
1,622,273
William
Morris
Endeavor
Entertainment
LLC,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.75%),
7.14%
,
 05/18/25
.....
3,301
3,223,647
WMG
Acquisition
Corp.,
Term
Loan
G,
(LIBOR
USD
1
Month
+
2.13%),
6.51%
,
 01/20/28
2,952
2,913,467
22,649,217
Equity
Real
Estate
Investment
Trusts
(REITs)
—
0.0%
RHP
Hotel
Properties
LP,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
6.39%
,
 05/11/24
(a)
2,237
2,223,022
Food
&
Staples
Retailing
—
0.0%
US
Foods,
Inc.,
Term
Loan
B
(a)
(LIBOR
USD
1
Month
+
2.00%),
6.38%, 09/13/26
...............
1,687
1,667,871
(LIBOR
USD
1
Month
+
2.75%),
7.13%, 11/22/28
...............
1,051
1,043,839
2,711,710
Food
Products
—
0.1%
(a)
8th
Avenue
Food
&
Provisions,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
8.13%
,
 10/01/25
.................
1,802
1,493,441
B&G
Foods,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.50%),
6.88%
,
 10/10/26
....
218
205,702
Chobani
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
7.88%
,
 10/25/27
.....
4,010
3,923,357
Froneri
International
Ltd.,
Facility
1st
Lien
Term
Loan
B2,
(LIBOR
USD
1
Month
+
2.25%),
6.63%
,
 01/29/27
.................
4,004
3,890,205
Hostess
Brands
LLC,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
2.25%),
6.63%
-
6.66%
,
 08/03/25
.................
1,507
1,500,543
Nomad
Foods
Ltd.,
Facility
Term
Loan
B2,
(3
Month
CME
Term
SOFR
+
3.75%),
8.23%
,
 11/12/29
.................
798
794,286
Sovos
Brands
Intermediate,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
7.91%
,
 06/08/28
.................
1,652
1,605,242
Triton
Water
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
8.23%
,
 03/31/28
.................
2,401
2,224,189
Utz
Quality
Foods
LLC,
1st
Lien
Term
Loan,
(1
Month
CME
Term
SOFR
+
3.00%),
7.44%
,
 01/20/28
.................
2,915
2,882,729
18,519,694
Health
Care
Equipment
&
Supplies
—
0.1%
(a)
Chariot
Buyer
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.63%
,
 11/03/28
.
3,175
2,986,948
Insulet
Corp.,
Term
Loan
B,
(1
Month
CME
Term
SOFR
+
3.25%),
7.69%
,
 05/04/28
..
889
875,562
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
89
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Health
Care
Equipment
&
Supplies
(continued)
Medline
Borrower
LP,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.63%
,
 10/23/28
....
USD
6,117
$
5,805,257
9,667,767
Health
Care
Providers
&
Services
—
0.1%
(a)
CHG
Healthcare
Services,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.63%
,
 09/29/28
.................
1,627
1,589,093
CNT
Holding
I
Corp.,
1st
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
+
3.50%),
7.24%
,
 11/08/27
.................
1,592
1,538,552
Electron
Bidco,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
7.38%
,
 11/01/28
.................
2,302
2,238,323
Envision
Healthcare
Corp.,
Term
Loan
(3
Month
CME
Term
SOFR
+
4.25%),
8.83%, 03/31/27
...............
1,854
630,453
(3
Month
CME
Term
SOFR
+
7.88%),
12.61%, 03/31/27
..............
353
312,539
EyeCare
Partners
LLC,
1st
Lien
Term
Loan
(LIBOR
USD
3
Month
+
3.75%),
8.48%, 02/18/27
...............
1,337
1,064,757
(LIBOR
USD
3
Month
+
3.75%),
8.48%, 11/15/28
...............
416
348,980
EyeCare
Partners
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
6.75%),
11.48%
,
 11/15/29
.................
611
496,997
MED
ParentCo.
LP,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.25%),
8.63%
,
 08/31/26
.................
2,037
1,730,901
Medical
Solutions
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
7.88%
,
 11/01/28
.................
2,119
1,980,910
Medical
Solutions
Holdings,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.00%),
11.38%
,
 11/01/29
.................
404
371,680
Option
Care
Health,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
7.13%
,
 10/27/28
.................
1,613
1,599,630
PetVet
Care
Centers
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
7.88%
,
 02/14/25
.................
73
68,855
Surgery
Center
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
8.05%
,
 08/31/26
.................
604
595,603
Vizient,
Inc.,
Term
Loan
B7,
(1
Month
CME
Term
SOFR
+
2.25%),
6.67%
,
 05/16/29
..
349
348,459
WP
CityMD
Bidco
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.63%
,
 12/22/28
1,954
1,948,803
16,864,535
Health
Care
Technology
—
0.1%
(a)
Athenahealth
Group,
Inc.,
Delayed
Draw
Term
Loan,
(3
Month
CME
Term
SOFR
+
0.00%),
3.50%
-
7.82%
,
 02/15/29
...........
131
117,713
Athenahealth
Group,
Inc.,
Term
Loan,
(1
Month
CME
Term
SOFR
+
3.50%),
7.82%
,
 02/15/29
.................
3,070
2,764,142
Polaris
Newco
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
8.73%
,
 06/02/28
.................
2,660
2,421,136
Verscend
Holding
Corp.,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
4.00%),
8.38%
,
 08/27/25
2,737
2,714,373
8,017,364
Security
Par
(000)
Par
(000)
Value
Hotels,
Restaurants
&
Leisure
—
0.4%
(a)
1011778
BC
Unlimited
Liability
Co.,
Term
Loan
B4,
(LIBOR
USD
3
Month
+
1.75%),
6.13%
-
6.16%
,
 11/19/26
.................
USD
2,969
$
2,913,166
Aimbridge
Acquisition
Co.,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
8.13%
,
 02/02/26
.................
246
221,819
Bally's
Corp.,
Facility
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
7.54%
,
 10/02/28
1,001
923,309
Caesars
Resort
Collection
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.75%),
7.13%
,
 12/23/24
.................
2,458
2,450,337
Caesars
Resort
Collection
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.50%),
7.88%
,
 07/21/25
.................
89
88,398
Carnival
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
7.38%
,
 06/30/25
.....
2,321
2,218,676
Churchill
Downs,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
6.39%
,
 03/17/28
1,671
1,653,391
CML
La
Quinta
Resort,
Term
Loan,
(LIBOR
USD
1
Month
+
0.00%),
0.00%
-
13.93%
,
 01/01/38
(g)
...............
8,789
8,484,862
CML
Lake
Tahoe
Resort
Hotel,
Term
Loan,
(LIBOR
USD
1
Month
+
0.00%),
0.00%
-
13.93%
,
 01/01/38
(g)
...............
5,272
5,067,673
Fertitta
Entertainment
LLC,
Term
Loan
B,
(1
Month
CME
Term
SOFR
+
4.00%),
8.32%
,
 01/27/29
.................
5,283
5,012,631
Flutter
Entertainment
plc,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
6.98%
,
 07/21/26
2,065
2,033,058
Flutter
Entertainment
plc,
Term
Loan
B,
(3
Month
CME
Term
SOFR
+
3.25%),
8.09%
,
 07/22/28
.................
1,948
1,937,033
Four
Seasons
Holdings,
Inc.,
Term
Loan,
(1
Month
CME
Term
SOFR
+
3.25%),
7.44%
,
 11/30/29
.................
3,687
3,686,141
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
(1
Month
CME
Term
SOFR
+
1.75%),
6.17%
,
 06/22/26
.................
3,294
3,280,825
IRB
Holding
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.75%),
7.13%
,
 02/05/25
....
2,644
2,617,610
Packers
Holdings
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.54%
,
 03/09/28
1,493
1,299,707
Penn
National
Gaming,
Inc.,
Facility
Term
Loan
B,
(1
Month
CME
Term
SOFR
+
2.75%),
7.17%
,
 05/03/29
.................
1,948
1,925,962
Playa
Resorts
Holding
BV,
Term
Loan,
(1
Month
CME
Term
SOFR
+
4.25%),
8.58%
,
 01/05/29
.................
486
472,941
Scientific
Games
International,
Inc.,
Term
Loan
B,
(1
Month
CME
Term
SOFR
+
3.00%),
7.42%
,
 04/14/29
.................
1,379
1,356,908
Seaworld
Parks
&
Entertainment,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
7.44%
,
 08/25/28
.................
1,117
1,094,982
Station
Casinos
LLC,
Facility
Term
Loan
B1,
(LIBOR
USD
1
Month
+
2.25%),
6.64%
,
 02/08/27
.................
2,384
2,322,724
Whatabrands
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
7.63%
,
 08/03/28
....
2,548
2,459,006
Wyndham
Hotels
&
Resorts,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
1.75%),
6.13%
,
 05/30/25
.................
913
911,621
54,432,780
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
90
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Household
Durables
—
0.1%
(a)
ACProducts
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
4.25%),
8.98%
,
 05/17/28
USD
1,621
$
1,206,673
Hunter
Douglas
Holding
BV,
Term
Loan
B1,
(3
Month
CME
Term
SOFR
+
3.50%),
7.86%
,
 02/26/29
.................
2,650
2,320,920
Serta
Simmons
Bedding
LLC,
Term
Loan
(LIBOR
USD
3
Month
+
7.50%),
12.27%, 08/10/23
..............
1,907
1,368,278
Snap
One
Holdings
Corp.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.50%),
8.88%
,
 12/08/28
(g)
696
635,270
SWF
Holdings
I
Corp.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
8.75%
,
 10/06/28
.................
642
522,726
Weber-Stephen
Products
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
7.63%
,
 10/30/27
.................
2,544
2,136,620
8,190,487
Household
Products
—
0.0%
(a)
Diamond
(BC)
BV,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
7.16%
,
 09/29/28
.....
1,867
1,801,462
Spectrum
Brands,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.00%),
6.42%
-
6.74%
,
 03/03/28
.................
633
620,075
2,421,537
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Constellation
Renewables
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
2.50%),
7.24%
,
 12/15/27
(a)
................
1,477
1,460,887
Insurance
—
0.2%
(a)
Alliant
Holdings
Intermediate
LLC,
Term
Loan
(LIBOR
USD
1
Month
+
3.25%),
7.63%, 05/09/25
...............
3,816
3,761,919
Alliant
Holdings
Intermediate
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
3.50%),
7.85%
,
 11/05/27
.................
2,001
1,953,335
AmWINS
Group,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.25%),
6.63%
,
 02/19/28
....
2,937
2,880,698
AssuredPartners,
Inc.,
Term
Loan
(LIBOR
USD
1
Month
+
3.50%),
7.88%, 02/12/27
...............
3,775
3,656,137
Hub
International
Ltd.,
Term
Loan
(LIBOR
USD
3
Month
+
3.00%),
7.33%, 04/25/25
...............
1,599
1,579,334
(3
Month
CME
Term
SOFR
+
4.00%),
8.22%, 11/10/29
...............
774
764,758
Hub
International
Ltd.,
Term
Loan
B3,
(LIBOR
USD
3
Month
+
3.25%),
7.53%
,
 04/25/25
4,739
4,690,118
Ryan
Specialty
Group
LLC,
Term
Loan,
(1
Month
CME
Term
SOFR
+
3.00%),
7.42%
,
 09/01/27
.................
2,251
2,232,430
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
(LIBOR
USD
1
Month
+
3.25%),
7.63%, 12/31/25
...............
797
774,508
(LIBOR
USD
1
Month
+
3.75%),
8.13%, 09/03/26
...............
944
925,013
(LIBOR
USD
1
Month
+
4.25%),
8.63%, 09/03/26
...............
513
505,690
USI,
Inc.,
Term
Loan
(LIBOR
USD
3
Month
+
3.25%),
7.98%, 12/02/26
...............
784
777,605
Security
Par
(000)
Par
(000)
Value
Insurance
(continued)
(3
Month
CME
Term
SOFR
+
3.75%),
8.33%, 11/22/29
...............
USD
3,214
$
3,179,485
27,681,030
Interactive
Media
&
Services
—
0.1%
(a)
Acuris
Finance
US,
Inc.,
Term
Loan,
(3
Month
CME
Term
SOFR
+
4.00%),
8.73%
,
 02/16/28
.................
651
639,193
Adevinta
ASA,
Facility
Term
Loan
B2,
(LIBOR
USD
3
Month
+
2.75%),
7.48%
,
 06/26/28
1,580
1,559,216
Camelot
US
Acquisition
1
Co.,
Term
Loan
(LIBOR
USD
1
Month
+
3.00%),
7.38%, 10/30/26
...............
4,373
4,299,845
GoodRx,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
7.13%
,
 10/10/25
....
655
636,637
Grab
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
4.50%),
8.89%
,
 01/29/26
.....
2,287
2,252,996
9,387,887
Internet
&
Direct
Marketing
Retail
—
0.0%
(a)
Fanatics
Commerce
Intermediate
Holdco
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.63%
,
 11/24/28
(g)
................
1,349
1,322,383
Pug
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.50%),
7.88%
,
 02/12/27
...........
3,400
2,799,170
Pug
LLC,
Term
Loan
B2,
(LIBOR
USD
1
Month
+
4.25%),
8.63%
,
 02/12/27
(g)
.........
432
356,018
4,477,571
IT
Services
—
0.2%
(a)
Asurion
LLC,
2nd
Lien
Term
Loan
B3,
(LIBOR
USD
1
Month
+
5.25%),
9.63%
,
 01/31/28
1,906
1,478,732
Asurion
LLC,
2nd
Lien
Term
Loan
B4,
(LIBOR
USD
1
Month
+
5.25%),
9.63%
,
 01/20/29
1,418
1,095,916
Asurion
LLC,
Term
Loan
B8,
(LIBOR
USD
1
Month
+
3.25%),
7.63%
,
 12/23/26
.....
2,202
1,958,533
Epicor
Software
Corp.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
7.75%),
12.13%
,
 07/31/28
................
1,398
1,374,933
Epicor
Software
Corp.,
Term
Loan
C,
(LIBOR
USD
1
Month
+
3.25%),
7.63%
,
 07/30/27
1,111
1,064,754
FleetCor
Technologies
Operating
Co.
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
1.75%),
6.13%
,
 04/28/28
...........
1,087
1,074,171
Gainwell
Acquisition
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
4.00%),
8.73%
,
 10/01/27
.................
2,640
2,471,559
Go
Daddy
Operating
Co.
LLC,
Term
Loan,
(1
Month
CME
Term
SOFR
+
3.25%),
7.57%
,
 11/09/29
.................
1,406
1,402,288
Go
Daddy
Operating
Co.
LLC,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.00%),
6.38%
,
 08/10/27
.................
1,581
1,563,935
Maximus,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
6.13%
,
 05/28/28
.....
645
638,983
TierPoint
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
8.13%
,
 05/05/26
651
606,680
Venga
Finance
SARL,
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
9.48%
,
 06/28/29
....
1,026
937,545
Virtusa
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.75%),
8.13%
,
 02/11/28
......
663
637,743
VS
Buyer
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
7.38%
,
 02/28/27
.....
3,270
3,167,952
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
91
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
IT
Services
(continued)
WEX,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.25%),
6.63%
,
 03/31/28
..........
USD
1,032
$
1,024,032
20,497,756
Leisure
Products
—
0.0%
Fender
Musical
Instruments
Corp.,
Term
Loan,
(1
Month
CME
Term
SOFR
+
4.00%),
8.42%
,
 12/01/28
(a)(g)
...............
1,543
1,242,432
Life
Sciences
Tools
&
Services
—
0.1%
(a)
Avantor
Funding,
Inc.,
Term
Loan
B5,
(LIBOR
USD
1
Month
+
2.25%),
6.63%
,
 11/08/27
.
2,178
2,165,049
Catalent
Pharma
Solutions,
Inc.,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
2.00%),
6.38%
,
 02/22/28
.................
2,233
2,193,308
eResearchTechnology,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.50%),
8.88%
,
 02/04/27
.................
1,996
1,755,224
ICON
plc,
Term
Loan
(LIBOR
USD
3
Month
+
2.25%),
7.00%, 07/03/28
...............
3,251
3,238,468
Maravai
Intermediate
Holdings
LLC,
Term
Loan
B,
(3
Month
CME
Term
SOFR
+
3.00%),
6.96%
,
 10/19/27
.................
2,270
2,224,448
Phoenix
Newco,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.32%
,
 11/15/28
.................
3,271
3,145,156
14,721,653
Machinery
—
0.2%
(a)
Albion
Financing
3
SARL,
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
9.57%
,
 08/17/26
1,466
1,382,537
Columbus
McKinnon
Corp.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
7.50%
,
 05/14/28
370
364,566
Filtration
Group
Corp.,
Term
Loan
(LIBOR
USD
1
Month
+
3.00%),
7.38%, 03/31/25
...............
1,977
1,953,156
(LIBOR
USD
1
Month
+
3.50%),
7.88%, 10/21/28
...............
1,630
1,597,755
Fluidra
SA,
Term
Loan,
(1
Month
CME
Term
SOFR
+
2.00%),
6.42%
,
 01/29/29
.....
553
524,494
Gardner
Denver,
Inc.,
Term
Loan
B2,
(1
Month
CME
Term
SOFR
+
1.75%),
6.17%
,
 03/01/27
.................
1,099
1,089,047
Gates
Global
LLC,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
2.50%),
6.88%
,
 03/31/27
....
2,368
2,314,233
Husky
Injection
Molding
Systems
Ltd.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
5.88%
,
 03/28/25
.................
3,276
3,052,975
Ingersoll-Rand
Services
Co.,
Term
Loan
B1,
(1
Month
CME
Term
SOFR
+
1.75%),
6.17%
,
 03/01/27
.................
2,265
2,244,101
Madison
IAQ
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
7.99%
,
 06/21/28
.....
2,330
2,162,727
SPX
Flow,
Inc.,
Term
Loan,
(1
Month
CME
Term
SOFR
+
4.50%),
8.92%
,
 04/05/29
..
2,012
1,874,722
TK
Elevator
Midco
GmbH,
Facility
Term
Loan
B1,
(LIBOR
USD
6
Month
+
3.50%),
6.87%
,
 07/30/27
.................
2,788
2,678,378
Vertiv
Group
Corp.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.75%),
7.12%
,
 03/02/27
....
2,054
1,977,964
23,216,655
Security
Par
(000)
Par
(000)
Value
Media
—
0.2%
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
1
Month
+
3.25%),
7.43%
,
 03/03/25
(a)
................
USD
1,406
$
1,285,730
AVSC
Holding
Corp.,
1st
Lien
Term
Loan
B3,
15.00%
,
 10/15/26
(p)
...............
1,105
1,128,751
Cable
One,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.00%),
6.38%
,
 05/03/28
(a)
....
1,228
1,196,359
Charter
Communications
Operating
LLC,
Term
Loan
B1,
(LIBOR
USD
1
Month
+
1.75%),
6.14%
,
 04/30/25
(a)
................
1,569
1,558,593
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
7.91%
,
 08/21/26
(a)
................
3,115
2,831,531
CMG
Media
Corp.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
8.23%
,
 12/17/26
(a)
................
1,033
964,811
Cogeco
Communications
Finance
LP,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.50%),
6.88%
,
 09/01/28
(a)
................
1,624
1,575,180
CSC
Holdings
LLC,
Term
Loan
(a)
(LIBOR
USD
1
Month
+
2.25%),
6.57%, 07/17/25
...............
551
519,789
(LIBOR
USD
1
Month
+
2.50%),
6.82%, 04/15/27
...............
1,435
1,277,263
DirecTV
Financing
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
5.00%),
9.38%
,
 08/02/27
(a)
2,409
2,340,003
Eagle
Broadband
Investments
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
7.75%
,
 11/12/27
(a)
................
1,305
1,247,549
Learfield
Communications
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.64%
,
 12/01/23
(a)
................
1,639
1,220,445
Midcontinent
Communications,
Term
Loan,
(1
Month
CME
Term
SOFR
+
1.75%),
6.07%
,
 08/15/26
(a)(g)
...............
1,171
1,162,037
Nexstar
Media,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
2.50%),
6.88%
,
 09/18/26
(a)
509
504,681
Sinclair
Television
Group,
Inc.,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
3.00%),
7.39%
,
 04/01/28
(a)
................
675
639,638
Voyage
Digital
Ltd.,
1st
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
+
4.50%),
8.78%
,
 05/11/29
(a)(g)
...............
1,525
1,498,642
Ziggo
Financing
Partnership,
Facility
Term
Loan
I,
(LIBOR
USD
1
Month
+
2.50%),
6.82%
,
 04/30/28
(a)
................
1,197
1,165,208
22,116,210
Metals
&
Mining
—
0.0%
Equinox
Holdings,
Inc.,
1st
Lien
Term
Loan
B1,
(LIBOR
USD
3
Month
+
3.00%),
7.73%
,
 03/08/24
(a)
................
4,150
3,107,404
Multiline
Retail
—
0.0%
(a)
New
SK
Holdco
Sub
LLC,
Term
Loan,
(1
Month
CME
Term
SOFR
+
6.75%),
11.17%
,
 06/30/27
................
1,670
1,432,235
Woof
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
8.10%
,
 12/21/27
.................
687
644,415
2,076,650
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
92
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
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%),
12.94%
,
 11/01/25
...........
USD
2,183
$
2,300,882
Freeport
LNG
investments
LLLP,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
7.74%
,
 12/21/28
.................
3,735
3,543,902
M6
ETX
Holdings
II
Midco
LLC,
Term
Loan,
(3
Month
CME
Term
SOFR
+
4.50%),
9.16%
,
 09/19/29
.................
320
319,896
Medallion
Midland
Acquisition
LLC,
Term
Loan,
(3
Month
CME
Term
SOFR
+
3.75%),
8.59%
,
 10/18/28
.................
2,583
2,554,638
Murphy
Oil
USA,
Inc.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
1.75%),
6.12%
,
 01/31/28
902
903,388
Oryx
Midstream
Services
Permian
Basin
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
7.92%
,
 10/05/28
.................
2,884
2,845,934
12,468,640
Personal
Products
—
0.0%
Sunshine
Luxembourg
VII
SARL,
Facility
Term
Loan
B3,
(LIBOR
USD
3
Month
+
3.75%),
8.48%
,
 10/01/26
(a)
................
5,336
5,101,573
Pharmaceuticals
—
0.1%
(a)
Amneal
Pharmaceuticals
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
7.94%
-
8.25%
,
 05/04/25
.................
1,389
1,241,098
Elanco
Animal
Health,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
1.75%),
5.87%
,
 08/01/27
2,234
2,141,140
Grifols
Worldwide
Operations
Ltd.,
Term
Loan
B,
(LIBOR
USD
1
Month
+
2.00%),
6.38%
,
 11/15/27
.................
—
(q)
1
Jazz
Pharmaceuticals
plc,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
7.88%
,
 05/05/28
2,632
2,605,074
Organon
&
Co.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
7.75%
,
 06/02/28
.....
1,578
1,560,185
Perrigo
Co.
plc,
Term
Loan
B,
(1
Month
CME
Term
SOFR
+
2.50%),
6.92%
,
 04/20/29
(g)
1,095
1,086,291
Precision
Medicine
Group
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.00%),
7.73%
,
 11/18/27
(g)
................
2,340
2,169,919
10,803,708
Professional
Services
—
0.2%
(a)
AlixPartners
LLP,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
7.13%
,
 02/04/28
.....
1,637
1,620,746
CoreLogic,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
7.94%
,
 06/02/28
3,924
3,261,716
Dun
&
Bradstreet
Corp.
(The),
Term
Loan,
(LIBOR
USD
1
Month
+
3.25%),
7.64%
,
 02/06/26
.................
5,959
5,894,123
Dun
&
Bradstreet
Corp.
(The),
Term
Loan
B2,
(1
Month
CME
Term
SOFR
+
3.25%),
7.57%
,
 01/18/29
.................
1,486
1,458,850
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Delayed
Draw
1st
Lien
Term
Loan
B,
(3
Month
CME
Term
SOFR
+
4.25%),
8.93%
,
 06/22/29
...........
722
704,232
Element
Materials
Technology
Group
US
Holdings,
Inc.,
Term
Loan
B,
(3
Month
CME
Term
SOFR
+
4.25%),
8.93%
,
 06/22/29
..
1,565
1,525,836
Galaxy
US
Opco,
Inc.,
1st
Lien
Term
Loan,
(1
Month
CME
Term
SOFR
+
4.75%),
9.07%
,
 04/29/29
.................
2,430
2,193,075
Security
Par
(000)
Par
(000)
Value
Professional
Services
(continued)
Genuine
Financial
Holdings
LLC,
1st
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
+
3.75%),
7.82%
,
 07/11/25
.................
USD
740
$
710,437
Trans
Union
LLC,
Term
Loan
B5,
(LIBOR
USD
1
Month
+
1.75%),
6.13%
,
 11/16/26
....
1,509
1,485,639
Trans
Union
LLC,
Term
Loan
B6,
(LIBOR
USD
1
Month
+
2.25%),
6.63%
,
 12/01/28
....
2,096
2,072,446
20,927,100
Real
Estate
Management
&
Development
—
0.0%
Cushman
&
Wakefield
US
Borrower
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
7.13%
,
 08/21/25
(a)
................
3,567
3,478,780
Road
&
Rail
—
0.0%
(a)
AIT
Worldwide
Logistics
Holdings,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
4.75%),
8.49%
,
 04/06/28
.................
504
460,817
Avis
Budget
Car
Rental
LLC,
Term
Loan
B,
(LIBOR
USD
1
Month
+
1.75%),
6.14%
,
 08/06/27
.................
1,129
1,091,307
Uber
Technologies,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
8.23%
,
 02/25/27
3,850
3,840,153
5,392,277
Semiconductors
&
Semiconductor
Equipment
—
0.0%
(a)
MKS
Instruments,
Inc.,
Term
Loan
B,
08/17/29
(o)
.....................
990
976,387
Synaptics,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.25%),
7.40%
,
 12/02/28
.....
825
806,010
1,782,397
Software
—
0.5%
(a)
Applied
Systems,
Inc.,
1st
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
+
4.50%),
9.08%
,
 09/18/26
.................
969
962,968
Applied
Systems,
Inc.,
2nd
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
+
6.75%),
10.91%
,
 09/17/27
................
805
795,944
Barracuda
Parent
LLC,
1st
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
+
4.50%),
8.59%
,
 08/15/29
.................
1,326
1,276,461
Boxer
Parent
Co.,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
8.13%
,
 10/02/25
1,964
1,877,080
CCC
Intelligent
Solutions,
Inc.,
Term
Loan,
(LIBOR
USD
1
Month
+
2.25%),
6.63%
,
 09/21/28
.................
2,261
2,238,173
Central
Parent,
Inc.,
1st
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
+
4.50%),
9.08%
,
 07/06/29
.................
1,115
1,103,593
Cloudera,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
8.13%
,
 10/08/28
1,363
1,278,637
Cloudera,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
6.00%),
10.38%
,
 10/08/29
1,527
1,269,960
Delta
Topco,
Inc.,
1st
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
+
3.75%),
8.15%
,
 12/01/27
.................
1,044
962,103
Delta
Topco,
Inc.,
2nd
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
+
7.25%),
11.65%
,
 12/01/28
................
394
306,827
E2open
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.50%),
7.68%
,
 02/04/28
..........
442
433,823
Genesys
Cloud
Services
Holdings
I
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
4.00%),
8.38%
,
 12/01/27
.................
3,726
3,569,580
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
93
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Software
(continued)
Helios
Software
Holdings,
Inc.,
Term
Loan,
(1
Month
CME
Term
SOFR
+
3.75%),
8.17%
,
 03/11/28
.................
USD
1,314
$
1,286,853
Informatica
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
7.19%
,
 10/27/28
.....
3,179
3,112,226
Instructure
Holdings,
Inc.,
Term
Loan,
(LIBOR
USD
3
Month
+
2.75%),
6.12%
,
 10/30/28
(g)
1,042
1,020,930
Magenta
Buyer
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.75%),
9.17%
,
 07/27/28
.................
1,647
1,401,877
Magenta
Buyer
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
8.25%),
12.67%
,
 07/27/29
................
2,926
2,291,633
McAfee
Corp.,
Term
Loan
B1,
(1
Month
CME
Term
SOFR
+
3.75%),
7.97%
,
 03/01/29
..
2,731
2,535,688
MH
Sub
I
LLC,
1st
Lien
Term
Loan
(LIBOR
USD
1
Month
+
3.75%),
8.13%, 09/13/24
...............
5,494
5,330,650
MH
Sub
I
LLC,
2nd
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
+
6.25%),
10.65%
,
 02/23/29
................
2,419
2,156,279
Planview
Parent,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
4.00%),
8.73%
,
 12/17/27
.................
1,018
942,620
Proofpoint,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.25%),
7.98%
,
 08/31/28
5,290
5,075,701
RealPage,
Inc.,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
3.00%),
7.38%
,
 04/24/28
5,319
5,047,476
Severin
Acquisition
LLC,
1st
Lien
Term
Loan,
(3
Month
CME
Term
SOFR
+
3.00%),
7.09%
,
 08/01/25
.................
1,292
1,281,198
Sophia
LP,
1st
Lien
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
8.23%
,
 10/07/27
....
2,636
2,538,877
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B3,
(LIBOR
USD
1
Month
+
1.75%),
6.13%
,
 04/16/25
.................
1,046
1,026,960
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B4,
(LIBOR
USD
1
Month
+
1.75%),
6.13%
,
 04/16/25
.................
851
834,863
TIBCO
Software,
Inc.,
1st
Lien
Term
Loan
B,
(3
Month
CME
Term
SOFR
+
4.50%),
9.18%
,
 03/30/29
.................
4,921
4,385,841
UKG,
Inc.,
1st
Lien
Term
Loan
(LIBOR
USD
3
Month
+
3.25%),
7.00%, 05/04/26
...............
1,301
1,236,255
(LIBOR
USD
1
Month
+
3.75%),
8.13%, 05/04/26
...............
1,306
1,257,348
UKG,
Inc.,
2nd
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
5.25%),
9.00%
,
 05/03/27
.....
1,583
1,449,631
Voyage
Australia
Pty
Ltd.,
1st
Lien
Term
Loan,
(LIBOR
USD
3
Month
+
3.50%),
7.74%
,
 07/20/28
(g)
................
291
275,392
ZoomInfo
LLC,
1st
Lien
Term
Loan,
(1
Month
CME
Term
SOFR
+
3.00%),
7.48%
,
 02/02/26
.................
389
387,176
60,950,623
Specialty
Retail
—
0.1%
(a)
EG
Group
Ltd.,
Facility
Term
Loan
(LIBOR
USD
3
Month
+
4.00%),
8.73%, 02/07/25
...............
806
759,540
(LIBOR
USD
3
Month
+
4.25%),
8.98%, 03/31/26
...............
1,456
1,357,258
Security
Par
(000)
Par
(000)
Value
Specialty
Retail
(continued)
Mavis
Tire
Express
Services
Topco
Corp.,
1st
Lien
Term
Loan,
(1
Month
CME
Term
SOFR
+
4.00%),
8.50%
,
 05/04/28
..........
USD
2,804
$
2,669,532
PetSmart
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
3.75%),
8.13%
,
 02/11/28
......
2,600
2,539,037
Pilot
Travel
Centers
LLC,
Term
Loan
B,
(SOFR
1
Month
+
2.00%),
6.42%
,
 08/04/28
....
1,681
1,659,296
Restoration
Hardware,
Inc.,
Term
Loan
(LIBOR
USD
1
Month
+
2.50%),
6.88%, 10/20/28
...............
671
615,938
(1
Month
CME
Term
SOFR
+
3.25%),
7.67%, 10/20/28
...............
595
555,022
RVR
Dealership
Holdings
LLC,
Term
Loan,
(1
Month
CME
Term
SOFR
+
3.75%),
7.76%
,
 02/08/28
.................
699
641,893
10,797,516
Textiles,
Apparel
&
Luxury
Goods
—
0.0%
Crocs,
Inc.,
Term
Loan,
(6
Month
CME
Term
SOFR
+
3.50%),
7.73%
,
 02/20/29
(a)
....
1,446
1,415,159
Trading
Companies
&
Distributors
—
0.1%
(a)
Core
&
Main
LP,
Term
Loan
B,
(LIBOR
USD
3
Month
+
2.50%),
6.89%
-
7.42%
,
 07/27/28
3,592
3,539,569
SRS
Distribution,
Inc.,
Term
Loan
(LIBOR
USD
1
Month
+
3.50%),
7.88%, 06/02/28
...............
2,850
2,719,189
(1
Month
CME
Term
SOFR
+
3.50%),
7.92%, 06/02/28
...............
682
650,396
TMK
Hawk
Parent
Corp.,
Term
Loan
A,
(LIBOR
USD
3
Month
+
7.50%),
12.26%
,
 05/30/24
(g)
849
771,414
TMK
Hawk
Parent
Corp.,
Term
Loan
B,
(LIBOR
USD
3
Month
+
3.50%),
8.26%
,
 08/28/24
2,033
1,036,934
8,717,502
Transportation
Infrastructure
—
0.0%
(a)
KKR
Apple
Bidco
LLC,
1st
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
2.75%),
7.13%
,
 09/22/28
.................
1,023
1,007,166
KKR
Apple
Bidco
LLC,
2nd
Lien
Term
Loan,
(LIBOR
USD
1
Month
+
5.75%),
10.13%
,
 09/21/29
................
421
404,762
OLA
Netherlands
BV,
Term
Loan,
(1
Month
CME
Term
SOFR
+
6.25%),
10.67%
,
 12/15/26
(g)
...............
1,423
1,337,796
2,749,724
Wireless
Telecommunication
Services
—
0.0%
(a)
Digicel
International
Finance
Ltd.,
1st
Lien
Term
Loan
B,
(LIBOR
USD
1
Month
+
3.25%),
7.63%
,
 05/27/24
.................
1,374
1,151,717
Gogo
Intermediate
Holdings
LLC,
Term
Loan,
(LIBOR
USD
3
Month
+
3.75%),
8.16%
,
 04/30/28
.................
1,300
1,286,552
SBA
Senior
Finance
II
LLC,
Term
Loan,
(LIBOR
USD
1
Month
+
1.75%),
6.14%
,
 04/11/25
.
1,671
1,663,259
4,101,528
Total
Floating
Rate
Loan
Interests
—
5.7%
(Cost:
$776,735,617)
.............................
741,145,660
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
94
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Foreign
Agency
Obligations
Chile
—
0.1%
Corp.
Nacional
del
Cobre
de
Chile
3.63%,
08/01/27
(c)
................
USD
1,640
$
1,535,757
3.75%,
01/15/31
(b)
................
1,175
1,060,291
Empresa
Nacional
del
Petroleo,
4.38%
,
10/30/24
(c)
.....................
4,680
4,539,015
7,135,063
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)(k)
..........................
3,620
3,380,175
Colombia
—
0.1%
Ecopetrol
SA
5.38%,
06/26/26
.................
4,791
4,518,632
4.63%,
11/02/31
.................
1,797
1,370,212
5,888,844
Dominican
Republic
—
0.0%
Banco
De
Reservas
De
La
Republica
Dominicana
Banco
De
Servicios
Multiples
SA,
7.00%
,
02/01/23
(c)
.............
3,817
3,785,987
Finland
—
0.0%
Finnair
OYJ,
4.25%
,
05/19/25
(c)
.........
EUR
700
548,445
France
—
0.0%
Electricite
de
France
SA
(a)(c)(k)
(EUR
Swap
Annual
5
Year
+
3.37%),
2.88%
600
524,362
(EUR
Swap
Annual
5
Year
+
3.20%),
3.00%
1,000
872,899
(EUR
Swap
Annual
5
Year
+
4.86%),
7.50%
600
638,134
(EUR
Swap
Annual
5
Year
+
3.97%),
3.38%
3,000
2,313,713
4,349,108
Indonesia
—
0.0%
(c)
Bank
Tabungan
Negara
Persero
Tbk.
PT,
4.20%
,
01/23/25
.................
USD
1,433
1,304,188
Pertamina
Persero
PT,
3.10%
,
08/27/30
...
3,437
2,939,013
4,243,201
Ireland
—
0.1%
AIB
Group
plc
(a)
(EUR
Swap
Annual
5
Year
+
5.70%),
5.25%
(c)(k)
....................
EUR
5,240
5,144,069
(LIBOR
USD
3
Month
+
1.87%),
4.26%,
04/10/25
(b)
...................
USD
2,700
2,604,994
(EUR
Swap
Annual
5
Year
+
6.63%),
6.25%
(c)(k)
....................
EUR
8,453
8,450,895
16,199,958
Italy
—
0.0%
Poste
Italiane
SpA,
(EURIBOR
ICE
Swap
Rate
5
Year
+
2.68%),
2.63%
(a)(c)(k)
.........
1,275
1,033,854
Mexico
—
0.1%
Comision
Federal
de
Electricidad
4.88%,
01/15/24
(c)
................
USD
1,634
1,614,903
4.69%,
05/15/29
(b)
................
1,647
1,449,154
Petroleos
Mexicanos
6.88%,
08/04/26
.................
520
494,260
8.75%,
06/02/29
.................
1,547
1,447,702
5.95%,
01/28/31
.................
4,148
3,135,888
6.70%,
02/16/32
.................
4,313
3,380,313
6.75%,
09/21/47
.................
4,633
2,950,665
7.69%,
01/23/50
.................
1,235
853,694
15,326,579
Security
Par
(000)
Par
(000)
Value
Oman
—
0.0%
OQ
SAOC,
5.13%
,
05/06/28
(b)
..........
USD
3,152
$
2,972,336
Pakistan
—
0.0%
Pakistan
Water
&
Power
Development
Authority,
7.50%
,
06/04/31
(c)
.........
1,780
504,296
Panama
—
0.1%
Aeropuerto
Internacional
de
Tocumen
SA
(b)
4.00%,
08/11/41
.................
3,521
2,898,883
5.13%,
08/11/61
.................
1,725
1,411,589
Banco
Latinoamericano
de
Comercio
Exterior
SA,
2.38%
,
09/14/25
(b)
.............
1,976
1,802,483
6,112,955
Saudi
Arabia
—
0.0%
Saudi
Arabian
Oil
Co.,
1.25%
,
11/24/23
(b)
...
330
317,625
Total
Foreign
Agency
Obligations
—
0.5%
(Cost:
$84,258,443)
..............................
71,798,426
Foreign
Government
Obligations
Bahrain
—
0.0%
Kingdom
of
Bahrain
(c)
7.38%,
05/14/30
.................
1,445
1,461,979
5.45%,
09/16/32
.................
1,684
1,480,657
2,942,636
Chile
—
0.0%
Republic
of
Chile,
3.10%
,
05/07/41
.......
5,033
3,608,975
Colombia
—
0.1%
Republic
of
Colombia
4.50%,
01/28/26
.................
3,123
2,931,326
3.88%,
04/25/27
.................
2,562
2,261,445
3.25%,
04/22/32
.................
1,997
1,448,824
8.00%,
04/20/33
.................
4,579
4,569,842
4.13%,
05/15/51
.................
1,110
665,514
11,876,951
Dominican
Republic
—
0.1%
Dominican
Republic
Government
Bond
5.95%,
01/25/27
(c)
................
2,355
2,298,038
5.50%,
02/22/29
(b)
................
3,020
2,765,754
5.50%,
02/22/29
(c)
................
1,982
1,815,140
4.88%,
09/23/32
(b)
................
1,888
1,560,904
5.30%,
01/21/41
(c)
................
1,898
1,460,630
9,900,466
Egypt
—
0.0%
Arab
Republic
of
Egypt
(b)
5.25%,
10/06/25
.................
2,689
2,406,655
6.38%,
04/11/31
.................
EUR
1,052
774,203
3,180,858
Guatemala
—
0.1%
Republic
of
Guatemala
5.25%,
08/10/29
(b)
................
USD
1,535
1,472,449
5.25%,
08/10/29
(c)
................
1,020
978,435
5.38%,
04/24/32
(b)
................
1,693
1,649,934
3.70%,
10/07/33
(c)
................
2,891
2,373,872
4.65%,
10/07/41
(b)
................
3,043
2,434,971
8,909,661
Hungary
—
0.1%
Hungary
Government
Bond
5.38%,
03/25/24
.................
3,474
3,465,967
5.25%,
06/16/29
(b)
................
4,505
4,283,410
7,749,377
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
95
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Indonesia
—
0.0%
Perusahaan
Penerbit
SBSN
Indonesia
III,
4.40%
,
06/06/27
(b)
................
USD
1,621
$
1,602,942
Republic
of
Indonesia
4.75%,
02/11/29
.................
1,527
1,527,168
5.13%,
01/15/45
(c)
................
1,542
1,486,272
4,616,382
Ivory
Coast
—
0.0%
Republic
of
Cote
d'Ivoire,
6.38%
,
03/03/28
(c)
.
4,941
4,780,417
Mexico
—
0.1%
United
Mexican
States
3.75%,
01/11/28
.................
1,400
1,318,800
4.50%,
04/22/29
.................
3,527
3,368,285
4.88%,
05/19/33
.................
615
566,415
4.75%,
03/08/44
.................
2,402
1,935,562
4.35%,
01/15/47
.................
3,898
2,918,140
10,107,202
Mongolia
—
0.0%
State
of
Mongolia,
5.13%
,
04/07/26
(c)
.....
2,067
1,777,847
Morocco
—
0.0%
Kingdom
of
Morocco
2.38%,
12/15/27
(c)
................
1,740
1,507,058
3.00%,
12/15/32
(b)
................
3,694
2,917,798
4,424,856
Nigeria
—
0.0%
Federal
Republic
of
Nigeria
8.38%,
03/24/29
(b)
................
1,616
1,333,200
7.63%,
11/28/47
(c)
................
2,413
1,547,336
2,880,536
Oman
—
0.1%
Oman
Government
Bond
(c)
6.50%,
03/08/47
.................
4,178
3,791,535
7.00%,
01/25/51
.................
1,720
1,654,210
5,445,745
Pakistan
—
0.0%
Islamic
Republic
of
Pakistan,
7.38%
,
04/08/31
(c)
2,265
798,662
Panama
—
0.1%
Republic
of
Panama
3.88%,
03/17/28
.................
2,846
2,685,556
3.16%,
01/23/30
.................
1,678
1,440,773
2.25%,
09/29/32
.................
3,918
2,901,279
3.30%,
01/19/33
.................
1,360
1,100,580
4.50%,
05/15/47
.................
3,708
2,843,109
10,971,297
Paraguay
—
0.1%
Republic
of
Paraguay
5.00%,
04/15/26
(c)
................
1,088
1,083,784
4.95%,
04/28/31
(b)
................
2,136
2,061,640
5.60%,
03/13/48
(c)
................
2,568
2,233,037
5.40%,
03/30/50
(b)
................
582
499,720
5.40%,
03/30/50
(c)
................
2,075
1,781,647
7,659,828
Peru
—
0.1%
Republic
of
Peru
7.35%,
07/21/25
.................
2,094
2,190,586
2.39%,
01/23/26
.................
3,120
2,869,035
4.13%,
08/25/27
.................
3,060
2,932,436
2.78%,
01/23/31
.................
1,703
1,407,955
3.00%,
01/15/34
.................
1,065
838,555
10,238,567
Security
Par
(000)
Par
(000)
Value
Philippines
—
0.0%
Republic
of
Philippines
3.70%,
03/01/41
.................
USD
1,449
$
1,181,095
2.95%,
05/05/45
.................
2,243
1,609,599
2,790,694
Poland
—
0.0%
Republic
of
Poland,
5.75%
,
11/16/32
......
1,910
2,024,199
Romania
—
0.1%
Romania
Government
Bond
5.25%,
11/25/27
(b)
................
3,062
2,929,569
2.88%,
03/11/29
(c)
................
EUR
2,566
2,266,604
2.50%,
02/08/30
(c)
................
2,698
2,227,066
2.12%,
07/16/31
(c)
................
4,002
2,943,335
4.00%,
02/14/51
(c)
................
USD
552
362,526
10,729,100
Saudi
Arabia
—
0.1%
Kingdom
of
Saudi
Arabia
4.38%,
04/16/29
(b)
................
1,619
1,602,000
3.25%,
11/17/51
(c)
................
6,052
4,343,445
5,945,445
South
Africa
—
0.1%
Republic
of
South
Africa
4.85%,
09/30/29
.................
2,470
2,191,816
5.88%,
04/20/32
.................
2,049
1,841,539
5.00%,
10/12/46
.................
6,298
4,388,131
8,421,486
Sri
Lanka
—
0.0%
Democratic
Socialist
Republic
of
Sri
Lanka
(c)(e)(m)
5.75%,
04/18/23
.................
3,980
1,181,065
6.85%,
03/14/24
.................
5,645
1,658,219
6.35%,
06/28/24
.................
6,528
1,908,624
4,747,908
Ukraine
—
0.0%
Ukraine
Government
Bond
(e)(m)
8.99%,
02/01/26
(c)
................
3,160
693,818
7.25%,
03/15/35
(b)
................
1,548
288,605
982,423
Uruguay
—
0.0%
Oriental
Republic
of
Uruguay,
5.75%
,
10/28/34
3,227
3,504,278
Total
Foreign
Government
Obligations
—
1.2%
(Cost:
$173,103,809)
.............................
151,015,796
Shares
Shares
Investment
Companies
iShares
Core
Dividend
Growth
ETF
(r)
......
3,100,737
155,036,850
iShares
Core
S&P
500
ETF
(r)
...........
526,015
202,100,223
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(f)(r)
........................
1,176,012
86,589,764
SPDR
Bloomberg
High
Yield
Bond
ETF
(f)
...
1,804,873
162,438,570
Total
Investment
Companies
—
4.6%
(Cost:
$619,881,269)
.............................
606,165,407
Par
(000)
Par
(000)
Non-Agency
Mortgage-Backed
Securities
Collateralized
Mortgage
Obligations
—
2.9%
Adjustable
Rate
Mortgage
Trust
(a)
Series
2005-8,
Class
2A1,
3.38%,
11/25/35
1,280
1,067,230
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
96
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2005-8,
Class
7A2,
(LIBOR
USD
1
Month
+
0.56%),
4.95%,
11/25/35
...
USD
588
$
566,863
Series
2005-9,
Class
5A1,
(LIBOR
USD
1
Month
+
0.54%),
4.93%,
11/25/35
...
405
393,691
Alternative
Loan
Trust
Series
2005-16,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
1.65%),
3.69%,
06/25/35
(a)
...
405
349,150
Series
2005-36,
Class
2A1A,
(LIBOR
USD
1
Month
+
0.62%),
5.01%,
08/25/35
(a)
..
982
831,617
Series
2005-61,
Class
1A1,
(LIBOR
USD
1
Month
+
0.52%),
4.91%,
12/25/35
(a)
..
170
144,964
Series
2005-63,
Class
3A3,
3.80%,
11/25/35
(a)
...................
1,822
1,543,812
Series
2005-63,
Class
5A1,
3.94%,
12/25/35
(a)
...................
36
31,066
Series
2005-64CB,
Class
1A1,
5.50%,
12/25/35
....................
49
43,002
Series
2005-76,
Class
2A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
1.00%),
3.05%,
02/25/36
(a)
...................
3,734
3,311,619
Series
2006-11CB,
Class
1A5,
6.00%,
05/25/36
....................
636
378,973
Series
2006-15CB,
Class
A1,
6.50%,
06/25/36
....................
988
489,764
Series
2006-20CB,
Class
A9,
6.00%,
07/25/36
....................
463
223,471
Series
2006-2CB,
Class
A6,
5.50%,
03/25/36
....................
703
308,248
Series
2006-45T1,
Class
1A10,
6.00%,
02/25/37
....................
2,674
1,313,340
Series
2006-45T1,
Class
2A2,
6.00%,
02/25/37
....................
1,710
957,035
Series
2006-7CB,
Class
1A6,
6.00%,
05/25/36
....................
810
470,793
Series
2006-9T1,
Class
A7,
6.00%,
05/25/36
309
140,030
Series
2006-J7,
Class
2A1,
(LIBOR
USD
1
Month
+
1.50%),
5.62%,
11/20/46
(a)
..
3,451
2,468,291
Series
2006-J8,
Class
A5,
6.00%,
02/25/37
1,258
567,302
Series
2006-OA14,
Class
1A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
1.73%),
3.78%,
11/25/46
(a)
...................
5,008
3,811,548
Series
2006-OA14,
Class
2A1,
(LIBOR
USD
1
Month
+
0.38%),
4.77%,
11/25/46
(a)
.
2,708
2,382,995
Series
2006-OA14,
Class
3A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.85%),
2.90%,
11/25/46
(a)
...................
6,629
5,458,737
Series
2006-OA16,
Class
A2,
(LIBOR
USD
1
Month
+
0.38%),
4.77%,
10/25/46
(a)
.
292
254,994
Series
2006-OA2,
Class
A1,
(LIBOR
USD
1
Month
+
0.42%),
4.77%,
05/20/46
(a)
..
1,263
1,036,430
Series
2006-OA3,
Class
2A1,
(LIBOR
USD
1
Month
+
0.42%),
4.81%,
05/25/36
(a)
.
6,705
5,513,005
Series
2006-OA8,
Class
1A1,
(LIBOR
USD
1
Month
+
0.38%),
4.77%,
07/25/46
(a)
.
8,641
7,201,182
Series
2007-12T1,
Class
A22,
5.75%,
06/25/37
....................
1,802
851,501
Series
2007-12T1,
Class
A5,
6.00%,
06/25/37
....................
400
196,567
Series
2007-15CB,
Class
A7,
6.00%,
07/25/37
....................
241
153,394
Series
2007-18CB,
Class
2A25,
6.00%,
08/25/37
....................
222
135,502
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2007-19,
Class
1A4,
6.00%,
08/25/37
USD
1,150
$
592,985
Series
2007-19,
Class
1A8,
6.00%,
08/25/37
560
288,511
Series
2007-25,
Class
1A3,
6.50%,
11/25/37
3,080
1,534,856
Series
2007-9T1,
Class
1A1,
6.00%,
05/25/37
....................
466
239,569
Series
2007-9T1,
Class
2A1,
6.00%,
05/25/37
....................
3,122
1,505,582
Series
2007-9T1,
Class
2A2,
6.00%,
05/25/37
....................
536
258,437
Series
2007-AL1,
Class
A1,
(LIBOR
USD
1
Month
+
0.25%),
4.64%,
06/25/37
(a)
..
5,329
4,230,072
Series
2007-J1,
Class
2A5,
6.00%,
03/25/37
1,580
634,953
Series
2007-OA11,
Class
A1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
1.38%),
3.43%,
11/25/47
(a)
...................
1,369
1,097,592
Series
2007-OA3,
Class
1A1,
(LIBOR
USD
1
Month
+
0.28%),
4.67%,
04/25/47
(a)
.
8,301
7,183,914
Series
2007-OA4,
Class
A1,
(LIBOR
USD
1
Month
+
0.34%),
4.73%,
05/25/47
(a)
..
3,301
2,768,425
Series
2007-OA8,
Class
2A1,
(LIBOR
USD
1
Month
+
0.36%),
4.75%,
06/25/47
(a)
.
6,925
5,025,534
Alternative
Loan
Trust
Resecuritization,
Series
2006-22R,
Class
1A6,
6.00%,
05/25/36
..
993
598,410
American
Home
Mortgage
Assets
Trust
Series
2006-3,
Class
1A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.97%),
3.02%,
10/25/46
(a)
...
8,626
7,161,195
Series
2006-3,
Class
2A11,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.94%),
2.99%,
10/25/46
(a)
...................
4,603
3,183,466
Series
2007-3,
Class
22A1,
6.75%,
06/25/37
(d)
...................
590
490,353
Banc
of
America
Funding
Trust
(a)
Series
2006-7,
Class
T2A3,
5.69%,
10/25/36
290
252,070
Series
2006-D,
Class
6A1,
2.89%,
05/20/36
261
203,753
Series
2007-D,
Class
1A1,
(LIBOR
USD
1
Month
+
0.42%),
4.77%,
06/20/47
...
1,042
843,088
Bayview
Commercial
Asset
Trust,
Series
2007-4A,
Class
A1,
(LIBOR
USD
1
Month
+
0.45%),
4.84%,
09/25/37
(a)(b)
.........
790
717,752
Bear
Stearns
ALT-A
Trust,
Series
2006-2,
Class
11A1,
(LIBOR
USD
1
Month
+
0.44%),
4.83%,
04/25/36
(a)
................
3,982
5,445,756
Bear
Stearns
Asset-Backed
Securities
I
Trust
(d)
Series
2005-AC9,
Class
A5,
6.25%,
12/25/35
....................
641
416,848
Series
2006-AC1,
Class
1A2,
6.25%,
02/25/36
....................
809
522,128
Bear
Stearns
Mortgage
Funding
Trust
(a)
Series
2007-AR2,
Class
A1,
(LIBOR
USD
1
Month
+
0.17%),
4.56%,
03/25/37
...
1,023
924,669
Series
2007-AR3,
Class
1A1,
(LIBOR
USD
1
Month
+
0.14%),
4.53%,
03/25/37
..
1,558
1,298,539
Series
2007-AR4,
Class
1A1,
(LIBOR
USD
1
Month
+
0.40%),
4.79%,
09/25/47
..
1,777
1,568,401
CHL
Mortgage
Pass-Through
Trust
Series
2005-11,
Class
4A1,
(LIBOR
USD
1
Month
+
0.27%),
4.66%,
04/25/35
(a)
..
801
709,942
Series
2005-9,
Class
1A1,
(LIBOR
USD
1
Month
+
0.60%),
4.99%,
05/25/35
(a)
..
2,537
1,945,101
Series
2006-OA4,
Class
A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.96%),
3.01%,
04/25/46
(a)
...................
2,560
806,056
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
97
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2007-21,
Class
1A1,
6.25%,
02/25/38
USD
142
$
74,061
Series
2007-J2,
Class
2A6,
6.00%,
07/25/37
622
257,295
Series
2007-J2,
Class
2A8,
6.00%,
07/25/37
949
392,893
CHNGE
Mortgage
Trust
(a)(b)
Series
2022-2,
Class
A1,
3.76%,
03/25/67
8,917
8,284,870
Series
2022-3,
Class
A1,
5.00%,
05/25/67
9,538
9,302,788
CitiMortgage
Alternative
Loan
Trust,
Series
2007-A1,
Class
1A5,
6.00%,
01/25/37
...
64
55,783
COLT
Mortgage
Loan
Trust
(b)
Series
2022-5,
Class
A1,
4.55%,
04/25/67
(a)
4,370
4,217,556
Series
2022-9,
Class
A1,
6.79%,
12/25/67
(d)
13,619
13,746,347
Credit
Suisse
Mortgage
Capital
Certificates,
Series
2008-2R,
Class
1A1,
6.00%,
07/25/37
(b)
.....................
328
270,050
CSMC
Trust
(a)(b)
Series
2011-4R,
Class
1A2,
(LIBOR
USD
1
Month
+
1.50%),
5.27%,
09/27/37
...
5,021
4,193,816
Series
2022-ATH2,
Class
A1,
4.55%,
05/25/67
....................
1,586
1,516,654
Deutsche
Alt-A
Securities
Mortgage
Loan
Trust,
Series
2007-OA4,
Class
3A1,
(LIBOR
USD
1
Month
+
0.38%),
4.77%,
08/25/47
(a)
...
10,633
8,216,860
Ellington
Financial
Mortgage
Trust,
Series
2021-2,
Class
A1,
0.93%,
06/25/66
(a)(b)
..
2,220
1,707,294
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2006-AA8,
Class
1A1,
3.78%,
02/25/37
(a)
.....................
993
617,175
GCAT
Trust
(a)(b)
Series
2022-NQM2,
Class
A1,
4.21%,
02/25/67
....................
2,805
2,638,808
Series
2022-NQM3,
Class
A1,
4.35%,
04/25/67
....................
15,075
14,412,425
GMACM
Mortgage
Loan
Trust,
Series
2005-
AR2,
Class
4A,
3.17%,
05/25/35
(a)
.....
21
18,210
GreenPoint
Mortgage
Funding
Trust
(a)
Series
2006-AR1,
Class
GA1B,
(LIBOR
USD
1
Month
+
0.17%),
4.56%,
02/25/36
2,199
1,867,689
Series
2006-AR2,
Class
4A1,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
2.00%),
4.05%,
03/25/36
....................
1,015
960,217
Impac
CMB
Trust,
Series
2005-6,
Class
1A1,
(LIBOR
USD
1
Month
+
0.50%),
4.89%,
10/25/35
(a)
.....................
1,307
1,113,782
IndyMac
IMSC
Mortgage
Loan
Trust
Series
2007-F2,
Class
1A4,
6.00%,
07/25/37
572
422,509
Series
2007-F2,
Class
2A1,
6.50%,
07/25/37
2,213
706,351
IndyMac
INDX
Mortgage
Loan
Trust
(a)
Series
2007-AR15,
Class
1A1,
3.25%,
08/25/37
....................
96
72,053
Series
2007-AR15,
Class
2A1,
3.26%,
08/25/37
....................
494
371,828
JP
Morgan
Mortgage
Trust,
Series
2022-DSC1,
Class
A1,
4.75%,
01/25/63
(a)(b)
........
14,593
13,820,946
Lehman
XS
Trust,
Series
2007-20N,
Class
A1,
(LIBOR
USD
1
Month
+
2.30%),
6.69%,
12/25/37
(a)
.....................
6,352
6,228,607
Loan
Revolving
Advance
Investment
Trust,
Series
2021-2,
Class
A1X,
(LIBOR
USD
1
Month
+
2.75%),
7.04%,
06/30/23
(a)(b)
...
2,722
2,694,802
Merrill
Lynch
Mortgage
Investors
Trust
(a)
Series
2005-A9,
Class
2A1E,
3.99%,
12/25/35
....................
355
326,966
Series
2006-1,
Class
2A1,
3.16%,
02/25/36
276
261,289
MFRA
Trust,
Series
2022-CHM1,
Class
M1,
4.57%,
09/25/56
(a)(b)
...............
4,000
3,200,904
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
OBX
Trust
(b)(d)
Series
2022-NQM7,
Class
A1,
5.11%,
08/25/62
....................
USD
6,046
$
5,931,132
Series
2022-NQM8,
Class
A1,
6.10%,
09/25/62
....................
3,425
3,403,088
Series
2022-NQM9,
Class
A1A,
6.45%,
09/25/62
....................
21,210
21,106,244
Prima
Capital
CRE
Securitization
Ltd.
(b)
Series
2015-4A,
Class
C,
4.00%,
08/24/49
2,985
2,886,307
Series
2016-6A,
Class
C,
4.00%,
08/24/40
16,500
14,587,089
Prime
Mortgage
Trust,
Series
2006-DR1,
Class
2A1,
5.50%,
05/25/35
(b)
.............
332
284,364
PRKCM
Trust,
Series
2022-AFC2,
Class
A1,
5.33%,
08/25/57
(a)(b)
...............
16,448
16,129,198
RALI
Trust,
Series
2007-QS4,
Class
3A2,
6.00%,
03/25/37
.................
149
122,362
Ready
Capital
Mortgage
Financing
LLC,
Series
2022-FL10,
Class
A,
(1
Month
CME
Term
SOFR
+
2.55%),
6.87%,
10/25/39
(a)(b)
...
12,482
12,416,273
Residential
Asset
Securitization
Trust,
Series
2006-A15,
Class
A12,
6.25%,
01/25/37
..
313
119,963
RFMSI
Trust,
Series
2007-S7,
Class
A20,
6.00%,
07/25/37
.................
34
25,913
SG
Residential
Mortgage
Trust,
Series
2022-2,
Class
A1,
5.35%,
08/25/62
(b)(d)
........
17,788
17,475,816
Spruce
Hill
Mortgage
Loan
Trust,
Series
2022-
SH1,
Class
A1A,
4.10%,
07/25/57
(b)(d)
...
16,130
14,695,165
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2007-3,
Class
3A1,
3.49%,
04/25/47
(a)
.....................
202
103,206
Structured
Asset
Mortgage
Investments
II
Trust
(a)
Series
2006-AR2,
Class
A1,
(LIBOR
USD
1
Month
+
0.46%),
4.85%,
02/25/36
...
521
449,377
Series
2006-AR4,
Class
3A1,
(LIBOR
USD
1
Month
+
0.38%),
4.77%,
06/25/36
..
7,216
5,912,359
Series
2006-AR6,
Class
2A1,
(LIBOR
USD
1
Month
+
0.38%),
4.77%,
07/25/46
..
9,460
6,502,603
Series
2007-AR4,
Class
GA4B,
(LIBOR
USD
1
Month
+
0.18%),
4.57%,
09/25/47
1,777
1,589,519
Verus
Securitization
Trust
(b)(d)
Series
2022-3,
Class
A1,
4.13%,
02/25/67
11,350
10,713,837
Series
2022-INV2,
Class
A1,
6.79%,
10/25/67
....................
17,482
17,603,932
Vista
Point
Securitization
Trust,
Series
2020-1,
Class
B1,
5.38%,
03/25/65
(a)(b)
........
2,800
2,466,883
WaMu
Mortgage
Pass-Through
Certificates
Trust
(a)
Series
2007-OA5,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.75%),
2.80%,
06/25/47
....................
5,315
4,089,183
Series
2007-OA6,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.81%),
2.86%,
07/25/47
....................
2,895
2,305,301
Washington
Mutual
Mortgage
Pass-Through
Certificates
WMALT
Trust
Series
2006-8,
Class
A5,
4.17%,
10/25/36
(d)
1,055
383,226
Series
2006-AR5,
Class
1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.98%),
3.03%,
06/25/46
(a)
...................
3,238
2,118,485
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
98
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Collateralized
Mortgage
Obligations
(continued)
Series
2006-AR8,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.85%),
2.90%,
10/25/46
(a)
...................
USD
4,745
$
3,846,030
Series
2007-OA1,
Class
2A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.72%),
2.77%,
12/25/46
(a)
...................
4,115
3,257,179
Series
2007-OA5,
Class
A1A,
(Federal
Reserve
US
12
Month
Cumulative
Average
1
Year
CMT
+
0.84%),
2.89%,
05/25/47
(a)
...................
2,461
1,994,087
369,533,022
Commercial
Mortgage-Backed
Securities
—
5.0%
245
Park
Avenue
Trust,
Series
2017-245P,
Class
E,
3.66%,
06/05/37
(a)(b)
.........
7,780
5,593,161
280
Park
Avenue
Mortgage
Trust,
Series
2017-280P,
Class
E,
(LIBOR
USD
1
Month
+
2.12%),
6.36%,
09/15/34
(a)(b)(g)
........
25,775
23,050,080
Ashford
Hospitality
Trust,
Series
2018-ASHF,
Class
D,
(LIBOR
USD
1
Month
+
2.10%),
6.42%,
04/15/35
(a)(b)
...............
3,467
3,188,093
Atrium
Hotel
Portfolio
Trust,
Series
2017-ATRM,
Class
D,
(LIBOR
USD
1
Month
+
1.95%),
6.52%,
12/15/36
(a)(b)
...............
11,310
10,314,149
BAMLL
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2017-SCH,
Class
CL,
(LIBOR
USD
1
Month
+
1.50%),
5.82%,
11/15/32
...
3,225
2,873,702
Series
2017-SCH,
Class
DL,
(LIBOR
USD
1
Month
+
2.00%),
6.32%,
11/15/32
...
3,965
3,364,531
Series
2018-DSNY,
Class
D,
(LIBOR
USD
1
Month
+
1.70%),
6.02%,
09/15/34
...
11,982
11,321,737
Bayview
Commercial
Asset
Trust
(a)(b)
Series
2005-2A,
Class
A1,
(LIBOR
USD
1
Month
+
0.47%),
4.85%,
08/25/35
...
2,563
2,357,155
Series
2005-3A,
Class
A1,
(LIBOR
USD
1
Month
+
0.48%),
4.87%,
11/25/35
...
643
585,354
Series
2007-1,
Class
A1,
(LIBOR
USD
1
Month
+
0.33%),
4.72%,
03/25/37
...
2,183
1,971,553
Series
2007-3,
Class
A2,
(LIBOR
USD
1
Month
+
0.29%),
4.68%,
07/25/37
...
3,235
2,873,385
Series
2007-6A,
Class
A4A,
(LIBOR
USD
1
Month
+
1.50%),
5.89%,
12/25/37
...
1,871
1,636,548
BBCMS
Mortgage
Trust
(a)(b)
Series
2017-DELC,
Class
E,
(LIBOR
USD
1
Month
+
2.63%),
6.94%,
08/15/36
...
2,710
2,628,029
Series
2017-DELC,
Class
F,
(LIBOR
USD
1
Month
+
3.63%),
7.94%,
08/15/36
...
1,800
1,728,842
Series
2018-CHRS,
Class
E,
4.27%,
08/05/38
....................
1,750
1,125,952
BB-UBS
Trust,
Series
2012-SHOW,
Class
E,
4.03%,
11/05/36
(a)(b)
...............
2,672
2,340,794
BDS
LLC,
Series
2022-FL12,
Class
A,
(1
Month
CME
Term
SOFR
+
2.14%),
6.46%,
08/19/38
(a)(b)
....................
4,860
4,757,969
Benchmark
Mortgage
Trust,
Series
2018-B7,
Class
C,
4.86%,
05/15/53
(a)
..........
3,078
2,608,799
BFLD
Trust,
Series
2020-EYP,
Class
E,
(LIBOR
USD
1
Month
+
3.70%),
8.02%,
10/15/35
(a)(b)
2,433
1,980,625
BPR
Trust,
Series
2021-TY,
Class
E,
(LIBOR
USD
1
Month
+
3.60%),
7.92%,
09/15/38
(a)(b)
4,495
4,062,432
BWAY
Mortgage
Trust
(b)
Series
2013-1515,
Class
D,
3.63%,
03/10/33
3,600
3,150,930
Series
2013-1515,
Class
E,
3.72%,
03/10/33
2,000
1,727,664
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
BX
Commercial
Mortgage
Trust
(a)(b)
Series
2019-XL,
Class
G,
(1
Month
CME
Term
SOFR
+
2.41%),
6.75%,
10/15/36
USD
6,375
$
6,102,139
Series
2019-XL,
Class
J,
(1
Month
CME
Term
SOFR
+
2.76%),
7.10%,
10/15/36
14,288
13,582,058
Series
2021-21M,
Class
E,
(LIBOR
USD
1
Month
+
2.17%),
6.49%,
10/15/36
...
4,840
4,436,064
Series
2021-CIP,
Class
E,
(LIBOR
USD
1
Month
+
2.82%),
7.14%,
12/15/38
...
11,394
10,479,824
Series
2021-NWM,
Class
A,
(LIBOR
USD
1
Month
+
0.91%),
5.23%,
02/15/33
(g)
..
12,383
11,640,440
Series
2021-NWM,
Class
B,
(LIBOR
USD
1
Month
+
2.15%),
6.47%,
02/15/33
(g)
..
7,261
6,825,360
Series
2021-NWM,
Class
C,
(LIBOR
USD
1
Month
+
4.25%),
8.57%,
02/15/33
(g)
..
4,795
4,507,016
Series
2021-SOAR,
Class
G,
(LIBOR
USD
1
Month
+
2.80%),
7.12%,
06/15/38
...
11,096
10,242,959
Series
2021-VINO,
Class
F,
(LIBOR
USD
1
Month
+
2.80%),
7.12%,
05/15/38
...
15,325
14,216,003
Series
2021-XL2,
Class
F,
(LIBOR
USD
1
Month
+
2.24%),
6.56%,
10/15/38
...
12,955
12,094,505
Series
2022-CSMO,
Class
C,
(1
Month
CME
Term
SOFR
+
3.89%),
8.22%,
06/15/27
6,670
6,594,813
Series
2022-LP2,
Class
F,
(1
Month
CME
Term
SOFR
+
3.26%),
7.59%,
02/15/39
9,564
8,768,473
BX
Trust
(a)(b)
Series
2021-ARIA,
Class
G,
(LIBOR
USD
1
Month
+
3.14%),
7.46%,
10/15/36
...
10,310
9,211,341
Series
2021-LBA,
Class
AJV,
(LIBOR
USD
1
Month
+
0.80%),
5.12%,
02/15/36
...
3,287
3,124,252
Series
2021-LBA,
Class
AV,
(LIBOR
USD
1
Month
+
0.80%),
5.12%,
02/15/36
...
1,483
1,409,572
Series
2021-LBA,
Class
GJV,
(LIBOR
USD
1
Month
+
3.00%),
7.32%,
02/15/36
..
6,202
5,376,182
Series
2021-LBA,
Class
GV,
(LIBOR
USD
1
Month
+
3.00%),
7.32%,
02/15/36
...
8,900
7,821,757
Series
2021-MFM1,
Class
E,
(LIBOR
USD
1
Month
+
2.25%),
6.57%,
01/15/34
...
4,680
4,351,110
Series
2021-MFM1,
Class
F,
(LIBOR
USD
1
Month
+
3.00%),
7.32%,
01/15/34
...
7,240
6,659,490
Series
2021-VIEW,
Class
E,
(LIBOR
USD
1
Month
+
3.60%),
7.92%,
06/15/36
...
7,366
6,683,704
Series
2022-GPA,
Class
A,
(1
Month
CME
Term
SOFR
+
2.17%),
6.50%,
10/15/39
25,750
25,588,746
Series
2022-GPA,
Class
D,
(1
Month
CME
Term
SOFR
+
4.06%),
8.40%,
10/15/39
6,780
6,695,576
Series
2022-IND,
Class
E,
(1
Month
CME
Term
SOFR
+
3.99%),
8.31%,
04/15/37
6,439
6,049,500
Series
2022-VAMF,
Class
A,
(1
Month
CME
Term
SOFR
+
0.85%),
5.19%,
01/15/39
4,180
3,991,449
BXP
Trust
(a)(b)
Series
2017-CC,
Class
D,
(LIBOR
USD
1
Month
+
0.00%),
3.55%,
08/13/37
...
6,800
5,325,473
Series
2017-CC,
Class
E,
(LIBOR
USD
1
Month
+
0.00%),
3.55%,
08/13/37
(g)
..
10,985
8,278,121
Series
2021-601L,
Class
D,
2.78%,
01/15/44
(g)
...................
3,863
2,424,032
CFCRE
Commercial
Mortgage
Trust
Series
2016-C4,
Class
C,
4.84%,
05/10/58
(a)
3,330
2,973,288
Series
2018-TAN,
Class
A,
4.24%,
02/15/33
(b)
...................
3,600
3,567,354
Series
2018-TAN,
Class
C,
5.29%,
02/15/33
(b)
...................
2,100
2,022,081
Citigroup
Commercial
Mortgage
Trust
Series
2014-GC19,
Class
C,
5.09%,
03/11/47
(a)
...................
2,278
2,199,954
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
99
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Series
2016-C1,
Class
C,
4.94%,
05/10/49
(a)
USD
2,870
$
2,537,868
Series
2016-C1,
Class
D,
4.94%,
05/10/49
(a)
(b)
.........................
980
809,234
Series
2016-GC37,
Class
C,
4.91%,
04/10/49
(a)
...................
2,640
2,375,249
Series
2016-GC37,
Class
D,
2.79%,
04/10/49
(b)
...................
3,446
2,631,857
Commercial
Mortgage
Trust
(a)
Series
2013-300P,
Class
D,
4.39%,
08/10/30
(b)
...................
2,245
1,990,460
Series
2013-GAM,
Class
E,
3.42%,
02/10/28
(b)(g)
..................
2,000
1,871,129
Series
2014-CR15,
Class
C,
4.67%,
02/10/47
....................
463
444,109
Series
2015-CR23,
Class
B,
4.18%,
05/10/48
....................
9,520
8,799,006
Series
2015-LC19,
Class
C,
4.22%,
02/10/48
....................
6,513
5,967,833
Series
2016-667M,
Class
D,
3.18%,
10/10/36
(b)
...................
3,200
2,428,106
Credit
Suisse
Mortgage
Capital
Certificates
(a)(b)
Series
2015-RPL1,  (SOFR
+
0.03%),
3.95%,
02/15/24
...............
8,800
8,604,189
Series
2021-980M,
Class
E,
3.54%,
07/15/31
....................
1,450
1,049,053
CSMC
Trust
(a)(b)
Series
2020-FACT,
Class
E,
(LIBOR
USD
1
Month
+
4.86%),
9.18%,
10/15/37
(g)
..
4,661
4,039,688
Series
2021-BHAR,
Class
E,
(LIBOR
USD
1
Month
+
3.50%),
7.82%,
11/15/38
...
1,338
1,254,849
Series
2022-NWPT,
Class
A,
(1
Month
CME
Term
SOFR
+
3.14%),
7.48%,
09/09/24
15,900
15,593,119
DBGS
Mortgage
Trust,
Series
2018-BIOD,
Class
F,
(LIBOR
USD
1
Month
+
2.00%),
6.32%,
05/15/35
(a)(b)
...............
4,998
4,709,590
DBUBS
Mortgage
Trust
(a)(b)(g)
Series
2017-BRBK,
Class
E,
(LIBOR
USD
1
Month
+
0.00%),
3.53%,
10/10/34
...
9,073
7,603,017
Series
2017-BRBK,
Class
F,
3.53%,
10/10/34
....................
1,910
1,606,815
ELP
Commercial
Mortgage
Trust
(a)(b)
Series
2021-ELP,
Class
G,
(LIBOR
USD
1
Month
+
3.12%),
7.43%,
11/15/38
...
11,890
10,835,046
Series
2021-ELP,
Class
J,
(LIBOR
USD
1
Month
+
3.61%),
7.93%,
11/15/38
...
2,265
2,063,677
Extended
Stay
America
Trust
(a)(b)
Series
2021-ESH,
Class
D,
(LIBOR
USD
1
Month
+
2.25%),
6.57%,
07/15/38
...
9,177
8,785,826
Series
2021-ESH,
Class
E,
(LIBOR
USD
1
Month
+
2.85%),
7.17%,
07/15/38
...
6,414
6,107,916
Series
2021-ESH,
Class
F,
(LIBOR
USD
1
Month
+
3.70%),
8.02%,
07/15/38
...
5,194
4,870,265
GS
Mortgage
Securities
Corp.
II,
Series
2005-
ROCK,
Class
J,
5.86%,
05/03/32
(b)
.....
1,500
1,334,957
GS
Mortgage
Securities
Corp.
Trust
(a)(b)
Series
2021-DM,
Class
F,
(LIBOR
USD
1
Month
+
3.44%),
7.75%,
11/15/36
...
2,740
2,510,031
Series
2022-AGSS,
Class
A,
(1
Month
CME
Term
SOFR
+
2.69%),
7.03%,
11/15/27
5,070
5,081,829
GS
Mortgage
Securities
Trust,
Series
2015-
GC32,
Class
C,
4.41%,
07/10/48
(a)
.....
1,075
960,691
Harvest
Commercial
Capital
Loan
Trust
(a)(b)
Series
2019-1,
Class
M4,
4.64%,
09/25/46
3,150
2,814,038
Series
2019-1,
Class
M5,
5.73%,
09/25/46
2,000
1,761,175
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
HONO
Mortgage
Trust
(a)(b)
Series
2021-LULU,
Class
E,
(LIBOR
USD
1
Month
+
3.35%),
7.67%,
10/15/36
...
USD
4,743
$
4,292,177
Series
2021-LULU,
Class
F,
(LIBOR
USD
1
Month
+
4.40%),
8.72%,
10/15/36
...
1,177
1,060,930
ILPT
Commercial
Mortgage
Trust,
Series
2022-
LPF2,
Class
A,
(1
Month
CME
Term
SOFR
+
2.25%),
6.58%,
10/15/39
(a)(b)
.........
17,200
17,194,630
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2015-C33,
Class
D1,
4.12%,
12/15/48
(a)(b)
....................
1,898
1,608,142
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust
(a)(b)
Series
2019-OSB,
Class
E,
3.78%,
06/05/39
2,800
2,128,891
Series
2022-NLP,
Class
F,
(1
Month
CME
Term
SOFR
+
3.54%),
7.88%,
04/15/37
10,561
8,512,667
Series
2022-NXSS,
Class
A,
(1
Month
CME
Term
SOFR
+
2.18%),
6.51%,
08/15/39
8,730
8,708,037
Series
2022-OPO,
Class
D,
3.45%,
01/05/39
2,909
2,091,052
KNDL
Mortgage
Trust,
Series
2019-KNSQ,
Class
E,
(LIBOR
USD
1
Month
+
1.80%),
6.12%,
05/15/36
(a)(b)
...............
9,525
9,266,438
Life
Mortgage
Trust,
Series
2021-BMR,
Class
F,
(LIBOR
USD
1
Month
+
2.35%),
6.67%,
03/15/38
(a)(b)
....................
8,334
7,863,099
LSTAR
Commercial
Mortgage
Trust,
Series
2017-5,
Class
C,
4.67%,
03/10/50
(a)(b)
...
3,375
2,923,390
LUXE
Trust
(a)(b)
Series
2021-TRIP,
Class
A,
(LIBOR
USD
1
Month
+
1.05%),
5.37%,
10/15/38
...
774
739,582
Series
2021-TRIP,
Class
E,
(LIBOR
USD
1
Month
+
2.75%),
7.07%,
10/15/38
...
920
842,036
MAD
Mortgage
Trust,
Series
2017-330M,
Class
D,
3.98%,
08/15/34
(a)(b)
.............
3,305
2,956,675
Med
Trust
(a)(b)
Series
2021-MDLN,
Class
F,
(LIBOR
USD
1
Month
+
4.00%),
8.32%,
11/15/38
...
13,800
12,692,790
Series
2021-MDLN,
Class
G,
(LIBOR
USD
1
Month
+
5.25%),
9.57%,
11/15/38
...
21,950
20,058,411
MF1
Multifamily
Housing
Mortgage
Loan
Trust,
Series
2021-W10,
Class
G,
(1
Month
CME
Term
SOFR
+
4.22%),
8.56%,
12/15/34
(a)(b)
3,940
3,559,879
MHP,
Series
2021-STOR,
Class
J,
(LIBOR
USD
1
Month
+
3.95%),
8.27%,
07/15/38
(a)(b)
..
1,277
1,201,694
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C23,
Class
D,
4.14%,
07/15/50
(a)(b)
....................
727
614,361
Morgan
Stanley
Capital
I
Trust
Series
2017-HR2,
Class
D,
2.73%,
12/15/50
(b)
...................
1,570
1,068,564
Series
2018-H3,
Class
C,
4.86%,
07/15/51
(a)
2,880
2,432,404
Series
2018-MP,
Class
E,
4.28%,
07/11/40
(a)
(b)
.........................
2,112
1,488,086
Series
2018-SUN,
Class
F,
(LIBOR
USD
1
Month
+
2.55%),
6.87%,
07/15/35
(a)(b)
.
3,060
2,921,548
MTN
Commercial
Mortgage
Trust,
Series
2022-
LPFL,
Class
F,
(1
Month
CME
Term
SOFR
+
5.29%),
9.62%,
03/15/39
(a)(b)
.........
19,307
18,084,757
Olympic
Tower
Mortgage
Trust,
Series
2017-
OT,
Class
E,
3.95%,
05/10/39
(a)(b)(g)
.....
8,300
5,694,517
PFP
Ltd.,
Series
2022-9,
Class
A,
(1
Month
CME
Term
SOFR
+
2.27%),
6.60%,
08/19/35
(a)(b)
....................
37,250
36,342,001
PKHL
Commercial
Mortgage
Trust,
Series
2021-MF,
Class
G,
(LIBOR
USD
1
Month
+
4.35%),
8.67%,
07/15/38
(a)(b)
.........
1,400
1,252,641
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
100
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Commercial
Mortgage-Backed
Securities
(continued)
Velocity
Commercial
Capital
Loan
Trust,
Series
2022-1,
Class
M4,
5.20%,
02/25/52
(a)(b)
..
USD
6,158
$
4,873,568
Wells
Fargo
Commercial
Mortgage
Trust
Series
2015-NXS3,
Class
B,
4.50%,
09/15/57
(a)
...................
1,600
1,473,521
Series
2016-C37,
Class
C,
4.49%,
12/15/49
(a)
...................
2,803
2,433,282
Series
2016-LC25,
Class
C,
4.34%,
12/15/59
(a)
...................
8,320
7,091,203
Series
2016-NXS5,
Class
B,
4.95%,
01/15/59
(a)
...................
1,875
1,736,222
Series
2016-NXS6,
Class
C,
4.39%,
11/15/49
(a)
...................
4,783
4,164,237
Series
2017-C39,
Class
C,
4.12%,
09/15/50
3,268
2,683,782
Series
2018-C45,
Class
C,
4.73%,
06/15/51
1,158
974,382
WFRBS
Commercial
Mortgage
Trust,
Series
2014-C22,
Class
C,
3.77%,
09/15/57
(a)
..
1,300
1,185,255
WMRK
Commercial
Mortgage
Trust,
Series
2022-WMRK,
Class
A,
(1
Month
CME
Term
SOFR
+
2.79%),
7.12%,
11/15/27
(a)(b)
...
11,975
11,929,924
656,069,517
Interest
Only
Commercial
Mortgage-Backed
Securities
—
0.1%
(a)
BBCMS
Trust
(b)
Series
2015-SRCH,
Class
XA,
0.91%,
08/10/35
....................
72,873
2,303,485
Series
2015-SRCH,
Class
XB,
0.19%,
08/10/35
....................
35,000
306,112
BX
Trust,
Series
2022-GPA,
Class
XCP,
1.03%,
10/15/39
(b)
.....................
375,000
2,372,363
CFCRE
Commercial
Mortgage
Trust,
Series
2016-C6,
Class
XA,
1.09%,
11/10/49
...
59,931
1,905,599
Commercial
Mortgage
Trust
Series
2014-UBS5,
Class
XB2,
0.74%,
09/10/47
(b)
...................
12,675
152,643
Series
2015-CR25,
Class
XA,
0.80%,
08/10/48
....................
12,031
206,698
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2014-C22,
Class
XA,
0.80%,
09/15/47
......................
6,076
57,006
JPMDB
Commercial
Mortgage
Securities
Trust,
Series
2016-C4,
Class
XC,
0.75%,
12/15/49
(b)
.....................
40,477
929,805
LSTAR
Commercial
Mortgage
Trust,
Series
2017-5,
Class
X,
0.79%,
03/10/50
(b)
....
34,058
697,864
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2014-C15,
Class
XB,
0.33%,
04/15/47
(b)
...................
80,982
224,215
Series
2015-C26,
Class
XD,
1.31%,
10/15/48
(b)
...................
12,675
405,749
Series
2016-C32,
Class
XA,
0.65%,
12/15/49
....................
29,644
615,642
Morgan
Stanley
Capital
I
Trust,
Series
2016-
UBS9,
Class
XD,
1.60%,
03/15/49
(b)
....
13,600
605,056
Natixis
Commercial
Mortgage
Securities
Trust
(b)
Series
2017-75B,
Class
XA,
0.20%,
04/10/37
....................
40,610
361,591
Series
2017-75B,
Class
XB,
0.03%,
04/10/37
....................
27,000
62,041
Wells
Fargo
Commercial
Mortgage
Trust
Series
2016-BNK1,
Class
XD,
1.25%,
08/15/49
(b)
...................
11,784
431,969
Series
2016-LC25,
Class
XA,
0.83%,
12/15/59
....................
19,055
507,144
Security
Par
(000)
Par
(000)
Value
Interest
Only
Commercial
Mortgage-Backed
Securities
(continued)
WFRBS
Commercial
Mortgage
Trust
Series
2014-C20,
Class
XB,
0.58%,
05/15/47
....................
USD
57,079
$
414,882
Series
2014-LC14,
Class
XA,
1.24%,
03/15/47
....................
22,256
188,827
12,748,691
Total
Non-Agency
Mortgage-Backed
Securities
—
8.0%
(Cost:
$1,107,202,159)
...........................
1,038,351,230
Preferred
Securities
Capital
Trusts
—
2.6%
Banks
—
0.9%
(a)(k)
Banco
Bilbao
Vizcaya
Argentaria
SA,
(EUR
Swap
Annual
5
Year
+
6.46%),
6.00%
(c)
..
EUR
5,400
5,498,692
Bank
of
America
Corp.,
Series
RR,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.76%),
4.38%
......
USD
17,500
14,821,289
Citigroup,
Inc.
Series
U,
(SOFR
1
Day
+
3.81%),
5.00%
.
33,356
29,687,250
Series
W,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%),
4.00%
......................
1,170
1,019,210
Series
Y,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.00%),
4.15%
......................
15
12,246
HSBC
Holdings
plc,
(USD
Swap
Rate
5
Year
+
3.71%),
6.38%
..................
1,200
1,144,560
JPMorgan
Chase
&
Co.
Series
FF,
(SOFR
1
Day
+
3.38%),
5.00%
6,000
5,489,584
Series
HH,
(SOFR
1
Day
+
3.13%),
4.60%
1,477
1,301,606
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
17,633,125
Series
V,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.24%),
6.20%
......................
3,762
3,676,414
US
Bancorp,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.54%),
3.70%
........................
15,530
12,695,775
Wells
Fargo
&
Co.
Series
S,
(LIBOR
USD
3
Month
+
3.11%),
5.90%
......................
15,875
14,217,809
Series
BB,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%),
3.90%
......................
8,065
7,059,012
114,256,572
Capital
Markets
—
0.6%
(a)(k)
Bank
of
New
York
Mellon
Corp.
(The),
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.35%),
3.70%
21,025
18,699,531
Charles
Schwab
Corp.
(The)
Series
I,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.17%),
4.00%
......................
21,725
18,846,437
Series
H,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.08%),
4.00%
................
30,186
24,071,826
Goldman
Sachs
Group,
Inc.
(The),
Series
T,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%),
3.80%
16,500
13,442,578
75,060,372
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
101
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Par
(000)
Par
(000)
Value
Consumer
Finance
—
0.3%
(a)(k)
Ally
Financial,
Inc.,
Series
B,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.87%),
4.70%
.............
USD
36,150
$
24,175,313
Discover
Financial
Services,
Series
C,
(LIBOR
USD
3
Month
+
3.08%),
5.50%
.......
20,150
16,039,774
General
Motors
Financial
Co.,
Inc.,
Series
C,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.00%),
5.70%
5,220
4,418,077
44,633,164
Diversified
Financial
Services
—
0.1%
Voya
Financial,
Inc.,
Series
A,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.36%),
6.13%
(a)(k)
...........
16,815
16,374,051
Electric
Utilities
—
0.2%
Edison
International,
Series
A,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.70%),
5.38%
(a)(k)
...........
36,050
29,502,960
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Vistra
Corp.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.74%),
7.00%
(a)(b)(k)
.....................
1,923
1,749,802
Insurance
—
0.2%
MetLife,
Inc.,
Series
G,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.58%),
3.85%
(a)(k)
...............
26,150
24,286,813
Oil,
Gas
&
Consumable
Fuels
—
0.3%
(a)(k)
Energy
Transfer
LP,
Series
G,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%),
7.13%
.............
44,150
36,865,250
MPLX
LP,
Series
B,
(LIBOR
USD
3
Month
+
4.65%),
6.88%
..................
170
167,450
37,032,700
Total
Capital
Trusts
—
2.6%
(Cost:
$408,344,206)
.............................
342,896,434
Shares
Shares
Preferred
Stocks
—
0.4%
Consumer
Finance
—
0.1%
SLM
Corp.,
Series
B,
(LIBOR
USD
3
Month
+
1.70%),
6.47%
(a)(k)
................
136,000
7,825,440
Insurance
—
0.1%
Allstate
Corp.
(The),
Series
H,
5.10%
(k)
....
735,000
14,560,350
Life
Sciences
Tools
&
Services
—
0.0%
Sartorius
AG
(Preference)
.............
2,439
963,103
Oil,
Gas
&
Consumable
Fuels
—
0.0%
Energy
Transfer
LP,
Series
E,
(LIBOR
USD
3
Month
+
5.16%),
7.60%
(a)(k)
..........
138,000
3,020,820
Petroleo
Brasileiro
SA
(Preference)
.......
662,016
3,070,288
6,091,108
Technology
Hardware,
Storage
&
Peripherals
—
0.2%
Samsung
Electronics
Co.
Ltd.
(Preference)
.
530,403
21,255,029
Total
Preferred
Stocks
—
0.4%
(Cost:
$51,894,195)
..............................
50,695,030
Security
Shares
Shares
Value
Trust
Preferreds
—
0.2%
Commercial
Services
&
Supplies
—
0.1%
ILFC
E-Capital
Trust
I
,
(30Y
CMT
+
1.55%),
6.29%, 12/21/65
(a)(b)
...............
16,872,000
$
9,954,480
Consumer
Finance
—
0.1%
ILFC
E-Capital
Trust
II
,
(LIBOR
USD
3
Month
+
1.80%),
6.54%, 12/21/65
(a)(b)
.........
11,944,000
7,703,880
Total
Trust
Preferreds
—
0.2%
(Cost:
$27,894,929)
..............................
17,658,360
Total
Preferred
Securities
—
3.2%
(Cost:
$488,133,330)
.............................
411,249,824
Par
(000)
Par
(000)
U.S.
Government
Sponsored
Agency
Securities
Collateralized
Mortgage
Obligations
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes,
Series
2018-W5FX,
Class
CFX,
(LIBOR
USD
1
Month
+
0.00%),
3.66%, 04/25/28
(a)(b)
...............
USD
4,627
3,809,030
Commercial
Mortgage-Backed
Securities
—
0.0%
Federal
Home
Loan
Mortgage
Corp.
Variable
Rate
Notes,
Series
2018-K732,
Class
B,
4.05%, 05/25/25
(a)(b)
...............
1,500
1,427,218
Total
U.S.
Government
Sponsored
Agency
Securities
—
0.0%
(Cost:
$5,980,249)
..............................
5,236,248
U.S.
Treasury
Obligations
U.S.
Treasury
Notes
,
4.25%, 09/30/24
(s)
....
147,639
146,883,105
Total
U.S.
Treasury
Obligations
—
1.1%
(Cost:
$147,529,273)
.............................
146,883,105
Shares
Shares
Warrants
Diversified
Consumer
Services
—
0.0%
Service
King
Midas
International
(Issued/
Exercisable
07/14/22,
1
share
for
1
warrant,
Expires
06/30/27,
Strike
Price
USD
10.00)
(e)
(g)
...........................
1,841
—
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
18,761
Total
Warrants
—
0.0%
(Cost:
$—)
....................................
18,761
Total
Long-Term
Investments
—
96.8%
(Cost:
$13,505,734,638)
...........................
12,627,817,007
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
102
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
2.4%
(r)(t)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
4.03%
...................
207,458,680
$
207,458,680
SL
Liquidity
Series,
LLC,
Money
Market
Series,
4.49%
(u)
.......................
101,871,324
101,861,137
Total
Short-Term
Securities
—
2.4%
(Cost:
$309,270,878)
.............................
309,319,817
Total
Options
Purchased
—
0.0%
(
Cost:
$48,037
)
................................
35,765
Total
Investments
Before
Options
Written
—
99.2%
(Cost:
$13,815,053,553
)
...........................
12,937,172,589
Total
Options
Written
—
(0.0)%
(Premium
Received
—
$(25,267))
....................
(8,793)
Total
Investments
Net
of
Options
Written
—
99.2%
(Cost:
$13,815,028,286
)
...........................
12,937,163,796
Other
Assets
Less
Liabilities
—
0.8%
...................
109,638,145
Net
Assets
—
100.0%
..............................
$
13,046,801,941
(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
$0,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$0.
(j)
Convertible
security.
(k)
Perpetual
security
with
no
stated
maturity
date.
(l)
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.
(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)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(t)
Annualized
7-day
yield
as
of
period
end.
(u)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
103
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
December
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
12/31/22
Shares
Held
at
12/31/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
...
$
1,110,335,000
$
—
$
(902,876,320)
(a)
$
—
$
—
$
207,458,680
207,458,680
$
6,240,898
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
...........
407,625,445
—
(305,586,716)
(a)
(193,683)
16,091
101,861,137
101,871,324
2,590,905
(b)
—
iShares
Core
Dividend
Growth
ETF
..................
156,928,300
—
—
—
(1,891,450)
155,036,850
3,100,737
2,081,416
—
iShares
Core
S&P
500
ETF
....
—
272,106,782
(65,155,876)
(1,442,263)
(3,408,420)
202,100,223
526,015
1,200,461
—
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
......
380,113,648
—
(267,151,840)
(55,249,357)
28,877,313
86,589,764
1,176,012
7,165,641
—
iShares
iBoxx
$
Investment
Grade
Corporate
Bond
ETF
(c)
.....
52,903,976
—
(51,365,671)
926,639
(2,464,944)
—
—
127,346
—
$
(55,958,664)
$
21,128,590
$
753,046,654
$
19,406,667
$
—
—
—
(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.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
104
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
MSCI
Emerging
Markets
E-Mini
Index
............................................
343
03/17/23
$
16,454
$
(308,150)
S&P
500
E-Mini
Index
......................................................
483
03/17/23
93,243
(689,077)
U.S.
Treasury
10
Year
Note
...................................................
8,558
03/22/23
959,699
(4,977,581)
U.S.
Treasury
10
Year
Ultra
Note
...............................................
5,483
03/22/23
646,394
(4,253,059)
U.S.
Treasury
5
Year
Note
....................................................
14,115
03/31/23
1,521,994
(20,634,767)
(30,862,634)
Short
Contracts
GBP
Currency
............................................................
3,875
03/13/23
292,659
7,664,091
JPY
Currency
............................................................
523
03/13/23
50,385
(1,553,870)
EURO
STOXX
50
Index
.....................................................
1,165
03/17/23
47,182
1,913,171
MSCI
Emerging
Markets
E-Mini
Index
............................................
3,226
03/17/23
154,751
4,102,601
U.S.
Treasury
10
Year
Note
...................................................
1,460
03/22/23
163,725
2,244,547
U.S.
Treasury
Long
Bond
....................................................
138
03/22/23
17,207
571,176
U.S.
Treasury
Ultra
Bond
....................................................
528
03/22/23
70,505
3,971,252
U.S.
Treasury
2
Year
Note
....................................................
10
03/31/23
2,050
(1,500)
U.S.
Treasury
5
Year
Note
....................................................
44
03/31/23
4,744
14,868
18,926,336
$
(11,936,298)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
AED
735,000
USD
200,097
Citibank
NA
01/13/23
$
31
AUD
3,332,000
USD
2,241,543
Bank
of
America
NA
01/13/23
27,906
AUD
854,000
USD
573,742
Barclays
Bank
plc
01/13/23
7,923
AUD
2,437,000
USD
1,618,965
UBS
AG
01/13/23
40,893
CAD
17,685,000
USD
12,837,145
Bank
of
America
NA
01/13/23
224,737
CAD
526,000
USD
387,502
Citibank
NA
01/13/23
994
CAD
637,000
USD
468,501
Deutsche
Bank
AG
01/13/23
1,978
CAD
672,000
USD
494,260
Westpac
Banking
Corp.
01/13/23
2,069
CHF
730,000
USD
779,596
Bank
of
America
NA
01/13/23
10,677
EUR
5,146,000
USD
5,387,119
Bank
of
America
NA
01/13/23
124,961
EUR
3,305,000
USD
3,355,501
Bank
of
New
York
Mellon
01/13/23
184,613
EUR
546,000
USD
565,562
Barclays
Bank
plc
01/13/23
19,280
EUR
5,309,000
USD
5,412,246
Citibank
NA
01/13/23
274,430
EUR
634,000
USD
674,896
HSBC
Bank
plc
01/13/23
4,206
EUR
2,043,000
USD
2,181,823
JPMorgan
Chase
Bank
NA
01/13/23
6,517
EUR
25,228,000
USD
26,111,671
UBS
AG
01/13/23
911,019
EUR
68,000
USD
70,785
Westpac
Banking
Corp.
01/13/23
2,052
GBP
1,487,000
USD
1,771,522
Bank
of
America
NA
01/13/23
26,626
GBP
2,730,000
USD
3,020,592
Citibank
NA
01/13/23
280,648
GBP
260,000
USD
293,011
UBS
AG
01/13/23
21,393
HKD
7,497,000
USD
956,317
Bank
of
America
NA
01/13/23
4,433
HKD
8,154,000
USD
1,039,648
Barclays
Bank
plc
01/13/23
5,297
HKD
6,126,000
USD
783,392
UBS
AG
01/13/23
1,663
JPY
258,796,000
USD
1,875,217
Bank
of
America
NA
01/13/23
99,146
JPY
27,931,000
USD
189,857
Bank
of
New
York
Mellon
01/13/23
23,229
JPY
2,547,000
USD
18,846
Citibank
NA
01/13/23
585
JPY
572,659,000
USD
3,948,727
UBS
AG
01/13/23
420,106
KRW
1,530,726,000
USD
1,072,763
Citibank
NA
01/13/23
143,005
NZD
15,340,000
USD
8,722,276
Bank
of
America
NA
01/13/23
1,018,331
SGD
435,000
USD
303,053
Bank
of
America
NA
01/13/23
21,798
USD
644,473
AUD
942,000
Bank
of
America
NA
01/13/23
2,870
USD
873,445
CAD
1,177,000
Bank
of
America
NA
01/13/23
4,130
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
105
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
1,236,200
CAD
1,654,000
Bank
of
New
York
Mellon
01/13/23
$
14,580
USD
130,358
CAD
176,000
Deutsche
Bank
AG
01/13/23
367
USD
2,721,369
EUR
2,540,000
Bank
of
New
York
Mellon
01/13/23
676
USD
862,291
GBP
708,000
Bank
of
America
NA
01/13/23
6,145
USD
67,342,664
GBP
54,750,000
Bank
of
New
York
Mellon
01/13/23
1,136,480
USD
1,935,344
GBP
1,600,000
UBS
AG
01/13/23
551
USD
153,114
HKD
1,192,000
Barclays
Bank
plc
01/13/23
358
USD
362,128
NZD
568,000
UBS
AG
01/13/23
1,459
5,078,162
CAD
1,955,000
USD
1,474,007
Bank
of
America
NA
01/13/23
(30,072)
CAD
21,000
USD
15,521
Bank
of
New
York
Mellon
01/13/23
(11)
CAD
2,273,000
USD
1,696,906
Westpac
Banking
Corp.
01/13/23
(18,101)
GBP
833,000
USD
1,015,579
Bank
of
America
NA
01/13/23
(8,278)
HKD
2,691,000
USD
345,765
UBS
AG
01/13/23
(910)
USD
6,631,981
AED
24,359,000
Citibank
NA
01/13/23
(565)
USD
2,122,425
AED
7,796,000
Deutsche
Bank
AG
01/13/23
(294)
USD
4,803,022
AUD
7,312,000
Bank
of
America
NA
01/13/23
(177,234)
USD
130,984
AUD
202,000
UBS
AG
01/13/23
(6,601)
USD
6,535,678
CAD
8,925,000
Bank
of
America
NA
01/13/23
(56,196)
USD
1,067,890
CAD
1,480,000
Bank
of
New
York
Mellon
01/13/23
(25,216)
USD
1,356,353
CHF
1,296,000
Bank
of
America
NA
01/13/23
(46,651)
USD
1,305,557
CHF
1,250,000
Citibank
NA
01/13/23
(47,650)
USD
1,590,829
CHF
1,569,000
Deutsche
Bank
AG
01/13/23
(107,716)
USD
139,487
CHF
130,000
HSBC
Bank
plc
01/13/23
(1,246)
USD
5,796,495
EUR
5,539,000
Bank
of
America
NA
01/13/23
(136,544)
USD
9,042,627
EUR
9,252,000
Bank
of
New
York
Mellon
01/13/23
(867,550)
USD
306,329,794
EUR
289,730,000
Barclays
Bank
plc
01/13/23
(4,011,272)
USD
24,508,219
EUR
23,652,000
Deutsche
Bank
AG
01/13/23
(826,357)
USD
731,484
EUR
688,000
HSBC
Bank
plc
01/13/23
(5,460)
USD
1,914,455
EUR
1,853,000
UBS
AG
01/13/23
(70,365)
USD
79,331
GBP
66,000
Bank
of
America
NA
01/13/23
(479)
USD
3,871,831
GBP
3,246,000
Bank
of
New
York
Mellon
01/13/23
(53,379)
USD
2,526,082
GBP
2,218,000
UBS
AG
01/13/23
(156,024)
USD
364,871
HKD
2,861,000
Bank
of
New
York
Mellon
01/13/23
(1,770)
USD
2,522,232
HKD
19,767,000
UBS
AG
01/13/23
(10,934)
USD
281,439
JPY
38,994,000
Bank
of
America
NA
01/13/23
(16,047)
USD
1,340,877
JPY
192,235,000
Deutsche
Bank
AG
01/13/23
(125,690)
USD
650,136
JPY
88,482,000
Westpac
Banking
Corp.
01/13/23
(24,896)
USD
449,469
NZD
806,000
Bank
of
America
NA
01/13/23
(62,326)
USD
850,006
NZD
1,371,000
UBS
AG
01/13/23
(20,553)
USD
5,654,292
ZAR
101,900,000
BNP
Paribas
SA
02/28/23
(314,039)
USD
5,193,100
ZAR
93,750,000
HSBC
Bank
plc
02/28/23
(297,882)
USD
451,262
ZAR
8,150,000
Toronto
Dominion
Bank
02/28/23
(26,087)
USD
862,463
EUR
810,458
Bank
of
America
NA
03/15/23
(9,296)
USD
4,609,796
EUR
4,350,620
Bank
of
New
York
Mellon
03/15/23
(69,893)
USD
3,196,471
EUR
2,986,873
JPMorgan
Chase
Bank
NA
03/15/23
(16,321)
(7,649,905)
$
(2,571,743)
Exchange-Traded
Options
Purchased
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
EURO
STOXX
50
Index
.......................
74
01/20/23
EUR
3,725.00
EUR
2,807
$
35,765
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
106
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Exchange-Traded
Options
Written
Description
Number
of
Contracts
Expiration
Date
Exercise
Price
Notional
Amount
(000)
Value
Put
EURO
STOXX
50
Index
........................
74
01/20/23
EUR
3,550.00
EUR
2,807
$
(8,793)
Centrally
Cleared
Credit
Default
Swaps
—
Buy
Protection
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
Investment
Grade
Index
Series
39.V1
................
1.00
%
Quarterly
12/20/27
USD
13,450
$
(111,307)
$
(38,520)
$
(72,787)
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
Credit
Suisse
International
06/20/23
CCC+
EUR
400
$
(20,686)
$
(21,668)
$
982
Casino
Guichard
Perrachon
SA
.............
5.00
Quarterly
Goldman
Sachs
International
06/20/23
NR
EUR
438
(22,652)
(24,252)
1,600
Casino
Guichard
Perrachon
SA
.............
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/23
CCC+
EUR
540
(27,926)
(23,287)
(4,639)
Casino
Guichard
Perrachon
SA
.............
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/23
CCC+
EUR
292
(15,100)
(13,408)
(1,692)
Casino
Guichard
Perrachon
SA
.............
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/23
CCC+
EUR
340
(17,583)
(29,850)
12,267
Casino
Guichard
Perrachon
SA
.............
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
06/20/23
CCC+
EUR
400
(20,686)
(38,577)
17,891
Novafives
SAS
.......
5.00
Quarterly
Citibank
NA
06/20/23
B-
EUR
310
(9,885)
(10,680)
795
Novafives
SAS
.......
5.00
Quarterly
Goldman
Sachs
International
06/20/23
B-
EUR
134
(4,283)
(4,698)
415
Novafives
SAS
.......
5.00
Quarterly
Goldman
Sachs
International
06/20/23
B-
EUR
236
(7,515)
(7,692)
177
thyssenkrupp
AG
......
1.00
Quarterly
BNP
Paribas
SA
06/20/23
BB
EUR
800
(6,993)
(11,410)
4,417
Casino
Guichard
Perrachon
SA
.............
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/23
CCC+
EUR
200
(25,201)
(42,184)
16,983
thyssenkrupp
AG
......
1.00
Quarterly
Bank
of
America
NA
12/20/23
BB
EUR
710
(15,826)
(15,193)
(633)
Telecom
Italia
SpA
.....
5.00
Quarterly
Barclays
Bank
plc
12/20/24
B+
EUR
200
8,368
8,039
329
Saipem
Finance
International
BV
....
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
BB+
EUR
700
(18,895)
(13,542)
(5,353)
Virgin
Media
Finance
plc
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/25
B
EUR
360
14,090
30,219
(16,129)
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Bank
of
America
NA
12/20/26
B+
EUR
320
(48,591)
(11,220)
(37,371)
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Barclays
Bank
plc
12/20/26
B+
EUR
244
(36,999)
8,584
(45,583)
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Credit
Suisse
International
12/20/26
B+
EUR
237
(35,964)
8,825
(44,789)
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Credit
Suisse
International
12/20/26
B+
EUR
125
(18,981)
4,379
(23,360)
Jaguar
Land
Rover
Automotive
plc
.....
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/26
B+
EUR
125
(18,981)
5,140
(24,121)
K+S
AG
............
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/26
BB+
EUR
560
53,254
40,454
12,800
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
Credit
Suisse
International
12/20/26
NR
EUR
480
(30,863)
(27,109)
(3,754)
TK
Elevator
Holdco
GmbH
5.00
Quarterly
Goldman
Sachs
International
12/20/26
CCC+
EUR
476
12,480
14,746
(2,266)
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
107
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
(a)
The
Fund
receives
the
total
return
on
a
portfolio
of
long
positions
underlying the
total
return
swap.
The
Fund
pays
the
total
return
on
a
portfolio
of
short
positions
underlying
the
total
return
swap.
In
addition,
the
Fund
pays
or
receives
a
variable
rate
of
interest,
based
on
a
specified
benchmark.
The
benchmark
and
spread
are
determined
based
upon
the
country
and/or
currency
of
the
individual
underlying
positions.
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)
Cellnex
Telecom
SA
....
5.00
%
Quarterly
Credit
Suisse
International
06/20/27
BB+
EUR
800
$
100,895
$
63,924
$
36,971
CMA
CGM
SA
........
5.00
Quarterly
Credit
Suisse
International
06/20/27
BB+
EUR
1,310
49,294
54,129
(4,835)
CMA
CGM
SA
........
5.00
Quarterly
Credit
Suisse
International
06/20/27
BB+
EUR
220
8,279
6,749
1,530
CMA
CGM
SA
........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
BB+
EUR
364
13,687
12,081
1,606
CMA
CGM
SA
........
5.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
BB+
EUR
342
12,866
11,356
1,510
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
Credit
Suisse
International
06/20/27
BB
EUR
615
(48,419)
(79,748)
31,329
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
BB
EUR
131
(10,275)
(17,797)
7,522
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
BB
EUR
227
(17,846)
(22,626)
4,780
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
BB
EUR
113
(8,923)
(11,313)
2,390
Ladbrokes
Group
Finance
plc
.............
1.00
Quarterly
JPMorgan
Chase
Bank
NA
06/20/27
BB
EUR
529
(41,687)
(84,670)
42,983
ADLER
Real
Estate
AG
.
5.00
Quarterly
Bank
of
America
NA
12/20/27
CCC-
EUR
304
(78,639)
(71,572)
(7,067)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Barclays
Bank
plc
12/20/27
CCC-
EUR
513
(132,862)
(119,062)
(13,800)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Barclays
Bank
plc
12/20/27
CCC-
EUR
183
(47,268)
(42,359)
(4,909)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Citibank
NA
12/20/27
CCC-
EUR
149
(38,552)
(35,564)
(2,988)
ADLER
Real
Estate
AG
.
5.00
Quarterly
JPMorgan
Chase
Bank
NA
12/20/27
CCC-
EUR
312
(80,681)
(72,760)
(7,921)
ADLER
Real
Estate
AG
.
5.00
Quarterly
Morgan
Stanley
&
Co.
International
plc
12/20/27
CCC-
EUR
226
(58,498)
(52,714)
(5,784)
Telecom
Italia
SpA
.....
1.00
Quarterly
Citibank
NA
06/20/29
B+
EUR
300
(60,902)
(52,749)
(8,153)
CMBX.NA.9.A
........
2.00
Monthly
Credit
Suisse
International
09/17/58
A
USD
3,750
(196,822)
(102,202)
(94,620)
CMBX.NA.9.BBB-
.....
3.00
Monthly
Morgan
Stanley
&
Co.
International
plc
09/17/58
BBB-
USD
3,750
(705,683)
(341,756)
(363,927)
$
(1,657,454)
$
(1,133,037)
$
(524,417)
(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
$
5,386,754
$
(190,217)
(c)
$
5,119,566
0.0
%
Monthly
JPMorgan
Chase
Bank
NA
(d)
02/08/23
6,171,535
163,015
(e)
6,386,608
0.0
$
(27,202)
$
11,506,174
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
108
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
The
following
are
the
specified
benchmarks
(plus
or
minus
a
range)
used
in
determining
the
variable
rate
of
interest:
(b)
(d)
Range:
90
basis
points
40-60
basis
points
Benchmarks:
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
USD
-
1D
Overnight
Bank
Funding
Rate
(OBFR01)
(c)
Amount
includes
$76,971
of
net
dividends
and
financing
fees.
(e)
Amount
includes
$(52,058)
of
net
dividends
and
financing
fees.
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
..
1,586,100
$
5,119,566
100.0
%
Net
Value
of
Reference
Entity
—
HSBC
Bank
plc
$
5,119,566
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
..............
47,757
3,297,308
51.6
Hong
Kong
Prudential
plc
............
226,409
3,087,153
48.4
Russia
X5
Retail
Group
NV,
GDR,
Class
S
..................
214,691
2,147
0.0
(a)
Total
Reference
Entity
—
Long
............
6,386,608
Net
Value
of
Reference
Entity
—
JPMorgan
Chase
Bank
NA
............................
$
6,386,608
(a)
Rounds
to
less
than
0.1%.
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
109
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
1,667,811,057
$
—
$
1,667,811,057
Common
Stocks
Aerospace
&
Defense
....................................
15,202,392
12,556,380
—
27,758,772
Air
Freight
&
Logistics
....................................
15,284,020
4,869,665
—
20,153,685
Airlines
..............................................
6,659,172
7,515,777
—
14,174,949
Auto
Components
......................................
5,714,594
—
—
5,714,594
Automobiles
..........................................
5,863,856
7,263,448
—
13,127,304
Banks
...............................................
73,763,665
141,359,823
906
215,124,394
Beverages
...........................................
8,790,853
38,074,860
—
46,865,713
Biotechnology
.........................................
19,800,942
3,619,513
—
23,420,455
Building
Products
.......................................
—
3,180,295
—
3,180,295
Capital
Markets
........................................
20,198,513
9,796,515
—
29,995,028
Chemicals
............................................
11,526,401
26,799,408
—
38,325,809
Commercial
Services
&
Supplies
.............................
—
400,794
5,365
406,159
Communications
Equipment
................................
7,706,663
5,962,773
—
13,669,436
Construction
&
Engineering
................................
53,083
5,422,774
—
5,475,857
Construction
Materials
....................................
—
1,223,255
—
1,223,255
Consumer
Finance
......................................
13,597,333
5,648,313
—
19,245,646
Containers
&
Packaging
..................................
9,781,418
—
—
9,781,418
Diversified
Financial
Services
...............................
10,186,908
—
—
10,186,908
Diversified
Telecommunication
Services
........................
26,387,552
52,317,649
—
78,705,201
Electric
Utilities
........................................
117,843,403
25,665,853
—
143,509,256
Electrical
Equipment
.....................................
—
22,339,404
—
22,339,404
Electronic
Equipment,
Instruments
&
Components
.................
15,734,258
10,463,008
—
26,197,266
Energy
Equipment
&
Services
..............................
10,783,618
5,709,332
—
16,492,950
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
268,558,165
52,721,722
—
321,279,887
Food
&
Staples
Retailing
..................................
17,202,723
7,344,162
2,075
24,548,960
Food
Products
.........................................
9,398,923
23,713,792
—
33,112,715
Gas
Utilities
...........................................
171,783
21,103,240
—
21,275,023
Health
Care
Equipment
&
Supplies
...........................
36,511,094
19,086,734
—
55,597,828
Health
Care
Providers
&
Services
............................
47,111,611
12,728,885
—
59,840,496
Hotels,
Restaurants
&
Leisure
..............................
8,801,133
16,378,516
—
25,179,649
Household
Durables
.....................................
2,869,464
17,512,980
—
20,382,444
Household
Products
.....................................
1,703,798
22,556,684
—
24,260,482
Independent
Power
and
Renewable
Electricity
Producers
............
—
4,313,766
—
4,313,766
Industrial
Conglomerates
..................................
—
2,947,690
—
2,947,690
Insurance
............................................
38,525,916
75,727,723
—
114,253,639
Interactive
Media
&
Services
...............................
3,655,875
1,632,312
—
5,288,187
Internet
&
Direct
Marketing
Retail
............................
12,596,883
14,289,477
—
26,886,360
IT
Services
...........................................
73,792,894
33,510,232
—
107,303,126
Life
Sciences
Tools
&
Services
..............................
—
19,793,379
—
19,793,379
Machinery
............................................
16,642,598
36,102,096
—
52,744,694
Marine
..............................................
—
234,431
—
234,431
Media
...............................................
10,076,400
185,502
—
10,261,902
Metals
&
Mining
........................................
1,797,901
13,798,184
82
15,596,167
Multiline
Retail
.........................................
4,895,942
556,737
193
5,452,872
Multi-Utilities
..........................................
86,930,396
11,090,549
—
98,020,945
Oil,
Gas
&
Consumable
Fuels
...............................
100,798,666
57,943,680
69,968
158,812,314
Personal
Products
......................................
15,102,520
12,445,941
—
27,548,461
Pharmaceuticals
.......................................
6,952,931
119,528,525
—
126,481,456
Professional
Services
....................................
6,163,854
20,171,148
—
26,335,002
Real
Estate
Management
&
Development
.......................
—
36,399,208
—
36,399,208
Road
&
Rail
...........................................
29,594,336
5,317,899
—
34,912,235
Semiconductors
&
Semiconductor
Equipment
....................
1,992,180
66,131,277
—
68,123,457
Software
.............................................
47,857,535
—
—
47,857,535
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
110
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Level
1
Level
2
Level
3
Total
Specialty
Retail
........................................
$
4,470,204
$
29,233,542
$
—
$
33,703,746
Technology
Hardware,
Storage
&
Peripherals
....................
—
15,932,780
—
15,932,780
Textiles,
Apparel
&
Luxury
Goods
............................
4,162,553
32,916,100
—
37,078,653
Tobacco
.............................................
24,529,765
7,170,262
—
31,700,027
Trading
Companies
&
Distributors
............................
—
23,762,542
—
23,762,542
Transportation
Infrastructure
...............................
17,438,342
91,135,764
—
108,574,106
Water
Utilities
.........................................
1,977,497
5,937,883
—
7,915,380
Wireless
Telecommunication
Services
.........................
6,065,769
22,063,410
4
28,129,183
Corporate
Bonds
Aerospace
&
Defense
....................................
—
129,699,271
—
129,699,271
Air
Freight
&
Logistics
....................................
—
1,610,585
—
1,610,585
Airlines
..............................................
—
62,442,182
—
62,442,182
Auto
Components
......................................
—
53,197,533
—
53,197,533
Automobiles
..........................................
—
40,367,796
—
40,367,796
Banks
...............................................
—
621,173,424
—
621,173,424
Beverages
...........................................
—
8,065,234
—
8,065,234
Biotechnology
.........................................
—
12,852,162
—
12,852,162
Building
Products
.......................................
—
26,606,587
—
26,606,587
Capital
Markets
........................................
—
209,553,980
—
209,553,980
Chemicals
............................................
—
65,867,687
—
65,867,687
Commercial
Services
&
Supplies
.............................
—
86,149,154
—
86,149,154
Communications
Equipment
................................
—
24,623,723
—
24,623,723
Construction
&
Engineering
................................
—
11,801,891
—
11,801,891
Construction
Materials
....................................
—
1,555,850
—
1,555,850
Consumer
Finance
......................................
—
111,240,810
—
111,240,810
Containers
&
Packaging
..................................
—
66,072,252
—
66,072,252
Distributors
...........................................
—
1,894,531
—
1,894,531
Diversified
Consumer
Services
..............................
—
20,096,115
—
20,096,115
Diversified
Financial
Services
...............................
—
31,911,414
—
31,911,414
Diversified
Telecommunication
Services
........................
—
195,774,163
—
195,774,163
Electric
Utilities
........................................
—
116,618,706
—
116,618,706
Electrical
Equipment
.....................................
—
11,940,127
—
11,940,127
Electronic
Equipment,
Instruments
&
Components
.................
—
8,692,695
—
8,692,695
Energy
Equipment
&
Services
..............................
—
31,479,530
—
31,479,530
Entertainment
.........................................
—
32,699,122
—
32,699,122
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
99,984,755
—
99,984,755
Food
&
Staples
Retailing
..................................
—
24,222,416
—
24,222,416
Food
Products
.........................................
—
40,883,589
—
40,883,589
Gas
Utilities
...........................................
—
5,191,943
—
5,191,943
Health
Care
Equipment
&
Supplies
...........................
—
21,265,750
—
21,265,750
Health
Care
Providers
&
Services
............................
—
100,010,603
—
100,010,603
Health
Care
Technology
..................................
—
10,826,218
—
10,826,218
Hotels,
Restaurants
&
Leisure
..............................
—
167,864,594
—
167,864,594
Household
Durables
.....................................
—
17,128,791
—
17,128,791
Household
Products
.....................................
—
4,357,799
—
4,357,799
Independent
Power
and
Renewable
Electricity
Producers
............
—
16,816,683
—
16,816,683
Industrial
Conglomerates
..................................
—
734,175
—
734,175
Insurance
............................................
—
133,015,598
—
133,015,598
Interactive
Media
&
Services
...............................
—
2,327,270
—
2,327,270
Internet
&
Direct
Marketing
Retail
............................
—
14,116,814
—
14,116,814
IT
Services
...........................................
—
64,838,988
—
64,838,988
Leisure
Products
.......................................
—
3,422,238
—
3,422,238
Life
Sciences
Tools
&
Services
..............................
—
5,809,776
—
5,809,776
Machinery
............................................
—
41,973,150
—
41,973,150
Marine
..............................................
—
2,920,858
—
2,920,858
Media
...............................................
—
175,583,127
—
175,583,127
Metals
&
Mining
........................................
—
84,251,073
—
84,251,073
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
—
969,426
—
969,426
Multiline
Retail
.........................................
—
2,500,327
—
2,500,327
Multi-Utilities
..........................................
—
15,300,251
—
15,300,251
Oil,
Gas
&
Consumable
Fuels
...............................
—
402,266,267
—
402,266,267
Paper
&
Forest
Products
..................................
—
2,394,172
—
2,394,172
Personal
Products
......................................
—
2,019,204
—
2,019,204
Pharmaceuticals
.......................................
—
40,681,098
—
40,681,098
Fair
Value
Hierarchy
as
of Period
End
(continued)
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
111
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Level
1
Level
2
Level
3
Total
Professional
Services
....................................
$
—
$
11,910,376
$
—
$
11,910,376
Real
Estate
Management
&
Development
.......................
—
66,859,631
—
66,859,631
Road
&
Rail
...........................................
—
51,515,887
—
51,515,887
Semiconductors
&
Semiconductor
Equipment
....................
—
57,677,976
—
57,677,976
Software
.............................................
—
136,462,189
—
136,462,189
Specialty
Retail
........................................
—
54,076,335
—
54,076,335
Technology
Hardware,
Storage
&
Peripherals
....................
—
10,960,114
—
10,960,114
Textiles,
Apparel
&
Luxury
Goods
............................
—
5,336,085
—
5,336,085
Thrifts
&
Mortgage
Finance
................................
—
22,307,392
—
22,307,392
Tobacco
.............................................
—
5,579,023
—
5,579,023
Trading
Companies
&
Distributors
............................
—
37,665,354
—
37,665,354
Transportation
Infrastructure
...............................
—
1,245,030
—
1,245,030
Water
Utilities
.........................................
—
1,109,927
—
1,109,927
Wireless
Telecommunication
Services
.........................
—
67,396,415
—
67,396,415
Equity-Linked
Notes
......................................
—
1,123,461,801
—
1,123,461,801
Floating
Rate
Loan
Interests
Aerospace
&
Defense
....................................
—
13,211,748
—
13,211,748
Airlines
..............................................
—
13,421,733
—
13,421,733
Auto
Components
......................................
—
4,835,604
—
4,835,604
Automobiles
..........................................
—
1,906,456
—
1,906,456
Banks
...............................................
—
—
10,358,181
10,358,181
Beverages
...........................................
—
6,220,116
—
6,220,116
Building
Products
.......................................
—
5,919,797
—
5,919,797
Capital
Markets
........................................
—
11,894,543
9,098,925
20,993,468
Chemicals
............................................
—
19,899,462
—
19,899,462
Commercial
Services
&
Supplies
.............................
—
20,824,783
1,251,700
22,076,483
Communications
Equipment
................................
—
1,754,942
—
1,754,942
Construction
&
Engineering
................................
—
4,514,727
13,718,389
18,233,116
Construction
Materials
....................................
—
6,153,117
—
6,153,117
Containers
&
Packaging
..................................
—
9,092,988
—
9,092,988
Distributors
...........................................
—
1,166,895
—
1,166,895
Diversified
Consumer
Services
..............................
—
14,400,456
—
14,400,456
Diversified
Financial
Services
...............................
—
15,623,400
103,938,143
119,561,543
Diversified
Telecommunication
Services
........................
—
21,910,042
—
21,910,042
Electric
Utilities
........................................
—
1,444,502
—
1,444,502
Electrical
Equipment
.....................................
—
2,720,957
—
2,720,957
Electronic
Equipment,
Instruments
&
Components
.................
—
1,257,298
—
1,257,298
Energy
Equipment
&
Services
..............................
—
210,311
25,670
235,981
Entertainment
.........................................
—
19,710,429
2,938,788
22,649,217
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
—
2,223,022
—
2,223,022
Food
&
Staples
Retailing
..................................
—
2,711,710
—
2,711,710
Food
Products
.........................................
—
18,519,694
—
18,519,694
Health
Care
Equipment
&
Supplies
...........................
—
9,667,767
—
9,667,767
Health
Care
Providers
&
Services
............................
—
16,864,535
—
16,864,535
Health
Care
Technology
..................................
—
8,017,364
—
8,017,364
Hotels,
Restaurants
&
Leisure
..............................
—
40,880,245
13,552,535
54,432,780
Household
Durables
.....................................
—
7,555,217
635,270
8,190,487
Household
Products
.....................................
—
2,421,537
—
2,421,537
Independent
Power
and
Renewable
Electricity
Producers
............
—
1,460,887
—
1,460,887
Insurance
............................................
—
27,681,030
—
27,681,030
Interactive
Media
&
Services
...............................
—
9,387,887
—
9,387,887
Internet
&
Direct
Marketing
Retail
............................
—
2,799,170
1,678,401
4,477,571
IT
Services
...........................................
—
20,497,756
—
20,497,756
Leisure
Products
.......................................
—
—
1,242,432
1,242,432
Life
Sciences
Tools
&
Services
..............................
—
14,721,653
—
14,721,653
Machinery
............................................
—
23,216,655
—
23,216,655
Media
...............................................
—
19,455,531
2,660,679
22,116,210
Metals
&
Mining
........................................
—
3,107,404
—
3,107,404
Multiline
Retail
.........................................
—
2,076,650
—
2,076,650
Oil,
Gas
&
Consumable
Fuels
...............................
—
12,468,640
—
12,468,640
Personal
Products
......................................
—
5,101,573
—
5,101,573
Pharmaceuticals
.......................................
—
7,547,498
3,256,210
10,803,708
Professional
Services
....................................
—
20,927,100
—
20,927,100
Real
Estate
Management
&
Development
.......................
—
3,478,780
—
3,478,780
Fair
Value
Hierarchy
as
of Period
End
(continued)
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
112
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Level
1
Level
2
Level
3
Total
Road
&
Rail
...........................................
$
—
$
5,392,277
$
—
$
5,392,277
Semiconductors
&
Semiconductor
Equipment
....................
—
1,782,397
—
1,782,397
Software
.............................................
—
59,654,301
1,296,322
60,950,623
Specialty
Retail
........................................
—
10,797,516
—
10,797,516
Textiles,
Apparel
&
Luxury
Goods
............................
—
1,415,159
—
1,415,159
Trading
Companies
&
Distributors
............................
—
7,946,088
771,414
8,717,502
Transportation
Infrastructure
...............................
—
1,411,928
1,337,796
2,749,724
Wireless
Telecommunication
Services
.........................
—
4,101,528
—
4,101,528
Foreign
Agency
Obligations
.................................
—
71,798,426
—
71,798,426
Foreign
Government
Obligations
..............................
—
151,015,796
—
151,015,796
Investment
Companies
....................................
606,165,407
—
—
606,165,407
Non-Agency
Mortgage-Backed
Securities
........................
—
960,811,015
77,540,215
1,038,351,230
Preferred
Securities
Banks
...............................................
—
114,256,572
—
114,256,572
Capital
Markets
........................................
—
75,060,372
—
75,060,372
Commercial
Services
&
Supplies
.............................
—
9,954,480
—
9,954,480
Consumer
Finance
......................................
7,825,440
52,337,044
—
60,162,484
Diversified
Financial
Services
...............................
—
16,374,051
—
16,374,051
Electric
Utilities
........................................
—
29,502,960
—
29,502,960
Independent
Power
and
Renewable
Electricity
Producers
............
—
1,749,802
—
1,749,802
Insurance
............................................
14,560,350
24,286,813
—
38,847,163
Life
Sciences
Tools
&
Services
..............................
—
963,103
—
963,103
Oil,
Gas
&
Consumable
Fuels
...............................
3,020,820
40,102,988
—
43,123,808
Technology
Hardware,
Storage
&
Peripherals
....................
—
21,255,029
—
21,255,029
U.S.
Government
Sponsored
Agency
Securities
....................
—
5,236,248
—
5,236,248
U.S.
Treasury
Obligations
...................................
—
146,883,105
—
146,883,105
Warrants
..............................................
18,761
—
—
18,761
Short-Term
Securities
Money
Market
Funds
......................................
207,458,680
—
—
207,458,680
Options
Purchased
Equity
contracts
..........................................
35,765
—
—
35,765
Liabilities
Unfunded
Floating
Rate
Loan
Interests
(a)
..............................
—
(11,625)
(624,596)
(636,221)
$
2,142,313,518
$
10,447,606,646
$
244,755,067
$
12,834,675,231
Investments
valued
at
NAV
(b)
......................................
101,861,137
$
—
$
12,936,536,368
$
—
Derivative
Financial
Instruments
(c)
Assets
Credit
contracts
...........................................
$
—
$
199,277
$
—
$
199,277
Equity
contracts
...........................................
4,102,601
2,076,186
—
6,178,787
Foreign
currency
exchange
contracts
............................
7,664,091
5,078,162
—
12,742,253
Interest
rate
contracts
.......................................
6,801,843
—
—
6,801,843
Liabilities
Credit
contracts
...........................................
—
(796,481)
—
(796,481)
Equity
contracts
...........................................
(1,006,020)
(190,217)
—
(1,196,237)
Foreign
currency
exchange
contracts
............................
(1,553,870)
(7,649,905)
—
(9,203,775)
Interest
rate
contracts
.......................................
(29,866,907)
—
—
(29,866,907)
$
(13,858,262)
$
(1,282,978)
$
—
$
(15,141,240)
(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
as
a
practical
expedient
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.
Fair
Value
Hierarchy
as
of Period
End
(continued)
BlackRock
Multi-Asset
Income
Portfolio
Schedule
of
Investments
113
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
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,
2022
.......................................
$
10,267,248
$
72,638
$
12,110,810
$
187,906,300
$
72,835,034
$
(515,438)
$
282,676,592
Transfers
into
Level
3
.................................................
—
—
—
—
—
—
—
Transfers
out
of
Level
3
................................................
(10,267,248)
(52,363)
(12,110,810)
(26,476,781)
(49,617,826)
—
(98,525,028)
Accrued
discounts/premiums
.............................................
—
—
—
55,629
498,538
—
554,167
Net
realized
loss
.....................................................
—
—
—
(97,007)
(1,116,585)
—
(1,213,592)
Net
change
in
unreali
zed
appreciation
(depreciation)
(a
)
............................
—
(6,193)
—
3,068,253
63,358,321
(109,158)
66,311,223
Purchases
.........................................................
—
64,511
—
8,506,536
—
—
8,571,047
Sales
............................................................
—
—
—
(5,202,075)
(8,417,267)
—
(13,619,342)
Closing
balance,
as
of
December
31,
2022
....................................
$
—
$
78,593
$
—
$
167,760,855
$
77,540,215
$
(624,596)
$
244,755,067
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
December
31,
2022
(
a
)
.........................................................
$
—
$
(6,193)
$
—
$
3,068,253
$
63,358,323
$
(109,158)
$
66,311,225
(a)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
December
31,
2022
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
2022
BlackRock
Annual
Report
to
Shareholders
BlackRock
Multi-Asset
Income
Portfolio
114
Schedule
of
Investments
(unaudited)
(continued)
December
31,
2022
Currency
Abbreviation
AED
United
Arab
Emirates
Dirham
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
CNY
Chinese
Yuan
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
JPY
Japanese
Yen
KRW
South
Korean
Won
NZD
New
Zealand
Dollar
SGD
Singapore
Dollar
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
CDI
Crest
Depository
Interests
CLO
Collateralized
Loan
Obligation
CMT
Constant
Maturity
Treasury
CSMC
Credit
Suisse
Mortgage
Capital
DAC
Designated
Activity
Company
ESG
Environmental,
Social
And
Governance
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Interbank
Offered
Rate
GDR
Global
Depositary
Receipts
LIBOR
London
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
NVDR
Non-Voting
Depository
Receipts
OTC
Over-the-counter
PCL
Public
Company
Limited
PIK
Payment-In-Kind
PJSC
Public
Joint
Stock
Company
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
SCA
Svenska
Cellulosa
Aktiebolaget
SOFR
Secured
Overnight
Financing
Rate
SPDR
Standard
&
Poor’s
Depositary
Receipts
Statement
of
Assets
and
Liabilities
(unaudited)

December
31,
2022
115
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Multi-Asset
Income
Portfolio
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
12,184,125,935‌
Investments,
at
value
—
affiliated
(c)
..........................................................................................
753,046,654‌
Cash
pledged:
Collateral
—
exchange-traded
options
written
..................................................................................
310,000‌
Collateral
—
OTC
derivatives
............................................................................................
910,000‌
Futures
contracts
....................................................................................................
92,956,000‌
Centrally
cleared
swaps
................................................................................................
212,000‌
Foreign
currency,
at
value
(d)
...............................................................................................
20,350,018‌
Receivables:
–‌
Investments
sold
....................................................................................................
116,536,871‌
Securities
lending
income
—
affiliated
......................................................................................
36,536‌
Swaps  
..........................................................................................................
2,173,697‌
Capital
shares
sold
...................................................................................................
21,237,108‌
Dividends
—
unaffiliated
...............................................................................................
7,588,844‌
Dividends
—
affiliated
.................................................................................................
1,218,689‌
Interest
—
unaffiliated
.................................................................................................
104,416,066‌
From
the
Manager
...................................................................................................
125,782‌
Variation
margin
on
futures
contracts
.......................................................................................
4,098,641‌
Swap
premiums
paid
...................................................................................................
268,625‌
Unrealized
appreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
5,078,162‌
OTC
swaps
........................................................................................................
362,292‌
Prepaid
expenses
.....................................................................................................
214,643‌
Total
assets
.........................................................................................................
13,315,266,563‌
LIABILITIES
Bank
overdraft
........................................................................................................
40,503,024‌
Cash
received:
Collateral
—
OTC
derivatives
............................................................................................
2,009,000‌
Collateral
on
securities
loaned
.............................................................................................
104,596,606‌
Options
written,
at
value
(e)
................................................................................................
8,793‌
Payables:
–‌
Investments
purchased
................................................................................................
9,559,704‌
Accounting
services
fees
...............................................................................................
574,868‌
Administration
fees
...................................................................................................
386,622‌
Capital
shares
redeemed
...............................................................................................
70,699,556‌
Custodian
fees
......................................................................................................
762,842‌
Deferred
foreign
capital
gain
tax
..........................................................................................
1,275,220‌
Income
dividend
distributions
............................................................................................
8,234,536‌
Investment
advisory
fees
...............................................................................................
5,042,684‌
Trustees'
and
Officer's
fees
.............................................................................................
43,366‌
Professional
fees
....................................................................................................
128,060‌
Registration
fees
....................................................................................................
757,432‌
Service
and
distribution
fees
.............................................................................................
1,645,800‌
Transfer
agent
fees
..................................................................................................
3,298,527‌
Other
accrued
expenses
...............................................................................................
114,977‌
Variation
margin
on
futures
contracts
.......................................................................................
8,205,410‌
Variation
margin
on
centrally
cleared
swaps
..................................................................................
15,896‌
Swap
premiums
received
................................................................................................
1,401,662‌
Unrealized
depreciation
on:
–‌
Forward
foreign
currency
exchange
contracts
.................................................................................
7,649,905‌
OTC
swaps
........................................................................................................
913,911‌
Unfunded
floating
rate
loan
interests
.......................................................................................
636,221‌
Total
liabilities
........................................................................................................
268,464,622‌
NET
ASSETS
........................................................................................................
$
13,046,801,941‌
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
December
31,
2022
2022
BlackRock
Annual
Report
to
Shareholders
116
BlackRock
Multi-Asset
Income
Portfolio
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
15,615,987,862‌
Accumulated
loss
.....................................................................................................
(2,569,185,921‌)
NET
ASSETS
........................................................................................................
$
13,046,801,941‌
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
13,066,180,243‌
(b)
  Securities
loaned,
at
value
..............................................................................................
$
100,045,341‌
(c)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
748,873,310‌
(d)
  Foreign
currency,
at
cost
...............................................................................................
$
20,269,547‌
(e)
  Premiums
received
..................................................................................................
$
25,267‌
See
notes
to
financial
statements.
Statement
of
Assets
and
Liabilities
(unaudited)
(continued)
December
31,
2022
117
Financial
Statements
See
notes
to
financial
statements.
BlackRock
Multi-
Asset
Income
Portfolio
NET
ASSET
VALUE
Institutional
Net
assets
..........................................................................................................
$
7,060,921,532‌
Shares
outstanding
...................................................................................................
739,542,546‌
Net
asset
value
......................................................................................................
$
9.55‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Investor
A
Net
assets
..........................................................................................................
$
4,248,921,181‌
Shares
outstanding
...................................................................................................
445,536,147‌
Net
asset
value
......................................................................................................
$
9.54‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Investor
C
Net
assets
..........................................................................................................
$
810,364,469‌
Shares
outstanding
...................................................................................................
85,078,626‌
Net
asset
value
......................................................................................................
$
9.52‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Class
K
Net
assets
..........................................................................................................
$
926,594,759‌
Shares
outstanding
...................................................................................................
97,096,581‌
Net
asset
value
......................................................................................................
$
9.54‌
Shares
authorized
....................................................................................................
Unlimited
Par
value
..........................................................................................................
$
0.001‌
Want
to
know
more?
blackrock.com
|
800-441-7762
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Funds
unless
preceded
or
accompanied
by
the
Funds’
current
prospectus.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
RETINC-12/22-AR
Item 2 – Code of Ethics – The
registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes.  During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.
Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty
Henry R. Keizer
Kenneth L. Urish
 
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
 
Item 4 – Principal Accountant Fees and Services
The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for the services rendered to the Fund:
 
(a) Audit Fees
(b) Audit-Related Fees1
(c) Tax Fees2
(d) All Other Fees
Entity Name
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
Current Fiscal Year End
Previous Fiscal Year End
BlackRock Retirement Income 2030 Fund
$23,000
$23,000
$0
$0
$0
$0
$0
$0
BlackRock Retirement Income 2040 Fund
$23,000
$23,000
$0
$0
$0
$0
$0
$0
 
The following table presents fees billed by PwC that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”)and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to each Fund (“Affiliated Service Providers”):
 
 
Current Fiscal Year End
Previous Fiscal Year End
(b) Audit-Related Fees1
$0
$0
(c) Tax Fees2
$0
$0
(d) All Other Fees3
$0
$0
1
The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2
The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3
Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by PwC with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:
          The Committee has adopted policies and procedures with regard to the pre-approval of services.  Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the registrant’s Committee.  The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant.  Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”).  The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period.  Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project.  For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
 
                        Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the registrant’s Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services).  The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.  At this meeting, an analysis of such services is presented to the Committee for ratification.  The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable
 
 


(g)  The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were: 
Entity Name
Current Fiscal Year End
Previous Fiscal Year End
BlackRock Retirement Income 2030 Fund
$0
$0
BlackRock Retirement Income 2040 Fund
$0
$0
 
                  
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
               (i) – Not Applicable
               (j) – Not Applicable
 
Item 5 –  Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments
 
(a) The registrant’s Schedule of Investments are included as part of the Report to Stockholders filed under Item 1(a) of this Form.
 
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 –  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 8 –   Portfolio Managers of Closed-End Management Investment Companies – Not Applicable
Item 9 –  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 11 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable
Item 13 – Exhibits attached hereto
              (a)(1) Code of Ethics – See Item 2
              (a)(2) Section 302 Certifications are attached
           
  <<section302>>
(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(4)
Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
BlackRock Funds II
 
By:    
/s/ John M. Perlowski
_
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Funds II
 
Date:
February 23, 2023
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:    
/s/ John M. Perlowski
_
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock Funds II
 
Date:
February 23, 2023
 
By:    
/s/ Trent Walker
_
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock Funds II
 
Date:
February 23, 2023