Schedule

of

Investments

(unaudited)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

2

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

AB

BSL

CLO

2

Ltd.,

Series

2021-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

5.62%,

04/15/34

(a)

(b)

...........

USD

15,000

$

14,955,848

AB

Carval

Euro

CLO

II-C

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

6.31%,

02/15/37

(a)

(c)

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

EUR

490

552,134

AGL

CLO

9

Ltd.,

Series

2020-9A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

6.27%,

04/20/37

(a)

(b)

...........

USD

1,000

999,800

AGL

Core

CLO

27

Ltd.,

Series

2023-27A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.73%

Floor

+

1.73%),

6.00%,

10/21/36

(a)

(b)

...........

7,000

7,002,629

AIMCO

CLO,

Series

2015-AA,

Class

CR3,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

6.08%,

10/17/34

(a)

(b)

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

3,000

2,956,269

AIMCO

CLO

11

Ltd.,

Series

2020-11A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

6.18%,

07/17/37

(a)

(b)

..........

1,000

986,273

AMMC

CLO

21

Ltd.,

Series

2017-21A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.51%),

5.80%,

11/02/30

(a)

(b)

...........

10

9,694

AMSR

Trust

(b)

Series

2019-SFR1,

Class

G,

4.86%,

01/19/39

1,900

1,838,533

Series

2019-SFR1,

Class

H,

6.04%,

01/19/39

2,417

2,351,675

Series

2020-SFR2,

Class

E2,

4.28%,

07/17/37

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

2,000

1,990,055

Series

2020-SFR2,

Class

I,

5.25%,

07/17/37

9,400

9,326,869

Series

2020-SFR4,

Class

G2,

4.87%,

11/17/37

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

3,441

3,381,513

Series

2021-SFR3,

Class

F,

3.23%,

10/17/38

11,000

10,486,971

Anchorage

Capital

CLO

11

Ltd.,

Series

2019-

11A,

Class

C1R2,

(3-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

6.67%,

07/22/37

(a)

(b)

.

700

699,286

Anchorage

Capital

CLO

15

Ltd.,

Series

2020-

15A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

5.73%,

07/20/34

(a)

(b)

.

7,000

7,000,000

Anchorage

Capital

CLO

18

Ltd.,

Series

2021-

18A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.41%),

5.67%,

04/15/34

(a)

(b)

.

1,000

997,636

Anchorage

Capital

CLO

25

Ltd.,

Series

2022-

25A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.35%),

6.62%,

04/20/35

(a)

(b)

.

5,000

4,992,393

Apidos

CLO

XL

Ltd.,

Series

2022-40A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.61%,

07/15/37

(a)

(b)

...........

10,000

9,993,751

Apidos

CLO

XV,

Series

2013-15A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.11%),

6.38%,

04/20/31

(a)

(b)

...........

3,000

2,987,091

Apidos

CLO

XX,

Series

2015-20A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.21%),

6.47%,

07/16/31

(a)

(b)

...........

1,750

1,747,129

Apidos

CLO

XXIX

(a)(b)

Series

2018-29A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.81%),

6.09%,

07/25/30

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

1,000

996,600

Series

2018-29A,

Class

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.16%),

6.44%,

07/25/30

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

1,000

997,051

Apidos

CLO

XXXIX

Ltd.,

Series

2022-39A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

6.52%,

04/21/35

(a)

(b)

...........

1,000

997,479

Apidos

Loan

Fund

Ltd.

(a)(b)

Series

2024-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

5.55%,

04/25/35

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

2,000

1,996,362

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2024-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

6.03%,

04/25/35

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

USD

1,500

$

1,492,050

AREIT

Ltd.,

Series

2025-CRE10,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.72%,

12/17/29

(a)

(b)

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

10,060

9,958,947

Ares

Loan

Funding

V

Ltd.,

Series

2024-ALF5A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

5.78%,

07/27/37

(a)

(b)

......

3,000

3,005,333

Ares

XLVIII

CLO

Ltd.,

Series

2018-48A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

6.33%,

07/20/30

(a)

(b)

...........

1,000

995,500

Ares

XXXIX

CLO

Ltd.,

Series

2016-39A,

Class

AR3,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

5.69%,

07/18/37

(a)

(b)

..........

4,000

3,992,000

Arini

European

CLO

V

DAC,

Series

5X,

Class

D,

(3-mo.

EURIBOR

at

2.80%

Floor

+

2.80%),

5.17%,

01/15/39

(a)

(c)

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

EUR

770

846,868

Atlas

Senior

Loan

Fund

XI

Ltd.,

Series

2018-11A,

Class

A1L,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.36%),

5.64%,

07/26/31

(a)

(b)

......

USD

509

508,683

Atlas

Senior

Loan

Fund

XII

Ltd.,

Series

2018-

12A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

5.72%,

10/24/31

(a)

(b)

.

561

561,349

Aurium

CLO

XIII

DAC,

Series

13X,

Class

D,

(3-mo.

EURIBOR

at

2.80%

Floor

+

2.80%),

5.17%,

04/15/38

(a)

(c)

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

EUR

530

578,661

Avoca

CLO

XVIII

DAC,

Series

18X,

Class

DR,

(3-mo.

EURIBOR

at

3.05%

Floor

+

3.05%),

5.70%,

01/15/38

(a)

(c)

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

570

633,366

Avoca

Static

CLO

I

DAC,

Series

1X,

Class

DR,

(3-mo.

EURIBOR

at

2.90%

Floor

+

2.90%),

5.18%,

01/15/35

(a)

(c)

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

460

512,596

Bain

Capital

Credit

CLO

Ltd.

(a)(b)

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

6.12%,

04/18/35

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

USD

5,000

4,991,000

Series

2022-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

6.47%,

04/18/35

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

7,000

6,943,834

Ballyrock

CLO

14

Ltd.

(a)(b)

Series

2020-14A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.65%,

07/20/37

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

5,000

5,000,000

Series

2020-14A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.97%,

07/20/37

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

1,000

990,400

Ballyrock

CLO

22

Ltd.

(a)(b)

Series

2024-22A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.80%,

04/15/37

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

5,000

5,004,877

Series

2024-22A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.35%),

6.61%,

04/15/37

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

1,000

998,465

Ballyrock

CLO

Ltd.

(a)(b)

Series

2019-2A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.72%,

02/20/36

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

4,021

4,016,683

Series

2020-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

6.48%,

10/20/31

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

4,500

4,491,838

Battalion

CLO

X

Ltd.,

Series

2016-10A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

6.59%,

01/25/35

(a)

(b)

..........

2,000

1,996,205

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Battalion

CLO

XIX

Ltd.,

Series

2021-19A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

6.52%,

04/15/34

(a)

(b)

...........

USD

3,000

$

2,992,747

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

Series

2005-HE1,

Class

M2,

(1-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.36%),

5.29%,

01/25/35

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

254

258,857

Series

2006-HE7,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

4.78%,

09/25/36

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

323

312,695

Series

2007-HE2,

Class

22A,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

4.72%,

03/25/37

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

1,720

1,592,332

Series

2007-HE2,

Class

23A,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

4.72%,

03/25/37

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

1,409

1,330,614

Series

2007-HE3,

Class

2A,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

4.58%,

04/25/37

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

3,386

3,174,399

Bear

Stearns

Asset-Backed

Securities

Trust,

Series

2004-HE3,

Class

M2,

(1-mo.

CME

Term

SOFR

at

1.73%

Floor

+

1.84%),

5.10%,

04/25/34

(a)

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

1,040

1,027,517

Benefit

Street

Partners

CLO

Ltd.,

Series

2015-

6BR,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

5.46%,

04/20/38

(a)

(b)

.

2,000

1,982,934

Benefit

Street

Partners

CLO

VIII

Ltd.,

Series

2015-8A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

5.63%,

01/20/31

(a)

(b)

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

339

338,735

Benefit

Street

Partners

CLO

XV

Ltd.,

Series

2018-15A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.65%,

07/15/37

(a)

(b)

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

2,200

2,199,813

Benefit

Street

Partners

CLO

XXIX

Ltd.,

Series

2022-29A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

5.46%,

01/25/38

(a)

(b)

17,000

16,872,828

Birch

Grove

CLO

3

Ltd.

(a)(b)

Series

2021-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.26%

Floor

+

1.26%),

5.53%,

01/19/38

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

2,500

2,488,639

Series

2021-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.87%,

01/19/38

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

7,500

7,399,500

Series

2021-3A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

6.07%,

01/19/38

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

4,000

3,914,143

Birch

Grove

CLO

9

Ltd.

(a)(b)

Series

2024-9A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.67%,

10/22/37

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

17,000

17,003,461

Series

2024-9A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.97%,

10/22/37

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

2,000

1,974,600

Bridge

Street

CLO

II

Ltd.

(a)(b)

Series

2021-1A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.23%

Floor

+

1.49%),

5.76%,

07/20/34

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

11,000

10,989,474

Series

2021-1A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

6.28%,

07/20/34

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

5,000

5,002,001

Bridge

Street

CLO

IV

Ltd.,

Series

2024-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.87%,

04/20/37

(a)

(b)

...........

1,000

1,001,348

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Bridge

Street

CLO

V

Ltd.,

Series

2025-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.22%),

5.48%,

04/20/38

(a)

(b)

...........

USD

3,000

$

2,963,637

Bryant

Park

Funding

Ltd.,

Series

2024-23A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.57%

Floor

+

1.57%),

5.89%,

05/15/37

(a)

(b)

......

3,000

3,003,614

Buckhorn

Park

CLO

Ltd.

(a)(b)

Series

2019-1A,

Class

B1RR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.87%,

07/18/34

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

9,000

8,905,499

Series

2019-1A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

6.12%,

07/18/34

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

2,500

2,468,998

Canyon

Capital

CLO

Ltd.

(a)(b)

Series

2016-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.16%),

6.42%,

07/15/31

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

1,500

1,495,471

Series

2017-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

6.52%,

07/15/30

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

5,000

4,998,626

Series

2022-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

6.46%,

04/15/35

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

2,000

1,983,982

Carlyle

C17

CLO

Ltd.,

Series

C17A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.11%),

6.39%,

04/30/31

(a)

(b)

...........

1,000

995,889

Carlyle

US

CLO

Ltd.

(a)(b)

Series

2019-3A,

Class

A2RR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

6.32%,

04/20/37

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

5,000

5,008,001

Series

2021-6A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

5.55%,

01/15/38

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

5,000

5,000,000

Carrington

Mortgage

Loan

Trust,

Series

2006-

FRE1,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

+

0.36%),

4.69%,

04/25/36

(a)

..

2,876

2,595,072

CarVal

CLO

IV

Ltd.,

Series

2021-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

6.28%,

07/20/34

(a)

(b)

...........

6,500

6,503,249

CarVal

CLO

VC

Ltd.,

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

6.72%,

10/15/34

(a)

(b)

...........

2,000

1,999,159

Cedar

Funding

V

CLO

Ltd.,

Series

2016-5A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.36%),

5.64%,

07/17/31

(a)

(b)

......

993

992,507

CIFC

Funding

2018-IV

Ltd.,

Series

2018-4A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.22%),

5.49%,

01/17/38

(a)

(b)

......

2,700

2,667,439

CIFC

Funding

2020-III

Ltd.,

Series

2020-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.91%

Floor

+

1.91%),

6.18%,

10/20/34

(a)

(b)

......

2,000

1,998,000

CIFC

Funding

2021-I

Ltd.,

Series

2021-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.10%),

6.38%,

07/25/37

(a)

(b)

...........

9,500

9,403,205

CIFC

Funding

2023-I

Ltd.,

Series

2023-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.96%,

10/15/36

(a)

(b)

...........

2,500

2,500,000

CIFC

Funding

Ltd.

(a)(b)

Series

2014-2RA,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.64%,

10/24/37

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

5,000

4,998,613

Series

2014-4RA,

Class

A1A2,

(3-mo.

CME

Term

SOFR

at

0.99%

Floor

+

0.99%),

5.27%,

01/17/35

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

6,000

5,937,000

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2015-1A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

6.43%,

01/22/31

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

USD

1,000

$

993,022

Series

2018-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.97%,

01/18/38

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

1,000

990,800

Series

2018-4A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

6.02%,

01/17/38

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

2,000

1,949,398

Series

2019-5A,

Class

A1R1,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.40%),

5.66%,

01/15/35

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

16,500

16,500,000

Series

2019-5A,

Class

A2RS,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

6.27%,

01/15/35

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

2,200

2,196,480

Series

2019-6A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

6.06%,

07/16/37

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

10,000

9,964,999

Series

2020-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.30%),

5.56%,

01/15/40

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

2,500

2,500,000

Series

2020-4A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

6.06%,

01/15/40

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

2,000

1,957,502

Series

2021-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.71%

Floor

+

1.71%),

5.97%,

04/15/34

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

1,850

1,838,160

Series

2021-6A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.66%,

10/15/34

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

600

598,862

Series

2024-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.52%

Floor

+

1.52%),

5.79%,

04/22/37

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

3,000

3,002,706

Series

2024-3A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

6.12%,

07/21/37

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

5,000

5,003,499

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2006-

WFH2,

Class

M3,

(1-mo.

CME

Term

SOFR

at

0.47%

Floor

+

0.58%),

4.91%,

08/25/36

(a)

..

2,907

2,533,877

Clover

CLO

LLC

(a)(b)

Series

2018-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.53%

Floor

+

1.53%),

5.80%,

04/20/37

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

5,300

5,305,065

Series

2018-1A,

Class

B1RR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

6.22%,

04/20/37

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

3,000

2,989,200

Series

2018-1A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.45%),

6.72%,

04/20/37

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

2,500

2,500,000

Series

2021-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

6.28%,

07/20/34

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

14,000

14,007,001

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

6.53%,

07/20/34

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

5,000

4,987,978

Conseco

Finance

Corp.

(a)

Series

1996-5,

Class

M1,

8.05%,

07/15/27

..

104

110,529

Series

1997-7,

Class

M1,

7.03%,

07/15/28

..

920

934,958

Contego

CLO

V

DAC,

Series

5X,

Class

DR,

(3-mo.

EURIBOR

at

3.10%

Floor

+

3.10%),

5.58%,

10/15/37

(a)

(c)

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

EUR

770

845,942

Contego

CLO

XI

DAC,

Series

11X,

Class

DR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

5.93%,

11/20/38

(a)

(c)

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

680

753,421

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Credit-Based

Asset

Servicing

&

Securitization

LLC,

Series

2007-CB6,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

4.78%,

07/25/37

(a)

(b)

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

USD

1,085

$

697,774

Cumulus

Static

CLO

DAC,

Series

2024-1X,

Class

D,

(3-mo.

EURIBOR

at

3.70%

Floor

+

3.70%),

6.26%,

11/15/33

(a)

(c)

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

EUR

166

187,298

Diameter

Capital

CLO

10

Ltd.,

Series

2025-10A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

6.19%,

04/20/38

(a)

(b)

......

USD

5,000

5,000,000

Diameter

Capital

CLO

3

Ltd.,

Series

2022-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.33%

Floor

+

1.33%),

5.59%,

01/15/38

(a)

(b)

......

3,000

2,998,171

Diameter

Capital

CLO

6

Ltd.,

Series

2024-6A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.61%

Floor

+

1.61%),

5.87%,

04/15/37

(a)

(b)

......

5,000

5,006,740

Diameter

Capital

CLO

9

Ltd.,

Series

2025-9A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.17%),

5.49%,

04/20/38

(a)

(b)

......

3,000

2,971,734

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

6.58%,

07/18/30

(a)

(b)

......

2,000

2,001,743

Eaton

Vance

CLO

Ltd.

(a)(b)

Series

2013-1A,

Class

B3R,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

6.67%,

01/15/34

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

3,500

3,496,888

Series

2019-1A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.51%

Floor

+

1.51%),

5.77%,

07/15/37

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

2,500

2,502,458

Elevation

CLO

Ltd.,

Series

2017-8A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.31%),

6.59%,

10/25/30

(a)

(b)

...........

3,000

3,001,391

Elmwood

CLO

37

Ltd.,

Series

2024-13A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.99%,

01/17/38

(a)

(b)

...........

1,000

971,642

Elmwood

CLO

I

Ltd.,

Series

2019-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.52%

Floor

+

1.52%),

5.79%,

04/20/37

(a)

(b)

......

2,500

2,504,598

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

5.97%,

10/20/37

(a)

(b)

..........

2,000

1,980,601

Elmwood

CLO

IX

Ltd.,

Series

2021-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

6.12%,

04/20/38

(a)

(b)

...........

1,500

1,467,128

Elmwood

CLO

X

Ltd.,

Series

2021-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

5.54%,

04/20/34

(a)

(b)

..........

3,000

2,997,000

Empower

CLO

Ltd.,

Series

2024-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.88%,

04/25/37

(a)

(b)

...........

2,500

2,503,257

First

Franklin

Mortgage

Loan

Trust

(a)

Series

2006-FF13,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.24%

Floor

+

0.35%),

4.68%,

10/25/36

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

2,878

1,835,598

Series

2006-FF13,

Class

A2C,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

4.76%,

10/25/36

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

1,688

1,090,006

Series

2006-FF17,

Class

A5,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

+

0.26%),

4.59%,

12/25/36

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

1,904

1,600,631

Series

2006-FFH1,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.56%

Floor

+

0.67%),

5.00%,

01/25/36

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

3,447

3,349,083

FirstKey

Homes

Trust

(b)

Series

2022-SFR1,

Class

E1,

5.00%,

05/19/39

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

6,000

5,948,730

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2022-SFR2,

Class

E1,

4.50%,

07/17/39

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

USD

6,382

$

6,207,002

Flatiron

CLO

28

Ltd.,

Series

2024-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.91%,

07/15/36

(a)

(b)

...........

2,000

1,980,000

FRTKL,

Series

2021-SFR1,

Class

F,

3.17%,

09/17/38

(b)

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

2,900

2,737,407

FS

Rialto

Issuer

LLC,

Series

2025-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.70%,

08/19/42

(a)

(b)

...........

10,740

10,615,576

Galaxy

XXIV

CLO

Ltd.,

Series

2017-24A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.45%),

6.71%,

04/15/37

(a)

(b)

...........

750

749,598

Generate

CLO

16

Ltd.,

Series

2024-16A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

6.12%,

07/20/37

(a)

(b)

...........

4,000

3,995,600

Generate

CLO

17

Ltd.,

Series

2024-17A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.67%,

10/22/37

(a)

(b)

...........

10,000

9,996,297

Generate

CLO

2

Ltd.,

Series

2A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.41%

Floor

+

1.41%),

5.69%,

10/22/37

(a)

(b)

...........

7,965

7,989,480

Generate

CLO

4

Ltd.,

Series

4A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

6.02%,

07/20/37

(a)

(b)

...........

2,750

2,737,624

Generate

CLO

5

Ltd.,

Series

5A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

6.27%,

07/22/37

(a)

(b)

...........

1,500

1,499,400

Generate

CLO

7

Ltd.,

Series

7A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.62%

Floor

+

1.62%),

5.89%,

04/22/37

(a)

(b)

...........

3,000

3,004,175

GoldenTree

Loan

Management

US

CLO

1

Ltd.,

Series

2017-1A,

Class

CR3,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.87%,

04/20/34

(a)

(b)

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

9,500

9,267,070

Golub

Capital

Partners

CLO

41B-R

Ltd.,

Series

2019-41A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.58%),

5.85%,

01/20/34

(a)

(b)

2,500

2,500,545

Golub

Capital

Partners

CLO

52

B

R

Ltd.,

Series

2020-52A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

6.27%,

04/20/37

(a)

(b)

2,000

2,000,199

Golub

Capital

Partners

CLO

75B

Ltd.,

Series

2024-75A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.68%,

07/25/37

(a)

(b)

2,000

2,000,155

Golub

Capital

Partners

CLO

76

B

Ltd.,

Series

2024-76A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.67%

Floor

+

1.67%),

5.95%,

10/25/37

(a)

(b)

3,000

2,995,799

Greene

King

Finance

plc

(a)

Series

B1,  (Sterling

Overnight

Index

Average

+

1.92%),

6.40%,

12/15/34

..........

GBP

100

118,941

Series

B2,  (Sterling

Overnight

Index

Average

at

2.08%

Floor

+

2.20%),

6.68%,

03/15/36

(c)

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

100

106,616

Greenpoint

Manufactured

Housing,

Series

2000-

1,

Class

A4,

8.14%,

03/20/30

(a)

..........

USD

3,562

2,091,065

GSAA

Home

Equity

Trust

Series

2005-14,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

0.70%

Floor

+

0.81%),

5.14%,

12/25/35

(a)

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

1,025

447,868

Series

2006-4,

Class

1A1,

4.24%,

03/25/36

(a)

2,402

1,582,896

Series

2006-5,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

4.80%,

03/25/36

(a)

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

3,269

938,495

Series

2006-18,

Class

AF6,

6.18%,

11/25/36

(d)

3,168

713,463

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

GSAMP

Trust

(a)

Series

2006-FM3,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

4.72%,

11/25/36

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

USD

6,019

$

2,736,846

Series

2006-HE6,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

4.92%,

08/25/36

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

1,249

993,237

GT

Loan

Financing

I

Ltd.,

Series

2013-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.36%),

6.64%,

07/28/31

(a)

(b)

...........

1,000

1,000,467

HalseyPoint

CLO

4

Ltd.,

Series

2021-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

6.68%,

04/20/34

(a)

(b)

...........

1,750

1,748,415

HalseyPoint

CLO

5

Ltd.,

Series

2021-5A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

6.34%,

01/30/35

(a)

(b)

...........

3,500

3,497,899

HalseyPoint

CLO

6

Ltd.,

Series

2022-6A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.62%,

01/20/38

(a)

(b)

..........

4,000

3,982,736

HalseyPoint

CLO

7

Ltd.,

Series

2023-7A,

Class

A,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

6.52%,

07/20/36

(a)

(b)

...........

1,600

1,604,538

Henley

CLO

Xi

DAC,

Series

11X,

Class

D,

(3-mo.

EURIBOR

at

2.60%

Floor

+

2.60%),

4.96%,

04/25/39

(a)

(c)

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

EUR

1,120

1,229,552

Henley

CLO

XII

DAC,

Series

12X,

Class

D,

(3-mo.

EURIBOR

at

3.10%

Floor

+

3.10%),

5.88%,

01/15/38

(a)

(c)

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

680

759,245

Invesco

CLO

Ltd.

(a)(b)

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

6.07%,

04/20/35

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

USD

3,125

3,108,749

Series

2022-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.15%),

6.42%,

04/20/35

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

5,000

4,959,648

J.P.

Morgan

Mortgage

Acquisition

Trust,

Series

2006-CH1,

Class

M7,

(1-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.31%),

5.64%,

07/25/36

(a)

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

2,975

2,592,677

KKR

CLO

18

Ltd.,

Series

18,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

6.63%,

07/18/30

(a)

(b)

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

8,050

8,055,590

LCM

XXV

Ltd.,

Series

25A,

Class

B2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.91%),

6.18%,

07/20/30

(a)

(b)

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

335

333,356

Lehman

XS

Trust,

Series

2007-20N,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.41%),

6.74%,

12/25/37

(a)

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

4,880

4,626,882

Long

Beach

Mortgage

Loan

Trust

(a)

Series

2005-3,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

4.96%,

08/25/45

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

1,361

1,320,467

Series

2006-4,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

4.74%,

05/25/36

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

19,872

10,262,539

Series

2006-6,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

4.74%,

07/25/36

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

5,563

2,170,458

Series

2006-7,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.31%

Floor

+

0.42%),

4.75%,

08/25/36

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

5,849

2,919,238

Series

2006-WL3,

Class

2A4,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

5.04%,

01/25/36

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

1,217

1,100,596

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Madison

Park

Funding

XXXIII

Ltd.

(a)(b)

Series

2019-33A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

6.06%,

10/15/32

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

USD

6,000

$

5,977,801

Series

2019-33A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

6.46%,

10/15/32

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

4,750

4,737,366

Marathon

CLO

Ltd.,

Series

2020-15A,

Class

A1R3,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.77%,

08/15/37

(a)

(b)

......

5,000

5,003,994

MASTR

Asset-Backed

Securities

Trust,

Series

2006-AM2,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

4.96%,

06/25/36

(a)

(b)

1,666

1,521,053

Meacham

Park

CLO

Ltd.,

Series

2024-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

5.87%,

10/20/37

(a)

(b)

...........

4,000

3,960,400

MidOcean

Credit

CLO

XIV

Ltd.,

Series

2024-14A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.58%

Floor

+

1.58%),

5.84%,

04/15/37

(a)

(b)

......

10,000

10,011,940

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2007-1XS,

Class

2A3,

6.42%,

09/25/46

(d)

...

573

116,024

Neuberger

Berman

Loan

Advisers

CLO

36

Ltd.,

Series

2020-36A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

6.07%,

04/20/33

(a)

(b)

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

1,700

1,691,670

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.,

Series

2021-40A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

6.27%,

04/16/33

(a)

(b)

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

1,000

995,470

New

Residential

Mortgage

Loan

Trust,

Series

2022-SFR2,

Class

F,

4.00%,

09/04/39

(b)

....

5,006

4,675,931

NYACK

Park

CLO

Ltd.

(a)(b)

Series

2021-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.65%,

10/20/34

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

4,418

4,418,000

Series

2021-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.21%

Floor

+

2.21%),

6.48%,

10/20/34

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

2,500

2,492,740

Oaktree

CLO

Ltd.

(a)(b)

Series

2019-3A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.65%,

01/20/38

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

6,000

5,990,783

Series

2020-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.81%,

01/15/38

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

3,500

3,454,501

Series

2024-26A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

6.22%,

04/20/37

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

3,000

2,976,300

Series

2024-27A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.92%,

10/22/37

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

4,000

3,950,801

Oakwood

Mortgage

Investors,

Inc.

Series

1998-D,

Class

M1,

7.42%,

01/15/29

(b)

245

243,237

Series

1999-C,

Class

A2,

7.48%,

08/15/27

..

1,537

1,159,423

Series

2001-D,

Class

A3,

5.90%,

09/17/31

(a)

.

264

102,189

OCP

CLO

Ltd.

(a)(b)

Series

2015-10A,

Class

CR3,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

6.18%,

01/26/38

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

3,700

3,646,992

Series

2016-11A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

5.70%,

04/26/36

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

1,000

999,070

Series

2017-14A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.64%,

07/20/37

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

5,000

4,998,479

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2019-16A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.11%

Floor

+

2.11%),

6.32%,

04/10/33

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

USD

2,500

$

2,489,988

Series

2019-17A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

6.27%,

07/20/37

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

1,000

989,657

Series

2020-20A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

6.22%,

04/18/37

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

8,000

7,997,602

Series

2021-22A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

6.22%,

10/20/37

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

4,500

4,452,449

Series

2025-40A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.77%,

04/16/38

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

2,500

2,494,001

Octagon

Investment

Partners

26

Ltd.,

Series

2016-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.06%

Floor

+

2.06%),

6.32%,

07/15/30

(a)

(b)

2,250

2,240,147

Octagon

Loan

Funding

Ltd.,

Series

2014-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

6.28%,

11/18/31

(a)

(b)

......

1,500

1,501,500

OHA

Credit

Funding

1

Ltd.,

Series

2018-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.45%),

6.72%,

04/20/37

(a)

(b)

......

1,000

1,003,567

OHA

Credit

Funding

10

Ltd.,

Series

2021-10A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

6.18%,

01/18/36

(a)

(b)

......

2,000

1,993,401

OHA

Credit

Funding

2

Ltd.,

Series

2019-2A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

6.02%,

01/21/38

(a)

(b)

......

1,500

1,462,563

OHA

Credit

Funding

3

Ltd.,

Series

2019-3A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

5.59%,

01/20/38

(a)

(b)

......

2,000

2,000,000

OHA

Credit

Funding

6

Ltd.,

Series

2020-6A,

Class

B1R2,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.92%,

10/20/37

(a)

(b)

.

5,000

4,959,500

OHA

Credit

Partners

VII

Ltd.,

Series

2012-7A,

Class

AR4,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.14%),

5.46%,

02/20/38

(a)

(b)

......

3,000

2,969,038

OHA

Credit

Partners

XI

Ltd.,

Series

2015-11A,

Class

B1R2,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

6.07%,

04/20/37

(a)

(b)

.

1,750

1,742,125

OHA

Credit

Partners

XII

Ltd.

(a)(b)

Series

2015-12A,

Class

B1R2,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

6.23%,

04/23/37

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

2,000

2,003,601

Series

2015-12A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

6.68%,

04/23/37

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

2,000

1,997,966

OHA

Credit

Partners

XIV

Ltd.,

Series

2017-14A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.92%,

07/21/37

(a)

(b)

......

3,000

2,976,300

OHA

Loan

Funding

Ltd.

(a)(b)

Series

2013-1A,

Class

B1R3,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

6.18%,

04/23/37

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

1,000

1,001,300

Series

2016-1A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.10%),

6.37%,

07/20/37

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

3,265

3,231,705

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2019-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.26%

Floor

+

2.26%),

6.58%,

11/14/34

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

2,500

2,493,950

Series

2020-3A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.65%),

6.97%,

11/15/36

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

2,000

2,004,586

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2021-3A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.91%

Floor

+

1.91%),

6.17%,

01/15/35

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

USD

7,000

$

7,000,000

Series

2021-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.21%

Floor

+

2.21%),

6.47%,

01/15/35

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

5,000

4,985,414

Series

2021-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.91%

Floor

+

1.91%),

6.17%,

10/15/34

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

7,250

7,227,528

Series

2021-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.21%

Floor

+

2.21%),

6.47%,

10/15/34

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

4,850

4,835,852

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

6.07%,

04/20/35

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

1,000

998,900

Series

2022-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

6.32%,

04/20/35

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

3,500

3,472,042

Series

2024-3A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.62%,

07/20/37

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

7,500

7,500,000

Series

2024-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

6.08%,

01/15/38

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

1,000

974,771

Palmer

Square

European

CLO

DAC,

Series

2022-2X,

Class

DR,

(3-mo.

EURIBOR

at

4.00%

Floor

+

4.00%),

6.28%,

01/15/38

(a)

(c)

.

EUR

373

423,126

Park

Avenue

Institutional

Advisers

CLO

Ltd.

(a)(b)

Series

2018-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

6.13%,

10/20/31

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

USD

4,700

4,700,001

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

6.77%,

07/15/34

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

6,000

6,008,681

Pikes

Peak

CLO

3,

Series

2019-3A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

6.24%,

10/25/34

(a)

(b)

...........

1,600

1,597,120

PPM

CLO

4

Ltd.,

Series

2020-4A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.19%

Floor

+

1.45%),

5.72%,

10/18/34

(a)

(b)

...........

6,000

5,992,737

Progress

Residential

Trust

(b)

Series

2021-SFR10,

Class

G,

4.86%,

12/17/40

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

5,194

4,918,157

Series

2021-SFR8,

Class

G,

4.01%,

10/17/38

10,000

9,760,892

Series

2022-SFR3,

Class

F,

6.60%,

04/17/39

500

499,743

Rad

CLO

22

Ltd.,

Series

2023-22A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.83%

Floor

+

1.83%),

6.10%,

01/20/37

(a)

(b)

...........

1,730

1,732,590

Rad

CLO

5

Ltd.,

Series

2019-5A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

6.24%,

07/24/32

(a)

(b)

...........

3,000

3,001,800

Rad

CLO

7

Ltd.,

Series

2020-7A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

5.63%,

04/17/36

(a)

(b)

...........

1,000

1,000,000

Rad

CLO

10

Ltd.,

Series

2021-10A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

6.29%,

04/23/34

(a)

(b)

...........

3,750

3,723,937

Rad

CLO

12

Ltd.,

Series

2021-12A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

6.59%,

10/30/34

(a)

(b)

...........

1,375

1,372,407

Rad

CLO

14

Ltd.,

Series

2021-14A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

6.52%,

01/15/35

(a)

(b)

...........

3,500

3,491,537

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Rad

CLO

15

Ltd.

(a)(b)

Series

2021-15A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

6.18%,

01/20/34

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

USD

7,250

$

7,245,651

Series

2021-15A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

6.58%,

01/20/34

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

1,650

1,651,773

Rad

CLO

18

Ltd.,

Series

2023-18A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

6.21%,

04/15/36

(a)

(b)

...........

3,750

3,759,052

Regatta

30

Funding

Ltd.,

Series

2024-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

5.63%,

01/25/38

(a)

(b)

...........

3,000

2,990,121

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

6.68%,

04/20/34

(a)

(b)

..........

1,000

999,090

Regatta

VII

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

6.62%,

06/20/34

(a)

(b)

..........

750

748,535

Regatta

XI

Funding

Ltd.,

Series

2018-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.68%,

07/17/37

(a)

(b)

...........

6,000

6,000,466

Regatta

XIX

Funding

Ltd.,

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

6.12%,

04/20/35

(a)

(b)

...........

1,000

999,300

Regatta

XX

Funding

Ltd.,

Series

2021-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.18%),

5.44%,

01/15/38

(a)

(b)

...........

1,250

1,239,574

Regatta

XXIII

Funding

Ltd.,

Series

2021-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

6.58%,

01/20/35

(a)

(b)

......

3,000

2,994,285

Regatta

XXIV

Funding

Ltd.,

Series

2021-5A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

5.59%,

01/20/38

(a)

(b)

......

3,000

2,994,803

Regatta

XXVIII

Funding

Ltd.,

Series

2024-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.83%,

04/25/37

(a)

(b)

......

2,500

2,502,670

Riserva

CLO

Ltd.,

Series

2016-3A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

6.33%,

01/18/34

(a)

(b)

...........

1,000

992,915

Rockford

Tower

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

BR2A,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

6.18%,

04/20/34

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

3,500

3,482,150

Series

2017-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.06%),

6.33%,

10/20/30

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

2,300

2,289,826

Series

2018-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.98%),

6.30%,

05/20/31

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

1,000

1,001,500

Series

2018-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.16%

Floor

+

1.42%),

5.69%,

10/20/31

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

1,628

1,627,500

Series

2018-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

6.33%,

10/20/31

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

1,125

1,126,125

Series

2018-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

6.73%,

10/20/31

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

700

700,605

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

6.63%,

07/20/34

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

2,000

1,997,189

Rockford

Tower

Europe

CLO

DAC,

Series

2025-

1X,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

5.21%,

10/25/27

(a)

(c)

..........

EUR

970

1,078,667

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

RR

14

Ltd.,

Series

2021-14A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

5.64%,

04/15/36

(a)

(b)

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

USD

1,500

$

1,499,689

RR

28

Ltd.,

Series

2024-28RA,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

5.81%,

04/15/37

(a)

(b)

...........

7,500

7,508,030

Signal

Peak

CLO

4

Ltd.,

Series

2017-4A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.41%

Floor

+

2.41%),

6.69%,

10/26/34

(a)

(b)

...........

5,000

4,995,567

Silver

Point

CLO

4

Ltd.,

Series

2024-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.63%

Floor

+

1.63%),

5.89%,

04/15/37

(a)

(b)

...........

5,000

5,007,238

Silver

Point

CLO

6

Ltd.,

Series

2024-6A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.66%,

10/15/37

(a)

(b)

...........

2,000

2,000,368

Silver

Point

CLO

8

Ltd.,

Series

2025-8A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.21%

Floor

+

1.21%),

5.43%,

04/15/38

(a)

(b)

...........

3,000

2,981,205

Sixth

Street

CLO

XIV

Ltd.,

Series

2019-14A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

6.07%,

01/20/38

(a)

(b)

......

3,250

3,168,290

Sixth

Street

CLO

XIX

Ltd.

(a)(b)

Series

2021-19A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

6.23%,

07/20/34

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

3,000

2,991,000

Series

2021-19A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

6.53%,

07/20/34

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

1,000

997,595

Sixth

Street

CLO

XVII

Ltd.,

Series

2021-17A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.58%

Floor

+

1.58%),

5.86%,

04/17/38

(a)

(b)

......

7,000

6,929,999

Sound

Point

CLO

XXIII

Ltd.,

Series

2019-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

6.77%,

07/15/34

(a)

(b)

......

2,250

2,254,109

Sound

Point

CLO

XXIX

Ltd.,

Series

2021-1A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.96%

Floor

+

1.96%),

6.24%,

04/25/34

(a)

(b)

......

3,350

3,321,525

Sound

Point

CLO

XXXIII

Ltd.,

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

6.18%,

04/25/35

(a)

(b)

......

5,200

5,168,279

Southwick

Park

CLO

LLC,

Series

2019-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

5.59%,

07/20/32

(a)

(b)

..........

1,913

1,911,499

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust

(a)

Series

2006-BC3,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

4.76%,

10/25/36

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

4,662

3,129,038

Series

2007-MN1A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.23%

Floor

+

0.34%),

4.67%,

01/25/37

(b)

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

1,274

713,211

Sycamore

Tree

CLO

Ltd.

(a)(b)

Series

2023-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

5.92%,

04/20/37

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

9,000

9,013,911

Series

2023-3A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.60%),

6.87%,

04/20/37

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

1,000

1,002,690

Series

2024-5A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

6.52%,

04/20/36

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

2,000

2,003,200

Symphony

CLO

XXIV

Ltd.,

Series

2020-24A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

5.48%,

01/23/32

(a)

(b)

......

798

796,124

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Symphony

CLO

XXVIII

Ltd.,

Series

2021-28A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.40%),

5.68%,

10/23/34

(a)

(b)

......

USD

2,000

$

1,996,213

TCI-Flatiron

CLO

Ltd.,

Series

2018-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

6.29%,

01/29/32

(a)

(b)

...........

4,000

3,981,468

TCW

CLO

Ltd.,

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

6.64%,

07/25/34

(a)

(b)

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

2,500

2,496,513

Texas

Debt

Capital

Euro

CLO

DAC,

Series

2024-

1X,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

5.85%,

07/16/38

(a)

(c)

..........

EUR

500

567,162

TICP

CLO

VI

Ltd.

(a)(b)

Series

2016-6A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.38%),

5.64%,

01/15/34

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

USD

2,000

1,994,786

Series

2016-6A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

6.02%,

01/15/34

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

2,000

1,988,800

Series

2016-6A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

6.42%,

01/15/34

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

1,650

1,638,646

TICP

CLO

VII

Ltd.,

Series

2017-7A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

6.67%,

04/15/33

(a)

(b)

...........

6,500

6,507,012

TICP

CLO

XII

Ltd.,

Series

2018-12A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

6.62%,

07/15/34

(a)

(b)

...........

13,450

13,430,912

Tricon

American

Homes

Trust

(b)

Series

2019-SFR1,

Class

E,

3.40%,

03/17/38

7,000

6,870,616

Series

2020-SFR2,

Class

E2,

3.08%,

11/17/39

1,000

949,652

Trimaran

CAVU

Ltd.

(a)(b)

Series

2021-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

5.70%,

07/23/37

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

7,000

7,000,000

Series

2021-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

6.08%,

07/23/37

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

1,000

991,100

Series

2021-2A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

6.29%,

10/25/34

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

1,500

1,493,250

Trinitas

CLO

XXIX

Ltd.,

Series

2024-29A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.77%,

07/23/37

(a)

(b)

...........

2,000

1,998,000

Unique

Pub

Finance

Co.

plc

(The),

Series

N,

6.46%,

03/30/32

(c)

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

GBP

1,491

2,075,001

Victory

Street

CLO

I

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

3.45%

Floor

+

3.45%),

6.23%,

01/15/38

(a)

(c)

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

EUR

1,010

1,132,004

Voya

CLO

Ltd.

(a)(b)

Series

2014-1A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.16%),

6.43%,

04/18/31

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

USD

1,000

996,809

Series

2014-4A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.35%),

6.59%,

07/14/31

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

500

500,428

Warwick

Capital

CLO

4

Ltd.

(a)(b)

Series

2024-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

5.67%,

07/20/37

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

13,500

13,500,638

Series

2024-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

6.02%,

07/20/37

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

1,000

984,940

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Washington

Mutual

Asset-Backed

CertificatesTrust,

Series

2006-HE5,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.31%

Floor

+

0.42%),

4.18%,

10/25/36

(a)

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

USD

10,750

$

7,976,361

Wellington

Management

CLO

3

Ltd.,

Series

2024-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

5.63%,

07/18/37

(a)

(b)

5,000

4,995,839

Wellington

Management

CLO

4

Ltd.,

Series

2025-4A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.15%),

5.43%,

04/18/38

(a)

(b)

.

6,000

5,918,794

Whitebox

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

6.03%,

07/24/36

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

10,265

10,143,877

Series

2019-1A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

6.28%,

07/24/36

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

2,000

1,983,757

Total

Asset-Backed

Securities

—

9

.9

%

(Cost:

$

1,023,533,917

)

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

1,010,163,857

Shares

Shares

Common

Stocks

Aerospace

&

Defense

—

0.6%

Airbus

SE

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

21,639

3,671,934

BAE

Systems

plc

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

878,254

20,360,243

Boeing

Co.

(The)

(e)

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

19,435

3,561,269

GE

Aerospace

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

90,342

18,207,527

Hensoldt

AG

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

10,685

827,754

L3Harris

Technologies,

Inc.

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

38,787

8,533,916

RTX

Corp.

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

58,194

7,340,009

Singapore

Technologies

Engineering

Ltd.

.....

137,500

780,758

63,283,410

Air

Freight

&

Logistics

—

0.0%

FedEx

Corp.

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

10,052

2,114,237

Automobile

Components

—

0.1%

Aptiv

plc

(e)

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

68,224

3,892,861

Bridgestone

Corp.

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

49,900

2,086,578

Cie

Generale

des

Etablissements

Michelin

SCA

57,459

2,101,030

Lear

Corp.

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

20,858

1,788,574

Magna

International,

Inc.

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

23,749

825,168

10,694,211

Automobiles

—

0.1%

General

Motors

Co.

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

37,567

1,699,531

Honda

Motor

Co.

Ltd.

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

390,400

3,972,220

Isuzu

Motors

Ltd.

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

49,000

658,973

Yamaha

Motor

Co.

Ltd.

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

81,800

642,436

6,973,160

Banks

—

1.3%

Banco

Bilbao

Vizcaya

Argentaria

SA

........

1,326,564

18,205,821

Banco

de

Sabadell

SA

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

460,496

1,343,627

Banco

Santander

SA

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

182,589

1,285,583

Bank

of

America

Corp.

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

60,540

2,414,335

Bank

of

Nova

Scotia

(The)

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

107,028

5,355,282

BNP

Paribas

SA

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

21,738

1,841,850

BOC

Hong

Kong

Holdings

Ltd.

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

321,500

1,333,705

CaixaBank

SA

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

337,250

2,584,753

Citigroup,

Inc.

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

306,652

20,968,864

Citizens

Financial

Group,

Inc.

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

336,713

12,421,343

Commerzbank

AG

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

44,022

1,165,154

Credit

Agricole

SA

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

90,952

1,705,949

Security

Shares

Shares

Value

Banks

(continued)

DBS

Group

Holdings

Ltd.

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

146,600

$

4,762,919

DNB

Bank

ASA

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

78,259

1,956,328

Erste

Group

Bank

AG

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

9,967

674,982

First

Citizens

BancShares,

Inc.

,

Class

A

......

6,117

10,882,999

HSBC

Holdings

plc

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

438,650

4,889,796

ING

Groep

NV

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

86,689

1,683,441

Intesa

Sanpaolo

SpA

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

359,374

1,918,442

M&T

Bank

Corp.

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

75,570

12,828,763

NatWest

Group

plc

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

651,996

4,193,825

Nordea

Bank

Abp

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

73,330

1,015,544

Oversea-Chinese

Banking

Corp.

Ltd.

.......

299,600

3,707,779

Raiffeisen

Bank

International

AG

..........

14,450

385,978

Sberbank

of

Russia

PJSC

(e)

(f)

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

877,548

107

UniCredit

SpA

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

36,876

2,145,477

United

Overseas

Bank

Ltd.

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

112,500

2,987,870

Wells

Fargo

&

Co.

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

135,527

9,623,772

134,284,288

Beverages

—

0.3%

Coca-Cola

Co.

(The)

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

338,582

24,564,124

Diageo

plc

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

190,334

5,344,654

Keurig

Dr

Pepper,

Inc.

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

65,093

2,251,567

Pernod

Ricard

SA

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

10,918

1,183,461

33,343,806

Biotechnology

—

0.2%

AbbVie,

Inc.

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

103,729

20,237,528

Broadline

Retail

—

0.1%

Amazon.com,

Inc.

(e)

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

19,020

3,507,668

Canadian

Tire

Corp.

Ltd.

,

Class

A

..........

4,682

512,419

NMG

Parent

LLC

(e)

(f)

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

3,714

—

PDD

Holdings,

Inc.

,

ADR

(e)

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

44,243

4,670,734

8,690,821

Building

Products

—

0.2%

Allegion

plc

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

127,206

17,707,075

Belimo

Holding

AG

(Registered)

...........

520

441,824

Carrier

Global

Corp.

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

10,392

649,916

Cie

de

Saint-Gobain

SA

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

11,847

1,287,982

Geberit

AG

(Registered)

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

1,699

1,176,932

Johnson

Controls

International

plc

.........

15,871

1,331,577

Kingspan

Group

plc

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

6,778

571,958

Nibe

Industrier

AB

,

Class

B

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

81,618

348,052

ROCKWOOL

A/S

,

Class

B

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

10,130

462,436

Trane

Technologies

plc

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

2,211

847,499

24,825,251

Capital

Markets

—

0.6%

Bank

of

New

York

Mellon

Corp.

(The)

.......

7,403

595,275

Carlyle

Group,

Inc.

(The)

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

76,744

2,965,388

Charles

Schwab

Corp.

(The)

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

184,989

15,058,105

Deutsche

Bank

AG

(Registered)

...........

58,815

1,542,149

Intercontinental

Exchange,

Inc.

...........

125,006

20,997,258

Moody's

Corp.

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

29,214

13,237,448

MSCI,

Inc.

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

8,661

4,721,198

Raymond

James

Financial,

Inc.

...........

3,860

528,974

State

Street

Corp.

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

51,721

4,556,620

64,202,415

Chemicals

—

0.4%

Air

Liquide

SA

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

88,954

18,278,109

Air

Products

&

Chemicals,

Inc.

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

10,263

2,782,197

Akzo

Nobel

NV

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

9,778

617,329

Albemarle

Corp.

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

14,599

854,771

Arkema

SA

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

9,256

703,692

BASF

SE

(e)

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

30,407

1,552,870

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Chemicals

(continued)

Croda

International

plc

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

11,379

$

449,171

Evonik

Industries

AG

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

23,605

530,471

International

Flavors

&

Fragrances,

Inc.

......

40,785

3,199,991

Linde

plc

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

2,573

1,166,161

Linde

plc

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

6,867

3,124,597

Nutrien

Ltd.

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

42,960

2,452,453

PPG

Industries,

Inc.

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

33,181

3,612,084

Sherwin-Williams

Co.

(The)

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

12,512

4,415,735

Sika

AG

(Registered)

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

6,324

1,580,416

45,320,047

Commercial

Services

&

Supplies

—

0.2%

Brambles

Ltd.

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

117,992

1,550,611

Cintas

Corp.

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

3,775

799,092

Element

Fleet

Management

Corp.

.........

33,524

734,143

Rentokil

Initial

plc

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

649,248

2,974,393

Republic

Services,

Inc.

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

50,981

12,783,486

Securitas

AB

,

Class

B

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

42,587

674,865

SPIE

SA

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

18,384

901,047

Waste

Management,

Inc.

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

13,949

3,255,139

23,672,776

Communications

Equipment

—

0.1%

Cisco

Systems,

Inc.

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

149,432

8,626,709

F5,

Inc.

(e)

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

1,344

355,811

Telefonaktiebolaget

LM

Ericsson

,

Class

B

....

237,290

2,004,479

10,986,999

Construction

&

Engineering

—

0.2%

ACS

Actividades

de

Construccion

y

Servicios

SA

34,503

2,161,779

Bouygues

SA

(e)

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

16,192

711,724

Eiffage

SA

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

10,283

1,399,236

EMCOR

Group,

Inc.

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

911

365,038

Ferrovial

SE

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

78,811

3,844,596

MasTec,

Inc.

(e)

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

2,616

333,069

Mcdermott

International

Ltd.

(e)

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

1,327

22,227

Quanta

Services,

Inc.

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

2,648

775,043

Skanska

AB

,

Class

B

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

42,135

979,076

Vinci

SA

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

70,980

9,970,367

20,562,155

Construction

Materials

—

0.1%

Buzzi

SpA

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

8,381

439,190

Heidelberg

Materials

AG

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

5,387

1,076,933

Holcim

AG

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

58,267

6,511,220

Wienerberger

AG

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

9,249

324,750

8,352,093

Consumer

Finance

—

0.1%

Capital

One

Financial

Corp.

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

26,880

4,845,389

Consumer

Staples

Distribution

&

Retail

—

0.6%

Coles

Group

Ltd.

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

113,850

1,546,061

Costco

Wholesale

Corp.

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

6,851

6,813,320

Dollar

General

Corp.

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

61,231

5,736,732

Dollar

Tree,

Inc.

(e)

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

66,131

5,407,532

Koninklijke

Ahold

Delhaize

NV

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

80,662

3,311,906

Tesco

plc

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

585,973

2,899,982

Walmart,

Inc.

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

318,170

30,942,033

56,657,566

Containers

&

Packaging

—

0.1%

Amcor

plc

(g)

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

417,556

3,841,515

Amcor

plc

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

67,769

623,475

Avery

Dennison

Corp.

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

26,588

4,549,473

Sealed

Air

Corp.

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

195,119

5,377,479

14,391,942

Security

Shares

Shares

Value

Distributors

—

0.0%

Genuine

Parts

Co.

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

4,727

$

555,659

LKQ

Corp.

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

87,169

3,330,727

3,886,386

Diversified

REITs

—

0.2%

Essential

Properties

Realty

Trust,

Inc.

.......

182,036

5,856,098

LondonMetric

Property

plc

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

2,277,731

5,843,995

Merlin

Properties

Socimi

SA

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

346,738

3,932,105

Stoneweg

European

REIT

(c)

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

235,120

399,432

16,031,630

Diversified

Telecommunication

Services

—

0.5%

Cellnex

Telecom

SA

(b)

(c)

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

48,033

1,943,864

Deutsche

Telekom

AG

(Registered)

........

47,758

1,715,349

Elisa

OYJ

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

12,445

663,916

Infrastrutture

Wireless

Italiane

SpA

(b)

(c)

.......

482,822

5,765,930

Koninklijke

KPN

NV

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

4,194,941

19,514,256

Telstra

Group

Ltd.

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

357,133

1,030,721

TELUS

Corp.

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

1,114,190

17,150,088

Verizon

Communications,

Inc.

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

101,351

4,465,525

52,249,649

Electric

Utilities

—

1.5%

Acciona

SA

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

5,874

855,979

Alliant

Energy

Corp.

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

65,752

4,013,502

American

Electric

Power

Co.,

Inc.

..........

142,793

15,470,194

CK

Infrastructure

Holdings

Ltd.

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

346,000

2,331,919

Duke

Energy

Corp.

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

62,702

7,650,898

Edison

International

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

31,140

1,666,301

Elia

Group

SA/NV

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

4,656

504,801

Emera,

Inc.

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

25,845

1,163,269

Endesa

SA

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

27,530

826,797

Enel

SpA

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

212,191

1,839,478

Entergy

Corp.

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

169,729

14,116,361

Evergy,

Inc.

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

117,500

8,119,250

Exelon

Corp.

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

317,632

14,896,941

FirstEnergy

Corp.

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

217,834

9,340,722

Kansai

Electric

Power

Co.,

Inc.

(The)

.......

263,800

3,250,131

Kyushu

Electric

Power

Co.,

Inc.

...........

405,300

3,612,366

NextEra

Energy,

Inc.

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

188,842

12,629,753

Origin

Energy

Ltd.

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

144,363

983,979

PG&E

Corp.

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

871,541

14,397,857

Pinnacle

West

Capital

Corp.

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

60,020

5,712,704

PPL

Corp.

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

154,950

5,655,675

Southern

Co.

(The)

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

90,602

8,325,418

SSE

plc

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

115,355

2,600,802

Terna

-

Rete

Elettrica

Nazionale

...........

437,166

4,347,095

Xcel

Energy,

Inc.

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

118,863

8,403,614

152,715,806

Electrical

Equipment

—

0.2%

Eaton

Corp.

plc

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

3,089

909,309

Emerson

Electric

Co.

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

7,480

786,223

GE

Vernova,

Inc.

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

2,825

1,047,567

Generac

Holdings,

Inc.

(e)

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

1,866

213,433

Hubbell,

Inc.

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

47,479

17,243,423

Legrand

SA

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

5,447

598,624

Nexans

SA

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

2,510

275,745

NKT

A/S

(e)

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

3,566

290,351

nVent

Electric

plc

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

4,139

227,272

Sensata

Technologies

Holding

plc

..........

109,525

2,343,835

Vertiv

Holdings

Co.

,

Class

A

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

6,508

555,653

24,491,435

Electronic

Equipment,

Instruments

&

Components

—

0.2%

Amphenol

Corp.

,

Class

A

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

82,678

6,362,072

Jabil,

Inc.

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

33,832

4,958,418

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Keysight

Technologies,

Inc.

(e)

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

8,762

$

1,273,995

Murata

Manufacturing

Co.

Ltd.

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

144,000

2,051,505

Omron

Corp.

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

15,600

463,085

Yokogawa

Electric

Corp.

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

19,900

430,639

15,539,714

Energy

Equipment

&

Services

—

0.1%

Baker

Hughes

Co.

,

Class

A

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

354,335

12,543,459

Halliburton

Co.

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

5,814

115,234

Schlumberger

NV

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

66,701

2,217,808

14,876,501

Entertainment

—

0.1%

Electronic

Arts,

Inc.

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

27,178

3,943,256

Walt

Disney

Co.

(The)

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

14,121

1,284,305

5,227,561

Financial

Services

—

0.3%

Aimbridge

Topco

LLC

(e)

(f)

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

22,562

1,240,933

Fidelity

National

Information

Services,

Inc.

....

111,251

8,775,479

Global

Payments,

Inc.

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

39,770

3,034,849

Jack

Henry

&

Associates,

Inc.

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

27,894

4,837,656

Mastercard,

Inc.

,

Class

A

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

16,414

8,995,857

Visa,

Inc.

,

Class

A

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

6,888

2,379,804

Voya

Financial,

Inc.

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

47,194

2,793,885

32,058,463

Food

Products

—

0.2%

Associated

British

Foods

plc

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

27,976

771,162

H-Food

Holdings

LLC

(e)

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

7,488

97,344

JDE

Peet's

NV

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

15,024

363,714

Kraft

Heinz

Co.

(The)

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

247,647

7,206,528

Lamb

Weston

Holdings,

Inc.

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

49,004

2,587,901

Nestle

SA

(Registered)

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

49,304

5,247,789

Orkla

ASA

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

60,834

678,449

16,952,887

Gas

Utilities

—

0.0%

Atmos

Energy

Corp.

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

3,484

559,635

Osaka

Gas

Co.

Ltd.

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

116,300

2,949,143

3,508,778

Ground

Transportation

—

0.4%

Canadian

National

Railway

Co.

...........

94,239

9,126,541

Canadian

Pacific

Kansas

City

Ltd.

.........

22,118

1,603,787

CSX

Corp.

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

123,446

3,465,129

East

Japan

Railway

Co.

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

101,300

2,195,867

Norfolk

Southern

Corp.

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

28,798

6,452,192

Union

Pacific

Corp.

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

95,983

20,699,694

43,543,210

Health

Care

Equipment

&

Supplies

—

0.4%

Baxter

International,

Inc.

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

542,203

16,900,468

Becton

Dickinson

&

Co.

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

35,177

7,284,805

Coloplast

A/S

,

Class

B

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

10,954

1,239,588

Koninklijke

Philips

NV

(e)

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

207,976

5,278,394

Medtronic

plc

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

64,360

5,455,154

ResMed,

Inc.

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

13,646

3,228,507

39,386,916

Health

Care

Providers

&

Services

—

0.8%

Brookdale

Senior

Living,

Inc.

(e)

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

73,920

484,915

Cardinal

Health,

Inc.

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

153,225

21,649,160

Cencora,

Inc.

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

20,023

5,860,131

Centene

Corp.

(e)

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

28,123

1,683,162

Cigna

Group

(The)

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

7,458

2,536,018

CVS

Health

Corp.

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

105,806

7,058,318

Elevance

Health,

Inc.

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

7,581

3,188,417

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

HCA

Healthcare,

Inc.

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

1,369

$

472,415

Humana,

Inc.

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

8,415

2,206,750

Labcorp

Holdings,

Inc.

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

20,999

5,060,969

McKesson

Corp.

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

8,204

5,847,729

Sonic

Healthcare

Ltd.

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

39,490

659,363

UnitedHealth

Group,

Inc.

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

57,878

23,813,324

Universal

Health

Services,

Inc.

,

Class

B

.....

23,607

4,180,092

84,700,763

Health

Care

REITs

—

0.3%

Alexandria

Real

Estate

Equities,

Inc.

........

90,009

6,540,054

Assura

plc

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

5,498,183

3,555,528

Healthcare

Realty

Trust,

Inc.

,

Class

A

.......

195,117

3,030,167

Healthpeak

Properties,

Inc.

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

555,931

9,917,809

Welltower,

Inc.

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

30,547

4,661,167

27,704,725

Hotel

&

Resort

REITs

—

0.0%

Japan

Hotel

REIT

Investment

Corp.

........

3,938

1,947,382

Hotels,

Restaurants

&

Leisure

—

0.1%

Domino's

Pizza,

Inc.

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

10,296

5,048,849

Evolution

AB

(b)

(c)

(e)

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

14,056

973,724

FDJ

United

(b)

(c)

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

9,187

327,463

New

Topco

(e)

(f)

(h)

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

12,872

—

Restaurant

Brands

International,

Inc.

........

27,110

1,746,831

Whitbread

plc

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

15,627

542,742

Yum!

Brands,

Inc.

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

2,419

363,914

9,003,523

Household

Durables

—

0.2%

Sekisui

House

Ltd.

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

52,100

1,197,789

Sony

Group

Corp.

,

ADR

(g)

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

126,063

3,277,638

Taylor

Wimpey

plc

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

8,136,834

12,785,478

17,260,905

Household

Products

—

0.2%

Colgate-Palmolive

Co.

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

217,888

20,087,095

Reckitt

Benckiser

Group

plc

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

59,464

3,838,194

23,925,289

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Boralex,

Inc.

,

Class

A

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

82,391

1,829,982

Northland

Power,

Inc.

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

120,008

1,630,458

3,460,440

Industrial

Conglomerates

—

0.0%

DCC

plc

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

8,339

545,019

Sekisui

Chemical

Co.

Ltd.

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

32,800

573,145

Siemens

AG

(Registered)

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

8,581

1,975,873

Swire

Pacific

Ltd.

,

Class

A

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

35,500

306,992

3,401,029

Industrial

REITs

—

0.3%

Americold

Realty

Trust,

Inc.

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

192,110

3,715,407

EastGroup

Properties,

Inc.

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

35,332

5,773,955

Goodman

Group

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

297,220

5,689,932

Prologis,

Inc.

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

35,519

3,630,042

Rexford

Industrial

Realty,

Inc.

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

59,058

1,954,820

Segro

plc

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

205,676

1,870,964

STAG

Industrial,

Inc.

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

159,222

5,259,103

Warehouses

De

Pauw

CVA

(e)

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

127,626

3,259,834

31,154,057

Insurance

—

0.8%

Admiral

Group

plc

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

21,957

954,964

Allianz

SE

(Registered)

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

13,114

5,423,645

American

International

Group,

Inc.

.........

73,833

6,018,866

ASR

Nederland

NV

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

13,928

878,840

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

Assurant,

Inc.

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

93,127

$

17,949,298

AXA

SA

(e)

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

115,158

5,446,501

Brown

&

Brown,

Inc.

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

42,100

4,656,260

Fidelity

National

Financial,

Inc.

,

Class

A

......

107,113

6,860,588

Globe

Life,

Inc.

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

38,517

4,750,687

Hartford

Insurance

Group,

Inc.

(The)

........

42,436

5,205,624

Poste

Italiane

SpA

(b)

(c)

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

38,265

776,672

Power

Corp.

of

Canada

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

47,959

1,815,248

Tryg

A/S

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

30,717

732,845

Willis

Towers

Watson

plc

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

16,795

5,169,501

Zurich

Insurance

Group

AG

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

25,198

17,872,206

84,511,745

Interactive

Media

&

Services

—

0.6%

Alphabet,

Inc.

,

Class

A

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

166,432

26,429,402

Meta

Platforms,

Inc.

,

Class

A

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

57,536

31,587,264

58,016,666

IT

Services

—

0.4%

Accenture

plc

,

Class

A

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

75,105

22,467,661

Cognizant

Technology

Solutions

Corp.

,

Class

A

.

140,976

10,371,604

NEXTDC

Ltd.

(e)

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

412,939

3,135,170

Otsuka

Corp.

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

20,200

448,017

SCSK

Corp.

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

13,400

350,483

Travelport

Technology

Ltd.

(e)

(f)

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

246

598,577

37,371,512

Leisure

Products

—

0.0%

Hasbro,

Inc.

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

67,407

4,172,493

Machinery

—

0.7%

Aalberts

NV

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

12,899

428,332

Alstom

SA

(e)

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

50,376

1,216,538

Atlas

Copco

AB

,

Class

A

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

47,024

727,870

Caterpillar,

Inc.

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

3,147

973,273

CNH

Industrial

NV

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

108,337

1,253,459

Cummins,

Inc.

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

1,221

358,779

Georg

Fischer

AG

(Registered)

...........

11,000

795,352

IMI

plc

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

43,575

1,034,157

Indutrade

AB

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

11,521

311,685

Interpump

Group

SpA

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

14,499

497,283

KION

Group

AG

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

15,219

647,659

Knorr-Bremse

AG

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

9,683

960,328

Komatsu

Ltd.

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

191,100

5,526,530

Kone

OYJ

,

Class

B

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

29,595

1,832,872

Konecranes

OYJ

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

8,775

587,908

Kubota

Corp.

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

85,100

988,896

Nordson

Corp.

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

1,915

363,026

Otis

Worldwide

Corp.

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

222,936

21,462,049

Parker-Hannifin

Corp.

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

28,013

16,949,546

SKF

AB

,

Class

B

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

30,819

604,095

SMC

Corp.

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

34,700

11,230,339

68,749,976

Media

—

0.3%

Comcast

Corp.

,

Class

A

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

463,411

15,848,656

Learfield

Communications

LLC

,

(Acquired

09/13/23

,

cost

$

76,408

)

(e)

(i)

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

9,992

751,898

Omnicom

Group,

Inc.

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

52,047

3,963,899

Paramount

Global

,

Class

B

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

370,135

4,345,385

WPP

plc

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

745,243

5,777,537

30,687,375

Metals

&

Mining

—

0.0%

Alrosa

PJSC

(e)

(f)

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

607,124

74

ArcelorMittal

SA

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

26,370

779,807

Aurubis

AG

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

3,819

333,431

Security

Shares

Shares

Value

Metals

&

Mining

(continued)

Freeport-McMoRan,

Inc.

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

8,799

$

317,028

JFE

Holdings,

Inc.

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

51,400

598,605

Novolipetsk

Steel

PJSC

(e)

(f)

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

14

—

Southern

Copper

Corp.

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

4,244

379,923

Teck

Resources

Ltd.

,

Class

B

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

50,824

1,727,508

4,136,376

Multi-Utilities

—

0.7%

Ameren

Corp.

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

54,069

5,365,808

CenterPoint

Energy,

Inc.

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

14,339

556,067

CMS

Energy

Corp.

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

330,045

24,307,814

Dominion

Energy,

Inc.

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

102,048

5,549,370

E.ON

SE

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

65,629

1,147,824

National

Grid

plc

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

727,033

10,494,070

Public

Service

Enterprise

Group,

Inc.

.......

28,723

2,295,829

Sempra

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

192,617

14,305,665

Veolia

Environnement

SA

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

60,060

2,193,636

WEC

Energy

Group,

Inc.

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

6,012

658,434

66,874,517

Office

REITs

—

0.1%

BXP,

Inc.

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

112,081

7,142,922

Oil,

Gas

&

Consumable

Fuels

—

1.4%

Antero

Resources

Corp.

(e)

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

8,918

310,614

BP

plc

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

1,401,476

6,471,165

Cheniere

Energy,

Inc.

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

49,014

11,327,626

Coterra

Energy,

Inc.

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

18,361

450,946

DT

Midstream,

Inc.

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

66,699

6,483,143

Enbridge,

Inc.

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

179,981

8,416,782

Energy

Transfer

LP

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

236,163

3,906,136

Eni

SpA

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

184,309

2,639,588

Enterprise

Products

Partners

LP

...........

127,183

3,802,772

EQT

Corp.

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

10,923

540,033

Expand

Energy

Corp.

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

4,926

511,811

Gibson

Energy,

Inc.

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

66,920

1,052,876

Hess

Corp.

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

60,462

7,802,621

Kinder

Morgan,

Inc.

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

221,668

5,829,868

Koninklijke

Vopak

NV

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

138,660

5,733,686

Kosmos

Energy

Ltd.

(e)

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

1,760,802

2,711,635

LUKOIL

PJSC

(e)

(f)

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

417,114

51

MPLX

LP

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

91,246

4,647,159

Novatek

PJSC

(e)

(f)

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

690

—

ONEOK,

Inc.

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

13,218

1,085,991

Pembina

Pipeline

Corp.

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

193,572

7,399,713

Plains

All

American

Pipeline

LP

...........

220,018

3,841,514

Plains

GP

Holdings

LP

,

Class

A

...........

164,230

3,061,247

Range

Resources

Corp.

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

7,973

270,524

Shell

plc

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

579,618

18,805,918

South

Bow

Corp.

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

38,270

945,120

Sunoco

LP

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

16,653

968,372

Targa

Resources

Corp.

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

5,442

930,038

TC

Energy

Corp.

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

233,213

11,778,046

TotalEnergies

SE

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

77,581

4,418,640

Western

Midstream

Partners

LP

...........

65,487

2,462,311

Williams

Cos.,

Inc.

(The)

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

170,944

10,012,190

138,618,136

Passenger

Airlines

—

0.0%

Qantas

Airways

Ltd.

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

65,171

368,472

Singapore

Airlines

Ltd.

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

139,700

716,928

1,085,400

Personal

Care

Products

—

0.1%

Unilever

plc

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

83,398

5,309,942

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Pharmaceuticals

—

1.0%

AstraZeneca

plc

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

237,656

$

34,048,196

Bayer

AG

(Registered)

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

136,639

3,580,922

Kyowa

Kirin

Co.

Ltd.

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

20,800

324,784

Novo

Nordisk

A/S

,

Class

B

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

391,141

26,152,299

Orion

OYJ

,

Class

B

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

9,314

583,164

Recordati

Industria

Chimica

e

Farmaceutica

SpA

9,530

562,349

Roche

Holding

AG

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

17,868

5,899,166

Sanofi

SA

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

243,852

26,675,415

97,826,295

Professional

Services

—

0.6%

Dun

&

Bradstreet

Holdings,

Inc.

...........

988,601

8,867,751

Intertek

Group

plc

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

13,868

851,702

Leidos

Holdings,

Inc.

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

55,221

8,127,427

Paychex,

Inc.

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

33,278

4,895,859

RELX

plc

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

448,266

24,403,279

Robert

Half,

Inc.

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

35,936

1,591,965

SS&C

Technologies

Holdings,

Inc.

.........

129,080

9,758,448

Teleperformance

SE

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

4,640

508,799

59,005,230

Real

Estate

Management

&

Development

—

0.1%

ADLER

Group

SA

(e)

(f)

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

664,216

8

CK

Asset

Holdings

Ltd.

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

457,000

1,867,012

Hearthside

LLC

(e)

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

3,771

49,023

Katitas

Co.

Ltd.

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

65,300

946,136

Mitsubishi

Estate

Co.

Ltd.

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

109,000

1,914,691

Tokyu

Fudosan

Holdings

Corp.

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

144,400

1,011,352

VGP

NV

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

21,806

2,017,629

Vonovia

SE

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

117,445

3,895,661

Wharf

Real

Estate

Investment

Co.

Ltd.

......

1,069,000

2,556,567

14,258,079

Residential

REITs

—

0.1%

AvalonBay

Communities,

Inc.

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

25,585

5,372,338

Essex

Property

Trust,

Inc.

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

17,700

4,940,955

Invitation

Homes,

Inc.

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

8,855

302,752

UNITE

Group

plc

(The)

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

333,267

3,828,912

14,444,957

Retail

REITs

—

0.3%

Agree

Realty

Corp.

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

74,653

5,793,819

Federal

Realty

Investment

Trust

...........

30,529

2,870,337

Link

REIT

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

1,042,200

4,879,430

Regency

Centers

Corp.

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

68,220

4,924,120

Region

RE

Ltd.

(h)

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

1,335,005

1,978,769

Simon

Property

Group,

Inc.

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

42,314

6,659,377

27,105,852

Semiconductors

&

Semiconductor

Equipment

—

1.1%

Applied

Materials,

Inc.

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

103,902

15,659,070

BE

Semiconductor

Industries

NV

..........

6,901

747,404

Broadcom,

Inc.

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

153,912

29,623,443

Intel

Corp.

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

109,370

2,198,337

Lasertec

Corp.

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

7,000

650,793

MediaTek,

Inc.

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

305,000

12,960,396

Monolithic

Power

Systems,

Inc.

...........

5,571

3,304,160

NVIDIA

Corp.

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

46,523

5,067,285

QUALCOMM,

Inc.

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

9,332

1,385,429

STMicroelectronics

NV,

NYRS

,

ADR

........

231,376

5,254,549

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

.

1,083,000

30,686,322

107,537,188

Software

—

1.0%

Microsoft

Corp.

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

176,213

69,649,950

Oracle

Corp.

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

119,717

16,846,576

Salesforce,

Inc.

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

68,066

18,290,015

Security

Shares

Shares

Value

Software

(continued)

Trend

Micro,

Inc.

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

11,000

$

789,257

105,575,798

Specialized

REITs

—

0.8%

American

Tower

Corp.

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

24,391

5,497,975

Crown

Castle,

Inc.

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

111,185

11,758,926

DigiCo

Infrastructure

REIT

(e)

(h)

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

424,896

733,905

Digital

Realty

Trust,

Inc.

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

30,974

4,972,566

Equinix,

Inc.

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

18,377

15,818,003

Iron

Mountain,

Inc.

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

121,618

10,905,486

Keppel

DC

REIT

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

2,521,400

4,171,521

Public

Storage

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

19,653

5,904,351

SBA

Communications

Corp.

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

60,130

14,635,642

Smartstop

Self

Storage

REIT,

Inc.

..........

128,892

4,529,265

VICI

Properties,

Inc.

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

180,711

5,786,366

84,714,006

Specialty

Retail

—

0.3%

Home

Depot,

Inc.

(The)

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

58,698

21,160,042

Industria

de

Diseno

Textil

SA

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

94,281

5,069,957

Tractor

Supply

Co.

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

47,885

2,423,939

28,653,938

Technology

Hardware,

Storage

&

Peripherals

—

0.4%

Apple,

Inc.

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

86,354

18,350,225

FUJIFILM

Holdings

Corp.

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

98,000

2,007,274

Hewlett

Packard

Enterprise

Co.

...........

21,798

353,564

HP,

Inc.

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

240,383

6,146,593

Pure

Storage,

Inc.

,

Class

A

(e)

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

6,409

290,712

Ricoh

Co.

Ltd.

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

45,300

476,471

Samsung

Electronics

Co.

Ltd.

,

GDR

(b)

(c)

......

11,739

11,430,721

Seiko

Epson

Corp.

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

25,500

353,764

Western

Digital

Corp.

(e)

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

60,093

2,635,679

42,045,003

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

Burberry

Group

plc

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

219,587

2,138,509

Capri

Holdings

Ltd.

(e)

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

141,125

2,122,520

LVMH

Moet

Hennessy

Louis

Vuitton

SE

......

26,336

14,588,280

NIKE,

Inc.

,

Class

B

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

40,535

2,286,174

Swatch

Group

AG

(The)

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

18,132

3,146,668

24,282,151

Tobacco

—

0.1%

British

American

Tobacco

plc

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

215,844

9,401,806

Trading

Companies

&

Distributors

—

0.2%

AddTech

AB

,

Class

B

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

10,644

358,090

Brenntag

SE

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

10,972

732,752

ITOCHU

Corp.

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

102,000

5,216,580

Mitsubishi

Corp.

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

281,300

5,340,927

Rexel

SA

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

29,086

808,114

RS

GROUP

plc

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

108,875

750,694

Sumitomo

Corp.

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

93,500

2,282,932

Toyota

Tsusho

Corp.

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

54,700

1,087,038

16,577,127

Transportation

Infrastructure

—

0.6%

Aena

SME

SA

(b)

(c)

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

60,713

15,252,074

Aeroports

de

Paris

SA

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

44,071

5,510,933

Atlas

Arteria

Ltd.

(h)

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

569,452

1,886,228

Auckland

International

Airport

Ltd.

.........

1,168,626

5,220,112

Flughafen

Zurich

AG

(Registered)

..........

15,119

3,809,725

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(e)

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

50,753

3,363,482

Japan

Airport

Terminal

Co.

Ltd.

...........

64,900

1,866,716

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Transportation

Infrastructure

(continued)

Transurban

Group

(h)

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

2,257,412

$

20,342,378

57,251,648

Water

Utilities

—

0.1%

Essential

Utilities,

Inc.

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

74,076

3,046,746

Guangdong

Investment

Ltd.

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

2,216,000

1,793,225

Severn

Trent

plc

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

22,825

849,027

SJW

Group

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

35,607

2,020,341

United

Utilities

Group

plc

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

223,237

3,356,225

11,065,564

Wireless

Telecommunication

Services

—

0.0%

Mobile

TeleSystems

PJSC

(e)

(f)

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

26,804

3

Total

Common

Stocks

—

23

.3

%

(Cost:

$

2,131,272,462

)

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

2,382,886,848

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

0.4%

AAR

Escrow

Issuer

LLC,

6.75%,

03/15/29

(b)

...

USD

1,170

1,197,711

Axon

Enterprise,

Inc.

(b)

6.13%

,

03/15/30

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

315

320,482

6.25%

,

03/15/33

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

209

213,019

Boeing

Co.

(The)

2.20%

,

02/04/26

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

4,363

4,274,737

3.10%

,

05/01/26

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

937

921,117

6.26%

,

05/01/27

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

128

131,853

3.63%

,

02/01/31

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

4,055

3,788,615

3.60%

,

05/01/34

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

3,809

3,286,192

Bombardier,

Inc.

(b)

6.00%

,

02/15/28

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

202

199,759

8.75%

,

11/15/30

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

1,462

1,566,549

7.25%

,

07/01/31

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

555

568,239

7.00%

,

06/01/32

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

280

283,285

BWX

Technologies,

Inc.,

4.13%,

06/30/28

(b)

...

130

124,885

Efesto

Bidco

SpA,

Series

XR,

7.50%,

02/15/32

(b)

1,556

1,543,723

Embraer

Netherlands

Finance

BV,

5.98%,

02/11/35

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

1,590

1,610,273

F-Brasile

SpA,

Series

XR,

7.38%,

08/15/26

(b)

..

700

698,320

Goat

Holdco

LLC,

6.75%,

02/01/32

(b)

.......

369

360,697

L3Harris

Technologies,

Inc.

5.35%

,

06/01/34

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

95

95,825

4.85%

,

04/27/35

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

594

574,458

Lockheed

Martin

Corp.

4.75%

,

02/15/34

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

263

259,635

4.80%

,

08/15/34

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

199

197,367

RTX

Corp.

5.15%

,

02/27/33

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

808

816,731

6.10%

,

03/15/34

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

500

537,416

Spirit

AeroSystems,

Inc.

(b)

9.38%

,

11/30/29

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

446

474,625

9.75%

,

11/15/30

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

432

478,183

TransDigm,

Inc.

(b)

6.75%

,

08/15/28

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

587

598,795

6.38%

,

03/01/29

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

2,096

2,135,221

6.88%

,

12/15/30

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

115

118,491

7.13%

,

12/01/31

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

646

671,444

6.63%

,

03/01/32

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

4,416

4,523,547

6.00%

,

01/15/33

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

2,201

2,196,437

Triumph

Group,

Inc.,

9.00%,

03/15/28

(b)

.....

798

837,106

35,604,737

Security

Par

(000)

Par

(000)

Value

Air

Freight

&

Logistics

—

0.0%

FedEx

Corp.

3.10%

,

08/05/29

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

USD

414

$

389,344

2.40%

,

05/15/31

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

238

208,166

Rand

Parent

LLC,

8.50%,

02/15/30

(b)

.......

269

250,140

Stonepeak

Nile

Parent

LLC,

7.25%,

03/15/32

(b)

.

129

130,967

978,617

Automobile

Components

—

0.2%

Aptiv

Swiss

Holdings

Ltd.

4.35%

,

03/15/29

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

488

477,635

4.65%

,

09/13/29

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

771

760,352

3.25%

,

03/01/32

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

1,101

956,507

5.15%

,

09/13/34

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

1,004

939,327

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.39%),

6.88%

,

12/15/54

(a)

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

541

505,982

Clarios

Global

LP

(b)

8.50%

,

05/15/27

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

2,136

2,143,848

6.75%

,

05/15/28

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

546

554,528

6.75%

,

02/15/30

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

1,881

1,913,541

Dana,

Inc.

4.25%

,

09/01/30

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

100

92,242

4.50%

,

02/15/32

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

153

137,688

Forvia

SE

(c)

2.75%

,

02/15/27

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

EUR

1,342

1,466,892

5.50%

,

06/15/31

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

588

632,810

Garrett

Motion

Holdings,

Inc.,

7.75%,

05/31/32

(b)

USD

133

132,732

Goodyear

Tire

&

Rubber

Co.

(The)

5.00%

,

07/15/29

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

352

334,808

5.25%

,

04/30/31

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

15

13,974

5.63%

,

04/30/33

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

66

60,969

Icahn

Enterprises

LP

5.25%

,

05/15/27

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

2,017

1,912,615

9.75%

,

01/15/29

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

235

231,945

4.38%

,

02/01/29

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

340

283,498

10.00%

,

11/15/29

(b)

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

388

379,395

IHO

Verwaltungs

GmbH

(c)(j)

8.75%

,

(

8.75

%

Cash

or

9.50

%

PIK),

05/15/28

(a)

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

EUR

1,164

1,377,083

6.75%

,

(

6.75

%

Cash

or

7.50

%

PIK),

11/15/29

550

641,760

7.00%

,

(

7.00

%

Cash

or

7.75

%

PIK),

11/15/31

550

642,149

Mahle

GmbH

(c)

2.38%

,

05/14/28

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

1,400

1,427,391

6.50%

,

05/02/31

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

1,022

1,135,196

Schaeffler

AG

(c)

4.25%

,

04/01/28

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

800

906,169

5.38%

,

04/01/31

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

400

450,874

Tenneco,

Inc.,

8.00%,

11/17/28

(b)

.........

USD

748

714,575

ZF

Finance

GmbH

(c)

5.75%

,

08/03/26

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

EUR

1,200

1,369,538

2.75%

,

05/25/27

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

300

319,464

2.25%

,

05/03/28

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

2,200

2,230,581

25,146,068

Automobiles

—

0.1%

Aston

Martin

Capital

Holdings

Ltd.

10.00%

,

03/31/29

(b)

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

USD

240

206,205

10.38%

,

03/31/29

(c)

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

GBP

1,488

1,741,025

Ford

Motor

Co.

9.63%

,

04/22/30

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

USD

109

123,592

3.25%

,

02/12/32

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

180

147,083

Nissan

Motor

Co.

Ltd.,

4.81%,

09/17/30

(b)

....

400

369,630

RCI

Banque

SA

(a)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.75%),

5.50%

,

10/09/34

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

EUR

2,300

2,703,263

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Automobiles

(continued)

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.20%),

4.75%

,

03/24/37

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

EUR

1,500

$

1,681,929

6,972,727

Banks

—

3.0%

Abanca

Corp.

Bancaria

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.45%),

4.63%,

12/11/36

(a)

(c)

1,100

1,247,974

ABN

AMRO

Bank

NV,

(5-Year

EUR

Swap

Annual

+

3.90%),

6.38%

(a)

(c)

(k)

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

700

791,013

AIB

Group

plc

(a)(c)(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.39%),

7.13%

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

587

689,920

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.71%),

6.00%

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

3,525

3,836,543

Al

Rajhi

Sukuk

Ltd.,

(6-Year

USD

Constant

Maturity

+

1.59%),

6.25%

(a)

(c)

(k)

.........

USD

1,160

1,169,425

Alpha

Services

&

Holdings

SA

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.18%),

7.50%

(a)

(c)

(k)

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

EUR

1,587

1,860,326

Associated

Banc-Corp.,

(1-day

SOFR

+

3.03%),

6.46%,

08/29/30

(a)

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

USD

2,800

2,815,173

Banco

Bilbao

Vizcaya

Argentaria

SA

(a)(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.54%),

8.38%

(c)

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

EUR

1,200

1,486,934

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.10%),

9.38%

....

USD

751

808,829

(5-Year

EUR

Swap

Annual

+

4.27%),

6.88%

(c)

EUR

3,200

3,774,946

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.25%),

7.75%

....

USD

2,389

2,337,975

Banco

BPM

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.55%),

7.25%

(a)

(c)

(k)

...........

EUR

1,938

2,303,919

Banco

de

Credito

e

Inversiones

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.94%),

8.75%

(a)

(b)

(k)

.........

USD

337

349,216

Banco

de

Sabadell

SA,

(5-Year

EUR

Swap

Annual

+

5.17%),

5.00%

(a)

(c)

(k)

..........

EUR

1,800

2,018,739

Banco

Espirito

Santo

SA

(c)(e)(l)

2.63%

,

05/08/17

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

800

190,319

4.75%

,

01/15/22

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

1,500

356,847

4.00%

,

01/21/25

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

5,400

1,284,652

Banco

Mercantil

del

Norte

SA

(a)(b)(k)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.64%),

5.88%

....

USD

764

735,763

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.07%),

8.38%

....

708

695,964

Banco

Nacional

de

Panama,

2.50%,

08/11/30

(b)

732

596,489

Banco

Santander

SA

(a)(k)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.31%),

9.63%

....

1,000

1,089,353

(5-Year

EUR

Swap

Annual

+

4.43%),

7.00%

(c)

EUR

1,000

1,188,076

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.30%),

9.63%

....

USD

2,600

2,937,197

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.91%),

8.00%

....

2,800

2,860,996

Bancolombia

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.32%),

8.63%,

12/24/34

(a)

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

571

590,956

Bangkok

Bank

PCL,

5.30%,

09/21/28

(b)

......

606

618,023

Bank

Leumi

Le-Israel

BM,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.63%),

3.28%,

01/29/31

(a)

(b)

(c)

..........

1,018

990,606

Bank

of

America

Corp.

(a)

Series

TT

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.23%),

6.13%

(k)

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

485

483,795

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(3-mo.

CME

Term

SOFR

+

1.77%),

3.71%

,

04/24/28

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

USD

13,129

$

12,940,419

(3-mo.

CME

Term

SOFR

+

1.63%),

3.59%

,

07/21/28

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

6,526

6,405,603

(1-day

SOFR

+

2.04%),

4.95%

,

07/22/28

..

2,867

2,897,744

(3-mo.

CME

Term

SOFR

+

1.30%),

3.42%

,

12/20/28

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

3,491

3,395,399

(1-day

SOFR

+

1.06%),

2.09%

,

06/14/29

..

2,089

1,945,415

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.68%),

6.63%

(k)

...

3,305

3,306,522

Series

FIX

,

(1-day

SOFR

+

1.00%),

5.16%

,

01/24/31

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

962

979,927

(1-day

SOFR

+

1.91%),

5.29%

,

04/25/34

..

1,348

1,351,663

(1-day

SOFR

+

1.74%),

5.52%

,

10/25/35

..

3,352

3,287,754

(1-day

SOFR

+

1.31%),

5.51%

,

01/24/36

..

33

33,449

(1-day

SOFR

+

1.70%),

5.74%

,

02/12/36

..

1,389

1,386,018

Bank

of

Ireland

Group

plc,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.63%),

6.13%

(a)

(c)

(k)

........

EUR

1,884

2,029,985

Bank

of

Nova

Scotia

(The),

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.02%),

8.00%,

01/27/84

(a)

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

USD

744

761,267

Bankinter

SA

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.71%),

7.38%

(a)

(c)

(k)

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

EUR

3,400

4,049,166

Barclays

Bank

plc,

Series

MSFT,

1.00%,

02/16/29

(m)

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

USD

347

356,386

Barclays

plc

(a)(k)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.87%),

6.13%

....

1,176

1,169,132

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

6.96%),

8.88%

(c)

....

GBP

1,766

2,450,632

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.41%),

4.38%

....

USD

1,795

1,608,828

(BPSWS5

+

5.64%),

9.25%

...........

GBP

1,408

1,974,392

(USISSO05

+

5.78%),

9.63%

..........

USD

2,961

3,232,405

(USISSO05

+

3.69%),

7.63%

..........

1,008

964,301

BNP

Paribas

SA

(a)

(1-day

SOFR

+

1.45%),

4.79%

,

05/09/29

(b)

.

3,143

3,140,619

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.90%),

7.75%

(b)

(k)

..

6,177

6,349,270

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.90%),

7.75%

(c)

(k)

..

1,400

1,439,045

(5-Year

EUR

Swap

Annual

+

4.65%),

6.88%

(c)

(k)

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

EUR

4,400

5,252,584

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.94%),

4.50%

(b)

(k)

..

USD

1,724

1,474,058

BPER

Banca

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.35%),

6.50%

(a)

(c)

(k)

...........

EUR

1,905

2,174,265

CaixaBank

SA

(a)(c)(k)

(5-Year

EUR

Swap

Annual

+

6.35%),

5.88%

1,000

1,148,427

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.30%),

7.50%

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

4,800

5,865,897

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.94%),

6.25%

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

1,600

1,799,646

Citigroup,

Inc.

Series

T

,

(3-mo.

CME

Term

SOFR

+

4.78%),

6.25%

(a)

(k)

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

USD

130

130,390

(1-day

SOFR

+

1.28%),

3.07%

,

02/24/28

(a)

.

137

133,636

(1-day

SOFR

+

0.87%),

4.79%

,

03/04/29

(a)

.

6,983

7,017,451

Series

CC

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.69%),

7.13%

(a)

(k)

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

1,611

1,588,858

Series

EE

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.57%),

6.75%

(a)

(k)

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

1,556

1,493,896

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Series

FF

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.73%),

6.95%

(a)

(k)

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

USD

3,850

$

3,771,546

(1-day

SOFR

+

1.34%),

4.54%

,

09/19/30

(a)

.

1,640

1,623,322

(1-day

SOFR

+

1.42%),

2.98%

,

11/05/30

(a)

.

425

394,425

(1-day

SOFR

+

1.15%),

2.67%

,

01/29/31

(a)

.

1,508

1,369,688

(1-day

SOFR

+

3.91%),

4.41%

,

03/31/31

(a)

.

281

275,882

(1-day

SOFR

+

2.11%),

2.57%

,

06/03/31

(a)

.

405

362,617

(1-day

SOFR

+

1.17%),

2.56%

,

05/01/32

(a)

.

665

581,090

5.88%

,

02/22/33

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

1,705

1,757,994

(1-day

SOFR

+

1.94%),

3.79%

,

03/17/33

(a)

.

375

344,690

(1-day

SOFR

+

2.09%),

4.91%

,

05/24/33

(a)

.

269

264,327

Series

DD

,

(10-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.76%),

7.00%

(a)

(k)

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

235

233,154

(1-day

SOFR

+

1.83%),

6.02%

,

01/24/36

(a)

.

3,839

3,849,571

Commerzbank

AG

(a)(c)(k)

(5-Year

EUR

Swap

Annual

+

6.74%),

6.50%

EUR

2,600

3,032,076

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.13%),

7.88%

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

2,400

2,929,550

Cooperatieve

Rabobank

UA

(a)(c)(k)

(5-Year

EUR

Swap

Annual

+

4.68%),

4.38%

1,000

1,118,735

(5-Year

EUR

Swap

Annual

+

3.72%),

4.88%

1,200

1,325,434

Credit

Agricole

SA

(a)(k)

(5-Year

USD

Swap

Semi

+

6.19%),

8.13%

(b)

USD

440

445,430

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.64%),

5.88%

(c)

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

EUR

2,100

2,280,733

DNB

Bank

ASA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.72%),

7.38%

(a)

(c)

(k)

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

USD

2,093

2,108,698

Emirates

NBD

Bank

PJSC,

(6-Year

USD

Constant

Maturity

+

1.84%),

6.25%

(a)

(c)

(k)

...

1,192

1,221,800

Eurobank

Ergasias

Services

&

Holdings

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.00%),

4.25%,

04/30/35

(a)

(c)

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

EUR

1,175

1,317,183

Eurobank

SA,

(1-Year

EURIBOR

ICE

Swap

Rate

+

1.70%),

4.00%,

02/07/36

(a)

(c)

.........

2,112

2,346,163

First

Horizon

Corp.,

(1-day

SOFR

+

1.77%),

5.51%,

03/07/31

(a)

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

USD

865

869,919

FNB

Corp.,

(SOFR

Index

+

1.93%),

5.72%,

12/11/30

(a)

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

1,322

1,319,026

HSBC

Holdings

plc

(a)

(5-Year

USD

Swap

Rate

+

3.75%),

6.00%

(k)

.

1,950

1,924,915

(1-day

SOFR

+

3.35%),

7.39%

,

11/03/28

..

200

212,608

(5-Year

EUR

Swap

Annual

+

3.84%),

4.75%

(c)

(k)

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

EUR

4,014

4,400,920

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.65%),

4.60%

(k)

...

USD

2,953

2,582,025

(1-day

SOFR

+

1.29%),

5.13%

,

03/03/31

..

3,430

3,457,351

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.25%),

4.70%

(k)

...

733

644,482

ING

Groep

NV

(a)(k)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.86%),

3.88%

....

1,424

1,283,136

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.71%),

7.50%

(c)

...

699

707,737

(USISSO05

+

4.36%),

8.00%

(c)

.........

4,367

4,525,304

(USISSO05

+

4.08%),

7.25%

(c)

.........

2,736

2,715,480

Intesa

Sanpaolo

SpA

(c)

(5-Year

EURIBOR

ICE

Swap

Rate

+

6.26%),

9.13%

(a)

(k)

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

EUR

6,078

7,832,213

(5-Year

EUR

Swap

Annual

+

6.09%),

5.88%

(a)

(k)

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

680

770,338

8.51%

,

09/20/32

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

GBP

1,432

2,162,106

JPMorgan

Chase

&

Co.

(a)

(1-day

SOFR

+

1.89%),

2.18%

,

06/01/28

..

USD

1,181

1,130,102

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(3-mo.

CME

Term

SOFR

+

1.38%),

4.01%

,

04/23/29

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

USD

784

$

776,645

(3-mo.

CME

Term

SOFR

+

1.52%),

4.20%

,

07/23/29

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

312

309,422

(1-day

SOFR

+

1.45%),

5.30%

,

07/24/29

..

4,932

5,053,872

(1-day

SOFR

+

1.16%),

5.58%

,

04/22/30

..

5,449

5,646,558

(1-day

SOFR

+

1.13%),

5.00%

,

07/22/30

..

3,986

4,043,635

(1-day

SOFR

+

1.44%),

5.10%

,

04/22/31

..

2,938

2,991,219

(1-day

SOFR

+

1.46%),

5.29%

,

07/22/35

..

2,827

2,831,579

(1-day

SOFR

+

1.34%),

4.95%

,

10/22/35

..

2,290

2,236,599

(1-day

SOFR

+

1.68%),

5.57%

,

04/22/36

..

1,938

1,982,238

KBC

Group

NV

(a)(c)(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.93%),

8.00%

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

EUR

4,200

5,186,758

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.99%),

6.25%

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

1,400

1,593,444

KeyBank

NA

3.90%

,

04/13/29

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

USD

344

326,819

4.90%

,

08/08/32

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

1,130

1,053,897

KeyCorp

(a)

(SOFR

Index

+

2.06%),

4.79%

,

06/01/33

..

1,014

963,673

(SOFR

Index

+

2.42%),

6.40%

,

03/06/35

..

5,314

5,566,565

Lloyds

Banking

Group

plc

(a)(k)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.88%),

8.50%

.....

GBP

2,396

3,277,528

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.44%),

7.50%

.....

3,631

4,677,338

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.15%),

6.75%

....

USD

2,616

2,450,876

M&T

Bank

Corp.

(a)

(1-day

SOFR

+

2.80%),

7.41%

,

10/30/29

..

786

845,533

(1-day

SOFR

+

1.85%),

5.05%

,

01/27/34

..

328

315,646

(1-day

SOFR

+

1.61%),

5.39%

,

01/16/36

..

2,253

2,192,981

Mitsubishi

UFJ

Financial

Group,

Inc.

(a)

Series

8NC7

,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.53%),

5.48%

,

02/22/31

...........

467

481,418

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.17%),

5.16%

,

04/24/31

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

2,060

2,097,783

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.27%),

5.62%

,

04/24/36

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

2,047

2,091,173

Morgan

Stanley

Bank

NA,

(1-day

SOFR

+

0.93%),

4.97%,

07/14/28

(a)

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

472

476,817

National

Australia

Bank

Ltd.,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.30%),

5.90%,

01/14/36

(a)

(b)

...........

3,121

3,153,367

National

Bank

of

Greece

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.15%),

5.88%,

06/28/35

(a)

(c)

EUR

1,062

1,279,735

NatWest

Group

plc

(a)(k)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.63%),

6.00%

....

USD

686

681,774

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.29%),

7.50%

.....

GBP

2,219

2,838,912

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.75%),

8.13%

....

USD

289

298,462

PNC

Financial

Services

Group,

Inc.

(The)

(a)

(1-day

SOFR

+

1.20%),

5.49%

,

05/14/30

..

982

1,010,604

(1-day

SOFR

+

1.26%),

4.81%

,

10/21/32

..

600

594,797

(SOFR

Index

+

2.14%),

6.04%

,

10/28/33

..

180

188,077

(1-day

SOFR

+

1.93%),

5.07%

,

01/24/34

..

250

247,231

(1-day

SOFR

+

1.95%),

5.94%

,

08/18/34

..

200

206,965

(1-day

SOFR

+

2.28%),

6.88%

,

10/20/34

..

178

195,673

(1-day

SOFR

+

1.90%),

5.68%

,

01/22/35

..

190

193,655

(1-day

SOFR

+

1.60%),

5.40%

,

07/23/35

..

1,181

1,180,082

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Santander

UK

Group

Holdings

plc

(a)

(SOFR

Index

+

1.52%),

5.69%

,

04/15/31

..

USD

534

$

547,477

(1-day

SOFR

+

1.48%),

2.90%

,

03/15/32

..

1,740

1,536,221

Societe

Generale

SA

(a)(b)(k)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.39%),

9.38%

....

3,921

4,101,506

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.79%),

8.13%

....

2,414

2,382,915

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.51%),

5.38%

....

1,502

1,311,361

Stichting

AK

Rabobank

Certificaten,

6.50%

(c)

(d)

(k)

EUR

446

568,407

Sumitomo

Mitsui

Financial

Group,

Inc.,

3.04%,

07/16/29

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

USD

330

310,393

Toronto-Dominion

Bank

(The),

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.98%),

7.25%,

07/31/84

(a)

.....

436

433,126

Unicaja

Banco

SA,

(5-Year

EUR

Swap

Annual

+

5.02%),

4.88%

(a)

(c)

(k)

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

EUR

1,200

1,340,279

UniCredit

SpA

(a)

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.21%),

6.50%

(c)

(k)

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

2,026

2,346,795

(5-Year

USD

Swap

Rate

+

4.91%),

7.30%

,

04/02/34

(b)

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

USD

1,779

1,860,848

US

Bancorp

(a)

(1-day

SOFR

+

1.66%),

4.55%

,

07/22/28

..

282

282,787

(1-day

SOFR

+

2.09%),

5.85%

,

10/21/33

..

1,051

1,088,981

(1-day

SOFR

+

1.60%),

4.84%

,

02/01/34

..

1,319

1,280,994

(1-day

SOFR

+

2.26%),

5.84%

,

06/12/34

..

445

459,441

(1-day

SOFR

+

1.86%),

5.68%

,

01/23/35

..

21

21,398

Virgin

Money

UK

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

6.36%),

8.25%

(a)

(c)

(k)

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

GBP

1,607

2,178,057

Wells

Fargo

&

Co.

(a)

(3-mo.

CME

Term

SOFR

+

1.57%),

3.58%

,

05/22/28

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

USD

1,019

1,000,591

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.61%),

7.63%

(k)

...

1,234

1,299,050

(1-day

SOFR

+

1.74%),

5.57%

,

07/25/29

..

1,907

1,961,956

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.77%),

6.85%

(k)

...

237

239,585

(1-day

SOFR

+

1.11%),

5.24%

,

01/24/31

..

975

995,219

(1-day

SOFR

+

1.50%),

5.15%

,

04/23/31

..

2,928

2,973,418

(1-day

SOFR

+

1.99%),

5.56%

,

07/25/34

..

1,999

2,026,277

(1-day

SOFR

+

2.06%),

6.49%

,

10/23/34

..

117

125,826

(1-day

SOFR

+

1.78%),

5.50%

,

01/23/35

..

936

943,203

(1-day

SOFR

+

1.74%),

5.61%

,

04/23/36

..

1,265

1,284,522

311,576,170

Beverages

—

0.0%

Anheuser-Busch

Cos.

LLC,

4.70%,

02/01/36

..

157

151,779

Anheuser-Busch

InBev

Finance,

Inc.,

4.70%,

02/01/36

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

156

150,812

Anheuser-Busch

InBev

Worldwide,

Inc.

6.63%

,

08/15/33

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

140

157,389

5.00%

,

06/15/34

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

304

306,552

5.88%

,

06/15/35

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

142

152,066

918,598

Biotechnology

—

0.1%

AbbVie,

Inc.,

3.20%,

11/21/29

...........

1,206

1,149,533

Amgen,

Inc.

4.20%

,

03/01/33

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

540

511,330

5.25%

,

03/02/33

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

1,627

1,644,146

Cidron

Aida

Finco

SARL

(c)

7.00%

,

10/27/31

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

EUR

593

663,383

9.13%

,

10/27/31

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

GBP

662

873,440

Gilead

Sciences,

Inc.,

5.25%,

10/15/33

.....

USD

447

456,228

Security

Par

(000)

Par

(000)

Value

Biotechnology

(continued)

Grifols

SA

(c)

2.25%

,

11/15/27

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

EUR

290

$

316,289

7.13%

,

05/01/30

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

971

1,134,037

6,748,386

Broadline

Retail

—

0.1%

Alibaba

Group

Holding

Ltd.,

2.13%,

02/09/31

..

USD

216

188,764

ANGI

Group

LLC,

3.88%,

08/15/28

(b)

.......

646

588,756

B&M

European

Value

Retail

SA

(c)

4.00%

,

11/15/28

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

GBP

300

369,225

6.50%

,

11/27/31

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

2,639

3,435,594

Match

Group

Holdings

II

LLC,

3.63%,

10/01/31

(b)

USD

216

185,212

Rakuten

Group,

Inc.

(b)

11.25%

,

02/15/27

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

353

377,257

9.75%

,

04/15/29

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

944

995,741

6,140,549

Building

Products

—

0.2%

Advanced

Drainage

Systems,

Inc.,

6.38%,

06/15/30

(b)

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

574

582,854

Builders

FirstSource,

Inc.,

6.38%,

03/01/34

(b)

..

249

247,141

Carrier

Global

Corp.,

5.90%,

03/15/34

......

228

240,017

EMRLD

Borrower

LP

(b)

6.63%

,

12/15/30

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

4,982

5,052,291

6.75%

,

07/15/31

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

669

682,217

HT

Troplast

GmbH,

9.38%,

07/15/28

(c)

......

EUR

1,459

1,667,538

JELD-WEN,

Inc.,

7.00%,

09/01/32

(b)

.......

USD

702

616,525

New

Enterprise

Stone

&

Lime

Co.,

Inc.

(b)

5.25%

,

07/15/28

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

214

207,735

9.75%

,

07/15/28

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

399

399,084

PCF

GmbH,

4.75%,

04/15/29

(c)

..........

EUR

2,507

2,190,214

Quikrete

Holdings,

Inc.

(b)

6.38%

,

03/01/32

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

USD

2,111

2,122,897

6.75%

,

03/01/33

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

515

516,927

Smyrna

Ready

Mix

Concrete

LLC

(b)

6.00%

,

11/01/28

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

613

598,894

8.88%

,

11/15/31

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

748

767,434

Standard

Building

Solutions,

Inc.,

6.50%,

08/15/32

(b)

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

1,729

1,750,532

Standard

Industries,

Inc.

(b)

4.75%

,

01/15/28

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

194

189,857

4.38%

,

07/15/30

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

269

250,873

3.38%

,

01/15/31

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

396

349,652

Wilsonart

LLC,

11.00%,

08/15/32

(b)

........

327

296,006

18,728,688

Capital

Markets

—

1.2%

Abu

Dhabi

Developmental

Holding

Co.

PJSC,

5.38%,

05/08/29

(b)

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

1,116

1,150,178

Apollo

Debt

Solutions

BDC

Series

WI*

,

6.70%

,

07/29/31

...........

190

193,356

6.55%

,

03/15/32

(b)

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

48

48,285

Ares

Capital

Corp.,

5.80%,

03/08/32

.......

1,751

1,710,600

Ares

Strategic

Income

Fund

(b)

5.70%

,

03/15/28

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

4,945

4,935,862

5.60%

,

02/15/30

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

345

338,730

Bain

Capital

Specialty

Finance,

Inc.,

5.95%,

03/15/30

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

75

73,477

Blackstone

Private

Credit

Fund

3.25%

,

03/15/27

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

1,655

1,594,095

6.00%

,

11/22/34

(b)

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

1,097

1,046,721

Blue

Owl

Capital

Corp.,

5.95%,

03/15/29

....

3,471

3,444,889

Blue

Owl

Capital

Corp.

II,

8.45%,

11/15/26

...

208

216,620

Blue

Owl

Credit

Income

Corp.

7.75%

,

09/16/27

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

152

157,524

6.60%

,

09/15/29

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

193

195,151

5.80%

,

03/15/30

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

390

381,890

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Blue

Owl

Technology

Finance

Corp.,

6.75%,

04/04/29

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

USD

62

$

62,134

Brookfield

Finance,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.08%),

6.30%,

01/15/55

(a)

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

2,206

2,097,939

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(b)

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

363

342,433

Credit

Suisse

USA

LLC,

7.13%,

07/15/32

....

80

90,151

Deutsche

Bank

AG

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.75%),

4.63%

(a)

(c)

(k)

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

EUR

1,200

1,260,356

(5-Year

EURIBOR

ICE

Swap

Rate

+

6.94%),

10.00%

(a)

(c)

(k)

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

4,400

5,449,079

(1-day

SOFR

+

1.59%),

5.71%

,

02/08/28

(a)

.

USD

1,696

1,722,215

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.69%),

6.75%

(a)

(c)

(k)

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

EUR

2,000

2,253,578

(1-day

SOFR

+

3.18%),

6.72%

,

01/18/29

(a)

.

USD

637

667,945

5.41%

,

05/10/29

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

2,576

2,653,958

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.26%),

8.13%

(a)

(c)

(k)

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

EUR

2,400

2,812,722

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.60%),

7.13%

(a)

(c)

(k)

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

1,800

1,969,035

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.11%),

7.38%

(a)

(c)

(k)

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

3,000

3,368,779

Focus

Financial

Partners

LLC,

6.75%,

09/15/31

(b)

USD

714

718,272

Goldman

Sachs

Group,

Inc.

(The)

(3-mo.

CME

Term

SOFR

+

1.42%),

3.81%

,

04/23/29

(a)

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

313

307,040

(1-day

SOFR

+

1.77%),

6.48%

,

10/24/29

(a)

.

5,299

5,621,723

2.60%

,

02/07/30

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

2,180

1,991,094

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.46%),

6.85%

(a)

(k)

..

450

443,819

(1-day

SOFR

+

1.27%),

5.73%

,

04/25/30

(a)

.

3,013

3,123,113

(1-day

SOFR

+

1.58%),

5.22%

,

04/23/31

(a)

.

8,167

8,317,674

(1-day

SOFR

+

1.28%),

2.62%

,

04/22/32

(a)

.

402

353,380

(1-day

SOFR

+

1.25%),

2.38%

,

07/21/32

(a)

.

431

371,255

(1-day

SOFR

+

1.26%),

2.65%

,

10/21/32

(a)

.

575

498,965

Series

Y

,

(10-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.40%),

6.13%

(a)

(k)

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

1,484

1,399,163

(1-day

SOFR

+

1.42%),

5.02%

,

10/23/35

(a)

.

1,330

1,288,723

(1-day

SOFR

+

1.38%),

5.54%

,

01/28/36

(a)

.

544

549,368

HAT

Holdings

I

LLC

(b)

3.38%

,

06/15/26

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

204

197,900

8.00%

,

06/15/27

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

604

620,381

Intercontinental

Exchange,

Inc.

1.85%

,

09/15/32

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

449

367,803

4.60%

,

03/15/33

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

384

377,350

Jane

Street

Group,

6.75%,

05/01/33

(b)

......

325

326,531

JPMorgan

Chase

Financial

Co.

LLC,

0.50%,

06/15/27

(m)

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

530

577,435

MDGH

GMTN

RSC

Ltd.,

4.38%,

11/22/33

(b)

...

666

635,364

Morgan

Stanley

(a)

(1-day

SOFR

+

1.01%),

5.65%

,

04/13/28

..

3,668

3,744,947

3.59%

,

07/22/28

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

1,430

1,399,622

(3-mo.

CME

Term

SOFR

+

1.40%),

3.77%

,

01/24/29

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

250

245,483

(1-day

SOFR

+

1.38%),

4.99%

,

04/12/29

..

1,185

1,201,165

(1-day

SOFR

+

1.59%),

5.16%

,

04/20/29

..

5,644

5,746,027

(3-mo.

CME

Term

SOFR

+

1.89%),

4.43%

,

01/23/30

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

1,042

1,034,148

(1-day

SOFR

+

1.26%),

5.66%

,

04/18/30

..

1,993

2,061,413

(1-day

SOFR

+

1.22%),

5.04%

,

07/19/30

..

4,419

4,473,500

(1-day

SOFR

+

1.10%),

4.65%

,

10/18/30

..

6,313

6,292,849

(1-day

SOFR

+

1.11%),

5.23%

,

01/15/31

..

1,745

1,779,182

(1-day

SOFR

+

1.14%),

2.70%

,

01/22/31

..

227

207,344

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

(1-day

SOFR

+

1.51%),

5.19%

,

04/17/31

..

USD

3,888

$

3,958,487

(1-day

SOFR

+

1.42%),

5.59%

,

01/18/36

..

1,505

1,526,711

(1-day

SOFR

+

1.36%),

2.48%

,

09/16/36

..

570

475,514

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.80%),

5.94%

,

02/07/39

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

127

127,859

Nasdaq,

Inc.,

5.55%,

02/15/34

...........

292

299,728

S&P

Global,

Inc.

2.50%

,

12/01/29

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

297

274,753

1.25%

,

08/15/30

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

160

136,586

State

Street

Corp.,

Series

I,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.61%),

6.70%

(a)

(k)

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

223

223,787

UBS

AG,

7.50%,

02/15/28

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

674

729,423

UBS

Group

AG

(a)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.10%),

3.88%

(b)

(k)

..

1,100

1,061,352

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.86%),

5.13%

(c)

(k)

..

2,050

2,006,282

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.55%),

5.71%

,

01/12/27

(b)

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

804

809,252

(1-day

SOFR

+

3.70%),

6.44%

,

08/11/28

(b)

.

2,930

3,042,082

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.75%),

9.25%

(b)

(k)

..

735

794,162

3.87%

,

01/12/29

(b)

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

1,000

980,141

(USISSO05

+

3.63%),

6.85%

(b)

(k)

........

2,450

2,404,456

(USISSO05

+

3.08%),

7.00%

(b)

(k)

........

2,405

2,323,949

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.31%),

4.38%

(c)

(k)

..

3,145

2,693,188

(USISSO05

+

4.16%),

7.75%

(b)

(k)

........

794

812,295

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.76%),

9.25%

(b)

(k)

..

3,881

4,338,143

(USISSO05

+

3.18%),

7.13%

(b)

(k)

........

2,006

1,918,503

127,446,388

Chemicals

—

0.4%

Avient

Corp.,

6.25%,

11/01/31

(b)

..........

164

162,247

Axalta

Coating

Systems

Dutch

Holding

B

BV,

7.25%,

02/15/31

(b)

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

622

644,062

Axalta

Coating

Systems

LLC,

3.38%,

02/15/29

(b)

150

138,933

Celanese

US

Holdings

LLC

6.50%

,

04/15/30

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

35

34,199

6.75%

,

04/15/33

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

204

191,492

6.95%

,

11/15/33

(d)

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

759

760,473

Chemours

Co.

(The)

5.38%

,

05/15/27

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

1,021

994,284

5.75%

,

11/15/28

(b)

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

411

372,292

4.63%

,

11/15/29

(b)

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

85

71,177

8.00%

,

01/15/33

(b)

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

218

196,444

DuPont

de

Nemours,

Inc.,

4.73%,

11/15/28

...

2,666

2,696,014

Element

Solutions,

Inc.,

3.88%,

09/01/28

(b)

...

1,745

1,649,681

FIS

Fabbrica

Italiana

Sintetici

SpA,

5.63%,

08/01/27

(c)

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

EUR

875

990,411

Herens

Holdco

SARL,

4.75%,

05/15/28

(b)

....

USD

1,177

1,026,644

Herens

Midco

SARL,

5.25%,

05/15/29

(c)

.....

EUR

333

278,591

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(b)

.....

USD

454

454,468

INEOS

Finance

plc,

6.38%,

04/15/29

(c)

......

EUR

1,996

2,224,425

INEOS

Quattro

Finance

2

plc

(c)

8.50%

,

03/15/29

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

2,467

2,678,479

6.75%

,

04/15/30

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

1,251

1,273,747

INEOS

Styrolution

Ludwigshafen

GmbH,

2.25%,

01/16/27

(c)

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

280

298,548

Ingevity

Corp.,

3.88%,

11/01/28

(b)

.........

USD

204

188,492

Itelyum

Regeneration

Spa,

5.75%,

04/15/30

(c)

..

EUR

544

611,725

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Kobe

U.S.

Midco

2,

Inc.,

9.25%,

(9.25%

Cash

or

10.00%

PIK),

11/01/26

(b)

(j)

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

USD

535

$

430,980

Kronos

International,

Inc.

9.50%

,

03/15/29

(c)

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

EUR

1,996

2,387,681

Lune

Holdings

SARL,

5.63%,

11/15/28

(c)

.....

748

585,907

Ma'aden

Sukuk

Ltd.

(b)

5.25%

,

02/13/30

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

USD

949

962,049

5.50%

,

02/13/35

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

764

774,982

Mativ

Holdings,

Inc.,

8.00%,

10/01/29

(b)

.....

160

133,007

Methanex

US

Operations,

Inc.,

6.25%,

03/15/32

(b)

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

220

208,317

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(b)

.

720

694,966

Nutrien

Ltd.,

4.20%,

04/01/29

...........

132

130,256

Olympus

Water

US

Holding

Corp.

9.63%

,

11/15/28

(c)

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

EUR

2,944

3,476,852

9.75%

,

11/15/28

(b)

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

USD

1,866

1,944,294

5.38%

,

10/01/29

(c)

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

EUR

1,072

1,111,190

6.25%

,

10/01/29

(b)

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

USD

200

183,702

7.25%

,

06/15/31

(b)

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

1,384

1,384,000

Orbia

Advance

Corp.

SAB

de

CV

(b)

6.80%

,

05/13/30

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

700

699,531

7.50%

,

05/13/35

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

875

869,129

Sasol

Financing

USA

LLC,

6.50%,

09/27/28

...

941

868,308

SCIL

IV

LLC

(c)

(3-mo.

EURIBOR

at

4.38%

Floor

+

4.38%),

6.98%

,

11/01/26

(a)

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

EUR

584

658,264

9.50%

,

07/15/28

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

982

1,163,076

Scotts

Miracle-Gro

Co.

(The)

4.00%

,

04/01/31

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

USD

355

310,910

4.38%

,

02/01/32

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

79

68,828

SK

Invictus

Intermediate

II

SARL,

5.00%,

10/30/29

(b)

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

1,181

1,108,695

Synthomer

plc,

7.38%,

05/02/29

(c)

.........

EUR

1,660

1,776,951

WR

Grace

Holdings

LLC

(b)

5.63%

,

08/15/29

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

USD

2,506

2,220,184

7.38%

,

03/01/31

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

972

977,189

43,066,076

Commercial

Services

&

Supplies

—

0.4%

ADT

Security

Corp.

(The),

4.88%,

07/15/32

(b)

..

373

351,760

Allied

Universal

Holdco

LLC

4.63%

,

06/01/28

(b)

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

1,961

1,881,434

4.88%

,

06/01/28

(c)

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

GBP

1,433

1,816,659

6.00%

,

06/01/29

(b)

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

USD

1,734

1,626,102

7.88%

,

02/15/31

(b)

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

5,022

5,129,273

Amber

Finco

plc,

6.63%,

07/15/29

(c)

........

EUR

1,127

1,330,983

Ambipar

Lux

SARL,

10.88%,

02/05/33

(b)

.....

USD

285

278,416

APi

Group

DE,

Inc.

(b)

4.13%

,

07/15/29

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

234

218,481

4.75%

,

10/15/29

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

141

132,594

Aramark

Services,

Inc.,

5.00%,

02/01/28

(b)

....

248

243,998

Arena

Luxembourg

Finance

SARL,

(3-mo.

EURIBOR

at

0.00%

Floor

+

2.50%),

4.82%,

05/01/30

(a)

(c)

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

EUR

1,163

1,313,428

Brink's

Co.

(The)

(b)

6.50%

,

06/15/29

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

USD

173

176,248

6.75%

,

06/15/32

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

937

959,100

Clean

Harbors,

Inc.,

6.38%,

02/01/31

(b)

......

64

65,190

Deluxe

Corp.,

8.13%,

09/15/29

(b)

.........

133

133,179

Garda

World

Security

Corp.

(b)

4.63%

,

02/15/27

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

302

296,834

7.75%

,

02/15/28

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

610

629,677

6.00%

,

06/01/29

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

172

160,882

8.25%

,

08/01/32

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

435

427,341

8.38%

,

11/15/32

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

3,390

3,343,977

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

GFL

Environmental,

Inc.

(b)

4.00%

,

08/01/28

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

USD

100

$

95,256

3.50%

,

09/01/28

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

208

197,243

4.75%

,

06/15/29

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

48

46,571

4.38%

,

08/15/29

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

550

524,948

6.75%

,

01/15/31

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

254

264,033

Intrum

AB

(c)(e)(l)

3.00%

,

09/15/27

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

EUR

1,608

1,402,650

9.25%

,

03/15/28

...................

766

697,681

Madison

IAQ

LLC,

5.88%,

06/30/29

(b)

.......

USD

991

937,128

Prime

Security

Services

Borrower

LLC,

6.25%,

01/15/28

(b)

......................

320

319,736

Raven

Acquisition

Holdings

LLC,

6.88%,

11/15/31

(b)

......................

251

244,812

Republic

Services,

Inc.,

4.88%,

04/01/29

....

1,803

1,835,037

Reworld

Holding

Corp.

4.88%

,

12/01/29

(b)

..................

313

292,460

5.00%

,

09/01/30

...................

153

140,500

RR

Donnelley

&

Sons

Co.,

9.50%,

08/01/29

(b)

..

629

598,910

Techem

Verwaltungsgesellschaft

675

mbH,

5.38%,

07/15/29

(c)

.................

EUR

849

987,220

Verisure

Holding

AB

(c)

9.25%

,

10/15/27

...................

1,305

1,548,591

7.13%

,

02/01/28

...................

568

667,103

Veritiv

Operating

Co.,

10.50%,

11/30/30

(b)

....

USD

177

184,885

Waste

Pro

USA,

Inc.,

7.00%,

02/01/33

(b)

.....

1,614

1,646,734

Williams

Scotsman,

Inc.

(b)

6.63%

,

06/15/29

...................

812

822,866

6.63%

,

04/15/30

...................

348

354,302

7.38%

,

10/01/31

...................

255

264,494

Wrangler

Holdco

Corp.,

6.63%,

04/01/32

(b)

...

1,451

1,489,492

36,078,208

Communications

Equipment

—

0.0%

CommScope

LLC

(b)

4.75%

,

09/01/29

...................

1,182

1,043,264

9.50%

,

12/15/31

...................

561

573,887

Motorola

Solutions,

Inc.

4.60%

,

05/23/29

...................

739

739,176

2.75%

,

05/24/31

...................

2,521

2,239,162

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

(b)

.....

174

159,427

4,754,916

Construction

&

Engineering

—

0.1%

Arcosa,

Inc.

(b)

4.38%

,

04/15/29

...................

938

881,727

6.88%

,

08/15/32

...................

32

32,608

ASG

Finance

DAC,

9.75%,

05/15/29

(b)

......

649

610,060

Brand

Industrial

Services,

Inc.,

10.38%,

08/01/30

(b)

......................

1,621

1,539,830

China

City

Construction

International

Co.

Ltd.,

5.35%,

07/03/17

(c)

(e)

(f)

(l)

..............

CNY

6,794

—

Dycom

Industries,

Inc.,

4.50%,

04/15/29

(b)

....

USD

318

299,483

Gatwick

Airport

Finance

plc,

4.38%,

04/07/26

(c)

.

GBP

1,411

1,845,529

Heathrow

Finance

plc

(c)

3.88%

,

03/01/27

(d)

..................

1,745

2,214,606

6.63%

,

03/01/31

...................

821

1,063,143

Pike

Corp.,

8.63%,

01/31/31

(b)

...........

USD

168

176,246

8,663,232

Consumer

Finance

—

0.5%

Ally

Financial,

Inc.

(a)

Series

B

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.87%),

4.70%

(k)

.......................

676

621,038

(1-day

SOFR

+

2.82%),

6.85%

,

01/03/30

..

950

986,011

(SOFR

Index

+

1.73%),

5.54%

,

01/17/31

..

4,418

4,376,758

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.45%),

6.65%

,

01/17/40

......................

USD

271

$

258,068

American

Express

Co.,

(1-day

SOFR

+

1.42%),

5.28%,

07/26/35

(a)

.................

1,135

1,131,649

Azorra

Finance

Ltd.,

7.75%,

04/15/30

(b)

.....

176

174,460

Bread

Financial

Holdings,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.30%),

8.38%,

06/15/35

(a)

(b)

....

46

43,022

Capital

One

Financial

Corp.,

(1-day

SOFR

+

2.04%),

6.18%,

01/30/36

(a)

............

890

878,916

Ford

Motor

Credit

Co.

LLC

3.38%

,

11/13/25

...................

1,456

1,438,986

7.35%

,

11/04/27

...................

364

374,754

6.80%

,

05/12/28

...................

3,329

3,379,113

5.30%

,

09/06/29

...................

3,905

3,764,969

7.35%

,

03/06/30

...................

1,710

1,768,369

7.20%

,

06/10/30

...................

1,045

1,075,880

4.00%

,

11/13/30

...................

1,895

1,686,618

6.05%

,

03/05/31

...................

1,064

1,039,344

3.63%

,

06/17/31

...................

3,279

2,802,579

6.05%

,

11/05/31

...................

1,464

1,419,277

6.53%

,

03/19/32

...................

3,916

3,869,023

6.13%

,

03/08/34

...................

466

441,098

General

Motors

Financial

Co.,

Inc.

4.90%

,

10/06/29

...................

3,814

3,750,555

5.63%

,

04/04/32

...................

1,189

1,179,865

GGAM

Finance

Ltd.

(b)

7.75%

,

05/15/26

...................

101

102,136

8.00%

,

02/15/27

...................

160

164,269

8.00%

,

06/15/28

...................

239

250,837

6.88%

,

04/15/29

...................

818

835,347

5.88%

,

03/15/30

...................

229

225,503

Global

Aircraft

Leasing

Co.

Ltd.,

8.75%,

09/01/27

(b)

......................

358

355,315

Macquarie

Airfinance

Holdings

Ltd.,

6.50%,

03/26/31

(b)

......................

256

262,963

Muthoot

Finance

Ltd.,

7.13%,

02/14/28

(b)

....

710

702,012

Navient

Corp.,

9.38%,

07/25/30

..........

140

148,863

OneMain

Finance

Corp.

6.63%

,

01/15/28

...................

243

244,701

6.63%

,

05/15/29

...................

2,229

2,235,498

5.38%

,

11/15/29

...................

64

61,181

7.88%

,

03/15/30

...................

188

194,212

4.00%

,

09/15/30

...................

119

105,519

7.50%

,

05/15/31

...................

89

90,256

7.13%

,

11/15/31

...................

110

110,454

6.75%

,

03/15/32

...................

1,063

1,042,622

SLM

Corp.

3.13%

,

11/02/26

...................

510

494,022

6.50%

,

01/31/30

...................

68

70,196

Synchrony

Financial,

7.25%,

02/02/33

......

2,873

2,929,698

Toyota

Motor

Credit

Corp.

4.55%

,

08/09/29

...................

256

257,546

3.38%

,

04/01/30

...................

180

171,460

47,514,962

Consumer

Staples

Distribution

&

Retail

—

0.1%

Albertsons

Cos.,

Inc.

(b)

3.25%

,

03/15/26

...................

198

194,316

4.63%

,

01/15/27

...................

262

259,036

5.88%

,

02/15/28

...................

335

334,747

6.50%

,

02/15/28

...................

187

189,977

3.50%

,

03/15/29

...................

157

146,436

4.88%

,

02/15/30

...................

221

213,497

6.25%

,

03/15/33

...................

684

693,950

Security

Par

(000)

Par

(000)

Value

Consumer

Staples

Distribution

&

Retail

(continued)

Bellis

Acquisition

Co.

plc,

8.13%,

05/14/30

(c)

...

GBP

2,314

$

2,879,010

Bellis

Finco

plc,

4.00%,

02/16/27

(c)

........

641

810,070

Cencosud

SA,

4.38%,

07/17/27

(c)

.........

USD

1,272

1,256,100

ELO

SACA

(c)

2.88%

,

01/29/26

...................

EUR

1,600

1,780,840

3.25%

,

07/23/27

...................

1,200

1,305,152

4.88%

,

12/08/28

...................

400

413,003

KeHE

Distributors

LLC,

9.00%,

02/15/29

(b)

....

USD

179

183,117

Market

Bidco

Finco

plc

(c)

4.75%

,

11/04/27

...................

EUR

446

486,494

5.50%

,

11/04/27

...................

GBP

1,248

1,584,207

Performance

Food

Group,

Inc.

(b)

4.25%

,

08/01/29

...................

USD

199

188,344

6.13%

,

09/15/32

...................

1,044

1,044,310

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(b)

.

231

226,805

US

Foods,

Inc.

(b)

4.75%

,

02/15/29

...................

135

131,118

7.25%

,

01/15/32

...................

148

154,824

Walgreen

Co.,

4.40%,

09/15/42

..........

35

31,674

Walgreens

Boots

Alliance,

Inc.

8.13%

,

08/15/29

...................

173

179,998

4.80%

,

11/18/44

...................

116

107,128

14,794,153

Containers

&

Packaging

—

0.3%

Amcor

Flexibles

North

America,

Inc.,

5.50%,

03/17/35

(b)

......................

2,205

2,199,660

Ardagh

Metal

Packaging

Finance

USA

LLC

6.00%

,

06/15/27

(b)

..................

1,015

1,011,274

2.00%

,

09/01/28

(c)

..................

EUR

1,032

1,076,263

3.25%

,

09/01/28

(b)

..................

USD

200

182,812

4.00%

,

09/01/29

(b)

..................

2,351

2,046,330

Ardagh

Packaging

Finance

plc

2.13%

,

08/15/26

(c)

..................

EUR

2,654

2,664,788

4.13%

,

08/15/26

(b)

..................

USD

972

857,537

Berry

Global,

Inc.,

5.80%,

06/15/31

........

4,019

4,183,482

Clydesdale

Acquisition

Holdings,

Inc.

(b)

6.63%

,

04/15/29

...................

460

463,376

6.88%

,

01/15/30

...................

1,263

1,283,265

8.75%

,

04/15/30

...................

492

506,919

6.75%

,

04/15/32

...................

1,449

1,481,606

Fiber

Midco

SpA

10.00%

,

(

10.00

%

Cash

or

10.75

%

PIK),

06/15/29

(c)

(j)

....................

EUR

1,139

1,184,632

Klabin

Austria

GmbH,

3.20%,

01/12/31

(b)

.....

USD

665

575,724

Kleopatra

Finco

SARL

4.25%

,

03/01/26

(c)

..................

EUR

2,559

2,616,140

6.50%

,

09/01/29

(a)

..................

1,023

906,198

LABL,

Inc.

(b)

5.88%

,

11/01/28

...................

USD

374

309,297

9.50%

,

11/01/28

...................

359

313,673

8.63%

,

10/01/31

...................

360

294,300

Mauser

Packaging

Solutions

Holding

Co.

(b)

7.88%

,

04/15/27

...................

6,308

6,324,654

9.25%

,

04/15/27

...................

230

211,029

OI

European

Group

BV

(c)

6.25%

,

05/15/28

...................

EUR

928

1,077,903

5.25%

,

06/01/29

...................

866

989,658

Sealed

Air

Corp.

(b)

4.00%

,

12/01/27

...................

USD

83

80,078

5.00%

,

04/15/29

...................

119

115,718

6.50%

,

07/15/32

...................

500

508,566

Trident

TPI

Holdings,

Inc.,

12.75%,

12/31/28

(b)

.

239

250,721

Trivium

Packaging

Finance

BV

(b)(d)

5.50%

,

08/15/26

...................

905

896,110

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

(continued)

8.50%

,

08/15/27

...................

USD

200

$

197,676

34,809,389

Distributors

—

0.0%

(b)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

3.88%,

11/15/29

...............

124

114,463

Gates

Corp.,

6.88%,

07/01/29

...........

327

331,784

Resideo

Funding,

Inc.

4.00%

,

09/01/29

...................

190

174,889

6.50%

,

07/15/32

...................

408

404,731

1,025,867

Diversified

Consumer

Services

—

0.1%

Belron

UK

Finance

plc,

5.75%,

10/15/29

(b)

....

1,163

1,161,519

Multiversity

SpA,

(3-mo.

EURIBOR

at

4.25%

Floor

+

4.25%),

6.44%,

10/30/28

(a)

(c)

......

EUR

600

678,012

Pachelbel

Bidco

SpA

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.44%

,

05/17/31

(a)

................

1,315

1,488,396

7.13%

,

05/17/31

...................

819

979,029

President

and

Fellows

of

Harvard

College,

4.89%,

03/15/30

..................

USD

1,710

1,754,107

Service

Corp.

International

3.38%

,

08/15/30

...................

11

9,849

4.00%

,

05/15/31

...................

419

382,567

5.75%

,

10/15/32

...................

1,665

1,643,754

Sotheby's

(b)

7.38%

,

10/15/27

...................

794

745,218

5.88%

,

06/01/29

...................

400

340,099

Trustees

of

Princeton

University

(The),

4.65%,

07/01/30

.......................

725

735,862

Wand

NewCo

3,

Inc.,

7.63%,

01/30/32

(b)

.....

1,000

1,030,184

10,948,596

Diversified

REITs

—

0.2%

Digital

Realty

Trust

LP,

1.88%,

11/15/29

(b)

(m)

...

89

92,480

Equinix

Europe

2

Financing

Corp.

LLC,

5.50%,

06/15/34

.......................

11

11,205

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

(b)

....

293

275,275

GLP

Capital

LP

5.75%

,

06/01/28

...................

67

68,058

4.00%

,

01/15/30

...................

354

333,692

3.25%

,

01/15/32

...................

754

649,668

6.75%

,

12/01/33

...................

362

381,649

5.63%

,

09/15/34

...................

969

947,335

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

(b)

..............

570

532,536

Uniti

Group

LP,

10.50%,

02/15/28

(b)

........

3,314

3,518,755

VICI

Properties

LP

4.63%

,

12/01/29

(b)

..................

1,263

1,226,697

4.95%

,

02/15/30

...................

843

837,051

4.13%

,

08/15/30

(b)

..................

4,674

4,409,171

5.13%

,

11/15/31

...................

2,130

2,107,161

5.13%

,

05/15/32

...................

643

629,279

5.63%

,

04/01/35

...................

615

608,593

16,628,605

Diversified

Telecommunication

Services

—

0.6%

Altice

Financing

SA

(b)

5.00%

,

01/15/28

...................

200

153,596

5.75%

,

08/15/29

...................

400

295,008

Altice

France

SA

3.38%

,

01/15/28

(c)

..................

EUR

1,357

1,235,587

5.50%

,

01/15/28

(b)

..................

USD

935

774,082

4.13%

,

01/15/29

(c)

..................

EUR

346

316,162

5.13%

,

01/15/29

(b)

..................

USD

539

436,701

5.13%

,

07/15/29

(b)

..................

800

652,707

4.25%

,

10/15/29

(c)

..................

EUR

353

322,816

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

5.50%

,

10/15/29

(b)

..................

USD

976

$

798,963

Bakrie

Telecom

Pte.

Ltd.,

11.50%,

05/07/15

(c)

(e)

(l)

1,000

6,942

British

Telecommunications

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.82%),

8.38%,

12/20/83

(a)

(c)

...........

GBP

1,726

2,452,631

CCO

Holdings

LLC

5.38%

,

06/01/29

(b)

..................

USD

693

677,885

6.38%

,

09/01/29

(b)

..................

553

557,954

4.75%

,

03/01/30

(b)

..................

819

773,165

4.50%

,

08/15/30

(b)

..................

810

752,153

4.25%

,

02/01/31

(b)

..................

213

192,450

7.38%

,

03/01/31

(b)

..................

3,931

4,048,733

4.75%

,

02/01/32

(b)

..................

202

182,802

4.50%

,

05/01/32

...................

41

36,428

4.50%

,

06/01/33

(b)

..................

59

51,334

4.25%

,

01/15/34

(b)

..................

2,174

1,831,352

Cellnex

Telecom

SA,

0.75%,

11/20/31

(c)

(m)

....

EUR

1,000

1,008,559

Fibercop

SpA

Series

2033

,

6.38%

,

11/15/33

(b)

.........

USD

222

211,844

Series

2034

,

6.00%

,

09/30/34

(b)

.........

200

184,694

5.25%

,

03/17/55

...................

EUR

300

306,490

Frontier

Communications

Holdings

LLC

5.88%

,

10/15/27

(b)

..................

USD

361

360,592

5.00%

,

05/01/28

(b)

..................

538

532,447

6.75%

,

05/01/29

(b)

..................

128

128,537

5.88%

,

11/01/29

...................

309

308,903

6.00%

,

01/15/30

(b)

..................

264

264,936

8.75%

,

05/15/30

(b)

..................

1,234

1,291,794

8.63%

,

03/15/31

(b)

..................

496

526,014

Iliad

Holding

SASU

7.00%

,

10/15/28

(b)

..................

369

373,499

5.38%

,

04/15/30

(c)

..................

EUR

1,747

2,021,194

6.88%

,

04/15/31

(c)

..................

2,384

2,879,782

8.50%

,

04/15/31

(b)

..................

USD

1,353

1,427,188

7.00%

,

04/15/32

(b)

..................

617

625,411

Iliad

SA,

5.63%,

02/15/30

(c)

.............

EUR

400

480,895

Infrastrutture

Wireless

Italiane

SpA,

1.75%,

04/19/31

(c)

......................

326

343,288

Intelsat

Jackson

Holdings

SA,

6.50%,

03/15/30

(b)

USD

1,722

1,693,790

Kaixo

Bondco

Telecom

SA,

5.13%,

09/30/29

(c)

.

EUR

766

876,050

Level

3

Financing,

Inc.

(b)

10.50%

,

04/15/29

..................

USD

1,395

1,545,022

4.88%

,

06/15/29

...................

1,071

934,361

11.00%

,

11/15/29

..................

4,680

5,230,075

4.50%

,

04/01/30

...................

334

278,408

10.50%

,

05/15/30

..................

937

1,012,962

3.88%

,

10/15/30

...................

45

35,492

10.75%

,

12/15/30

..................

641

709,434

Lorca

Telecom

Bondco

SA,

5.75%,

04/30/29

(c)

.

EUR

4,589

5,453,383

Lumen

Technologies,

Inc.

(b)

4.13%

,

04/15/29

...................

USD

397

373,481

4.13%

,

04/15/30

...................

397

371,532

10.00%

,

10/15/32

..................

396

394,908

RCS

&

RDS

SA,

3.25%,

02/05/28

(c)

........

EUR

1,100

1,222,770

Sable

International

Finance

Ltd.,

7.13%,

10/15/32

(b)

......................

USD

746

732,982

Sprint

Capital

Corp.,

6.88%,

11/15/28

.......

3,147

3,365,962

Telecom

Italia

Capital

SA,

7.72%,

06/04/38

...

88

91,701

Virgin

Media

Finance

plc,

5.00%,

07/15/30

(b)

..

520

455,889

Virgin

Media

Secured

Finance

plc

5.25%

,

05/15/29

(c)

..................

GBP

361

455,486

5.50%

,

05/15/29

(b)

..................

USD

400

385,125

4.13%

,

08/15/30

(c)

..................

GBP

600

706,076

4.50%

,

08/15/30

(b)

..................

USD

258

231,921

Windstream

Services

LLC,

8.25%,

10/01/31

(b)

.

2,823

2,889,959

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Zayo

Group

Holdings,

Inc.

(b)

4.00%

,

03/01/27

...................

USD

2,233

$

2,056,573

6.13%

,

03/01/28

...................

228

185,386

61,514,246

Electric

Utilities

—

0.8%

AES

Panama

Generation

Holdings

SRL,

4.38%,

05/31/30

(c)

......................

589

514,510

Alpha

Generation

LLC,

6.75%,

10/15/32

(b)

....

309

314,906

Baltimore

Gas

&

Electric

Co.,

5.30%,

06/01/34

.

125

126,968

California

Buyer

Ltd.

5.63%

,

02/15/32

(c)

..................

EUR

2,092

2,410,988

6.38%

,

02/15/32

(b)

..................

USD

236

231,858

CenterPoint

Energy

Houston

Electric

LLC,

5.05%,

03/01/35

..................

535

530,965

ContourGlobal

Power

Holdings

SA

5.00%

,

02/28/30

(c)

..................

EUR

875

996,269

6.75%

,

02/28/30

(b)

..................

USD

648

655,719

DTE

Electric

Co.

5.20%

,

03/01/34

...................

208

210,493

Series

A

,

6.63%

,

06/01/36

.............

115

127,119

Duke

Energy

Carolinas

LLC

2.55%

,

04/15/31

...................

773

691,608

6.45%

,

10/15/32

...................

244

266,191

4.95%

,

01/15/33

...................

434

436,510

Duke

Energy

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.59%),

6.45%,

09/01/54

(a)

............

217

217,456

Duke

Energy

Florida

LLC,

2.40%,

12/15/31

...

431

377,602

Duke

Energy

Progress

LLC

3.40%

,

04/01/32

...................

934

852,856

5.70%

,

04/01/35

...................

30

31,105

Edison

International,

6.25%,

03/15/30

......

840

851,287

EDP

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.05%),

4.75%,

05/29/54

(a)

(c)

...........

EUR

2,700

3,105,946

Enel

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.01%),

4.25%

(a)

(c)

(k)

................

888

1,002,388

Eversource

Energy

2.90%

,

03/01/27

...................

USD

1,695

1,647,186

5.95%

,

02/01/29

...................

881

918,609

Exelon

Corp.,

4.05%,

04/15/30

...........

135

131,438

FirstEnergy

Corp.

4.00%

,

05/01/26

(m)

.................

611

632,080

Series

B

,

3.90%

,

07/15/27

(d)

...........

3,905

3,859,869

2.65%

,

03/01/30

...................

2,833

2,569,021

FirstEnergy

Transmission

LLC,

5.00%,

01/15/35

807

795,467

Florida

Power

&

Light

Co.

4.80%

,

05/15/33

...................

144

143,310

4.95%

,

06/01/35

...................

140

139,380

Georgia

Power

Co.

4.55%

,

03/15/30

...................

2,856

2,873,889

4.70%

,

05/15/32

...................

1,523

1,513,138

5.25%

,

03/15/34

...................

168

169,576

Interstate

Power

&

Light

Co.

5.70%

,

10/15/33

...................

136

140,046

4.95%

,

09/30/34

...................

882

858,399

MidAmerican

Energy

Co.

5.35%

,

01/15/34

...................

143

147,025

5.75%

,

11/01/35

...................

80

84,429

NextEra

Energy

Capital

Holdings,

Inc.

2.75%

,

11/01/29

...................

794

735,340

2.44%

,

01/15/32

...................

571

488,144

5.05%

,

02/28/33

...................

74

73,600

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.46%),

6.75%

,

06/15/54

(a)

.....................

239

241,435

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.05%),

6.38%

,

08/15/55

(a)

.....................

USD

295

$

295,622

NRG

Energy,

Inc.

(b)

2.45%

,

12/02/27

...................

1,452

1,368,679

5.75%

,

07/15/29

...................

764

760,406

6.00%

,

02/01/33

...................

1,422

1,407,077

6.25%

,

11/01/34

...................

1,614

1,611,520

Ohio

Power

Co.

Series

Q

,

1.63%

,

01/15/31

............

797

668,931

5.00%

,

06/01/33

...................

308

303,752

5.65%

,

06/01/34

...................

302

306,122

Series

F

,

5.85%

,

10/01/35

.............

129

133,023

Pacific

Gas

&

Electric

Co.

3.30%

,

03/15/27

...................

1,617

1,578,476

4.55%

,

07/01/30

...................

5,838

5,662,977

2.50%

,

02/01/31

...................

2,526

2,180,021

3.25%

,

06/01/31

...................

999

890,911

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(b)

89

84,567

PECO

Energy

Co.,

4.90%,

06/15/33

.......

537

539,215

PG&E

Corp.

5.25%

,

07/01/30

...................

523

503,901

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.88%),

7.38%

,

03/15/55

(a)

.....................

1,198

1,163,006

PPL

Capital

Funding,

Inc.,

5.25%,

09/01/34

...

581

580,938

Public

Service

Electric

&

Gas

Co.

1.90%

,

08/15/31

...................

427

367,090

3.10%

,

03/15/32

...................

179

161,538

4.90%

,

12/15/32

...................

824

830,551

Series

Q

,

5.05%

,

03/01/35

............

1,120

1,133,077

Southern

California

Edison

Co.

Series

G

,

2.50%

,

06/01/31

............

1,010

874,940

2.75%

,

02/01/32

...................

2,435

2,074,147

5.45%

,

03/01/35

...................

661

641,690

Southern

Co.

(The)

5.20%

,

06/15/33

...................

1,624

1,634,161

4.85%

,

03/15/35

...................

1,475

1,429,374

System

Energy

Resources,

Inc.,

5.30%,

12/15/34

573

565,967

Tampa

Electric

Co.,

5.15%,

03/01/35

.......

724

721,139

Terna

-

Rete

Elettrica

Nazionale,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.14%),

4.75%

(a)

(c)

(k)

.....................

EUR

2,243

2,588,626

Trans-Allegheny

Interstate

Line

Co.,

5.00%,

01/15/31

(b)

......................

USD

1,840

1,871,735

Vistra

Operations

Co.

LLC

(b)

4.38%

,

05/01/29

...................

5,347

5,141,652

7.75%

,

10/15/31

...................

350

370,084

6.88%

,

04/15/32

...................

1,035

1,072,031

Wisconsin

Electric

Power

Co.,

4.60%,

10/01/34

2,305

2,249,933

XPLR

Infrastructure

Operating

Partners

LP,

8.38%,

01/15/31

(b)

.................

1,239

1,243,548

77,124,552

Electrical

Equipment

—

0.0%

Vertiv

Group

Corp.,

4.13%,

11/15/28

(b)

......

472

455,837

Electronic

Equipment,

Instruments

&

Components

—

0.0%

(b)

Coherent

Corp.,

5.00%,

12/15/29

.........

432

413,587

Insight

Enterprises,

Inc.,

6.63%,

05/15/32

....

162

164,350

Sensata

Technologies,

Inc.

4.38%

,

02/15/30

...................

868

800,400

3.75%

,

02/15/31

...................

313

273,601

6.63%

,

07/15/32

...................

1,527

1,512,831

Zebra

Technologies

Corp.,

6.50%,

06/01/32

...

128

128,595

3,293,364

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Energy

Equipment

&

Services

—

0.1%

Archrock

Partners

LP

(b)

6.88%

,

04/01/27

...................

USD

151

$

150,787

6.25%

,

04/01/28

...................

544

543,074

6.63%

,

09/01/32

...................

1,150

1,143,530

Diamond

Foreign

Asset

Co.,

8.50%,

10/01/30

(b)

.

210

200,762

Enerflex

Ltd.,

9.00%,

10/15/27

(b)

..........

170

173,872

Kodiak

Gas

Services

LLC,

7.25%,

02/15/29

(b)

..

855

868,370

Nabors

Industries,

Inc.,

7.38%,

05/15/27

(b)

....

399

376,213

Noble

Finance

II

LLC,

8.00%,

04/15/30

(b)

....

371

353,477

Oceaneering

International,

Inc.,

6.00%,

02/01/28

360

342,263

OEG

Finance

plc,

7.25%,

09/27/29

(c)

.......

EUR

1,659

1,900,553

Star

Holding

LLC,

8.75%,

08/01/31

(b)

.......

USD

272

249,220

TGS

ASA,

8.50%,

01/15/30

(b)

............

200

198,000

Transocean

Titan

Financing

Ltd.,

8.38%,

02/01/28

(b)

......................

107

105,764

Transocean,

Inc.

(b)

8.00%

,

02/01/27

...................

538

499,770

8.25%

,

05/15/29

...................

241

194,307

8.75%

,

02/15/30

...................

22

21,896

8.50%

,

05/15/31

...................

393

303,804

USA

Compression

Partners

LP,

7.13%,

03/15/29

(b)

......................

566

571,485

Valaris

Ltd.,

8.38%,

04/30/30

(b)

...........

633

593,114

Vallourec

SACA,

7.50%,

04/15/32

(b)

........

950

983,564

Weatherford

International

Ltd.,

8.63%,

04/30/30

(b)

704

697,809

10,471,634

Entertainment

—

0.1%

Banijay

Entertainment

SAS,

8.13%,

05/01/29

(b)

.

200

204,961

Cinemark

USA,

Inc.,

7.00%,

08/01/32

(b)

.....

83

84,874

Lions

Gate

Capital

Holdings

1,

Inc.,

5.50%,

04/15/29

(b)

......................

648

584,820

Live

Nation

Entertainment,

Inc.,

4.75%,

10/15/27

(b)

......................

342

334,751

Netflix,

Inc.,

5.38%,

11/15/29

(b)

...........

388

404,065

Odeon

Finco

plc,

12.75%,

11/01/27

(b)

.......

342

347,512

Pinewood

Finco

plc

6.00%

,

03/27/30

(c)

..................

GBP

2,958

3,921,706

Playtika

Holding

Corp.,

4.25%,

03/15/29

(b)

....

USD

154

135,161

6,017,850

Financial

Services

—

0.6%

Apollo

Global

Management,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.17%),

6.00%,

12/15/54

(a)

.....

375

351,235

AT&T

Reign

II

Multi-Property

Lease-Backed

Pass-Through

Trust,

6.09%,

12/15/44

(b)

....

3,020

3,026,159

Block,

Inc.

2.75%

,

06/01/26

...................

102

99,558

3.50%

,

06/01/31

...................

5

4,463

6.50%

,

05/15/32

(b)

..................

3,433

3,502,621

Boost

Newco

Borrower

LLC,

7.50%,

01/15/31

(b)

954

1,006,714

Bracken

MidCo1

plc,

6.75%,

(6.75%

Cash

or

7.50%

PIK),

11/01/27

(c)

(j)

.............

GBP

946

1,231,429

Corebridge

Financial,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.65%),

6.38%,

09/15/54

(a)

............

USD

260

250,488

Fidelity

Grand

Harbour

CLO

DAC,

Series

2023-

2X,

Class

D,

(3-mo.

EURIBOR

at

4.10%

Floor

+

4.10%),

6.38%,

04/15/38

(a)

(c)

.........

EUR

300

341,815

Fidelity

National

Information

Services,

Inc.,

5.10%,

07/15/32

..................

USD

1,595

1,597,088

Fiserv,

Inc.

5.60%

,

03/02/33

...................

400

407,389

5.63%

,

08/21/33

...................

742

755,793

5.45%

,

03/15/34

...................

191

191,692

5.15%

,

08/12/34

...................

174

171,030

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Freedom

Mortgage

Holdings

LLC

(b)

9.25%

,

02/01/29

...................

USD

240

$

244,485

9.13%

,

05/15/31

...................

585

591,480

8.38%

,

04/01/32

...................

221

216,145

Garfunkelux

Holdco

3

SA

(c)

6.75%

,

11/01/25

...................

EUR

1,011

796,519

7.75%

,

11/01/25

...................

GBP

381

356,447

Global

Payments,

Inc.

2.15%

,

01/15/27

...................

USD

130

124,580

3.20%

,

08/15/29

...................

208

193,660

5.30%

,

08/15/29

...................

91

91,705

2.90%

,

11/15/31

...................

265

229,959

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.,

6.38%,

07/01/34

(b)

.........

197

189,163

Jefferies

Finance

LLC,

5.00%,

08/15/28

(b)

....

633

589,005

Jerrold

Finco

plc,

5.25%,

01/15/27

(c)

.......

GBP

1,624

2,134,546

Midcap

Financial

Issuer

Trust

(b)

6.50%

,

05/01/28

...................

USD

688

656,785

5.63%

,

01/15/30

...................

200

175,007

Midnights

SPV

SRL,

(3-mo.

EURIBOR

+

3.15%),

6.73%,

08/22/26

(a)

(c)

(f)

...............

EUR

4,001

4,524,801

Nationstar

Mortgage

Holdings,

Inc.

(b)

6.50%

,

08/01/29

...................

USD

558

567,148

5.13%

,

12/15/30

...................

395

394,510

5.75%

,

11/15/31

...................

165

165,612

7.13%

,

02/01/32

...................

1,780

1,846,577

Nationwide

Building

Society

(a)(c)(k)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.63%),

5.75%

.....

GBP

3,852

4,965,590

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.85%),

7.50%

.....

2,706

3,532,112

Nexi

SpA,

0.00%,

02/24/28

(c)

(m)

(n)

..........

EUR

1,500

1,539,331

PennyMac

Financial

Services,

Inc.

(b)

7.88%

,

12/15/29

...................

USD

796

829,911

7.13%

,

11/15/30

...................

305

310,163

6.88%

,

02/15/33

...................

223

222,689

ProGroup

AG

(c)

5.13%

,

04/15/29

...................

EUR

668

739,589

5.38%

,

04/15/31

...................

804

879,033

Rocket

Mortgage

LLC

(b)

2.88%

,

10/15/26

...................

USD

733

707,407

3.88%

,

03/01/31

...................

188

169,936

4.00%

,

10/15/33

...................

506

437,699

Shift4

Payments

LLC

(b)

4.63%

,

11/01/26

...................

126

124,268

6.75%

,

08/15/32

...................

920

933,107

Stena

International

SA

7.25%

,

01/15/31

(b)

..................

2,837

2,800,349

7.25%

,

01/15/31

(c)

..................

2,038

2,011,672

7.63%

,

02/15/31

(b)

..................

524

527,231

Taurus

Law130

Securities

SRL,

(Acquired

07/14/23,

cost

$5,105,138),

(3-mo.

EURIBOR

+

3.25%),

5.77%,

08/22/27

(a)

(c)

(f)

(i)

........

EUR

4,644

5,206,862

TER

Finance

Jersey

Ltd.,

Series

22,

0.00%,

10/02/25

(b)

(n)

.....................

USD

3,309

3,199,555

Thames

Water

Utilities

Finance

plc

(c)

4.00%

,

06/19/27

...................

GBP

891

918,788

4.00%

,

04/18/29

...................

EUR

1,218

976,261

0.88%

,

01/31/30

...................

1,155

916,661

1.25%

,

01/31/34

...................

1,155

903,231

Titanium

2l

Bondco

SARL,

6.25%,

(6.25%

Cash

or

6.25%

PIK),

01/14/31

(j)

............

2,952

934,055

UWM

Holdings

LLC,

6.63%,

02/01/30

(b)

.....

USD

720

711,984

Walker

&

Dunlop,

Inc.,

6.63%,

04/01/33

(b)

....

162

164,780

WEX,

Inc.,

6.50%,

03/15/33

(b)

...........

896

871,265

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Worldline

SA,

0.00%,

07/30/26

(c)

(m)

(n)

.......

EUR

1,534

$

1,682,572

64,241,709

Food

Products

—

0.2%

B&G

Foods,

Inc.,

8.00%,

09/15/28

(b)

.......

USD

99

98,221

Chobani

Holdco

II

LLC,

8.75%,

(8.75%

Cash

or

9.50%

PIK),

10/01/29

(b)

(j)

.............

2,140

2,251,207

Chobani

LLC

(b)

4.63%

,

11/15/28

...................

968

951,739

7.63%

,

07/01/29

...................

1,269

1,329,146

Darling

Ingredients,

Inc.,

6.00%,

06/15/30

(b)

...

658

656,144

Fiesta

Purchaser,

Inc.

(b)

7.88%

,

03/01/31

...................

47

49,235

9.63%

,

09/15/32

...................

96

100,381

Irca

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

6.25%,

12/15/29

(a)

(c)

...........

EUR

1,150

1,296,264

Lamb

Weston

Holdings,

Inc.,

4.13%,

01/31/30

(b)

USD

298

279,558

Mars,

Inc.

(b)

4.80%

,

03/01/30

...................

1,515

1,533,493

5.00%

,

03/01/32

...................

3,085

3,109,722

5.20%

,

03/01/35

...................

3,017

3,028,838

Post

Holdings,

Inc.

(b)

4.63%

,

04/15/30

...................

50

47,131

4.50%

,

09/15/31

...................

107

97,374

6.25%

,

02/15/32

...................

115

115,891

6.38%

,

03/01/33

...................

703

695,097

6.25%

,

10/15/34

...................

525

520,642

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(b)

....

345

320,490

Tereos

Finance

Groupe

I

SA

(c)

4.75%

,

04/30/27

...................

EUR

240

273,243

7.25%

,

04/15/28

...................

850

995,854

17,749,670

Gas

Utilities

—

0.0%

AltaGas

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.57%),

7.20%,

10/15/54

(a)

(b)

................

USD

229

223,645

Atmos

Energy

Corp.

1.50%

,

01/15/31

...................

184

156,137

5.90%

,

11/15/33

...................

218

231,805

Promigas

SA

ESP,

3.75%,

10/16/29

(c)

.......

580

537,225

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

(b)

......................

239

218,469

1,367,281

Ground

Transportation

—

0.2%

BCP

V

Modular

Services

Finance

II

plc

(c)

4.75%

,

11/30/28

...................

EUR

756

826,458

6.13%

,

11/30/28

...................

GBP

944

1,192,033

Boels

Topholding

BV

(c)

6.25%

,

02/15/29

...................

EUR

1,209

1,417,826

5.75%

,

05/15/30

...................

1,381

1,613,512

Brightline

East

LLC,

11.00%,

01/31/30

(b)

.....

USD

242

197,230

EC

Finance

plc,

3.00%,

10/15/26

(c)

........

EUR

799

883,360

Edge

Finco

plc,

8.13%,

08/15/31

(c)

........

GBP

1,518

2,051,867

EquipmentShare.com,

Inc.,

8.00%,

03/15/33

(b)

.

USD

145

143,123

Genesee

&

Wyoming,

Inc.,

6.25%,

04/15/32

(b)

.

569

576,511

Hertz

Corp.

(The),

12.63%,

07/15/29

(b)

......

155

150,758

Kapla

Holding

SAS

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

6.00%

,

07/31/30

(a)

................

EUR

1,505

1,704,926

5.00%

,

04/30/31

...................

1,470

1,664,531

Loxam

SAS,

6.38%,

05/31/29

(c)

..........

551

655,410

Mobico

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(a)

(c)

(k)

.....................

GBP

1,031

1,207,071

Security

Par

(000)

Par

(000)

Value

Ground

Transportation

(continued)

Penske

Truck

Leasing

Co.

LP

(b)

5.35%

,

01/12/27

...................

USD

335

$

338,796

4.20%

,

04/01/27

...................

414

410,647

5.55%

,

05/01/28

...................

265

271,478

5.35%

,

03/30/29

...................

952

969,076

5.25%

,

07/01/29

...................

635

645,623

Ryder

System,

Inc.,

6.60%,

12/01/33

.......

553

597,566

SGL

Group

ApS

(a)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.75%),

7.01%

,

04/22/30

.................

EUR

3,273

3,631,437

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.78%

,

02/24/31

(b)

(c)

...............

174

191,558

Uber

Technologies,

Inc.

4.50%

,

08/15/29

(b)

..................

USD

720

708,988

4.30%

,

01/15/30

...................

2,078

2,052,172

4.80%

,

09/15/34

...................

375

363,301

Watco

Cos.

LLC,

7.13%,

08/01/32

(b)

.......

147

146,645

24,611,903

Health

Care

Equipment

&

Supplies

—

0.2%

Avantor

Funding,

Inc.

(b)

4.63%

,

07/15/28

...................

1,132

1,088,647

3.88%

,

11/01/29

...................

71

65,547

Bausch

+

Lomb

Corp.,

8.38%,

10/01/28

(b)

....

1,935

2,010,078

Baxter

International,

Inc.

3.95%

,

04/01/30

...................

355

342,260

2.54%

,

02/01/32

...................

302

258,087

Becton

Dickinson

&

Co.,

4.87%,

02/08/29

....

1,690

1,706,712

Insulet

Corp.,

6.50%,

04/01/33

(b)

..........

271

276,475

Medline

Borrower

LP

(b)

3.88%

,

04/01/29

...................

374

348,874

6.25%

,

04/01/29

...................

1,537

1,548,763

5.25%

,

10/01/29

...................

2,611

2,479,504

Neogen

Food

Safety

Corp.,

8.63%,

07/20/30

(b)

.

333

336,159

Solventum

Corp.

5.45%

,

03/13/31

...................

5,381

5,494,290

5.60%

,

03/23/34

...................

4,002

4,046,286

Sotera

Health

Holdings

LLC,

7.38%,

06/01/31

(b)

216

221,538

20,223,220

Health

Care

Providers

&

Services

—

0.5%

Acadia

Healthcare

Co.,

Inc.,

7.38%,

03/15/33

(b)

.

138

137,880

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(b)

..

872

803,115

Banner

Health

2.34%

,

01/01/30

...................

87

79,567

1.90%

,

01/01/31

...................

36

31,292

Centene

Corp.

4.63%

,

12/15/29

...................

2,374

2,288,526

3.38%

,

02/15/30

...................

3,595

3,274,393

3.00%

,

10/15/30

...................

25

21,956

2.63%

,

08/01/31

...................

1,761

1,487,438

Community

Health

Systems,

Inc.

(b)

5.63%

,

03/15/27

...................

3,381

3,297,203

6.00%

,

01/15/29

...................

533

496,526

5.25%

,

05/15/30

...................

515

439,373

4.75%

,

02/15/31

...................

626

516,798

10.88%

,

01/15/32

..................

909

938,550

Concentra

Health

Services,

Inc.,

6.88%,

07/15/32

(b)

......................

208

212,950

DaVita,

Inc.,

6.88%,

09/01/32

(b)

..........

187

188,811

Elevance

Health,

Inc.

4.10%

,

05/15/32

...................

211

199,739

5.38%

,

06/15/34

...................

880

891,210

5.20%

,

02/15/35

...................

195

195,165

Encompass

Health

Corp.

4.75%

,

02/01/30

...................

110

106,883

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

4.63%

,

04/01/31

...................

USD

147

$

139,942

Ephios

Subco

3

SARL,

7.88%,

01/31/31

(c)

....

EUR

2,768

3,305,560

HAH

Group

Holding

Co.

LLC,

9.75%,

10/01/31

(b)

USD

229

219,724

HCA,

Inc.

5.25%

,

03/01/30

...................

1,305

1,327,121

3.50%

,

09/01/30

...................

3,582

3,347,163

5.45%

,

04/01/31

...................

2,195

2,237,019

5.45%

,

09/15/34

...................

2,459

2,439,936

5.75%

,

03/01/35

...................

2,031

2,049,003

HealthEquity,

Inc.,

4.50%,

10/01/29

(b)

.......

1,563

1,476,985

Humana,

Inc.

4.88%

,

04/01/30

...................

598

597,468

2.15%

,

02/03/32

...................

434

357,006

LifePoint

Health,

Inc.

(b)

9.88%

,

08/15/30

...................

242

257,421

11.00%

,

10/15/30

..................

1,108

1,212,868

8.38%

,

02/15/32

...................

860

877,145

10.00%

,

06/01/32

..................

313

303,610

Molina

Healthcare,

Inc.

(b)

4.38%

,

06/15/28

...................

164

157,639

6.25%

,

01/15/33

...................

491

487,306

Nationwide

Children's

Hospital,

Inc.,

4.56%,

11/01/52

.......................

136

115,394

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(b)

...

406

383,440

Prime

Healthcare

Services,

Inc.,

9.38%,

09/01/29

(b)

......................

125

119,173

Star

Parent,

Inc.,

9.00%,

10/01/30

(b)

........

1,666

1,685,693

Surgery

Center

Holdings,

Inc.,

7.25%,

04/15/32

(b)

1,520

1,516,551

Sutter

Health

Series

2018

,

3.70%

,

08/15/28

..........

544

534,205

Series

20A

,

2.29%

,

08/15/30

...........

291

257,183

5.16%

,

08/15/33

...................

152

152,999

Tenet

Healthcare

Corp.

6.13%

,

06/15/30

...................

141

141,483

6.75%

,

05/15/31

...................

1,378

1,412,573

UnitedHealth

Group,

Inc.

5.30%

,

02/15/30

...................

2,545

2,641,883

4.95%

,

01/15/32

...................

1,657

1,672,452

US

Acute

Care

Solutions

LLC,

9.75%,

05/15/29

(b)

279

283,235

47,316,555

Health

Care

REITs

—

0.1%

Healthpeak

OP

LLC

3.00%

,

01/15/30

...................

337

312,296

5.25%

,

12/15/32

...................

773

776,298

MPT

Operating

Partnership

LP

7.00%

,

02/15/32

(b)

..................

EUR

305

350,661

7.00%

,

02/15/32

(c)

..................

1,148

1,319,863

8.50%

,

02/15/32

(b)

..................

USD

1,342

1,363,449

Ventas

Realty

LP

5.63%

,

07/01/34

...................

569

576,207

5.00%

,

01/15/35

...................

1,850

1,786,363

Welltower

OP

LLC

2.75%

,

01/15/32

...................

1,064

935,278

3.85%

,

06/15/32

...................

970

909,836

8,330,251

Hotel

&

Resort

REITs

—

0.1%

Park

Intermediate

Holdings

LLC,

7.00%,

02/01/30

(b)

......................

367

367,325

Pebblebrook

Hotel

LP,

6.38%,

10/15/29

(b)

....

129

126,680

Pebblebrook

Hotel

Trust,

1.75%,

12/15/26

(m)

..

15

13,932

RHP

Hotel

Properties

LP

(b)

4.50%

,

02/15/29

...................

77

73,682

6.50%

,

04/01/32

...................

2,028

2,021,232

RLJ

Lodging

Trust

LP,

3.75%,

07/01/26

(b)

....

56

54,905

Security

Par

(000)

Par

(000)

Value

Hotel

&

Resort

REITs

(continued)

Service

Properties

Trust

8.63%

,

11/15/31

(b)

..................

USD

2,471

$

2,621,914

8.88%

,

06/15/32

...................

705

681,181

XHR

LP,

6.63%,

05/15/30

(b)

.............

122

120,174

6,081,025

Hotels,

Restaurants

&

Leisure

—

0.6%

1011778

BC

ULC

(b)

3.88%

,

01/15/28

...................

121

116,184

4.38%

,

01/15/28

...................

275

266,226

5.63%

,

09/15/29

...................

205

204,322

4.00%

,

10/15/30

...................

401

364,923

Allwyn

Entertainment

Financing

UK

plc

7.25%

,

04/30/30

(c)

..................

EUR

2,488

2,966,504

Bertrand

Franchise

Finance

SAS,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

5.99%,

07/18/30

(a)

(c)

.....................

1,163

1,312,729

Boyne

USA,

Inc.,

4.75%,

05/15/29

(b)

.......

USD

403

383,515

Caesars

Entertainment,

Inc.

(b)

7.00%

,

02/15/30

...................

1,288

1,318,452

6.50%

,

02/15/32

...................

1,357

1,364,108

Carnival

Corp.

(b)

6.00%

,

05/01/29

...................

1,291

1,283,393

6.13%

,

02/15/33

...................

1,475

1,462,528

Churchill

Downs,

Inc.

(b)

4.75%

,

01/15/28

...................

608

589,180

5.75%

,

04/01/30

...................

1,940

1,897,282

6.75%

,

05/01/31

...................

1,017

1,027,147

Deuce

Finco

plc,

5.50%,

06/15/27

(c)

........

GBP

1,623

2,135,935

Fertitta

Entertainment

LLC

(b)

4.63%

,

01/15/29

...................

USD

222

205,657

6.75%

,

01/15/30

...................

311

272,096

Food

Service

Project

SA,

5.50%,

01/21/27

(c)

..

EUR

1,061

1,201,954

Great

Canadian

Gaming

Corp.,

8.75%,

11/15/29

(b)

......................

USD

604

598,553

Hilton

Domestic

Operating

Co.,

Inc.

4.88%

,

01/15/30

...................

46

45,077

4.00%

,

05/01/31

(b)

..................

33

30,265

3.63%

,

02/15/32

(b)

..................

53

46,883

6.13%

,

04/01/32

(b)

..................

138

139,836

5.88%

,

03/15/33

(b)

..................

1,148

1,147,410

Inter

Media

&

Communication

SpA,

6.75%,

02/09/27

(c)

......................

EUR

1,609

1,840,697

Las

Vegas

Sands

Corp.,

6.00%,

06/14/30

....

USD

250

251,407

Light

&

Wonder

International,

Inc.

(b)

7.25%

,

11/15/29

...................

183

186,569

7.50%

,

09/01/31

...................

380

390,439

Lindblad

Expeditions

Holdings,

Inc.,

9.00%,

05/15/28

(b)

......................

125

128,464

Lindblad

Expeditions

LLC,

6.75%,

02/15/27

(b)

..

713

710,721

Lottomatica

Group

Spa,

4.88%,

01/31/31

(c)

...

EUR

862

984,556

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(b)

USD

337

247,912

Melco

Resorts

Finance

Ltd.

(b)

4.88%

,

06/06/25

...................

339

338,322

5.75%

,

07/21/28

...................

200

189,000

5.38%

,

12/04/29

...................

569

512,043

7.63%

,

04/17/32

...................

861

826,560

Merlin

Entertainments

Group

US

Holdings,

Inc.,

7.38%,

02/15/31

(b)

.................

266

247,744

MGM

China

Holdings

Ltd.

(b)

5.25%

,

06/18/25

...................

200

199,650

4.75%

,

02/01/27

...................

200

195,100

MGM

Resorts

International,

6.13%,

09/15/29

..

690

686,878

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(b)

......................

406

383,288

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Mohegan

Tribal

Gaming

Authority,

8.25%,

04/15/30

(b)

......................

USD

316

$

315,949

Motion

Finco

SARL,

7.38%,

06/15/30

(c)

......

EUR

2,085

2,292,954

NCL

Corp.

Ltd.

(b)

8.13%

,

01/15/29

...................

USD

88

92,155

7.75%

,

02/15/29

...................

132

136,230

6.25%

,

03/01/30

...................

161

157,047

6.75%

,

02/01/32

...................

971

948,123

NCL

Finance

Ltd.,

6.13%,

03/15/28

(b)

.......

778

772,354

Pinnacle

Bidco

plc

(c)

8.25%

,

10/11/28

...................

EUR

376

450,444

10.00%

,

10/11/28

..................

GBP

1,379

1,949,751

Premier

Entertainment

Sub

LLC

(b)

5.63%

,

09/01/29

...................

USD

270

157,950

5.88%

,

09/01/31

...................

342

177,840

Rivers

Enterprise

Borrower

LLC,

6.63%,

02/01/33

(b)

......................

188

185,563

Royal

Caribbean

Cruises

Ltd.

(b)

5.63%

,

09/30/31

...................

809

802,782

6.25%

,

03/15/32

...................

1,572

1,595,560

6.00%

,

02/01/33

...................

1,777

1,781,892

Sabre

GLBL,

Inc.

(b)

8.63%

,

06/01/27

...................

384

367,680

10.75%

,

11/15/29

..................

541

515,302

Scientific

Games

Holdings

LP,

6.63%,

03/01/30

(b)

359

341,693

Six

Flags

Entertainment

Corp.

(b)

7.25%

,

05/15/31

...................

206

208,829

6.63%

,

05/01/32

...................

105

105,942

Station

Casinos

LLC

(b)

4.50%

,

02/15/28

...................

519

500,775

4.63%

,

12/01/31

...................

148

133,788

6.63%

,

03/15/32

...................

386

383,761

Stonegate

Pub

Co.

Financing

plc

(c)

(3-mo.

EURIBOR

+

6.63%),

9.18%

,

07/31/29

(a)

.....................

EUR

924

1,058,215

10.75%

,

07/31/29

..................

GBP

2,052

2,803,068

TUI

AG,

5.88%,

03/15/29

(c)

.............

EUR

558

653,781

TUI

Cruises

GmbH

(c)

6.25%

,

04/15/29

...................

1,261

1,480,358

5.00%

,

05/15/30

...................

714

808,857

Vail

Resorts,

Inc.,

6.50%,

05/15/32

(b)

.......

USD

402

407,144

Viking

Cruises

Ltd.

(b)

5.88%

,

09/15/27

...................

325

324,340

7.00%

,

02/15/29

...................

87

87,313

9.13%

,

07/15/31

...................

1,025

1,095,925

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(b)

......................

286

283,132

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(b)

......................

279

267,985

Wynn

Macau

Ltd.

(b)

5.50%

,

01/15/26

...................

245

243,699

5.63%

,

08/26/28

...................

2,089

1,988,603

5.13%

,

12/15/29

...................

414

379,845

Wynn

Resorts

Finance

LLC

(b)

5.13%

,

10/01/29

...................

815

785,770

7.13%

,

02/15/31

...................

1,433

1,478,231

6.25%

,

03/15/33

...................

199

192,358

57,412,497

Household

Durables

—

0.1%

Ashton

Woods

USA

LLC

(b)

4.63%

,

08/01/29

...................

294

272,018

4.63%

,

04/01/30

...................

126

115,508

Beazer

Homes

USA,

Inc.,

5.88%,

10/15/27

...

63

61,542

Brookfield

Residential

Properties,

Inc.

(b)

5.00%

,

06/15/29

...................

986

877,644

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

4.88%

,

02/15/30

...................

USD

206

$

179,333

DR

Horton,

Inc.,

5.50%,

10/15/35

.........

746

746,774

Dream

Finders

Homes,

Inc.,

8.25%,

08/15/28

(b)

.

115

118,080

Empire

Communities

Corp.,

9.75%,

05/01/29

(b)

.

56

54,639

K.

Hovnanian

Enterprises,

Inc.,

11.75%,

09/30/29

(b)

......................

1,326

1,404,857

LG

Electronics,

Inc.,

5.63%,

04/24/27

(b)

......

1,383

1,407,451

LGI

Homes,

Inc.

(b)

8.75%

,

12/15/28

...................

166

167,628

7.00%

,

11/15/32

...................

273

251,842

Mattamy

Group

Corp.,

4.63%,

03/01/30

(b)

....

502

459,227

Meritage

Homes

Corp.,

1.75%,

05/15/28

(b)

(m)

..

634

615,614

New

Home

Co.,

Inc.

(The),

9.25%,

10/01/29

(b)

.

245

252,806

Somnigroup

International,

Inc.

(b)

4.00%

,

04/15/29

...................

298

276,669

3.88%

,

10/15/31

...................

108

94,803

STL

Holding

Co.

LLC,

8.75%,

02/15/29

(b)

....

197

200,069

TRI

Pointe

Homes,

Inc.,

5.25%,

06/01/27

....

363

361,472

7,917,976

Household

Products

—

0.0%

Central

Garden

&

Pet

Co.,

4.13%,

10/15/30

...

137

125,476

Kronos

Acquisition

Holdings,

Inc.,

8.25%,

06/30/31

(b)

......................

65

53,720

179,196

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Andes

SA

(b)

6.30%

,

03/15/29

...................

483

490,245

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.84%),

8.15%

,

06/10/55

(a)

.....................

860

878,920

AES

Corp.

(The)

3.95%

,

07/15/30

(b)

..................

268

250,817

2.45%

,

01/15/31

...................

1,325

1,134,099

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.20%),

7.60%

,

01/15/55

(a)

.....................

308

304,324

Clearway

Energy

Operating

LLC

(b)

4.75%

,

03/15/28

...................

431

421,217

3.75%

,

01/15/32

...................

630

546,345

Colbun

SA,

3.15%,

01/19/32

(b)

...........

1,340

1,155,750

Lightning

Power

LLC,

7.25%,

08/15/32

(b)

.....

95

98,423

Vistra

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

6.93%),

8.00%

(a)

(b)

(k)

.....................

197

201,345

XPLR

Infrastructure

LP,

2.50%,

06/15/26

(b)

(m)

..

356

334,640

5,816,125

Industrial

Conglomerates

—

0.1%

3M

Co.

2.38%

,

08/26/29

...................

2,334

2,149,065

5.15%

,

03/15/35

...................

3,143

3,123,392

Honeywell

International,

Inc.

4.70%

,

02/01/30

...................

1,517

1,534,655

4.95%

,

09/01/31

...................

2,943

3,001,004

9,808,116

Industrial

REITs

—

0.0%

Prologis

LP

2.25%

,

01/15/32

...................

260

222,235

5.13%

,

01/15/34

...................

255

255,048

5.00%

,

03/15/34

...................

242

239,704

5.00%

,

01/31/35

...................

392

387,516

1,104,503

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Insurance

—

0.7%

Achmea

BV

(a)(c)(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.78%),

4.63%

........................

EUR

754

$

816,799

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.74%),

6.13%

........................

700

757,310

Aegon

Funding

Co.

LLC,

5.50%,

04/16/27

(b)

...

USD

1,773

1,796,904

Aegon

Ltd.,

(5-Year

EUR

Swap

Annual

+

5.21%),

5.63%

(a)

(c)

(k)

.....................

EUR

1,210

1,365,608

Alliant

Holdings

Intermediate

LLC

(b)

4.25%

,

10/15/27

...................

USD

2,437

2,351,503

6.75%

,

10/15/27

...................

3,230

3,206,778

6.75%

,

04/15/28

...................

337

339,426

5.88%

,

11/01/29

...................

1,066

1,029,054

7.00%

,

01/15/31

...................

1,030

1,045,344

7.38%

,

10/01/32

...................

1,416

1,430,956

AmWINS

Group,

Inc.

(b)

6.38%

,

02/15/29

...................

230

232,741

4.88%

,

06/30/29

...................

900

859,255

Aon

Corp.

2.60%

,

12/02/31

...................

207

181,300

5.00%

,

09/12/32

...................

525

525,656

APH

Somerset

Investor

2

LLC,

7.88%,

11/01/29

(b)

233

227,406

Ardonagh

Finco

Ltd.

6.88%

,

02/15/31

(c)

..................

EUR

3,474

3,982,206

7.75%

,

02/15/31

(b)

..................

USD

2,236

2,275,810

Ardonagh

Group

Finance

Ltd.,

8.88%,

02/15/32

(b)

2,243

2,287,899

Arthur

J

Gallagher

&

Co.,

5.15%,

02/15/35

...

1,235

1,225,585

AssuredPartners,

Inc.,

7.50%,

02/15/32

(b)

....

382

406,017

Athora

Netherlands

NV,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.57%),

6.75%

(a)

(c)

(k)

........

EUR

1,585

1,822,264

Aviva

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.65%),

6.88%

(a)

(c)

(k)

....

GBP

2,900

3,705,580

BUPA

Finance

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.17%),

4.00%

(a)

(c)

(k)

.....................

1,066

1,108,113

Dai-ichi

Life

Insurance

Co.

Ltd.

(The),

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.52%),

6.20%

(a)

(b)

(k)

.........

USD

1,180

1,170,410

Howden

UK

Refinance

plc

(b)

7.25%

,

02/15/31

...................

2,601

2,671,274

8.13%

,

02/15/32

...................

1,124

1,140,189

HUB

International

Ltd.

(b)

7.25%

,

06/15/30

...................

5,172

5,364,621

7.38%

,

01/31/32

...................

6,292

6,482,282

Jones

Deslauriers

Insurance

Management,

Inc.

(b)

8.50%

,

03/15/30

...................

644

679,281

10.50%

,

12/15/30

..................

859

924,055

Just

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.27%),

5.00%

(a)

(c)

(k)

GBP

550

613,875

Legal

&

General

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.38%),

5.63%

(a)

(c)

(k)

................

1,670

2,018,349

Marsh

&

McLennan

Cos.,

Inc.

2.25%

,

11/15/30

...................

USD

204

181,395

5.88%

,

08/01/33

...................

370

392,190

Meiji

Yasuda

Life

Insurance

Co.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.91%),

6.10%,

06/11/55

(a)

(b)

....

800

788,967

Met

Tower

Global

Funding,

5.25%,

04/12/29

(b)

.

2,621

2,695,121

Metropolitan

Life

Global

Funding

I

(b)

3.05%

,

06/17/29

...................

150

142,465

2.95%

,

04/09/30

...................

717

664,486

Nippon

Life

Insurance

Co.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.19%),

6.50%,

04/30/55

(a)

(b)

...........

1,150

1,166,713

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

NN

Group

NV,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.45%),

5.75%

(a)

(c)

(k)

...............

EUR

2,760

$

2,969,760

Panther

Escrow

Issuer

LLC,

7.13%,

06/01/31

(b)

.

USD

4,414

4,522,121

Phoenix

Group

Holdings

plc,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.19%),

8.50%

(a)

(c)

(k)

.........

2,616

2,664,158

Ryan

Specialty

LLC

(b)

4.38%

,

02/01/30

...................

392

371,840

5.88%

,

08/01/32

...................

614

606,455

SCOR

SE,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.86%),

6.00%

(a)

(c)

(k)

................

EUR

300

336,546

Unipol

Assicurazioni

SpA,

4.90%,

05/23/34

(c)

..

800

930,070

USI,

Inc.,

7.50%,

01/15/32

(b)

............

USD

741

765,297

73,241,434

Interactive

Media

&

Services

—

0.0%

Snap,

Inc.,

6.88%,

03/01/33

(b)

...........

1,686

1,683,868

IT

Services

—

0.2%

Acuris

Finance

US,

Inc.

(b)

5.00%

,

05/01/28

...................

563

497,885

9.00%

,

08/01/29

...................

200

190,875

Almaviva-The

Italian

Innovation

Co.

SpA,

5.00%,

10/30/30

(c)

......................

EUR

855

987,345

Atos

SE

(c)(d)

9.00%

,

12/18/29

...................

935

1,143,666

5.00%

,

12/18/30

...................

1,245

1,131,517

1.00%

,

12/18/32

...................

2,104

905,384

CA

Magnum

Holdings,

5.38%,

10/31/26

(b)

....

USD

1,366

1,330,142

Cablevision

Lightpath

LLC

(b)

3.88%

,

09/15/27

...................

693

654,002

5.63%

,

09/15/28

...................

311

287,938

Cedacri

SpA

(a)(c)

(3-mo.

EURIBOR

at

4.63%

Floor

+

4.63%),

7.18%

,

05/15/28

.................

EUR

865

966,436

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.50%),

8.06%

,

05/15/28

.................

1,876

2,103,964

Engineering

-

Ingegneria

Informatica

-

SpA,

8.63%,

02/15/30

(c)

.................

329

385,051

Fortress

Intermediate

3,

Inc.,

7.50%,

06/01/31

(b)

USD

1,252

1,279,828

IBM

International

Capital

Pte.

Ltd.,

4.90%,

02/05/34

.......................

166

163,138

International

Business

Machines

Corp.,

5.00%,

02/10/32

.......................

1,595

1,611,299

ION

Trading

Technologies

SARL,

5.75%,

05/15/28

(b)

......................

1,299

1,168,643

Twilio,

Inc.

3.63%

,

03/15/29

...................

160

150,017

3.88%

,

03/15/31

...................

139

126,284

United

Group

BV

(c)

6.75%

,

02/15/31

...................

EUR

372

431,688

6.50%

,

10/31/31

...................

815

941,738

16,456,840

Life

Sciences

Tools

&

Services

—

0.0%

Charles

River

Laboratories

International,

Inc.,

4.00%,

03/15/31

(b)

.................

USD

201

176,738

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

(b)

....

204

177,027

Thermo

Fisher

Scientific,

Inc.

2.60%

,

10/01/29

...................

173

161,386

4.98%

,

08/10/30

...................

195

199,952

715,103

Machinery

—

0.2%

Amsted

Industries,

Inc.,

6.38%,

03/15/33

(b)

...

589

591,652

ATS

Corp.,

4.13%,

12/15/28

(b)

...........

314

291,353

Chart

Industries,

Inc.

(b)

7.50%

,

01/01/30

...................

481

499,032

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

9.50%

,

01/01/31

...................

USD

398

$

424,130

Daimler

Truck

Finance

North

America

LLC,

3.65%,

04/07/27

(b)

.................

336

330,183

Esab

Corp.,

6.25%,

04/15/29

(b)

...........

292

296,272

GrafTech

Global

Enterprises,

Inc.,

9.88%,

12/23/29

(b)

......................

272

204,000

Husky

Injection

Molding

Systems

Ltd.,

9.00%,

02/15/29

(b)

......................

1,529

1,552,134

IMA

Industria

Macchine

Automatiche

SpA

(c)

3.75%

,

01/15/28

...................

EUR

118

131,671

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

6.03%

,

04/15/29

(a)

................

3,178

3,593,588

Ingersoll

Rand,

Inc.

5.70%

,

08/14/33

...................

USD

616

633,046

5.45%

,

06/15/34

...................

929

935,728

Manitowoc

Co.,

Inc.

(The),

9.25%,

10/01/31

(b)

..

143

144,966

Nova

Alexandre

III

SAS

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.25%),

7.53%

,

07/15/29

(a)

(c)

...............

EUR

1,021

1,167,536

Otis

Worldwide

Corp.

2.57%

,

02/15/30

...................

USD

337

307,830

5.13%

,

11/19/31

...................

153

155,651

Terex

Corp.

(b)

5.00%

,

05/15/29

...................

197

188,426

6.25%

,

10/15/32

...................

556

532,116

TK

Elevator

Holdco

GmbH

6.63%

,

07/15/28

(c)

..................

EUR

1,820

2,061,725

7.63%

,

07/15/28

(b)

..................

USD

1,612

1,614,762

TK

Elevator

Midco

GmbH

4.38%

,

07/15/27

(c)

..................

EUR

1,341

1,515,044

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

(b)

USD

2,512

2,473,559

Wabash

National

Corp.,

4.50%,

10/15/28

(b)

...

513

432,016

20,076,420

Marine

Transportation

—

0.0%

Danaos

Corp.,

8.50%,

03/01/28

(b)

.........

1,890

1,914,441

Media

—

0.6%

Cable

One,

Inc.

0.00%

,

03/15/26

(m)

(n)

................

219

206,079

4.00%

,

11/15/30

(b)

..................

798

649,085

Charter

Communications

Operating

LLC

6.10%

,

06/01/29

...................

289

299,283

2.80%

,

04/01/31

...................

9,822

8,530,278

2.30%

,

02/01/32

...................

2,482

2,017,499

6.55%

,

06/01/34

...................

2,022

2,085,218

Clear

Channel

Outdoor

Holdings,

Inc.

(b)

5.13%

,

08/15/27

...................

600

583,372

7.75%

,

04/15/28

...................

208

172,640

9.00%

,

09/15/28

...................

652

674,855

7.50%

,

06/01/29

...................

1,007

825,337

7.88%

,

04/01/30

...................

2,786

2,787,247

CMG

Media

Corp.,

8.88%,

06/18/29

(b)

......

404

353,500

Comcast

Corp.

2.65%

,

02/01/30

...................

562

520,340

3.40%

,

04/01/30

...................

552

526,444

4.25%

,

10/15/30

...................

132

130,434

1.95%

,

01/15/31

...................

685

594,957

1.50%

,

02/15/31

...................

223

188,387

CSC

Holdings

LLC

(b)

5.50%

,

04/15/27

...................

1,003

931,968

5.38%

,

02/01/28

...................

600

524,332

11.25%

,

05/15/28

..................

220

215,053

11.75%

,

01/31/29

..................

1,476

1,395,437

4.13%

,

12/01/30

...................

200

137,074

3.38%

,

02/15/31

...................

400

267,044

Security

Par

(000)

Par

(000)

Value

Media

(continued)

DirecTV

Financing

LLC

(b)

5.88%

,

08/15/27

...................

USD

1,232

$

1,190,695

10.00%

,

02/15/31

..................

717

678,996

DISH

DBS

Corp.

(b)

5.25%

,

12/01/26

...................

760

691,594

5.75%

,

12/01/28

...................

1,002

841,524

DISH

Network

Corp.,

11.75%,

11/15/27

(b)

....

3,313

3,481,793

EchoStar

Corp.

10.75%

,

11/30/29

..................

2,667

2,820,670

6.75%

,

11/30/30

...................

3,198

2,889,490

GCI

LLC,

4.75%,

10/15/28

(b)

............

154

145,690

Gray

Media,

Inc.

(b)

7.00%

,

05/15/27

...................

183

178,033

10.50%

,

07/15/29

..................

1,019

1,045,985

Grupo

Televisa

SAB,

8.50%,

03/11/32

......

30

31,725

Interpublic

Group

of

Cos.,

Inc.

(The)

4.65%

,

10/01/28

...................

289

290,303

4.75%

,

03/30/30

...................

367

367,630

2.40%

,

03/01/31

...................

543

475,563

Lamar

Media

Corp.,

4.00%,

02/15/30

.......

118

110,253

LCPR

Senior

Secured

Financing

DAC,

6.75%,

10/15/27

(b)

......................

670

550,687

Midcontinent

Communications,

8.00%,

08/15/32

(b)

......................

810

825,793

Neptune

Bidco

US,

Inc.,

9.29%,

04/15/29

(b)

...

997

887,330

Outfront

Media

Capital

LLC

(b)

5.00%

,

08/15/27

...................

103

100,929

4.25%

,

01/15/29

...................

241

223,831

4.63%

,

03/15/30

...................

690

637,628

7.38%

,

02/15/31

...................

145

151,838

Paramount

Global

4.95%

,

01/15/31

...................

244

236,056

4.20%

,

05/19/32

...................

447

399,943

Radiate

Holdco

LLC,

4.50%,

09/15/26

(b)

.....

371

320,091

SES

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.59%),

6.00%,

09/12/54

(a)

(c)

...........

EUR

1,059

1,118,857

Sinclair

Television

Group,

Inc.,

8.13%,

02/15/33

(b)

USD

1,076

1,065,089

Sirius

XM

Radio

LLC

(b)

3.13%

,

09/01/26

...................

680

661,703

5.00%

,

08/01/27

...................

26

25,687

4.00%

,

07/15/28

...................

191

179,679

Stagwell

Global

LLC,

5.63%,

08/15/29

(b)

.....

608

573,720

Sunrise

FinCo.

I

BV,

4.88%,

07/15/31

(b)

.....

2,464

2,259,488

Tele

Columbus

AG,

10.00%,

(10.00%

Cash

or

10.00%

PIK),

01/01/29

(a)

(c)

(j)

...........

EUR

1,876

1,671,820

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(b)

.................

USD

1,400

1,365,273

Univision

Communications,

Inc.

(b)

6.63%

,

06/01/27

...................

612

592,162

8.00%

,

08/15/28

...................

1,446

1,404,568

8.50%

,

07/31/31

...................

893

843,239

Virgin

Media

O2

Vendor

Financing

Notes

V

DAC,

7.88%,

03/15/32

(c)

.................

GBP

3,334

4,332,666

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%,

07/15/28

(c)

.................

1,446

1,810,496

VZ

Secured

Financing

BV,

3.50%,

01/15/32

(c)

..

EUR

234

241,227

Ziggo

Bond

Co.

BV,

5.13%,

02/28/30

(b)

......

USD

200

177,305

Ziggo

BV

2.88%

,

01/15/30

(c)

..................

EUR

1,933

2,001,632

4.88%

,

01/15/30

(b)

..................

USD

200

184,129

64,698,673

Metals

&

Mining

—

0.4%

Anglo

American

Capital

plc,

5.75%,

04/05/34

(b)

.

1,449

1,454,897

AngloGold

Ashanti

Holdings

plc,

3.75%,

10/01/30

840

777,932

Antofagasta

plc,

2.38%,

10/14/30

(b)

........

674

578,798

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

(continued)

Arsenal

AIC

Parent

LLC

(b)

8.00%

,

10/01/30

...................

USD

446

$

461,774

11.50%

,

10/01/31

..................

1,202

1,319,790

ATI,

Inc.

4.88%

,

10/01/29

...................

614

586,585

7.25%

,

08/15/30

...................

188

195,526

5.13%

,

10/01/31

...................

683

646,415

Big

River

Steel

LLC,

6.63%,

01/31/29

(b)

.....

1,671

1,681,285

Carpenter

Technology

Corp.,

7.63%,

03/15/30

.

335

344,753

Cleveland-Cliffs,

Inc.

(b)

6.88%

,

11/01/29

...................

279

270,219

7.50%

,

09/15/31

...................

75

72,580

7.38%

,

05/01/33

...................

88

82,726

Constellium

SE

5.63%

,

06/15/28

(b)

..................

250

246,001

3.75%

,

04/15/29

(b)

..................

1,588

1,459,281

5.38%

,

08/15/32

(c)

..................

EUR

568

634,289

6.38%

,

08/15/32

(b)

..................

USD

776

763,895

CSN

Resources

SA,

8.88%,

12/05/30

(b)

.....

1,069

1,022,499

ERO

Copper

Corp.,

6.50%,

02/15/30

(b)

......

668

643,785

First

Quantum

Minerals

Ltd.

(b)

9.38%

,

03/01/29

...................

1,232

1,295,140

8.00%

,

03/01/33

...................

221

219,066

Freeport-McMoRan,

Inc.

4.38%

,

08/01/28

...................

500

494,756

5.40%

,

11/14/34

...................

191

190,491

Fresnillo

plc,

4.25%,

10/02/50

(b)

..........

616

434,089

Glencore

Funding

LLC

(b)

6.50%

,

10/06/33

...................

1,787

1,900,780

5.63%

,

04/04/34

...................

1,376

1,376,106

Kaiser

Aluminum

Corp.

(b)

4.63%

,

03/01/28

...................

76

73,123

4.50%

,

06/01/31

...................

1,929

1,733,445

Navoi

Mining

&

Metallurgical

Combinat

(b)

6.70%

,

10/17/28

...................

411

417,525

6.95%

,

10/17/31

...................

519

522,103

New

Gold,

Inc.,

6.88%,

04/01/32

(b)

........

347

354,898

Novelis

Corp.

(b)

3.25%

,

11/15/26

...................

1,269

1,230,701

4.75%

,

01/30/30

...................

439

407,225

6.88%

,

01/30/30

...................

505

512,276

3.88%

,

08/15/31

...................

1,779

1,535,422

POSCO,

5.75%,

01/17/28

(b)

.............

309

317,034

Rio

Tinto

Finance

USA

plc,

5.00%,

03/14/32

..

1,284

1,292,663

Samarco

Mineracao

SA,

9.00%,

(9.00%

Cash

or

9.00%

PIK),

06/30/31

(c)

(j)

.............

306

284,101

Steel

Dynamics,

Inc.,

5.38%,

08/15/34

......

3,914

3,929,397

Stillwater

Mining

Co.,

4.00%,

11/16/26

(c)

.....

621

593,831

Vale

Overseas

Ltd.

3.75%

,

07/08/30

...................

1,663

1,549,084

6.13%

,

06/12/33

...................

1,674

1,715,683

6.40%

,

06/28/54

...................

575

553,133

Vedanta

Resources

Finance

II

plc

(b)

9.48%

,

07/24/30

...................

298

274,348

9.85%

,

04/24/33

...................

384

345,600

Volcan

Cia

Minera

SAA,

8.75%,

01/24/30

(b)

...

1,035

974,517

37,769,567

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

(b)

Blackstone

Mortgage

Trust,

Inc.

3.75%

,

01/15/27

...................

188

178,684

7.75%

,

12/01/29

...................

108

112,171

Ladder

Capital

Finance

Holdings

LLLP,

7.00%,

07/15/31

.......................

248

254,820

Starwood

Property

Trust,

Inc.

7.25%

,

04/01/29

...................

368

381,625

Security

Par

(000)

Par

(000)

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

6.00%

,

04/15/30

...................

USD

94

$

92,917

6.50%

,

07/01/30

...................

179

180,039

6.50%

,

10/15/30

...................

623

628,594

1,828,850

Multi-Utilities

—

0.1%

A2A

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.26%),

5.00%

(a)

(c)

(k)

................

EUR

840

969,345

Algonquin

Power

&

Utilities

Corp.,

5.37%,

06/15/26

(d)

......................

USD

2,940

2,959,094

Berkshire

Hathaway

Energy

Co.

3.70%

,

07/15/30

...................

444

429,198

1.65%

,

05/15/31

...................

668

563,648

CenterPoint

Energy,

Inc.

(a)

Series

B

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.95%),

6.85%

,

02/15/55

.................

484

483,287

Series

A

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.25%),

7.00%

,

02/15/55

.................

1,083

1,106,084

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.59%),

6.70%

,

05/15/55

......................

284

280,260

Consumers

Energy

Co.

4.60%

,

05/30/29

...................

751

759,204

4.70%

,

01/15/30

...................

258

261,650

Dominion

Energy,

Inc.

(a)

Series

B

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.51%),

7.00%

,

06/01/54

.................

290

301,094

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.21%),

6.63%

,

05/15/55

......................

85

83,571

NiSource,

Inc.

5.25%

,

03/30/28

...................

500

510,898

5.40%

,

06/30/33

...................

660

664,404

5.35%

,

04/01/34

...................

462

465,050

San

Diego

Gas

&

Electric

Co.

4.95%

,

08/15/28

...................

150

152,942

Series

VVV

,

1.70%

,

10/01/30

...........

186

159,532

Sempra

3.40%

,

02/01/28

...................

137

133,011

3.70%

,

04/01/29

...................

1,058

1,023,230

11,305,502

Oil,

Gas

&

Consumable

Fuels

—

1.1%

Aethon

United

BR

LP,

7.50%,

10/01/29

(b)

.....

411

412,662

Antero

Midstream

Partners

LP,

6.63%,

02/01/32

(b)

297

300,070

Ascent

Resources

Utica

Holdings

LLC

(b)

9.00%

,

11/01/27

...................

179

209,992

5.88%

,

06/30/29

...................

435

422,096

Azule

Energy

Finance

plc,

8.13%,

01/23/30

(b)

..

521

498,858

Blue

Racer

Midstream

LLC

(b)

7.00%

,

07/15/29

...................

246

250,245

7.25%

,

07/15/32

...................

198

203,024

Buckeye

Partners

LP

6.88%

,

07/01/29

(b)

..................

22

22,414

6.75%

,

02/01/30

(b)

..................

98

99,716

5.85%

,

11/15/43

...................

249

209,065

5.60%

,

10/15/44

...................

194

158,946

Cheniere

Corpus

Christi

Holdings

LLC

5.13%

,

06/30/27

...................

862

871,581

3.70%

,

11/15/29

...................

547

522,792

Cheniere

Energy

Partners

LP

4.00%

,

03/01/31

...................

2,528

2,363,009

5.95%

,

06/30/33

...................

302

308,278

5.75%

,

08/15/34

...................

1,051

1,053,929

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Cheniere

Energy,

Inc.,

5.65%,

04/15/34

.....

USD

1,830

$

1,822,613

Chord

Energy

Corp.,

6.75%,

03/15/33

(b)

.....

124

120,700

CITGO

Petroleum

Corp.,

8.38%,

01/15/29

(b)

...

472

472,229

Civitas

Resources,

Inc.

(b)

8.38%

,

07/01/28

...................

254

249,540

8.75%

,

07/01/31

...................

333

316,526

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(b)

425

391,201

CNX

Resources

Corp.,

7.25%,

03/01/32

(b)

....

128

127,928

Comstock

Resources,

Inc.

(b)

6.75%

,

03/01/29

...................

818

778,859

5.88%

,

01/15/30

...................

245

221,787

ConocoPhillips

Co.,

5.00%,

01/15/35

.......

417

410,438

Coterra

Energy,

Inc.

4.38%

,

03/15/29

...................

227

223,275

5.40%

,

02/15/35

...................

3,940

3,807,289

CQP

Holdco

LP,

5.50%,

06/15/31

(b)

........

1,334

1,280,149

Crescent

Energy

Finance

LLC

(b)

7.63%

,

04/01/32

...................

466

423,411

7.38%

,

01/15/33

...................

657

581,456

DCP

Midstream

Operating

LP

8.13%

,

08/16/30

...................

635

725,471

3.25%

,

02/15/32

...................

3,474

2,984,657

Diamondback

Energy,

Inc.,

5.40%,

04/18/34

..

2,300

2,248,482

DT

Midstream,

Inc.

(b)

4.13%

,

06/15/29

...................

460

431,723

4.38%

,

06/15/31

...................

146

134,472

Eastern

Energy

Gas

Holdings

LLC,

5.80%,

01/15/35

.......................

2,919

3,013,183

EIG

Pearl

Holdings

SARL

(b)

3.55%

,

08/31/36

...................

1,859

1,644,829

4.39%

,

11/30/46

...................

1,166

901,155

Enbridge,

Inc.

2.50%

,

08/01/33

...................

360

293,492

5.63%

,

04/05/34

...................

859

868,999

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.97%),

7.20%

,

06/27/54

(a)

.....................

174

172,945

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.12%),

7.38%

,

03/15/55

(a)

.....................

273

274,274

Encino

Acquisition

Partners

Holdings

LLC,

8.75%,

05/01/31

(b)

.................

124

126,256

Energy

Transfer

LP

6.10%

,

12/01/28

...................

983

1,028,222

3.75%

,

05/15/30

...................

335

316,532

Series

G

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.31%),

7.13%

(a)

(k)

......................

2,800

2,759,284

5.60%

,

09/01/34

...................

3,308

3,278,450

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.02%),

8.00%

,

05/15/54

(a)

.....................

994

1,031,712

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.83%),

7.13%

,

10/01/54

(a)

.....................

332

329,666

Eni

SpA,

(5-Year

EUR

Swap

Annual

+

2.08%),

4.50%

(a)

(c)

(k)

.....................

EUR

1,525

1,696,759

Enterprise

Products

Operating

LLC

(a)

Series

E

,

(3-mo.

CME

Term

SOFR

+

3.29%),

5.25%

,

08/16/77

.................

USD

157

151,873

(3-mo.

CME

Term

SOFR

+

2.83%),

5.38%

,

02/15/78

......................

99

95,523

EQT

Corp.

3.13%

,

05/15/26

(b)

..................

785

769,775

4.50%

,

01/15/29

(b)

..................

49

47,530

5.00%

,

01/15/29

...................

165

165,051

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

6.38%

,

04/01/29

(b)

..................

USD

115

$

117,672

7.50%

,

06/01/30

(b)

..................

205

220,431

3.63%

,

05/15/31

(b)

..................

1,323

1,211,570

5.75%

,

02/01/34

...................

3,298

3,297,144

Excelerate

Energy

LP,

8.00%,

05/15/30

(b)

....

282

286,463

Expand

Energy

Corp.

5.38%

,

02/01/29

...................

4,954

4,931,592

5.88%

,

02/01/29

(b)

..................

875

871,680

6.75%

,

04/15/29

(b)

..................

672

676,883

5.38%

,

03/15/30

...................

6,967

6,916,539

4.75%

,

02/01/32

...................

1,449

1,359,484

5.70%

,

01/15/35

...................

2,631

2,595,513

Galaxy

Pipeline

Assets

Bidco

Ltd.,

2.94%,

09/30/40

(c)

......................

614

499,138

Genesis

Energy

LP

7.75%

,

02/01/28

...................

239

238,088

8.25%

,

01/15/29

...................

252

256,110

8.88%

,

04/15/30

...................

33

33,674

7.88%

,

05/15/32

...................

595

578,945

8.00%

,

05/15/33

...................

150

145,487

GNL

Quintero

SA,

4.63%,

07/31/29

(c)

.......

424

417,062

Gulfport

Energy

Operating

Corp.,

6.75%,

09/01/29

(b)

......................

197

194,141

Harvest

Midstream

I

LP,

7.50%,

05/15/32

(b)

...

124

126,197

Hess

Corp.,

7.30%,

08/15/31

............

500

562,172

Hess

Midstream

Operations

LP,

6.50%,

06/01/29

(b)

......................

282

286,391

Hilcorp

Energy

I

LP

(b)

6.25%

,

11/01/28

...................

143

138,376

5.75%

,

02/01/29

...................

607

568,335

8.38%

,

11/01/33

...................

307

291,945

6.88%

,

05/15/34

...................

653

554,923

7.25%

,

02/15/35

...................

149

129,812

Howard

Midstream

Energy

Partners

LLC

(b)

8.88%

,

07/15/28

...................

291

302,427

7.38%

,

07/15/32

...................

87

89,052

ITT

Holdings

LLC,

6.50%,

08/01/29

(b)

.......

1,053

961,451

KazMunayGas

National

Co.

JSC,

3.50%,

04/14/33

(b)

......................

466

384,567

Kimmeridge

Texas

Gas

LLC,

8.50%,

02/15/30

(b)

861

826,684

Kinder

Morgan,

Inc.

5.10%

,

08/01/29

...................

449

455,854

5.20%

,

06/01/33

...................

445

437,868

5.40%

,

02/01/34

...................

1,805

1,786,303

5.85%

,

06/01/35

...................

670

678,363

Kinetik

Holdings

LP

(b)

6.63%

,

12/15/28

...................

116

116,848

5.88%

,

06/15/30

...................

62

60,577

Magnolia

Oil

&

Gas

Operating

LLC,

6.88%,

12/01/32

(b)

......................

155

150,075

Matador

Resources

Co.

(b)

6.88%

,

04/15/28

...................

359

357,004

6.50%

,

04/15/32

...................

597

575,041

Medco

Maple

Tree

Pte.

Ltd.,

8.96%,

04/27/29

(b)

388

396,004

Murphy

Oil

Corp.,

5.88%,

12/01/42

(d)

.......

58

42,518

NFE

Financing

LLC,

12.00%,

11/15/29

(b)

.....

580

398,994

NGL

Energy

Operating

LLC

(b)

8.13%

,

02/15/29

...................

305

286,642

8.38%

,

02/15/32

...................

1,150

1,048,489

Northern

Oil

&

Gas,

Inc.,

8.13%,

03/01/28

(b)

...

196

193,501

Northriver

Midstream

Finance

LP,

6.75%,

07/15/32

(b)

......................

190

188,806

ONEOK,

Inc.

6.05%

,

09/01/33

...................

784

804,334

5.05%

,

11/01/34

...................

1,729

1,639,515

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

ORLEN

SA,

6.00%,

01/30/35

(b)

...........

USD

563

$

567,223

Parkland

Corp.,

6.63%,

08/15/32

(b)

........

194

193,106

PBF

Holding

Co.

LLC,

7.88%,

09/15/30

(b)

....

258

212,248

Permian

Resources

Operating

LLC

(b)

8.00%

,

04/15/27

...................

927

943,284

7.00%

,

01/15/32

...................

245

246,639

6.25%

,

02/01/33

...................

747

730,490

Petroleos

Mexicanos,

7.50%,

03/20/26

(b)

.....

1,193

1,169,140

Pioneer

Natural

Resources

Co.

1.90%

,

08/15/30

...................

1,755

1,540,973

2.15%

,

01/15/31

...................

344

301,857

Pluspetrol

Camisea

SA,

6.24%,

07/03/36

(b)

...

605

616,041

Prairie

Acquiror

LP,

9.00%,

08/01/29

(b)

......

300

302,313

Raizen

Fuels

Finance

SA

(b)

6.45%

,

03/05/34

...................

839

831,239

6.95%

,

03/05/54

...................

341

322,245

Rockies

Express

Pipeline

LLC,

4.95%,

07/15/29

(b)

......................

162

154,859

Sabine

Pass

Liquefaction

LLC

5.88%

,

06/30/26

...................

139

140,207

5.00%

,

03/15/27

...................

142

142,993

4.50%

,

05/15/30

...................

462

455,647

Shell

Finance

US,

Inc.,

4.13%,

05/11/35

.....

991

925,368

Sitio

Royalties

Operating

Partnership

LP,

7.88%,

11/01/28

(b)

......................

441

453,209

Sunoco

LP,

6.25%,

07/01/33

(b)

...........

287

286,614

Tallgrass

Energy

Partners

LP

(b)

5.50%

,

01/15/28

...................

283

275,142

7.38%

,

02/15/29

...................

317

315,846

6.00%

,

12/31/30

...................

195

181,573

6.00%

,

09/01/31

...................

104

95,874

Targa

Resources

Corp.

6.13%

,

03/15/33

...................

136

139,954

6.50%

,

03/30/34

...................

27

28,367

5.50%

,

02/15/35

...................

556

543,061

5.55%

,

08/15/35

...................

37

36,252

TGNR

Intermediate

Holdings

LLC,

5.50%,

10/15/29

(b)

......................

650

597,316

TransMontaigne

Partners

LLC,

8.50%,

06/15/30

(b)

64

64,415

Var

Energi

ASA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.77%),

7.86%,

11/15/83

(a)

(c)

......

EUR

1,078

1,325,779

Venture

Global

Calcasieu

Pass

LLC,

3.88%,

08/15/29

(b)

......................

USD

127

116,310

Venture

Global

LNG,

Inc.

(b)

9.50%

,

02/01/29

...................

4,013

4,158,403

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.44%),

9.00%

(a)

(k)

..

3,685

3,167,386

8.38%

,

06/01/31

...................

851

820,633

9.88%

,

02/01/32

...................

1,677

1,702,765

Venture

Global

Plaquemines

LNG

LLC

(b)

7.50%

,

05/01/33

...................

725

743,783

7.75%

,

05/01/35

...................

751

771,201

Viper

Energy,

Inc.,

7.38%,

11/01/31

(b)

.......

2,281

2,367,977

Vital

Energy,

Inc.

9.75%

,

10/15/30

...................

234

198,237

7.88%

,

04/15/32

(b)

..................

796

618,407

Wildfire

Intermediate

Holdings

LLC,

7.50%,

10/15/29

(b)

......................

302

276,330

Williams

Cos.,

Inc.

(The),

5.30%,

08/15/28

...

237

242,462

Wintershall

Dea

Finance

2

BV,

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.94%),

6.12%

(a)

(c)

(k)

.....

EUR

2,077

2,352,906

115,987,151

Security

Par

(000)

Par

(000)

Value

Paper

&

Forest

Products

—

0.1%

Fedrigoni

SpA

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

6.36%

,

01/15/30

(a)

................

EUR

883

$

983,946

6.13%

,

06/15/31

...................

1,011

1,109,520

LD

Celulose

International

GmbH,

7.95%,

01/26/32

(b)

......................

USD

570

583,822

Magnera

Corp.,

7.25%,

11/15/31

(b)

........

144

136,171

Sappi

Papier

Holding

GmbH,

4.50%,

03/15/32

(c)

EUR

1,760

1,961,915

Suzano

Austria

GmbH

2.50%

,

09/15/28

...................

USD

103

94,374

Series

DM3N

,

3.13%

,

01/15/32

.........

879

749,655

WEPA

Hygieneprodukte

GmbH,

5.63%,

01/15/31

(c)

......................

EUR

742

869,776

6,489,179

Passenger

Airlines

—

0.1%

American

Airlines,

Inc.,

8.50%,

05/15/29

(b)

....

USD

337

343,468

AS

Mileage

Plan

IP

Ltd.

(b)

5.02%

,

10/20/29

...................

587

569,298

5.31%

,

10/20/31

...................

1,736

1,662,998

Azul

Secured

Finance

LLP

11.93%

,

08/28/28

..................

610

361,202

(SOFR

Index

at

3.00%

Floor

+

8.25%),

15.10%

,

01/28/30

(a)

(b)

(c)

.............

225

250,072

Deutsche

Lufthansa

AG,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.86%),

5.25%,

01/15/55

(a)

(c)

..

EUR

2,400

2,668,161

JetBlue

Airways

Corp.,

9.88%,

09/20/31

(b)

....

USD

239

220,150

Latam

Airlines

Group

SA,

7.88%,

04/15/30

(b)

..

310

302,808

OneSky

Flight

LLC,

8.88%,

12/15/29

(b)

......

253

255,378

United

Airlines

Pass-Through

Trust

Series

2020-1

,

Class

A

,

5.88%

,

10/15/27

...

—

(o)

1

Series

2024-1

,

Class

A

,

5.88%

,

02/15/37

...

1,899

1,881,540

United

Airlines,

Inc.,

4.63%,

04/15/29

(b)

......

530

497,834

9,012,910

Personal

Care

Products

—

0.0%

Ontex

Group

NV,

5.25%,

04/15/30

(c)

.......

EUR

100

115,126

Opal

Bidco

SAS

5.50%

,

03/31/32

(c)

..................

1,086

1,225,120

6.50%

,

03/31/32

(b)

..................

USD

851

851,215

Perrigo

Finance

Unlimited

Co.,

6.13%,

09/30/32

675

670,034

2,861,495

Pharmaceuticals

—

0.4%

1261229

BC

Ltd.,

10.00%,

04/15/32

(b)

......

4,888

4,786,203

Astrazeneca

Finance

LLC,

4.90%,

02/26/31

...

37

37,990

Bausch

Health

Cos.,

Inc.,

11.00%,

09/30/28

(b)

..

1,724

1,621,250

Bayer

AG

(a)(c)

(5-Year

EUR

Swap

Annual

+

3.75%),

4.50%

,

03/25/82

......................

EUR

1,500

1,682,282

(5-Year

EUR

Swap

Annual

+

3.90%),

7.00%

,

09/25/83

......................

1,400

1,669,255

Bayer

Corp.,

6.65%,

02/15/28

(b)

..........

USD

826

863,177

Bayer

US

Finance

II

LLC

(b)

4.25%

,

12/15/25

...................

3,806

3,788,683

4.38%

,

12/15/28

...................

1,722

1,689,149

Bayer

US

Finance

LLC,

6.13%,

11/21/26

(b)

...

5,163

5,255,552

Eli

Lilly

&

Co.,

4.70%,

02/09/34

..........

301

298,493

Endo

Finance

Holdings,

Inc.,

8.50%,

04/15/31

(b)

301

312,960

Nidda

Healthcare

Holding

GmbH,

7.00%,

02/21/30

(c)

......................

EUR

2,253

2,655,118

Organon

&

Co.

(b)

4.13%

,

04/30/28

...................

USD

200

188,634

7.88%

,

05/15/34

...................

200

184,203

Pfizer

Investment

Enterprises

Pte.

Ltd.,

4.65%,

05/19/30

.......................

2,423

2,453,533

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Rossini

SARL

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.88%),

6.23%

,

12/31/29

(a)

................

EUR

366

$

415,304

6.75%

,

12/31/29

...................

530

624,703

Takeda

Pharmaceutical

Co.

Ltd.,

2.05%,

03/31/30

.......................

USD

1,029

915,343

Teva

Pharmaceutical

Finance

Netherlands

II

BV

4.38%

,

05/09/30

...................

EUR

2,085

2,383,061

7.88%

,

09/15/31

...................

1,452

1,947,149

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.15%

,

10/01/26

...................

USD

985

950,161

7.88%

,

09/15/29

...................

293

312,499

8.13%

,

09/15/31

...................

7,446

8,153,370

43,188,072

Professional

Services

—

0.1%

Amentum

Holdings,

Inc.,

7.25%,

08/01/32

(b)

...

275

279,741

CoreLogic,

Inc.,

4.50%,

05/01/28

(b)

........

2,008

1,900,203

Dun

&

Bradstreet

Corp.

(The),

5.00%,

12/15/29

(b)

687

685,346

Equifax,

Inc.,

4.80%,

09/15/29

...........

2,122

2,130,141

KBR,

Inc.,

4.75%,

09/30/28

(b)

............

49

46,455

La

Financiere

Atalian,

8.50%,

(8.50%

Cash

or

5.00%

PIK),

06/30/28

(c)

(j)

.............

EUR

1,400

630,548

Science

Applications

International

Corp.,

4.88%,

04/01/28

(b)

......................

USD

364

353,908

Verisk

Analytics,

Inc.,

5.25%,

06/05/34

......

298

300,044

6,326,386

Real

Estate

Management

&

Development

—

0.2%

ADLER

Financing

SARL,

Series

1L,

8.25%,

12/31/28

.......................

EUR

1,585

1,801,901

ADLER

Real

Estate

GmbH,

3.00%,

04/27/26

(c)

.

1,100

1,216,423

Alpha

Star

Holding

IX

Ltd.,

7.00%,

08/26/28

(c)

..

USD

740

744,625

Anywhere

Real

Estate

Group

LLC

Series

AI

,

7.00%

,

04/15/30

............

423

375,153

7.00%

,

04/15/30

(b)

..................

152

134,734

Aroundtown

Finance

SARL

(a)(c)(k)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.49%),

8.63%

.....

GBP

329

426,510

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.51%),

7.13%

........................

EUR

3,642

4,087,119

Aroundtown

SA,

(5-Year

EUR

Swap

Annual

+

2.42%),

1.63%

(a)

(c)

(k)

................

500

509,074

BRANICKS

Group

AG,

2.25%,

09/22/26

(c)

....

900

562,361

Citycon

OYJ,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.18%),

3.63%

(a)

(c)

(k)

...............

1,597

1,670,544

Citycon

Treasury

BV,

5.38%,

07/08/31

(c)

.....

425

483,429

Cushman

&

Wakefield

US

Borrower

LLC,

8.88%,

09/01/31

(b)

......................

USD

566

605,511

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

5.00%,

12/31/27

(c)

(d)

................

EUR

900

950,515

Fantasia

Holdings

Group

Co.

Ltd.

(c)(e)(l)

15.00%

,

12/18/21

..................

USD

1,735

43,375

11.75%

,

04/17/24

..................

2,039

50,975

11.88%

,

06/01/24

..................

1,500

37,500

7.95%

,

07/05/24

...................

1,650

41,250

9.25%

,

07/28/24

...................

3,540

88,500

12.25%

,

10/18/24

..................

3,269

81,725

9.88%

,

10/19/24

...................

2,640

66,000

10.88%

,

01/09/25

..................

1,345

36,988

Heimstaden

Bostad

AB

(a)(c)(k)

(5-Year

EUR

Swap

Annual

+

3.91%),

3.38%

EUR

1,124

1,228,757

(5-Year

EUR

Swap

Annual

+

3.15%),

2.63%

1,725

1,796,973

Heimstaden

Bostad

Treasury

BV,

0.63%,

07/24/25

(c)

......................

216

242,307

Howard

Hughes

Corp.

(The)

(b)

4.13%

,

02/01/29

...................

USD

149

136,489

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

4.38%

,

02/01/31

...................

USD

104

$

92,223

MAF

Global

Securities

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.54%),

6.38%

(a)

(c)

(k)

................

544

543,489

Modernland

Overseas

Pte.

Ltd.,

Series

2,

3.00%,

04/30/27

(c)

......................

1,056

337,906

Sunac

China

Holdings

Ltd.

(c)(e)(l)

6.00%

,

09/30/26

...................

135

15,104

6.25%

,

09/30/27

...................

136

15,451

6.50%

,

09/30/27

...................

272

30,238

6.75%

,

(

6.75

%

Cash

or

6.75

%

PIK),

09/30/28

(j)

......................

409

45,380

7.00%

,

(

7.00

%

Cash

or

7.00

%

PIK),

09/30/29

(j)

......................

410

45,401

7.25%

,

09/30/30

...................

193

21,337

Vivion

Investments

SARL,

8.25%,

(8.25%

Cash

or

7.90%

PIK),

08/31/28

(c)

(j)

...........

EUR

2,744

2,982,447

21,547,714

Residential

REITs

—

0.0%

American

Homes

4

Rent

LP

5.50%

,

02/01/34

...................

USD

320

318,894

5.50%

,

07/15/34

...................

903

896,332

5.25%

,

03/15/35

...................

187

182,192

AvalonBay

Communities,

Inc.,

5.00%,

02/15/33

493

491,545

Camden

Property

Trust,

2.80%,

05/15/30

....

1,243

1,143,691

Invitation

Homes

Operating

Partnership

LP

5.50%

,

08/15/33

...................

860

860,122

4.88%

,

02/01/35

...................

584

555,186

UDR,

Inc.,

4.40%,

01/26/29

.............

190

189,314

4,637,276

Retail

REITs

—

0.0%

Brixmor

Operating

Partnership

LP

4.13%

,

05/15/29

...................

281

273,892

5.75%

,

02/15/35

...................

149

150,785

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(b)

722

700,503

Realty

Income

Corp.

5.13%

,

02/15/34

...................

1,237

1,229,899

5.13%

,

04/15/35

...................

410

406,333

Regency

Centers

LP

5.25%

,

01/15/34

...................

775

775,737

5.10%

,

01/15/35

...................

471

464,776

4,001,925

Semiconductors

&

Semiconductor

Equipment

—

0.2%

AP

Grange

Holdings

LLC,

(Acquired

06/21/24,

cost

$748,787),

6.50%,

03/20/45

(f)

(i)

......

749

724,451

Broadcom,

Inc.

4.15%

,

11/15/30

...................

2,071

2,018,482

4.15%

,

04/15/32

(b)

..................

2,564

2,438,581

3.42%

,

04/15/33

(b)

..................

3,526

3,144,499

Entegris,

Inc.,

4.75%,

04/15/29

(b)

.........

454

441,802

Foundry

JV

Holdco

LLC

(b)

5.90%

,

01/25/30

...................

272

282,365

5.88%

,

01/25/34

...................

1,107

1,111,669

6.25%

,

01/25/35

...................

387

400,128

6.10%

,

01/25/36

...................

611

622,519

6.20%

,

01/25/37

...................

2,364

2,420,614

Lam

Research

Corp.

4.00%

,

03/15/29

...................

200

198,196

1.90%

,

06/15/30

...................

122

108,311

Micron

Technology,

Inc.,

6.05%,

11/01/35

....

3,008

3,049,848

MKS

Instruments,

Inc.,

1.25%,

06/01/30

(b)

(m)

...

681

585,613

NVIDIA

Corp.,

2.85%,

04/01/30

..........

2,453

2,318,217

ON

Semiconductor

Corp.,

0.50%,

03/01/29

(m)

..

394

340,022

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

SK

Hynix,

Inc.,

6.50%,

01/17/33

(b)

.........

USD

576

$

612,398

20,817,715

Software

—

0.7%

AppLovin

Corp.,

5.50%,

12/01/34

.........

4,303

4,298,715

AthenaHealth

Group,

Inc.,

6.50%,

02/15/30

(b)

..

5,809

5,552,540

Camelot

Finance

SA,

4.50%,

11/01/26

(b)

.....

650

640,452

Capstone

Borrower,

Inc.,

8.00%,

06/15/30

(b)

...

1,409

1,439,418

Central

Parent

LLC,

8.00%,

06/15/29

(b)

......

211

186,817

Central

Parent,

Inc.,

7.25%,

06/15/29

(b)

......

253

216,959

Clarivate

Science

Holdings

Corp.

(b)

3.88%

,

07/01/28

...................

1,753

1,654,158

4.88%

,

07/01/29

...................

1,276

1,159,752

Cloud

Software

Group,

Inc.

(b)

6.50%

,

03/31/29

...................

6,726

6,728,414

9.00%

,

09/30/29

...................

5,520

5,561,012

8.25%

,

06/30/32

...................

4,967

5,181,167

Elastic

NV,

4.13%,

07/15/29

(b)

...........

613

578,540

Ellucian

Holdings,

Inc.,

6.50%,

12/01/29

(b)

....

1,402

1,400,620

Fair

Isaac

Corp.,

4.00%,

06/15/28

(b)

........

469

449,761

Helios

Software

Holdings,

Inc.

4.63%

,

05/01/28

(b)

..................

250

225,081

7.88%

,

05/01/29

(c)

..................

EUR

4,211

4,757,551

8.75%

,

05/01/29

(b)

..................

USD

200

194,100

IPD

3

BV,

5.50%,

06/15/31

(c)

............

EUR

1,039

1,177,031

McAfee

Corp.,

7.38%,

02/15/30

(b)

.........

USD

572

494,086

Oracle

Corp.

2.95%

,

04/01/30

...................

5,702

5,270,880

4.30%

,

07/08/34

...................

1,727

1,602,469

4.70%

,

09/27/34

...................

1,208

1,149,597

SS&C

Technologies,

Inc.,

6.50%,

06/01/32

(b)

..

1,276

1,293,535

Synopsys,

Inc.

5.00%

,

04/01/32

...................

3,932

3,959,296

5.15%

,

04/01/35

...................

1,185

1,187,530

TeamSystem

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

5.78%,

07/31/31

(a)

(c)

......

EUR

1,712

1,933,543

UKG,

Inc.,

6.88%,

02/01/31

(b)

............

USD

5,386

5,541,084

VMware

LLC,

2.20%,

08/15/31

...........

2,522

2,144,310

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

(b)

706

648,731

66,627,149

Specialized

REITs

—

0.2%

American

Tower

Corp.

5.50%

,

03/15/28

...................

1,539

1,583,016

5.80%

,

11/15/28

...................

163

169,748

2.30%

,

09/15/31

...................

883

759,895

5.40%

,

01/31/35

...................

3,146

3,181,951

Crown

Castle,

Inc.

5.00%

,

01/11/28

...................

97

97,839

3.80%

,

02/15/28

...................

622

607,664

4.80%

,

09/01/28

...................

41

41,124

5.60%

,

06/01/29

...................

201

206,498

3.10%

,

11/15/29

...................

404

375,534

2.25%

,

01/15/31

...................

43

37,121

5.10%

,

05/01/33

...................

390

381,310

5.80%

,

03/01/34

...................

124

126,891

Equinix,

Inc.

3.20%

,

11/18/29

...................

781

734,773

2.15%

,

07/15/30

...................

60

53,073

2.50%

,

05/15/31

...................

172

150,603

3.90%

,

04/15/32

...................

169

158,182

Extra

Space

Storage

LP

5.40%

,

02/01/34

...................

2,534

2,511,852

5.35%

,

01/15/35

...................

706

694,659

5.40%

,

06/15/35

...................

1,636

1,605,827

Security

Par

(000)

Par

(000)

Value

Specialized

REITs

(continued)

Iron

Mountain,

Inc.

(b)

7.00%

,

02/15/29

...................

USD

235

$

241,369

5.25%

,

07/15/30

...................

26

25,196

5.63%

,

07/15/32

...................

245

237,607

6.25%

,

01/15/33

...................

1,839

1,835,636

SBA

Communications

Corp.,

3.13%,

02/01/29

.

347

321,487

16,138,855

Specialty

Retail

—

0.2%

Asbury

Automotive

Group,

Inc.

4.50%

,

03/01/28

...................

123

119,068

4.75%

,

03/01/30

...................

89

83,232

5.00%

,

02/15/32

(b)

..................

68

61,970

Bubbles

Bidco

SpA

(c)

6.50%

,

09/30/31

...................

EUR

709

802,522

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

6.60%

,

09/30/31

(a)

................

1,375

1,549,101

Carvana

Co.

(b)(j)

11.00%

,

(

11.00

%

Cash

or

13.00

%

PIK),

06/01/30

......................

USD

1,459

1,545,346

0.00%

,

(

0.00

%

Cash

or

14.00

%

PIK),

06/01/31

......................

2,028

2,223,930

CD&R

Firefly

Bidco

plc,

8.63%,

04/30/29

(c)

...

GBP

1,759

2,391,129

Cougar

JV

Subsidiary

LLC,

8.00%,

05/15/32

(b)

.

USD

221

229,163

Duomo

Bidco

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.13%),

6.40%,

07/15/31

(a)

(c)

......

EUR

1,451

1,643,292

eG

Global

Finance

plc,

12.00%,

11/30/28

(b)

...

USD

612

673,098

Fressnapf

Holding

SE,

5.25%,

10/31/31

(c)

....

EUR

569

649,449

Global

Auto

Holdings

Ltd.,

11.50%,

08/15/29

(b)

.

USD

200

192,000

Goldstory

SAS

(c)

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

6.61%

,

02/01/30

(a)

................

EUR

496

561,894

6.75%

,

02/01/30

...................

711

824,586

Group

1

Automotive,

Inc.,

6.38%,

01/15/30

(b)

..

USD

144

145,471

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(b)

....

350

329,136

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(b)

.

212

204,686

LCM

Investments

Holdings

II

LLC

(b)

4.88%

,

05/01/29

...................

155

146,533

8.25%

,

08/01/31

...................

859

898,418

Staples,

Inc.,

10.75%,

09/01/29

(b)

.........

199

172,417

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(b)

....

3,753

3,656,734

19,103,175

Technology

Hardware,

Storage

&

Peripherals

—

0.0%

Diebold

Nixdorf,

Inc.,

7.75%,

03/31/30

(b)

.....

143

148,880

Hewlett

Packard

Enterprise

Co.,

5.00%,

10/15/34

2,439

2,354,784

Seagate

HDD

Cayman

(b)

8.25%

,

12/15/29

...................

241

258,397

8.50%

,

07/15/31

...................

605

647,175

Xerox

Corp.,

10.25%,

10/15/30

(b)

.........

134

136,546

3,545,782

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

Crocs,

Inc.

(b)

4.25%

,

03/15/29

...................

415

385,145

4.13%

,

08/15/31

...................

40

34,962

European

TopSoho

SARL,

Series

SMCP,

4.00%,

09/21/21

(c)

(e)

(l)

(m)

...................

EUR

1,300

583,516

Hanesbrands,

Inc.,

9.00%,

02/15/31

(b)

......

USD

43

44,548

Kontoor

Brands,

Inc.,

4.13%,

11/15/29

(b)

.....

90

82,698

PrestigeBidCo

GmbH

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

6.03%

,

07/01/29

(a)

(c)

...............

EUR

1,838

2,084,017

3,214,886

Tobacco

—

0.1%

BAT

Capital

Corp.

4.70%

,

04/02/27

...................

USD

3,261

3,273,300

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Tobacco

(continued)

4.91%

,

04/02/30

...................

USD

388

$

389,968

6.34%

,

08/02/30

...................

770

823,008

5.83%

,

02/20/31

...................

605

629,847

6.42%

,

08/02/33

...................

1,008

1,079,084

6.00%

,

02/20/34

...................

539

563,281

BAT

International

Finance

plc,

5.93%,

02/02/29

1,086

1,136,169

Philip

Morris

International,

Inc.

4.13%

,

04/28/28

...................

1,410

1,408,459

4.38%

,

04/30/30

...................

2,836

2,818,754

12,121,870

Trading

Companies

&

Distributors

—

0.1%

Air

Lease

Corp.,

2.20%,

01/15/27

.........

500

480,627

Aviation

Capital

Group

LLC,

1.95%,

09/20/26

(b)

.

2,394

2,304,878

Beacon

Roofing

Supply,

Inc.,

6.75%,

04/30/32

(b)

1,535

1,538,970

Fortress

Transportation

&

Infrastructure

Investors

LLC

(b)

5.50%

,

05/01/28

...................

888

872,066

7.88%

,

12/01/30

...................

288

301,090

7.00%

,

05/01/31

...................

2,733

2,778,865

7.00%

,

06/15/32

...................

1,346

1,363,906

5.88%

,

04/15/33

...................

1,223

1,170,241

GATX

Corp.,

3.50%,

03/15/28

...........

225

218,835

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

(b)

......................

85

84,640

Herc

Holdings,

Inc.,

6.63%,

06/15/29

(b)

......

150

148,187

Imola

Merger

Corp.,

4.75%,

05/15/29

(b)

......

333

317,973

United

Rentals

North

America,

Inc.

(b)

6.00%

,

12/15/29

...................

1,242

1,257,807

6.13%

,

03/15/34

...................

229

231,470

WESCO

Distribution,

Inc.

(b)

6.63%

,

03/15/32

...................

107

108,843

6.38%

,

03/15/33

...................

1,295

1,310,036

14,488,434

Transportation

Infrastructure

—

0.0%

Varanasi

Aurangabad

Nh-2

Tollway

Pvt

Ltd.,

5.90%,

02/28/34

(b)

.................

200

201,380

Water

Utilities

—

0.0%

Thames

Water

Utilities

Ltd.,

0.00%,

03/22/27

(c)

(n)

GBP

29

32,322

Wireless

Telecommunication

Services

—

0.3%

America

Movil

SAB

de

CV,

3.63%,

04/22/29

...

USD

1,257

1,208,216

Connect

Finco

SARL,

9.00%,

09/15/29

(b)

.....

428

400,381

Eutelsat

SA

(c)

2.25%

,

07/13/27

...................

EUR

700

737,668

1.50%

,

10/13/28

...................

1,000

934,919

9.75%

,

04/13/29

...................

926

1,063,076

Millicom

International

Cellular

SA,

7.38%,

04/02/32

(b)

......................

USD

1,200

1,212,000

Rogers

Communications,

Inc.

3.80%

,

03/15/32

...................

5,184

4,737,852

Series

NC5

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.65%),

7.00%

,

04/15/55

(a)

................

612

616,569

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.62%),

7.13%

,

04/15/55

(a)

.....................

452

450,361

SoftBank

Group

Corp.

(c)

5.00%

,

04/15/28

...................

EUR

247

281,926

5.38%

,

01/08/29

...................

1,714

1,959,375

3.88%

,

07/06/32

...................

317

323,094

5.75%

,

07/08/32

...................

3,421

3,827,036

Telefonica

Europe

BV

(a)(c)(k)

(7-Year

EUR

Swap

Annual

+

3.35%),

6.14%

2,600

3,125,298

(EUAMDB08

+

3.12%),

5.75%

.........

2,300

2,693,440

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

T-Mobile

USA,

Inc.

3.75%

,

04/15/27

...................

USD

5

$

4,946

3.88%

,

04/15/30

...................

1,284

1,238,941

United

States

Cellular

Corp.,

6.70%,

12/15/33

.

543

587,805

Vmed

O2

UK

Financing

I

plc

4.50%

,

07/15/31

(c)

..................

GBP

2,770

3,195,169

7.75%

,

04/15/32

(b)

..................

USD

200

201,792

Vodafone

Group

plc,

7.88%,

02/15/30

......

10

11,511

WOM

Chile

Holdco

SpA,

5.00%,

(5.00%

Cash

or

5.00%

PIK),

04/01/32

(a)

(b)

(j)

(m)

...........

828

824,098

WOM

Mobile

SA,

12.50%,

(12.50%

Cash

or

12.50%

PIK),

04/01/31

(a)

(b)

(j)

...........

469

469,264

Zegona

Finance

plc,

6.75%,

07/15/29

(c)

.....

EUR

1,936

2,317,113

32,421,850

Total

Corporate

Bonds

—

17

.8

%

(Cost:

$

1,813,896,118

)

............................

1,822,038,666

Equity-Linked

Notes

Aerospace

&

Defense

—

0.2%

(b)(c)

Barclays

Bank

plc

(

AAR

Corp.

)

,

24.25

%

,

05/12/25

..................

21

3,450,026

Barclays

Bank

plc

(

GE

Aerospace

)

,

20.38

%

,

06/05/25

..................

USD

37

7,298,276

Morgan

Stanley

&

Co.

LLC

(

Boeing

Co.

(The)

)

,

20.32

%

,

06/12/25

..................

14

2,520,518

UBS

AG

(

L3Harris

Technologies,

Inc.

)

,

21.00

%

,

05/29/25

..................

35

7,527,709

20,796,529

Air

Freight

&

Logistics

—

0.1%

(b)(c)

JPMorgan

Structured

Products

BV

(

United

Parcel

Service,

Inc.

)

,

27.85

%

,

06/12/25

.........

48

4,717,066

Mizuho

Markets

Cayman

LP

(

FedEx

Corp.

)

,

13.02

%

,

05/22/25

..................

14

2,972,212

7,689,278

Automobile

Components

—

0.0%

(b)(c)

BNP

Paribas

SA

(

Aptiv

plc

)

,

29.81

%

,

06/12/25

.

50

2,841,950

JPMorgan

Structured

Products

BV

(

Lear

Corp.

)

,

28.92

%

,

06/12/25

..................

15

1,312,862

4,154,812

Automobiles

—

0.0%

Morgan

Stanley

&

Co.

LLC

(

General

Motors

Co.

)

,

22.23

%

,

05/22/25

(b)

(c)

................

40

1,837,361

Banks

—

0.7%

(b)(c)

Barclays

Bank

plc

(

Banco

Santander

SA

)

,

37.55

%

,

05/27/25

..................

EUR

93

10,051,333

Citigroup,

Inc.

(

First

Citizens

BancShares,

Inc.

)

,

12.89

%

,

06/02/25

..................

USD

7

12,424,860

JPMorgan

Structured

Products

BV

(

Wells

Fargo

&

Co.

)

,

20.72

%

,

05/15/25

.............

198

14,087,121

Morgan

Stanley

&

Co.

LLC

(

Wells

Fargo

&

Co.

)

,

30.37

%

,

05/28/25

..................

90

6,090,346

Nomura

Holdings,

Inc.

(

Citizens

Financial

Group,

Inc.

)

,

36.92

%

,

05/30/25

...............

49

1,786,478

Royal

Bank

of

Canada

(

Bank

of

America

Corp.

)

,

15.57

%

,

05/29/25

..................

121

4,758,034

Royal

Bank

of

Canada

(

JPMorgan

Chase

&

Co.

)

,

14.85

%

,

05/28/25

..................

72

17,725,531

66,923,703

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Beverages

—

0.1%

(b)(c)

BMO

Capital

Markets

Corp.

(

Coca-Cola

Co.

(The)

)

,

8.00

%

,

06/12/25

..............

USD

40

$

2,927,548

BNP

Paribas

SA

(

Pernod

Ricard

SA

)

,

22.36

%

,

05/12/25

..................

EUR

17

1,858,350

Societe

Generale

SA

(

Keurig

Dr

Pepper,

Inc.

)

,

17.59

%

,

05/19/25

..................

USD

62

2,163,935

6,949,833

Biotechnology

—

0.2%

(b)(c)

Barclays

Bank

plc

(

Amgen,

Inc.

)

,

12.91

%

,

05/01/25

..................

23

6,567,386

BNP

Paribas

SA

(

AbbVie,

Inc.

)

,

16.28

%

,

06/10/25

..................

31

6,029,873

BNP

Paribas

SA

(

United

Therapeutics

Corp.

)

,

22.09

%

,

06/13/25

..................

12

3,571,637

JPMorgan

Structured

Products

BV

(

Gilead

Sciences,

Inc.

)

,

17.08

%

,

06/10/25

.......

56

5,945,635

22,114,531

Broadline

Retail

—

0.6%

(b)(c)

Barclays

Bank

plc

(

MercadoLibre,

Inc.

)

,

17.61

%

,

05/07/25

..................

2

3,806,489

BNP

Paribas

SA

(

PDD

Holdings,

Inc.

)

,

31.04

%

,

06/12/25

..................

33

3,398,224

JPMorgan

Structured

Products

BV

(

Amazon.

com,

Inc.

)

,

20.35

%

,

05/01/25

...........

135

25,281,423

Morgan

Stanley

&

Co.

LLC

(

Coupang,

Inc.

)

,

58.37

%

,

05/08/25

..................

136

2,977,233

Societe

Generale

SA

(

Amazon.com,

Inc.

)

,

21.36

%

,

06/09/25

..................

14

2,597,147

UBS

AG

(

Amazon.com,

Inc.

)

,

10.10

%

,

05/01/25

109

20,405,009

58,465,525

Building

Products

—

0.2%

(b)(c)

Barclays

Bank

plc

(

Johnson

Controls

International

plc

)

,

18.07

%

,

05/01/25

......

58

4,775,490

Canadian

Imperial

Bank

of

Commerce

(

Johnson

Controls

International

plc

)

,

31.10

%

,

05/08/25

(a)

40

3,308,021

Morgan

Stanley

&

Co.

LLC

(

Trane

Technologies

plc

)

,

10.20

%

,

05/01/25

...............

27

9,387,248

17,470,759

Capital

Markets

—

0.7%

(b)(c)

Barclays

Bank

plc

(

Carlyle

Group,

Inc.

(The)

)

,

24.06

%

,

05/19/25

..................

87

3,374,091

Barclays

Bank

plc

(

KKR

&

Co.,

Inc.

)

,

17.83

%

,

05/02/25

..................

46

5,251,239

Barclays

Bank

plc

(

Morgan

Stanley

)

,

26.94

%

,

05/28/25

..................

79

9,102,555

Barclays

Bank

plc

(

Nasdaq,

Inc.

)

,

12.77

%

,

06/09/25

..................

31

2,358,630

Barclays

Bank

plc

(

Raymond

James

Financial,

Inc.

)

,

18.20

%

,

06/09/25

...............

34

4,662,601

BMO

Capital

Markets

Corp.

(

Evercore

Inc

)

,

27.60

%

,

06/13/25

..................

20

4,171,335

JPMorgan

Structured

Products

BV

(

S&P

Global,

Inc.

)

,

12.14

%

,

06/12/25

...............

12

5,867,183

Morgan

Stanley

&

Co.

LLC

(

Bank

of

New

York

Mellon

Corp.

(The)

)

,

24.72

%

,

05/28/25

....

51

4,121,360

Morgan

Stanley

&

Co.

LLC

(

Intercontinental

Exchange,

Inc.

)

,

8.95

%

,

05/02/25

........

27

4,581,309

Morgan

Stanley

&

Co.

LLC

(

Moody's

Corp.

)

,

18.53

%

,

06/05/25

..................

8

3,593,375

Royal

Bank

of

Canada

(

Blackstone,

Inc.

)

,

29.93

%

,

06/02/25

..................

44

5,839,970

Royal

Bank

of

Canada

(

Goldman

Sachs

Group,

Inc.

(The)

)

,

26.78

%

,

05/29/25

..........

20

10,875,168

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Royal

Bank

of

Canada

(

Moody's

Corp.

)

,

11.35

%

,

05/05/25

..................

USD

8

$

3,441,537

Societe

Generale

SA

(

Intercontinental

Exchange,

Inc.

)

,

11.88

%

,

05/19/25

...............

19

3,260,005

70,500,358

Chemicals

—

0.4%

(b)(c)

BMO

Capital

Markets

Corp.

(

PPG

Industries,

Inc.

)

,

27.20

%

,

06/02/25

...............

32

3,314,184

BNP

Paribas

SA

(

International

Flavors

&

Fragrances,

Inc.

)

,

19.10

%

,

05/08/25

......

61

4,767,332

JPMorgan

Structured

Products

BV

(

Sherwin-

Williams

Co.

(The)

)

,

14.61

%

,

06/12/25

....

5

1,764,910

Mizuho

Markets

Cayman

LP

(

Air

Products

and

Chemicals,

Inc.

)

,

21.47

%

,

05/05/25

.......

15

3,941,870

Morgan

Stanley

&

Co.

LLC

(

Axalta

Coating

Systems

Ltd.

)

,

16.30

%

,

05/01/25

........

138

4,401,163

Societe

Generale

SA

(

Albemarle

Corp.

)

,

25.53

%

,

05/19/25

..................

21

1,262,998

Societe

Generale

SA

(

Ecolab,

Inc.

)

,

8.49

%

,

06/12/25

...................

24

5,894,594

Societe

Generale

SA

(

Linde

plc

)

,

9.66

%

,

05/05/25

...................

16

7,156,397

Toronto-Dominion

Bank

(The)

(

Dow,

Inc.

)

,

38.52

%

,

06/09/25

..................

117

3,564,013

Toronto-Dominion

Bank

(The)

(

Scotts

Miracle-

Gro

Co.

(The)

)

,

43.41

%

,

06/13/25

........

48

2,408,882

38,476,343

Commercial

Services

&

Supplies

—

0.1%

(b)(c)

Barclays

Bank

plc

(

Rentokil

Initial

plc

)

,

22.30

%

,

05/27/25

..................

GBP

931

4,247,140

Morgan

Stanley

&

Co.

LLC

(

Republic

Services,

Inc.

)

,

9.25

%

,

06/10/25

...............

USD

24

6,009,063

Societe

Generale

SA

(

Waste

Management,

Inc.

)

,

11.69

%

,

06/12/25

..................

18

4,164,132

14,420,335

Communications

Equipment

—

0.1%

(b)(c)

Morgan

Stanley

&

Co.

LLC

(

Arista

Networks,

Inc.

)

,

19.46

%

,

05/08/25

...............

96

7,905,391

Societe

Generale

SA

(

Cisco

Systems,

Inc.

)

,

17.45

%

,

06/09/25

..................

78

4,447,804

12,353,195

Construction

&

Engineering

—

0.0%

Toronto-Dominion

Bank

(The)

(

EMCOR

Group,

Inc.

)

,

19.95

%

,

06/13/25

(b)

(c)

............

6

2,360,137

Construction

Materials

—

0.1%

(b)(c)

BMO

Capital

Markets

Corp.

(

Vulcan

Materials

Co.

)

,

15.90

%

,

06/13/25

...............

18

4,761,669

BNP

Paribas

SA

(

Martin

Marietta

Materials,

Inc.

)

,

14.71

%

,

06/13/25

..................

9

4,735,495

Morgan

Stanley

&

Co.

LLC

(

Heidelberg

Materials

AG

)

,

18.17

%

,

05/29/25

...............

11

2,859,130

12,356,294

Consumer

Finance

—

0.3%

(b)(c)

Morgan

Stanley

&

Co.

LLC

(

American

Express

Co.

)

,

15.48

%

,

06/02/25

...............

32

8,428,527

Morgan

Stanley

&

Co.

LLC

(

Capital

One

Financial

Corp.

)

,

25.92

%

,

06/06/25

.......

29

5,281,946

Royal

Bank

of

Canada

(

Ally

Financial,

Inc.

)

,

30.54

%

,

06/05/25

..................

149

4,813,586

Royal

Bank

of

Canada

(

Synchrony

Financial

)

,

31.93

%

,

06/05/25

..................

96

4,875,942

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

Toronto-Dominion

Bank

(The)

(

Discover

Financial

Services

)

,

25.92

%

,

06/09/25

...........

USD

19

$

3,450,403

26,850,404

Consumer

Staples

Distribution

&

Retail

—

0.5%

(b)(c)

Barclays

Bank

plc

(

Walmart,

Inc.

)

,

14.31

%

,

05/16/25

..................

188

18,218,057

BMO

Capital

Markets

Corp.

(

Costco

Wholesale

Corp.

)

,

12.33

%

,

05/07/25

.............

13

12,467,650

Goldman

Sachs

International

(

Dollar

General

Corp.

)

,

19.81

%

,

05/30/25

.............

87

8,125,274

Morgan

Stanley

&

Co.

LLC

(

Dollar

General

Corp.

)

,

20.82

%

,

06/16/25

.............

45

4,200,718

Societe

Generale

SA

(

Dollar

Tree,

Inc.

)

,

32.59

%

,

06/09/25

..................

49

3,997,732

Toronto-Dominion

Bank

(The)

(

Dollar

General

Corp.

)

,

27.03

%

,

05/01/25

.............

48

4,364,297

51,373,728

Containers

&

Packaging

—

0.1%

(b)(c)

Canadian

Imperial

Bank

of

Commerce

(Sealed

Air

Corp.)

24.30

%

,

05/08/25

(a)

.................

78

2,163,389

24.55

%

,

05/15/25

(a)

.................

78

2,171,212

Morgan

Stanley

&

Co.

LLC

(

Sealed

Air

Corp.

)

,

53.88

%

,

05/07/25

..................

137

3,634,263

Societe

Generale

SA

(

Crown

Holdings,

Inc.

)

,

13.22

%

,

06/12/25

..................

18

1,757,454

Toronto-Dominion

Bank

(The)

(

International

Paper

Co.

)

,

27.30

%

,

06/13/25

..........

51

2,339,238

12,065,556

Distributors

—

0.0%

Royal

Bank

of

Canada

(

Genuine

Parts

Co.

)

,

17.47

%

,

06/05/25

(b)

(c)

................

15

1,772,514

Diversified

Telecommunication

Services

—

0.2%

(b)(c)

Barclays

Bank

plc

(

AT&T,

Inc.

)

,

13.35

%

,

06/06/25

427

11,764,289

Citigroup,

Inc.

(

Verizon

Communications,

Inc.

)

,

18.89

%

,

05/15/25

..................

118

5,220,261

Morgan

Stanley

&

Co.

LLC

(

Singapore

Telecommunications

Ltd.

)

,

29.47

%

,

06/12/25

81

1,750,676

18,735,226

Electric

Utilities

—

0.1%

(b)(c)

Barclays

Bank

plc

(

Exelon

Corp.

)

,

15.57

%

,

05/19/25

..................

130

5,884,975

BNP

Paribas

SA

(

PG&E

Corp.

)

,

19.14

%

,

05/29/25

..................

223

3,660,030

JPMorgan

Structured

Products

BV

(

American

Electric

Power

Co.,

Inc.

)

,

17.57

%

,

06/12/25

.

17

1,861,064

11,406,069

Electrical

Equipment

—

0.0%

BMO

Capital

Markets

Corp.

(

Generac

Holdings,

Inc.

)

,

27.10

%

,

06/13/25

(b)

(c)

............

31

3,588,131

Electronic

Equipment,

Instruments

&

Components

—

0.3%

(b)(c)

BMO

Capital

Markets

Corp.

(

CDW

Corp.

)

,

12.65

%

,

05/01/25

..................

24

3,880,032

BMO

Capital

Markets

Corp.

(

Corning,

Inc.

)

,

25.70

%

,

06/12/25

..................

66

2,927,202

Morgan

Stanley

&

Co.

LLC

(

Amphenol

Corp.

)

,

18.61

%

,

06/06/25

..................

64

4,762,493

Royal

Bank

of

Canada

(

Flex

Ltd.

)

,

25.59

%

,

05/01/25

..................

260

9,069,462

Societe

Generale

SA

(

Keysight

Technologies,

Inc.

)

,

20.20

%

,

05/19/25

...............

14

1,994,698

Security

Par

(000)

Par

(000)

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Societe

Generale

SA

(

Zebra

Technologies

Corp.

)

,

26.03

%

,

06/12/25

..................

USD

23

$

5,840,401

28,474,288

Energy

Equipment

&

Services

—

0.0%

JPMorgan

Structured

Products

BV

(

Schlumberger

NV

)

,

30.31

%

,

06/10/25

(b)

(c)

..

85

2,860,788

Entertainment

—

0.1%

(b)(c)

BMO

Capital

Markets

Corp.

(

Walt

Disney

Co.

(The)

)

,

11.99

%

,

05/07/25

.............

78

7,070,745

Societe

Generale

SA

(

Electronic

Arts,

Inc.

)

,

18.01

%

,

05/05/25

..................

38

5,435,454

Societe

Generale

SA

(

Walt

Disney

Co.

(The)

)

,

19.82

%

,

05/19/25

..................

21

1,919,176

14,425,375

Financial

Services

—

0.6%

(b)(c)

BMO

Capital

Markets

Corp.

(

PayPal

Holdings,

Inc.

)

,

19.55

%

,

06/12/25

...............

89

5,881,722

BMO

Capital

Markets

Corp.

(

Visa,

Inc.

)

,

22.09

%

,

05/29/25

..................

9

2,935,915

Citigroup,

Inc.

(

Visa,

Inc.

)

,

11.01

%

,

06/13/25

...

34

11,894,745

Mizuho

Markets

Cayman

LP

(

Voya

Financial,

Inc.

)

,

23.12

%

,

05/05/25

...............

68

4,044,072

Morgan

Stanley

&

Co.

LLC

(

Fiserv,

Inc.

)

,

12.76

%

,

06/10/25

..................

66

11,932,416

Societe

Generale

SA

(

Global

Payments,

Inc.

)

,

27.08

%

,

06/09/25

..................

29

2,185,606

Toronto-Dominion

Bank

(The)

(Fidelity

National

Information

Services,

Inc.)

23.18

%

,

05/01/25

..................

97

6,906,551

19.22

%

,

06/16/25

..................

82

6,442,943

Toronto-Dominion

Bank

(The)

(

Mastercard,

Inc.

)

,

16.04

%

,

05/01/25

..................

23

12,382,990

64,606,960

Food

Products

—

0.2%

(b)(c)

BNP

Paribas

SA

(

Tyson

Foods,

Inc.

)

,

14.67

%

,

05/07/25

..................

79

4,812,642

Citigroup,

Inc.

(

Mondelez

International,

Inc.

)

,

10.87

%

,

06/13/25

..................

69

4,689,432

JPMorgan

Structured

Products

BV

(

Kraft

Heinz

Co.

(The)

)

,

25.36

%

,

06/12/25

...........

61

1,763,987

Morgan

Stanley

&

Co.

LLC

(

Lamb

Weston

Holdings,

Inc.

)

,

38.95

%

,

05/22/25

........

69

3,681,414

UBS

AG

(

Kraft

Heinz

Co.

(The)

)

,

19.30

%

,

05/29/25

..................

238

6,823,966

21,771,441

Ground

Transportation

—

0.2%

(b)(c)

Barclays

Bank

plc

(

Norfolk

Southern

Corp.

)

,

18.97

%

,

06/06/25

..................

15

3,466,700

Mizuho

Markets

Cayman

LP

(

Uber

Technologies,

Inc.

)

,

13.51

%

,

05/09/25

...............

197

15,891,482

Royal

Bank

of

Canada

(

Lyft,

Inc.

)

,

29.75

%

,

05/06/25

..................

198

2,443,739

21,801,921

Health

Care

Equipment

&

Supplies

—

0.4%

(b)(c)

Barclays

Bank

plc

(

Intuitive

Surgical,

Inc.

)

,

19.78

%

,

06/06/25

..................

12

5,907,182

BNP

Paribas

SA

(

GE

HealthCare

Technologies,

Inc.

)

,

15.74

%

,

06/13/25

...............

50

3,545,228

JPMorgan

Structured

Products

BV

(

Boston

Scientific

Corp.

)

,

13.72

%

,

06/06/25

.......

116

11,761,790

JPMorgan

Structured

Products

BV

(

Koninklijke

Philips

NV

)

,

58.21

%

,

06/05/25

..........

EUR

102

2,540,358

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Equipment

&

Supplies

(continued)

Morgan

Stanley

&

Co.

LLC

(

IDEXX

Laboratories,

Inc.

)

,

20.80

%

,

05/01/25

...............

USD

11

$

4,963,087

Royal

Bank

of

Canada

(

GE

HealthCare

Technologies,

Inc.

)

,

14.30

%

,

05/01/25

.....

29

1,981,237

Royal

Bank

of

Canada

(

Medtronic

plc

)

,

13.51

%

,

05/22/25

..................

93

7,933,168

38,632,050

Health

Care

Providers

&

Services

—

0.8%

(b)(c)

Bank

of

Montreal

(

Cigna

Group

(The)

)

,

20.84

%

,

06/09/25

..................

6

1,862,818

BMO

Capital

Markets

Corp.

(

Cardinal

Health,

Inc.

)

,

18.26

%

,

05/02/25

...............

57

7,487,489

BNP

Paribas

SA

(

CVS

Health

Corp.

)

,

22.44

%

,

05/08/25

..................

189

12,681,692

BNP

Paribas

SA

(

Labcorp

Holdings,

Inc.

)

,

13.10

%

,

06/12/25

..................

20

4,750,397

BNP

Paribas

SA

(

Tenet

Healthcare

Corp.

)

,

25.68

%

,

06/12/25

..................

42

5,922,843

Citigroup,

Inc.

(

Humana,

Inc.

)

,

31.78

%

,

06/13/25

16

4,184,496

JPMorgan

Structured

Products

BV

(

Labcorp

Holdings,

Inc.

)

,

15.42

%

,

05/15/25

........

30

7,173,532

Royal

Bank

of

Canada

(

Elevance

Health,

Inc.

)

,

17.15

%

,

06/05/25

..................

28

11,758,686

Royal

Bank

of

Canada

(

Quest

Diagnostics,

Inc.

)

,

11.10

%

,

06/05/25

..................

40

7,113,266

Societe

Generale

SA

(

Centene

Corp.

)

,

18.95

%

,

05/19/25

..................

43

2,603,483

Societe

Generale

SA

(

McKesson

Corp.

)

,

11.71

%

,

05/08/25

..................

7

4,920,614

Toronto-Dominion

Bank

(The)

(

Amplifon

SpA

)

,

17.62

%

,

06/09/25

..................

10

4,627,773

UBS

AG

(

Elevance

Health,

Inc.

)

,

20.40

%

,

05/29/25

..................

11

4,519,263

79,606,352

Hotels,

Restaurants

&

Leisure

—

0.6%

(b)(c)

Barclays

Bank

plc

(

Domino's

Pizza,

Inc.

)

,

16.26

%

,

06/11/25

..................

12

5,889,518

BNP

Paribas

SA

(

Airbnb,

Inc.

)

,

23.23

%

,

05/08/25

30

3,590,297

BNP

Paribas

SA

(

Booking

Holdings,

Inc.

)

,

18.65

%

,

06/13/25

..................

1

5,310,098

BNP

Paribas

SA

(

Wingstop,

Inc.

)

,

31.96

%

,

06/13/25

..................

7

1,781,581

Citigroup,

Inc.

(

Chipotle

Mexican

Grill,

Inc.

)

,

17.13

%

,

06/09/25

..................

83

4,149,778

Citigroup,

Inc.

(

Las

Vegas

Sands

Corp.

)

,

27.83

%

,

06/09/25

..................

79

2,918,394

JPMorgan

Structured

Products

BV

(

Hilton

Worldwide

Holdings,

Inc.

)

,

13.11

%

,

06/12/25

13

2,944,593

Morgan

Stanley

&

Co.

LLC

(

Boyd

Gaming

Corp.

)

,

18.00

%

,

06/10/25

..................

68

4,688,845

Morgan

Stanley

&

Co.

LLC

(

Papa

John's

International,

Inc.

)

,

70.66

%

,

05/09/25

.....

106

3,638,044

Morgan

Stanley

&

Co.

LLC

(

Wynn

Resorts

Ltd.

)

,

31.32

%

,

05/07/25

..................

87

6,985,044

Royal

Bank

of

Canada

(

MGM

Resorts

International

)

,

22.42

%

,

05/02/25

.........

75

2,357,816

Societe

Generale

SA

(

Booking

Holdings,

Inc.

)

,

12.90

%

,

05/01/25

..................

1

4,689,484

Societe

Generale

SA

(

Expedia

Group,

Inc.

)

,

19.30

%

,

05/05/25

..................

21

3,252,918

Societe

Generale

SA

(

Royal

Caribbean

Cruises

Ltd.

)

,

28.63

%

,

06/12/25

..............

13

2,914,005

UBS

AG

(

McDonald's

Corp.

)

,

9.90

%

,

05/01/25

.

20

6,169,505

61,279,920

Security

Par

(000)

Par

(000)

Value

Household

Durables

—

0.1%

(b)(c)

Barclays

Bank

plc

(

PulteGroup,

Inc.

)

,

22.69

%

,

06/05/25

..................

USD

29

$

2,955,673

Toronto-Dominion

Bank

(The)

(

Whirlpool

Corp.

)

,

37.88

%

,

06/09/25

..................

30

2,277,545

5,233,218

Household

Products

—

0.0%

Royal

Bank

of

Canada

(

Henkel

AG

&

Co.

KGaA

)

,

34.71

%

,

06/05/25

(b)

(c)

................

EUR

31

2,435,739

Industrial

Conglomerates

—

0.1%

(b)(c)

Barclays

Bank

plc

(

Siemens

AG

)

,

24.71

%

,

05/12/25

..................

12

2,707,507

Morgan

Stanley

&

Co.

LLC

(

3M

Co.

)

,

21.40

%

,

06/05/25

..................

USD

43

5,902,708

8,610,215

Industrial

REITs

—

0.0%

Royal

Bank

of

Canada

(

STAG

Industrial,

Inc.

)

,

16.42

%

,

05/22/25

(b)

(c)

................

64

2,142,379

Insurance

—

0.5%

(b)(c)

Barclays

Bank

plc

(

Progressive

Corp.

(The)

)

,

13.33

%

,

05/30/25

..................

38

10,582,585

Barclays

Bank

plc

(

Travelers

Cos.,

Inc.

(The)

)

,

10.82

%

,

05/30/25

..................

23

5,927,900

Morgan

Stanley

&

Co.

LLC

(

Fidelity

National

Financial,

Inc.

)

,

19.39

%

,

05/05/25

........

128

8,189,092

Morgan

Stanley

&

Co.

LLC

(

W

R

Berkley

Corp.

)

,

14.23

%

,

06/05/25

..................

57

4,113,694

Societe

Generale

SA

(

Allstate

Corp.

(The)

)

,

14.83

%

,

05/02/25

..................

35

6,884,394

Toronto-Dominion

Bank

(The)

(American

International

Group,

Inc.)

27.33

%

,

05/01/25

..................

81

6,613,393

19.41

%

,

06/16/25

..................

54

4,460,800

UBS

AG

(

Willis

Towers

Watson

plc

)

,

19.70

%

,

05/29/25

..................

16

4,963,197

51,735,055

Interactive

Media

&

Services

—

0.3%

Morgan

Stanley

&

Co.

LLC

(

Alphabet,

Inc.

)

,

17.01

%

,

06/10/25

(b)

(c)

................

181

28,988,484

IT

Services

—

0.1%

(b)(c)

Morgan

Stanley

&

Co.

LLC

(

Cognizant

Technology

Solutions

Corp.

)

,

23.07

%

,

06/12/25

..................

61

4,384,896

Morgan

Stanley

&

Co.

LLC

(

Snowflake,

Inc.

)

,

42.20

%

,

05/22/25

..................

24

3,620,253

8,005,149

Leisure

Products

—

0.1%

(b)(c)

BNP

Paribas

SA

(

Hasbro,

Inc.

)

,

32.01

%

,

05/01/25

..................

61

3,758,734

Royal

Bank

of

Canada

(

Hasbro,

Inc.

)

,

22.15

%

,

06/16/25

..................

50

3,067,484

6,826,218

Life

Sciences

Tools

&

Services

—

0.2%

(b)(c)

Barclays

Bank

plc

(

Thermo

Fisher

Scientific,

Inc.

)

,

18.07

%

,

06/06/25

...............

27

11,428,300

Morgan

Stanley

&

Co.

LLC

(

Danaher

Corp.

)

,

15.85

%

,

06/05/25

..................

36

7,100,930

18,529,230

Machinery

—

0.2%

(b)(c)

BMO

Capital

Markets

Corp.

(

Caterpillar,

Inc.

)

,

15.00

%

,

06/13/25

..................

15

4,765,865

BMO

Capital

Markets

Corp.

(

Flowserve

Corp.

)

,

19.04

%

,

06/13/25

..................

106

4,780,134

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

BMO

Capital

Markets

Corp.

(

Parker-Hannifin

Corp.

)

,

15.41

%

,

05/01/25

.............

USD

4

$

2,388,166

Morgan

Stanley

&

Co.

LLC

(

Westinghouse

Air

Brake

Technologies

Corp.

)

,

18.95

%

,

06/06/25

16

2,875,441

Societe

Generale

SA

(

CNH

Industrial

NV

)

,

21.69

%

,

05/19/25

..................

193

2,251,402

Societe

Generale

SA

(

Xylem,

Inc.

)

,

14.45

%

,

06/12/25

..................

40

4,721,879

Toronto-Dominion

Bank

(The)

(

Illinois

Tool

Works,

Inc.

)

,

10.71

%

,

06/13/25

...............

10

2,353,533

24,136,420

Media

—

0.1%

(b)(c)

Barclays

Bank

plc

(

WPP

plc

)

,

23.01

%

,

05/27/25

GBP

904

6,922,812

Morgan

Stanley

&

Co.

LLC

(

Charter

Communications,

Inc.

)

,

22.29

%

,

06/10/25

..

USD

13

4,805,109

Toronto-Dominion

Bank

(The)

(

Interpublic

Group

of

Cos.,

Inc.

(The)

)

,

23.25

%

,

06/09/25

.....

70

1,748,085

13,476,006

Metals

&

Mining

—

0.1%

(b)(c)

Citigroup,

Inc.

(

Freeport-McMoRan,

Inc.

)

,

26.66

%

,

06/09/25

..................

94

3,421,940

Royal

Bank

of

Canada

(

Teck

Resources

Ltd.

)

,

30.25

%

,

05/22/25

..................

75

2,575,033

5,996,973

Multi-Utilities

—

0.1%

(b)(c)

Morgan

Stanley

&

Co.

LLC

(

Sempra

)

,

18.73

%

,

05/01/25

..................

45

3,267,906

Royal

Bank

of

Canada

(

Sempra

)

,

23.38

%

,

06/16/25

..................

32

2,388,800

5,656,706

Oil,

Gas

&

Consumable

Fuels

—

0.3%

(b)(c)

Barclays

Bank

plc

(

Kinder

Morgan,

Inc.

)

,

26.87

%

,

06/02/25

..................

189

5,068,562

Barclays

Bank

plc

(

Shell

plc

)

,

13.94

%

,

05/12/25

GBP

236

7,722,170

Barclays

Bank

plc

(

Valero

Energy

Corp.

)

,

33.13

%

,

06/09/25

..................

USD

15

1,784,660

BNP

Paribas

SA

(

BP

plc

)

,

21.54

%

,

05/27/25

...

GBP

1,318

6,158,251

Mizuho

Markets

Cayman

LP

(

Marathon

Petroleum

Corp.

)

,

17.72

%

,

05/07/25

......

USD

16

2,264,487

Morgan

Stanley

&

Co.

LLC

(

Kosmos

Energy

Ltd.

)

,

43.69

%

,

05/05/25

..............

1,395

2,165,537

Toronto-Dominion

Bank

(The)

(

Hess

Corp.

)

,

21.97

%

,

06/13/25

..................

18

2,350,545

27,514,212

Passenger

Airlines

—

0.0%

Barclays

Bank

plc

(

United

Airlines

Holdings,

Inc.

)

,

37.52

%

,

05/30/25

(b)

(c)

................

26

1,772,605

Pharmaceuticals

—

0.3%

(b)(c)

JPMorgan

Structured

Products

BV

(

Bayer

AG

)

,

40.77

%

,

06/05/25

..................

EUR

101

2,549,225

Royal

Bank

of

Canada

(

Johnson

&

Johnson

)

,

17.80

%

,

05/29/25

..................

USD

30

4,687,079

Societe

Generale

SA

(

Pfizer,

Inc.

)

,

28.35

%

,

06/12/25

..................

245

5,948,523

Toronto-Dominion

Bank

(The)

(

Eli

Lilly

&

Co.

)

,

22.21

%

,

05/02/25

..................

21

18,830,821

32,015,648

Professional

Services

—

0.2%

(b)(c)

Citigroup,

Inc.

(

TransUnion

)

,

20.40

%

,

06/09/25

.

21

1,754,480

Mizuho

Markets

Cayman

LP

(

Leidos

Holdings,

Inc.

)

,

22.82

%

,

05/05/25

...............

32

4,572,992

Morgan

Stanley

&

Co.

LLC

(

SS&C

Technologies

Holdings,

Inc.

)

,

23.13

%

,

06/16/25

........

27

1,992,606

Security

Par

(000)

Par

(000)

Value

Professional

Services

(continued)

Royal

Bank

of

Canada

(

Equifax,

Inc.

)

,

21.27

%

,

06/05/25

..................

USD

12

$

3,007,086

Societe

Generale

SA

(

Robert

Half,

Inc.

)

,

21.41

%

,

05/19/25

..................

26

1,150,316

Toronto-Dominion

Bank

(The)

(SS&C

Technologies

Holdings,

Inc.)

22.65

%

,

05/01/25

..................

69

5,149,213

22.09

%

,

05/08/25

..................

69

5,221,614

22,848,307

Semiconductors

&

Semiconductor

Equipment

—

0.7%

(b)(c)

Barclays

Bank

plc

(

Texas

Instruments,

Inc.

)

,

24.95

%

,

06/09/25

..................

36

5,785,993

BNP

Paribas

SA

(

Teradyne,

Inc.

)

,

33.70

%

,

06/12/25

..................

23

1,777,121

Citigroup,

Inc.

(

STMicroelectronics

NV

)

,

29.01

%

,

06/02/25

..................

187

4,017,247

Goldman

Sachs

International

(

QUALCOMM,

Inc.

)

,

13.25

%

,

05/02/25

...............

59

8,830,734

JPMorgan

Structured

Products

BV

(

NVIDIA

Corp.

)

,

30.20

%

,

05/29/25

.............

424

46,167,032

Morgan

Stanley

&

Co.

LLC

(

NVIDIA

Corp.

)

,

23.22

%

,

05/22/25

..................

9

972,526

Societe

Generale

SA

(

Intel

Corp.

)

,

36.63

%

,

06/09/25

..................

66

1,356,646

Toronto-Dominion

Bank

(The)

(

Lam

Research

Corp.

)

,

25.95

%

,

06/09/25

.............

57

4,117,084

73,024,383

Software

—

0.7%

(b)(c)

Barclays

Bank

plc

(

Roper

Technologies,

Inc.

)

,

12.14

%

,

06/11/25

..................

11

5,898,149

Barclays

Bank

plc

(

ServiceNow,

Inc.

)

,

21.24

%

,

06/09/25

..................

17

16,521,750

BMO

Capital

Markets

Corp.

(

Adobe,

Inc.

)

,

13.37

%

,

05/07/25

..................

23

8,567,324

BMO

Capital

Markets

Corp.

(

Cadence

Design

Systems,

Inc.

)

,

19.40

%

,

06/12/25

........

6

1,776,159

BMO

Capital

Markets

Corp.

(

Fair

Isaac

Corp.

)

,

18.80

%

,

06/13/25

..................

2

3,545,692

Goldman

Sachs

International

(

Docusign,

Inc.

)

,

21.65

%

,

06/06/25

..................

49

4,029,423

HSBC

Bank

plc

(

Microsoft

Corp.

)

,

10.30

%

,

06/02/25

..................

19

7,436,327

JPMorgan

Structured

Products

BV

(

Intuit,

Inc.

)

,

21.55

%

,

05/23/25

..................

10

5,950,314

Morgan

Stanley

&

Co.

LLC

(

Manhattan

Associates,

Inc.

)

,

18.58

%

,

06/06/25

......

26

4,572,254

Morgan

Stanley

&

Co.

LLC

(

Palo

Alto

Networks,

Inc.

)

,

22.97

%

,

05/20/25

...............

35

6,258,043

Morgan

Stanley

&

Co.

LLC

(

Salesforce,

Inc.

)

,

27.59

%

,

05/29/25

..................

9

2,369,350

Morgan

Stanley

&

Co.

LLC

(

Workday,

Inc.

)

,

28.97

%

,

05/23/25

..................

25

6,007,664

72,932,449

Specialized

REITs

—

0.1%

(b)(c)

JPMorgan

Structured

Products

BV

(

Digital

Realty

Trust,

Inc.

)

,

21.96

%

,

06/10/25

..........

29

4,697,939

Mizuho

Markets

Cayman

LP

(

Crown

Castle,

Inc.

)

,

16.62

%

,

05/22/25

..................

62

6,546,819

11,244,758

Specialty

Retail

—

0.2%

(b)(c)

Barclays

Bank

plc

(

Ulta

Beauty,

Inc.

)

,

23.70

%

,

05/29/25

..................

12

4,707,018

JPMorgan

Structured

Products

BV

(

Home

Depot,

Inc.

(The)

)

,

24.80

%

,

05/21/25

..........

16

5,861,833

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

Morgan

Stanley

&

Co.

LLC

(

Lowe's

Cos.,

Inc.

)

,

26.61

%

,

05/21/25

..................

USD

13

$

2,903,930

Morgan

Stanley

&

Co.

LLC

(

TJX

Cos.,

Inc.

(The)

)

,

16.09

%

,

05/21/25

.............

45

5,782,382

19,255,163

Technology

Hardware,

Storage

&

Peripherals

—

0.6%

(b)(c)

Citigroup,

Inc.

(

Seagate

Technology

Holdings

plc

)

,

25.59

%

,

06/13/25

...............

33

2,994,590

Citigroup,

Inc.

(

Western

Digital

Corp.

)

,

29.51

%

,

06/02/25

..................

95

3,765,746

Mizuho

Markets

Cayman

LP

(

HP,

Inc.

)

,

8.70

%

,

05/19/25

...................

157

4,035,583

Royal

Bank

of

Canada

(

Apple,

Inc.

)

,

12.20

%

,

05/02/25

..................

238

50,693,479

Toronto-Dominion

Bank

(The)

(

Western

Digital

Corp.

)

,

35.79

%

,

06/13/25

.............

54

2,370,363

63,859,761

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

(b)(c)

Barclays

Bank

plc

(

Burberry

Group

plc

)

,

26.73

%

,

05/12/25

..................

GBP

115

1,123,819

Barclays

Bank

plc

(

Swatch

Group

AG

(The)

)

,

22.71

%

,

05/12/25

..................

CHF

26

4,449,360

Societe

Generale

SA

(

NIKE,

Inc.

)

,

27.51

%

,

06/09/25

..................

USD

30

1,701,576

7,274,755

Tobacco

—

0.2%

(b)(c)

Barclays

Bank

plc

(

Philip

Morris

International,

Inc.

)

,

10.64

%

,

06/06/25

...............

69

11,764,065

BMO

Capital

Markets

Corp.

(

Altria

Group,

Inc.

)

,

9.94

%

,

06/12/25

...................

70

4,110,757

Royal

Bank

of

Canada

(

British

American

Tobacco

plc

)

,

14.07

%

,

06/05/25

...............

GBP

131

5,626,055

21,500,877

Trading

Companies

&

Distributors

—

0.0%

Barclays

Bank

plc

(

United

Rentals,

Inc.

)

,

24.57

%

,

06/09/25

(b)

(c)

................

USD

5

3,430,630

Transportation

Infrastructure

—

0.1%

(b)(c)

BNP

Paribas

SA

(

Aeroports

de

Paris

SA

)

,

9.97

%

,

06/13/25

...................

20

5,921,253

Canadian

Imperial

Bank

of

Commerce

(

Aeroports

de

Paris

SA

)

,

13.30

%

,

05/02/25

.........

22

6,644,426

12,565,679

Total

Equity-Linked

Notes

—

13

.3

%

(Cost:

$

1,373,341,164

)

............................

1,367,130,735

Fixed

Rate

Loan

Interests

Diversified

Telecommunication

Services

—

0.0%

X

Corp.,

1st

Lien

Term

Loan

B3

,

9.50

%

,

02/14/30

265

258,319

Financial

Services

—

0.4%

(f)

Aspen

Owner

LLC,

1st

Lien

Term

Loan

,

7.27

%

,

02/09/27

...................

13,200

13,300,798

BSREP

II

Houston

Office

1HC

Owner

LLC,

1st

Lien

Term

Loan

,

0.00

%

,

01/09/30

........

23,452

2

BSREP

II

Houston

Office

1HC

Owner

LLC,

Delayed

Draw

1st

Lien

Term

Loan

,

0.00

%

,

05/09/30

...................

19,516

18,073,249

31,374,049

Health

Care

Technology

—

0.0%

Cotiviti,

Inc.,

1st

Lien

Term

Loan

,

7.63

%

,

05/01/31

...................

1,736

1,713,368

Security

Par

(000)

Par

(000)

Value

Media

—

0.0%

Getty

Images,

Inc.,

1st

Lien

Term

Loan

B1

,

11.25

%

,

02/21/30

..................

USD

670

$

659,950

Software

—

0.0%

Clover

Holdings

2

LLC,

1st

Lien

Term

Loan

,

7.75

%

,

12/09/31

(f)

..................

2,528

2,490,080

Total

Fixed

Rate

Loan

Interests

—

0

.4

%

(Cost:

$

36,469,005

)

...............................

36,495,766

Floating

Rate

Loan

Interests

Aerospace

&

Defense

—

0.3%

(a)

Bleriot

US

Bidco,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.05

%

,

10/31/30

...................

1,320

1,310,087

Cobham

Ultra

SeniorCo

SARL,

Facility

1st

Lien

Term

Loan

B

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.43

%

,

08/03/29

...

2,014

1,976,640

Cubic

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

8.82

%

,

05/25/28

...................

4,587

2,523,549

Cubic

Corp.,

1st

Lien

Term

Loan

C

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

8.82

%

,

05/25/28

...................

872

479,952

Dynasty

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

10/31/31

.............

3,884

3,860,129

Dynasty

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

10/31/31

.............

1,477

1,468,142

GOAT

Holdco

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

01/27/32

...................

683

671,334

Kaman

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%;

6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%

at

0.50%

Floor

+

0.00%),

7.03

%

-

7.07

%

,

02/26/32

...................

1,032

1,015,521

Peraton

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

8.17

%

,

02/01/28

...................

3,007

2,706,614

Peraton

Corp.,

2nd

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.75%),

12.18

%

,

02/01/29

..................

658

495,097

Propulsion

BC

Newco

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.55

%

,

09/14/29

.............

277

277,059

Setanta

Aircraft

Leasing

DAC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.05

%

,

11/06/28

........

595

595,107

Signia

Aerospace

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

12/11/31

..............

926

913,064

TransDigm,

Inc.,

1st

Lien

Term

Loan

J

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.80

%

,

02/28/31

...................

10,874

10,757,986

TransDigm,

Inc.,

1st

Lien

Term

Loan

K

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.05

%

,

03/22/30

...................

1,128

1,124,956

TransDigm,

Inc.,

1st

Lien

Term

Loan

L

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.80

%

,

01/19/32

...................

1,207

1,193,478

31,368,715

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Automobile

Components

—

0.2%

(a)

Champions

Financing,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

9.07

%

,

02/06/29

.............

USD

2,005

$

1,792,405

Clarios

Global

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.82

%

,

05/06/30

...........

4,534

4,437,661

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07

%

,

01/28/32

...........

3,005

2,938,650

Garrett

Motion

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.54

%

,

01/30/32

............

1,011

1,000,890

Gates

Global

LLC,

1st

Lien

Term

Loan

B5

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.07

%

,

06/04/31

...................

3,761

3,727,169

RealTruck

Group,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

9.44

%

,

01/31/28

.............

690

655,316

Tenneco,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

9.40

%

-

9.42

%

,

11/17/28

...................

1,857

1,752,544

16,304,635

Automobiles

—

0.0%

Dealer

Tire

Financial

LLC,

1st

Lien

Term

Loan

B5

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

07/02/31

(a)

(f)

............

1,803

1,794,005

Beverages

—

0.0%

Naked

Juice

LLC,

1st

Lien

Term

Loan

(a)

01/24/29

(p)

.......................

2,081

1,303,095

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

9.71

%

,

01/24/29

...........

2,554

2,434,873

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

10.31

%

,

01/24/30

...........

1,384

391,008

4,128,976

Biotechnology

—

0.0%

Phoenix

Newco,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.82

%

,

11/15/28

(a)

..................

3,749

3,724,500

Broadline

Retail

—

0.1%

(a)

Fanatics

Commerce

Intermediate

Holdco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.69

%

,

11/23/28

(f)

.

614

611,777

StubHub

Holdco

Sub

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

9.07

%

,

03/15/30

.............

6,061

5,959,183

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

8.31

%

,

12/21/27

...................

471

219,620

6,790,580

Building

Products

—

0.1%

(a)

AZEK

Group

LLC

(The),

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.32

%

,

09/26/31

.............

1,304

1,294,376

AZZ,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.82

%

,

05/14/29

...................

525

524,215

Chariot

Buyer

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.67

%

,

11/03/28

...................

4,384

4,324,165

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.82

%

,

10/02/28

...................

1,521

1,496,093

Security

Par

(000)

Par

(000)

Value

Building

Products

(continued)

Wilsonart

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.55

%

,

08/05/31

...................

USD

4,751

$

4,585,057

12,223,906

Capital

Markets

—

0.3%

(a)

Ardonagh

Group

Finco

Pty.

Ltd.,

Facility

1st

Lien

Term

Loan

B

,

02/18/31

(p)

..............

3,214

3,143,710

Aretec

Group,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.82

%

,

08/09/30

.............

974

967,765

Ascensus

Group

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

08/02/28

........

3,029

3,009,654

Axalta

Coating

Systems

US

Holdings,

Inc.,

Facility

1st

Lien

Term

Loan

B7

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.05

%

,

12/20/29

...................

2,994

2,990,020

Azalea

Topco,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.57

%

,

04/30/31

...................

1,079

1,070,793

BCPE

Pequod

Buyer,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.82

%

,

11/25/31

..............

1,998

1,990,927

Edelman

Financial

Engines

Center

LLC

(The),

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

04/07/28

..

2,490

2,479,161

Focus

Financial

Partners

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07

%

,

09/15/31

........

1,951

1,925,394

Jane

Street

Group

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.31

%

,

12/15/31

.............

3,244

3,196,818

Jefferies

Finance

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

10/21/31

(f)

.............

990

988,283

NGP

XI

Midstream

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.80

%

,

07/25/31

............

211

208,298

Osaic

Holdings,

Inc.,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.82

%

,

08/17/28

.............

1,645

1,636,647

OVG

Business

Services

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

06/25/31

............

1,009

997,441

Project

Kickers,

Delayed

Draw

1st

Lien

Term

Loan

,

11/19/30

(p)

...................

EUR

1,269

1,435,404

26,040,315

Chemicals

—

0.3%

(a)

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

8.42

%

,

11/24/27

............

USD

1,758

1,713,131

Chemours

Co.

(The),

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

08/18/28

.............

1,492

1,450,542

Derby

Buyer

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

11/01/30

...................

2,780

2,726,304

Discovery

Purchaser

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.02

%

,

10/04/29

.............

182

180,365

Element

Solutions,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

12/18/30

.............

2,354

2,346,645

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Fortis

333,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.80

%

,

03/29/32

...................

USD

975

$

951,844

HB

Fuller

Co.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.07

%

,

02/15/30

...................

1,797

1,792,614

INEOS

US

Finance

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.57

%

,

02/18/30

.............

630

588,151

INEOS

US

Petrochem

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.57

%

,

10/07/31

.............

740

617,900

Lonza

Group

AG,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.93%),

8.32

%

,

07/03/28

.............

2,178

1,979,027

Minerals

Technologies,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

11/26/31

(f)

.............

2,003

1,972,935

Momentive

Performance

Materials,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.32

%

,

03/29/28

........

3,288

3,223,530

Nouryon

Finance

BV,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.55

%

,

04/03/28

.............

1,926

1,910,423

Olympus

Water

US

Holding

Corp.,

1st

Lien

Term

Loan

B6

,

06/23/31

(p)

.................

3,161

3,117,693

OQ

Chemicals

International

Holding

GmbH,

1st

Lien

Term

Loan

B2

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.71%),

7.10

%

,

12/31/26

..

1,593

1,473,806

Paint

Intermediate

III

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.30

%

,

10/09/31

.............

686

684,285

Sparta

US

HoldCo

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

7.32

%

,

08/02/30

.............

2,601

2,547,641

WR

Grace

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.55

%

,

09/22/28

.............

3,124

3,059,804

32,336,640

Commercial

Services

&

Supplies

—

0.5%

(a)

Action

Environmental

Group,

Inc.

(The),

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.05

%

,

10/24/30

(f)

.......

666

663,120

Allied

Universal

Holdco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.17

%

,

05/12/28

.............

7,011

7,000,213

Anticimex

Global

AB,

1st

Lien

Term

Loan

B6

,

11/16/28

(p)

.......................

648

645,090

Aramark

Services,

Inc.,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

06/24/30

.............

3,966

3,959,265

Asplundh

Tree

Expert

LLC,

1st

Lien

Term

Loan

,

09/06/27

(p)

.......................

2,109

2,105,152

Citrin

Cooperman

Advisors

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.30

%

,

04/01/32

............

1,242

1,228,302

Clean

Harbors,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

10/10/28

...................

1,664

1,672,118

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B4

,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.74

%

,

09/30/31

........

7,023

6,965,249

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Garda

World

Security

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.29

%

,

02/01/29

.............

USD

2,009

$

1,986,246

Grant

Thornton

Advisors

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07

%

,

06/02/31

............

1,176

1,165,300

JFL-Tiger

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

8.30

%

,

10/17/30

............

743

740,408

LABL,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

9.42

%

,

10/30/28

...................

2,349

2,018,527

Novelis,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.29

%

,

02/25/32

...................

4,024

4,011,445

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

10/15/30

...

834

829,455

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

03/08/32

...

2,170

2,136,994

Quartz

AcquireCo

LLC,

1st

Lien

Term

Loan

B2

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.55

%

,

06/28/30

(f)

.............

3,533

3,493,665

Reworld

Holding

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.58

%

,

11/30/28

..............

2,189

2,177,916

Reworld

Holding

Corp.,

1st

Lien

Term

Loan

C

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.58

%

,

11/30/28

..............

169

167,742

Ryan

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.82

%

,

11/14/30

...................

110

109,505

Skopima

Consilio

Parent

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.07

%

,

05/12/28

............

1,340

1,316,807

Summer

BC

Holdco

B

SARL,

Facility

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.00%),

9.56

%

,

02/15/29

...

436

429,822

Tempo

Acquisition

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

08/31/28

.............

3,032

3,004,119

TruGreen

LP,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

8.42

%

,

11/02/27

(f)

..................

935

883,774

Vestis

Corp.,

1st

Lien

Term

Loan

B1

,

02/24/31

(p)

1,775

1,725,859

50,436,093

Communications

Equipment

—

0.0%

(a)

Ciena

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

10/24/30

...................

2,109

2,096,022

Viasat,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.94

%

,

03/02/29

...........

585

546,973

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.94

%

,

05/30/30

...........

485

440,024

3,083,019

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Construction

&

Engineering

—

0.1%

(a)

Arcosa,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

08/15/31

...................

USD

1,493

$

1,486,710

Brand

Industrial

Services,

Inc.,

1st

Lien

Term

Loan

C

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.79

%

,

08/01/30

........

4,727

4,361,859

Construction

Partners,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.82

%

,

11/03/31

..............

601

596,482

Legence

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

7.57

%

,

12/15/28

.............

1,101

1,082,694

Pike

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.44

%

,

01/21/28

...................

1,971

1,973,660

9,501,405

Construction

Materials

—

0.2%

(a)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

01/31/31

...................

3,002

2,997,205

NEW

AMI

I

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

10.32

%

,

03/08/29

..................

731

679,909

Oldcastle

BuildingEnvelope,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

8.55

%

,

04/30/29

........

1,441

1,375,181

Potters

Borrower

LP,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

7.32

%

,

12/14/27

...................

607

603,659

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B1

,

04/14/31

(p)

.......................

2,307

2,259,570

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

03/19/29

.............

1,502

1,476,013

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

02/10/32

.............

2,005

1,963,076

Smyrna

Ready

Mix

Concrete

LLC,

Facility

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

03/30/29

...

402

392,282

Standard

Building

Solutions,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.07

%

,

09/22/28

............

586

585,602

White

Cap

Supply

Holdings

LLC,

Facility

1st

Lien

Term

Loan

C

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.57

%

,

10/19/29

...

5,535

5,385,340

17,717,837

Consumer

Staples

Distribution

&

Retail

—

0.2%

(a)

EG

Finco

Ltd.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.56

%

,

02/07/28

...................

451

450,009

Magnavale

Holdings

Ltd.,

Facility

Term

Loan

,

(3-

mo.

GBP

SONIA

+

3.75%),

8.42

%

,

04/12/28

(f)

GBP

10,046

13,388,116

US

Foods,

Inc.,

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

11/22/28

............

USD

1,076

1,079,045

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

10/03/31

...........

1,069

1,071,630

15,988,800

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

—

0.1%

(a)

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

7.07

%

,

11/29/30

............

USD

5,479

$

5,457,069

Citadel

Securities

LP,

Facility

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

10/31/31

.............

2,997

2,991,613

Clydesdale

Acquisition

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

04/01/32

(p)

..............

2,157

2,137,435

Mauser

Packaging

Solutions

Holding

Co.,

Facility

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

04/15/27

..

1,802

1,772,323

Pregis

TopCo

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.32

%

,

07/31/26

...................

470

468,644

Reynolds

Consumer

Products

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

03/04/32

............

430

430,894

Trident

TPI

Holdings,

Inc.,

1st

Lien

Term

Loan

B7

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.05

%

,

09/15/28

.............

1,178

1,137,567

14,395,545

Distributors

—

0.0%

Pai

HoldCo,

Inc.,

1st

Lien

Term

Loan

B

,

10/28/27

(a)

(p)

......................

1,273

980,833

Diversified

Consumer

Services

—

0.1%

(a)

Bright

Horizons

Family

Solutions

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.07

%

,

11/24/28

....

2,548

2,538,501

Kuehg

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.55

%

,

06/12/30

...................

978

973,311

Learning

Care

Group

US

No.

2,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

8.28

%

-

8.32

%

,

08/11/28

...................

236

234,994

OMNIA

Partners

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.03

%

,

07/25/30

.............

1,398

1,390,907

PG

Polaris

BidCo

SARL,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.30

%

,

03/26/31

.............

1,096

1,091,319

Planet

US

Buyer

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

02/07/31

.............

1,169

1,161,511

Spring

Education

Group,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.30

%

,

09/30/30

............

2,026

2,016,157

Verde

Purchaser

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.30

%

,

11/30/30

..............

723

716,067

Wand

NewCo

3,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.82

%

,

01/30/31

...................

3,056

3,010,577

13,133,344

Diversified

REITs

—

0.0%

RHP

Hotel

Properties

LP,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

05/18/30

(a)

............

1,804

1,787,357

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

—

0.2%

(a)

Altice

Financing

SA,

1st

Lien

Term

Loan

,

(US

Prime

Rate

at

0.00%

Floor

+

1.75%),

9.25

%

,

01/30/26

(f)

..................

USD

450

$

416,608

Connect

Finco

SARL,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

8.82

%

,

09/13/29

...................

1,083

970,010

Iridium

Satellite

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

6.57

%

,

09/20/30

.............

877

868,487

Level

3

Financing,

Inc.,

1st

Lien

Term

Loan

B

,

03/29/32

(p)

.......................

4,769

4,752,309

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

A

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.00%),

10.32

%

,

06/01/28

.............

405

403,199

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

B1

,

04/16/29

(p)

.....................

1,578

1,506,138

Lumen

Technologies,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.35%),

6.79

%

,

04/15/30

.............

2,461

2,341,237

Orbcomm,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%;

3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%

at

0.75%

Floor

+

0.00%),

8.69

%

-

8.82

%

,

09/01/28

(f)

..................

962

858,461

Radiate

Holdco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

7.69

%

,

09/25/26

...................

3,761

3,290,454

Twitter,

Inc.,

1st

Lien

Term

Loan

B1

,

10/26/29

(p)

.

1,700

1,645,175

Virgin

Media

Bristol

LLC,

Facility

1st

Lien

Term

Loan

Q

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.69

%

,

01/31/29

........

795

782,439

Zayo

Group

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.44

%

,

03/09/27

.............

7,339

6,809,386

24,643,903

Electric

Utilities

—

0.0%

(a)

NRG

Energy,

Inc.,

1st

Lien

Term

Loan

,

04/16/31

(p)

.......................

2,002

1,994,818

Vistra

Operations

Co.

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

12/20/30

.............

2,002

1,993,073

3,987,891

Electrical

Equipment

—

0.0%

(a)

Arcline

FM

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

7.58

%

,

06/23/30

.............

1,505

1,499,356

GrafTech

Global

Enterprises,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

5.00%),

9.30

%

,

12/21/29

............

197

194,697

1,694,053

Electronic

Equipment,

Instruments

&

Components

—

0.1%

(a)

Celestica,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

06/20/31

(f)

..................

2,496

2,476,946

Coherent

Corp.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.32

%

,

07/02/29

...................

2,902

2,866,158

5,343,104

Security

Par

(000)

Par

(000)

Value

Energy

Equipment

&

Services

—

0.0%

Covia

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.57

%

,

02/13/32

(a)

..................

USD

640

$

638,202

Entertainment

—

0.3%

(a)

City

Football

Group

Ltd.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.04

%

,

07/22/30

.............

2,511

2,448,651

Creative

Artists

Agency

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07

%

,

10/01/31

.............

5,244

5,211,974

Delta

2

(Lux)

SARL,

1st

Lien

Term

Loan

B

,

09/30/31

(p)

.......................

3,346

3,326,736

Liberty

Media

Corp.,

1st

Lien

Term

Loan

,

08/01/31

(p)

.......................

1,671

1,661,576

Live

Nation

Entertainment,

Inc.,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.17

%

,

10/19/26

........

2,512

2,504,960

Motion

Finco

SARL,

Facility

1st

Lien

Term

Loan

B3

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.80

%

,

11/13/29

..............

2,634

2,482,133

NEP

Group,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.82

%

,

08/19/26

...................

1,322

1,181,182

Playtika

Holding

Corp.,

Facility

1st

Lien

Term

Loan

B1

,

03/13/28

(p)

.................

2,098

2,045,306

UFC

Holdings

LLC,

1st

Lien

Term

Loan

B4

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.58

%

,

11/21/31

..............

4,502

4,495,145

WMG

Acquisition

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

01/24/31

.............

5,271

5,255,792

30,613,455

Financial

Services

—

0.9%

(a)

ABG

Intermediate

Holdings

2

LLC,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.67

%

,

12/21/28

........

2,738

2,682,606

ABG

Intermediate

Holdings

2

LLC,

Delayed

Draw

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

02/13/32

..

1,725

1,684,031

Apex

Group

Treasury

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.82

%

,

02/27/32

.............

1,207

1,201,472

APi

Group

DE,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

01/03/29

...................

3,687

3,677,884

Belron

Finance

2019

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.05

%

,

10/16/31

.............

5,996

5,971,878

Boost

Newco

Borrower

LLC,

1st

Lien

Term

Loan

B2

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.18%),

8.47

%

,

01/31/31

.............

7,547

7,528,599

Clover

Holdings

SPV

III

LLC,

1st

Lien

Term

Loan

,

12/09/27

(f)

(p)

.......................

24

23,387

CPI

Holdco

B

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

05/19/31

...........

2,760

2,737,771

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

05/19/31

...........

1,509

1,499,886

CTP-02

Propco

LLC

,

12/06/29

(f)

(p)

..........

7,100

7,031,203

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.75%),

8.05

%

,

04/09/27

............

4,228

3,996,188

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Deerfield

Holdings

Corp.,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.75%),

11.31

%

,

04/07/28

.............

USD

1,357

$

1,236,159

Endeavor

Operating

Co.

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

03/24/32

.............

5,866

5,782,879

FinCo

I

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

06/27/29

...................

188

187,758

Guardian

US

Holdco

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.80

%

,

01/31/30

.............

404

390,197

Hilton

Garden

Inn,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.61

%

,

05/31/29

(f)

..................

8,500

8,556,100

HLP

Hotel

LLC,

1st

Lien

Term

Loan

,

(12-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.55%),

7.89

%

,

09/09/26

(f)

..................

10,600

10,600,000

HP

LQ

Investment

LP,

1st

Lien

Term

Loan

,

(12-mo.

CME

Term

SOFR

+

2.82%),

7.14

%

,

12/09/26

(f)

..................

10,600

10,600,000

Hyperion

Refinance

SARL,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

02/18/31

.............

3,616

3,591,708

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.55

%

,

05/30/31

.............

4,007

3,989,363

Terranea

Resort,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

+

4.35%),

8.67

%

,

01/01/28

(f)

5,600

5,600,000

WEX,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

04/03/28

...................

434

428,759

WEX,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

03/05/32

...................

905

888,782

89,886,610

Food

Products

—

0.1%

(a)

Chobani

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.82

%

,

10/25/27

...................

5,359

5,351,584

Hearthside

Food

Holding

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.50%),

10.80

%

,

03/31/32

...........

195

191,784

Nomad

Foods

US

LLC,

Facility

1st

Lien

Term

Loan

B4

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.54

%

,

11/13/29

(f)

.......

782

779,785

Primo

Brands

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.55

%

,

03/31/28

...................

1,605

1,590,501

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan

B

,

01/29/32

(p)

.......................

3,700

3,673,719

11,587,373

Gas

Utilities

—

0.0%

(a)

M6

ETX

Holdings

II

Midco

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

03/25/32

............

960

953,098

NGL

Energy

Operating

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

8.07

%

,

02/03/31

.............

805

760,133

1,713,231

Security

Par

(000)

Par

(000)

Value

Ground

Transportation

—

0.1%

(a)

Avis

Budget

Car

Rental

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.19

%

,

08/06/27

.............

USD

1,410

$

1,374,275

Genesee

&

Wyoming,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.05

%

,

04/10/31

.............

6,503

6,412,343

Hertz

Corp.

(The),

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.94

%

,

06/30/28

...................

1,726

1,333,324

Hertz

Corp.

(The),

1st

Lien

Term

Loan

C

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.94

%

,

06/30/28

...................

338

261,070

9,381,012

Health

Care

Equipment

&

Supplies

—

0.1%

Bausch

+

Lomb

Corp.,

1st

Lien

Term

Loan

(a)

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.67

%

,

05/10/27

...........

3,548

3,502,321

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.32

%

,

09/29/28

...........

1,490

1,474,251

4,976,572

Health

Care

Providers

&

Services

—

0.3%

(a)

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.30

%

-

7.31

%

,

09/29/28

......

1,800

1,793,398

CNT

Holdings

I

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.80

%

,

11/08/32

...................

2,425

2,410,399

Concentra

Health

Services,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

07/28/31

(f)

.......

1,008

997,700

Ensemble

RCM

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.28

%

,

08/01/29

.............

2,502

2,498,104

Examworks

Bidco,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.07

%

,

11/01/28

..............

3,292

3,276,844

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

A

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.75%),

10.02

%

,

08/31/28

.............

499

504,109

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

B

,

11/30/28

(p)

.......................

1,046

804,804

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

C

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.75%),

11.02

%

,

11/30/28

(e)

(l)

...........

52

12,891

Medical

Solutions

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.88

%

,

11/01/28

............

986

589,375

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

7.00%),

11.38

%

,

11/01/29

(f)

...........

404

202,000

Medline

Borrower

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.57

%

,

10/23/28

...................

12,481

12,388,148

Option

Care

Health,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.57

%

,

10/27/28

.............

3,335

3,330,827

Raven

Acquisition

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.57

%

,

11/19/31

............

1,008

996,753

Surgery

Center

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07

%

,

12/19/30

............

2,599

2,588,875

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Vizient,

Inc.,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.07

%

,

08/01/31

...................

USD

584

$

582,510

32,976,737

Health

Care

Technology

—

0.2%

(a)

AthenaHealth

Group,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

02/15/29

.............

6,631

6,565,856

Cotiviti,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07

%

,

05/01/31

...................

3,928

3,840,030

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

8.40

%

,

10/01/27

.............

2,617

2,428,280

PointClickCare

Technologies,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.55

%

,

11/03/31

............

1,269

1,265,779

Polaris

Newco

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.29

%

,

06/02/28

...................

4,005

3,855,826

Waystar

Technologies,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

10/22/29

(f)

.............

834

829,882

18,785,653

Hotels,

Restaurants

&

Leisure

—

0.7%

(a)

1011778

BC

ULC,

1st

Lien

Term

Loan

B5

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

09/20/30

...................

3,421

3,382,983

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.50%),

9.94

%

,

03/11/30

(f)

...........

291

289,402

Aimbridge

Acquisition

Co.,

Inc.,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.61%),

11.94

%

,

03/11/30

(f)

...........

259

253,329

Alterra

Mountain

Co.,

1st

Lien

Term

Loan

B7

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

05/31/30

(f)

.............

1,429

1,428,570

Bally's

Corp.,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.78

%

,

10/02/28

.............

2,380

2,052,883

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.56

%

,

02/06/30

.............

928

913,650

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.56

%

,

02/06/31

.............

6,254

6,145,451

Carnival

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.00%),

6.33

%

,

08/09/27

...........

851

849,181

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.00%),

6.33

%

,

10/18/28

...........

1,005

1,000,608

Crown

Finance

US,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

9.57

%

,

12/02/31

.............

1,007

997,088

DK

Crown

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

03/04/32

.............

1,811

1,793,270

Fertitta

Entertainment

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.82

%

,

01/29/29

.............

6,488

6,313,676

Flutter

Financing

BV,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.05

%

,

12/02/30

.............

5,016

4,931,517

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Four

Seasons

Hotels

Ltd.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.07

%

,

11/30/29

..............

USD

4,496

$

4,496,465

Great

Canadian

Gaming

Corp.,

1st

Lien

Term

Loan

B

,

11/01/29

(p)

..................

1,308

1,257,637

Herschend

Entertainment

Co.

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

08/28/28

(f)

...........

231

228,339

Hilton

Domestic

Operating

Co.,

Inc.,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.08

%

,

11/08/30

....

3,163

3,149,999

IRB

Holding

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.82

%

,

12/15/27

...................

2,499

2,478,060

Light

&

Wonder

International,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.57

%

,

04/16/29

........

2,200

2,193,132

Ontario

Gaming

GTA

LP,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

8.55

%

,

08/01/30

.............

305

294,478

Packers

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

7.67

%

,

03/02/28

.............

1,097

598,177

Penn

Entertainment,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.82

%

,

05/03/29

.............

2,734

2,720,783

Playa

Resorts

Holding

BV,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.07

%

,

01/05/29

.............

641

639,772

Scientific

Games

Holdings

LP,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.28

%

,

04/04/29

............

1,002

991,804

SeaWorld

Parks

&

Entertainment,

Inc.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.32

%

,

12/04/31

(f)

...

796

783,838

Six

Flags

Entertainment

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

05/01/31

........

1,000

990,086

Sodalite

Tahoe

Hotel

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.90%),

7.34

%

,

10/25/26

(f)

.............

7,532

7,562,881

Station

Casinos

LLC,

Facility

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

03/14/31

.............

4,003

3,968,522

Whatabrands

LLC,

1st

Lien

Term

Loan

B

,

08/03/28

(p)

.......................

2,519

2,501,769

Wyndham

Hotels

&

Resorts,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

05/24/30

............

1,731

1,723,303

66,930,653

Household

Durables

—

0.1%

(a)

Hunter

Douglas,

Inc.,

1st

Lien

Term

Loan

B1

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.55

%

,

01/16/32

.............

3,748

3,642,544

Madison

Safety

&

Flow

LLC,

1st

Lien

Term

Loan

,

09/26/31

(p)

.......................

1,003

994,446

Serta

Simmons

Bedding

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

11.91

%

,

06/29/28

...........

654

591,826

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan

A1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.82

%

,

12/19/29

.............

311

309,882

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan

A2

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

4.00%),

8.44

%

,

10/06/28

.............

USD

2,355

$

1,923,920

Tempur

Sealy

International,

Inc.,

1st

Lien

Term

Loan

B

,

(1-day

SOFR

at

0.00%

Floor

+

2.50%),

6.81

%

,

10/24/31

.............

743

740,908

Weber-Stephen

Products

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

7.69

%

,

10/29/27

........

2,202

2,061,547

10,265,073

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

(a)

Calpine

Construction

Finance

Co.

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

07/19/30

........

2,279

2,269,913

Calpine

Corp.,

Facility

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

01/31/31

.............

1,041

1,035,257

Constellation

Renewables

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

2.25%),

6.56

%

,

12/15/27

............

1,508

1,504,892

Talen

Energy

Supply

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.82

%

,

12/11/31

..............

1,300

1,293,712

6,103,774

Industrial

Conglomerates

—

0.1%

(a)

Cube

Industrial

Buyer,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.77

%

,

10/18/31

.............

502

496,980

EMRLD

Borrower

LP,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.80

%

,

08/04/31

...................

3,524

3,477,298

EMRLD

Borrower

LP,

1st

Lien

Term

Loan

B

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.93

%

,

05/31/30

.............

4,173

4,119,357

8,093,635

Insurance

—

0.5%

(a)

Alliant

Holdings

Intermediate

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07

%

,

09/19/31

............

11,211

11,124,501

AmWINS

Group,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

6.57

%

,

01/30/32

...................

5,259

5,228,424

Amynta

Agency

Borrower,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

12/29/31

............

3,517

3,481,390

AssuredPartners,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.82

%

,

02/14/31

.............

6,416

6,413,920

Baldwin

Insurance

Group

Holdings

LLC

(The),

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.29

%

,

05/27/31

...................

3,500

3,465,050

HUB

International

Ltd.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.50%),

6.77

%

,

06/20/30

.............

8,160

8,102,232

Jones

DesLauriers

Insurance

Management,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.03

%

,

03/15/30

(f)

..................

1,504

1,481,170

Ryan

Specialty

Group

LLC,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

09/15/31

.............

3,498

3,480,907

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Truist

Insurance

Holdings

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.05

%

,

05/06/31

........

USD

4,519

$

4,464,546

USI,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.55

%

,

09/27/30

...................

3,610

3,583,059

USI,

Inc.,

1st

Lien

Term

Loan

D

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.55

%

,

11/21/29

...................

3,911

3,883,808

54,709,007

Interactive

Media

&

Services

—

0.0%

Camelot

US

Acquisition

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07

%

,

01/31/31

(a)

............

2,713

2,674,237

IT

Services

—

0.4%

(a)

Asurion

LLC,

1st

Lien

Term

Loan

B11

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.67

%

,

08/21/28

...................

1,628

1,575,477

Asurion

LLC,

1st

Lien

Term

Loan

B12

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.57

%

,

09/19/30

...................

876

835,927

Asurion

LLC,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.69

%

,

12/23/26

...................

1,624

1,609,453

Asurion

LLC,

2nd

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

9.69

%

,

01/31/28

...................

1,054

981,727

Asurion

LLC,

2nd

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

9.69

%

,

01/19/29

...................

618

565,662

Central

Parent

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.55

%

,

07/06/29

...................

5,180

4,304,836

Clearwater

Analytics

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.52

%

,

04/21/32

(f)

.............

1,207

1,200,965

Ecovyst

Catalyst

Technologies

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.29

%

,

06/12/31

........

2,511

2,465,689

Epicor

Software

Corp.,

1st

Lien

Term

Loan

E

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

7.07

%

,

05/30/31

.............

5,001

4,972,318

Fortress

Intermediate

3,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

8.07

%

,

06/27/31

(f)

.............

902

881,589

Go

Daddy

Operating

Co.

LLC,

1st

Lien

Term

Loan

B7

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

05/30/31

........

3,965

3,942,266

Go

Daddy

Operating

Co.

LLC,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

11/09/29

........

1,495

1,487,978

Magenta

Security

Holdings

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

1.50%),

6.05

%

,

07/27/28

(e)

(l)

..........

1,069

309,104

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

6.25%),

10.54

%

,

07/27/28

...........

151

151,169

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.75%),

11.30

%

,

07/27/28

...........

379

344,301

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.00%),

11.55

%

,

07/27/28

...........

538

272,740

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Mitchell

International,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.57

%

,

06/17/31

.............

USD

3,767

$

3,712,059

Mitchell

International,

Inc.,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

9.57

%

,

06/07/32

.............

560

526,960

Modena

Buyer

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.79

%

,

07/01/31

...................

850

804,159

Neon

Maple

US

Debt

Mergersub,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

11/17/31

....

2,815

2,794,535

Project

Alpha

Intermediate

Holding,

Inc.,

1st

Lien

Term

Loan

,

10/28/30

(p)

...............

1,004

998,869

Project

Alpha

Intermediate

Holding,

Inc.,

1st

Lien

Term

Loan

B

,

10/28/30

(p)

..............

336

334,367

Project

Boost

Purchaser

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.30

%

,

07/16/31

............

2,497

2,471,732

Sedgwick

Claims

Management

Services,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.31

%

,

07/31/31

...

6,477

6,441,002

43,984,884

Leisure

Products

—

0.0%

(a)

Fender

Musical

Instruments

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

8.42

%

,

12/01/28

............

474

375,390

Hayward

Industries,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.94

%

,

05/30/28

.............

403

400,965

776,355

Life

Sciences

Tools

&

Services

—

0.0%

(a)

Avantor

Funding,

Inc.,

1st

Lien

Term

Loan

B6

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.42

%

,

11/08/27

..............

113

113,137

Fortrea

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.07

%

,

07/01/30

.............

252

227,839

ICON

Luxembourg

SARL,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.30

%

,

07/03/28

.............

585

585,235

Pra

Health

Sciences,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.30

%

,

07/03/28

.............

146

145,812

Star

Parent,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.30

%

,

09/27/30

...................

1,781

1,719,426

2,791,449

Machinery

—

0.4%

(a)

AI

Aqua

Merger

Sub,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

07/31/28

.............

3,611

3,565,013

Albion

Financing

3

SARL,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.29

%

,

08/16/29

.............

2,996

2,988,535

Chart

Industries,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.79

%

,

03/15/30

...................

663

658,894

Columbus

McKinnon

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.90

%

,

05/15/28

(f)

.............

699

696,797

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

Filtration

Group

Corp.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

10/23/28

.............

USD

4,992

$

4,982,122

Generac

Power

Systems,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

06/12/31

............

809

804,342

Husky

Injection

Molding

Systems

Ltd.,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

8.78

%

,

02/15/29

........

5,350

5,225,467

Innio

North

America

Holding,

Inc.,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.76

%

,

11/02/28

....

167

166,678

Madison

IAQ

LLC,

1st

Lien

Term

Loan

,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.76

%

,

06/21/28

...................

5,018

4,965,681

Madison

IAQ

LLC,

1st

Lien

Term

Loan

B

,

03/29/32

(p)

.......................

2,490

2,463,556

Rexnord

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.44

%

,

10/04/28

...................

950

953,562

Roper

Industrial

Products

Investment

Co.

LLC,

1st

Lien

Term

Loan

D

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

7.05

%

,

11/22/29

...................

1,705

1,688,033

SPX

FLOW,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

04/05/29

...................

2,764

2,748,746

TK

Elevator

Midco

GmbH,

1st

Lien

Term

Loan

B1

,

04/30/30

(p)

.....................

4,019

3,998,905

Vertiv

Group

Corp.,

1st

Lien

Term

Loan

B3

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

1.75%),

6.07

%

,

03/02/27

.............

4,001

3,982,780

Vortex

Opco

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

8.66

%

,

12/18/28

...................

1,226

539,488

WEC

US

Holdings,

Inc.,

1st

Lien

Term

Loan

,

01/27/31

(p)

.......................

2,664

2,636,653

43,065,252

Media

—

0.2%

(a)

Altice

France

SA,

1st

Lien

Term

Loan

B14

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.50%),

9.76

%

,

08/15/28

.............

2,955

2,653,600

Charter

Communications

Operating

LLC,

1st

Lien

Term

Loan

B4

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.30

%

,

12/09/30

...

1,197

1,190,120

Charter

Communications

Operating

LLC,

1st

Lien

Term

Loan

B5

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.55

%

,

12/15/31

...

1,197

1,192,197

Clear

Channel

Outdoor

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.44

%

,

08/23/28

........

656

634,383

CSC

Holdings

LLC,

1st

Lien

Term

Loan

B5

,

(US

Prime

Rate

at

0.00%

Floor

+

1.50%),

9.00

%

,

04/15/27

...................

3,689

3,548,151

DirecTV

Financing

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

9.54

%

,

08/02/27

.............

272

271,569

ECL

Entertainment

LLC,

Facility

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.82

%

,

08/30/30

........

843

834,535

Fleet

Midco

I

Ltd.,

1st

Lien

Term

Loan

B2

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.06

%

,

02/21/31

(f)

..................

603

600,216

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Gray

Television,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

9.57

%

,

05/23/29

.............

USD

417

$

401,793

Learfield

Communications

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

4.50%),

8.82

%

,

06/30/28

............

1,158

1,153,194

Speedster

Bidco

GmbH,

Facility

1st

Lien

Term

Loan

B

,

11/13/31

(p)

..................

3,754

3,721,153

Ziggo

Financing

Partnership,

1st

Lien

Term

Loan

I

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.94

%

,

04/28/28

.............

1,087

1,067,978

17,268,889

Multi-Utilities

—

0.1%

GFL

Environmental

Services,

Inc.,

1st

Lien

Term

Loan

,

03/03/32

(a)

(p)

..................

5,306

5,226,410

Oil,

Gas

&

Consumable

Fuels

—

0.1%

(a)

Buckeye

Partners

LP,

1st

Lien

Term

Loan

B6

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

11/22/30

..............

811

808,671

Freeport

LNG

Investments

LLLP,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.54

%

,

12/21/28

........

3,356

3,299,240

GIP

Pilot

Acquisition

Partners

LP,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.28

%

,

10/04/30

............

251

249,026

Hilcorp

Energy

I

LP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

02/06/30

...................

1,299

1,276,268

Murphy

USA,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.07

%

,

01/31/28

...................

511

512,640

New

Fortress

Energy,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.50%),

9.79

%

,

10/30/28

.............

375

267,998

Oryx

Midstream

Services

Permian

Basin

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.57

%

,

10/05/28

...

2,489

2,461,654

8,875,497

Passenger

Airlines

—

0.1%

(a)

AAdvantage

Loyalty

IP

Ltd.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.52

%

,

04/20/28

.............

1,208

1,180,550

Air

Canada,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

03/21/31

...................

3,194

3,147,758

American

Airlines,

Inc.,

1st

Lien

Term

Loan

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

5.98

%

,

01/29/27

...........

1,217

1,190,164

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

02/15/28

...........

2,119

2,057,725

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.51

%

,

06/04/29

...........

1,623

1,573,591

Jetblue

Airways

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.75%),

9.05

%

,

08/13/29

.............

1,160

1,043,977

United

Airlines,

Inc.,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.28

%

,

02/24/31

.............

1,649

1,642,450

11,836,215

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

—

0.1%

(a)

Amneal

Pharmaceuticals

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.50%),

9.82

%

,

05/04/28

............

USD

1,539

$

1,539,684

Elanco

Animal

Health,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.17

%

,

08/02/27

.............

1,802

1,790,331

Jazz

Financing

Lux

SARL,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.57

%

,

05/05/28

.............

3,196

3,182,839

Opal

LLC,

1st

Lien

Term

Loan

,

03/31/32

(p)

....

2,875

2,848,061

Organon

&

Co.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

6.57

%

,

05/19/31

...................

1,628

1,555,138

Perrigo

Investments

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

04/20/29

.............

1,407

1,401,925

12,317,978

Professional

Services

—

0.4%

(a)

AlixPartners

LLP,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.94

%

,

02/04/28

...................

2,505

2,501,693

Amentum

Holdings,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

09/29/31

.............

2,338

2,305,266

CoreLogic,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.94

%

,

06/02/28

...................

3,023

2,978,054

Corpay

Technologies

Operating

Co.

LLC,

1st

Lien

Term

Loan

B4

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

04/28/28

..

4,994

4,972,974

Dayforce,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.78

%

,

03/01/31

(f)

..................

3,508

3,503,542

Dun

&

Bradstreet

Corp.

(The),

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

01/18/29

........

7,525

7,492,751

Element

Materials

Technology

Group

US

Holdings,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.05

%

,

06/22/29

...................

830

825,035

Galaxy

US

Opco,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

9.28

%

,

07/31/30

.............

817

677,846

TransUnion

LLC,

1st

Lien

Term

Loan

B8

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

06/24/31

...................

2,004

1,989,869

TransUnion

LLC,

1st

Lien

Term

Loan

B9

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.07

%

,

06/24/31

...................

4,506

4,478,294

Zelis

Cost

Management

Buyer,

Inc.,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.07

%

,

09/28/29

...

809

788,650

Zelis

Payments

Buyer,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.57

%

,

11/26/31

..............

4,018

3,929,415

36,443,389

Real

Estate

Management

&

Development

—

0.0%

Cushman

&

Wakefield

US

Borrower

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.57

%

,

01/31/30

(a)

..

494

493,620

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Semiconductors

&

Semiconductor

Equipment

—

0.1%

(a)

Entegris,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.05

%

,

07/06/29

...................

USD

1,498

$

1,493,072

MKS

Instruments,

Inc.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.32

%

,

08/17/29

.............

4,006

3,968,272

5,461,344

Software

—

1.0%

(a)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.05

%

,

02/24/31

.............

4,765

4,752,188

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan

,

08/15/29

(p)

.......................

1,716

1,421,433

Boxer

Parent

Co.,

Inc.,

1st

Lien

Term

Loan

,

07/30/31

(p)

.......................

4,503

4,407,807

Capstone

Borrower,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.05

%

,

06/17/30

.............

1,271

1,263,552

CCC

Intelligent

Solutions,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

6.32

%

,

01/23/32

............

6,222

6,206,806

Cloud

Software

Group,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.05

%

,

03/21/31

.............

5,974

5,899,996

Cloud

Software

Group,

Inc.,

Facility

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.80

%

,

03/30/29

...

5,890

5,815,249

Cloudera,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

8.17

%

,

10/09/28

...................

2,759

2,709,181

Cloudera,

Inc.,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

10.42

%

,

10/10/29

..................

887

830,826

Clover

Holdings

2

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.29

%

,

12/09/31

(f)

.............

5,796

5,781,510

DS

Admiral

Bidco

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.55

%

,

06/26/31

(f)

.............

996

956,120

Ellucian

Holdings,

Inc.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

10/09/29

.............

4,499

4,475,798

Ellucian

Holdings,

Inc.,

2nd

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.75%),

9.07

%

,

11/15/32

..............

703

702,121

Flexera

Software

LLC,

1st

Lien

Term

Loan

B3

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

7.30

%

,

03/03/28

.............

998

991,086

Gen

Digital,

Inc.,

1st

Lien

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

6.07

%

,

09/12/29

...........

5,204

5,152,292

02/13/32

(p)

.......................

771

761,748

Genesys

Cloud

Services,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

6.82

%

,

01/30/32

............

7,010

6,905,951

Informatica

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

6.57

%

,

10/27/28

(f)

..................

2,008

2,003,193

Kaseya,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

7.57

%

,

03/05/32

...................

4,234

4,200,721

Security

Par

(000)

Par

(000)

Value

Software

(continued)

McAfee

Corp.,

1st

Lien

Term

Loan

B1

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

03/01/29

...................

USD

3,901

$

3,652,055

MH

Sub

I

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

8.57

%

,

05/03/28

...........

1,352

1,277,637

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

8.57

%

,

12/31/31

...........

915

799,827

Planview

Parent,

Inc.,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

7.80

%

,

12/17/27

.............

342

334,710

Proofpoint,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.32

%

,

08/31/28

...................

4,991

4,958,323

Queen

MergerCo,

Inc.,

1st

Lien

Term

Loan

B

,

04/26/32

(p)

.......................

1,906

1,903,618

RealPage,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

7.56

%

,

04/24/28

...................

3,009

2,978,005

Sabre

GLBL,

Inc.,

1st

Lien

Term

Loan

B1

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.94

%

,

12/17/27

...........

274

259,753

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

10.42

%

,

11/15/29

...........

1,412

1,324,036

Sabre

GLBL,

Inc.,

1st

Lien

Term

Loan

B2

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

7.94

%

,

12/17/27

...........

156

148,190

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

9.42

%

,

06/30/28

...........

67

62,580

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

6.00%),

10.32

%

,

11/15/29

(f)

..........

381

357,364

SS&C

Technologies,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.32

%

,

05/09/31

.............

5,530

5,520,555

Thunder

Generation

Funding

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.30

%

,

09/26/31

............

1,496

1,494,214

UKG,

Inc.,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.32

%

,

02/10/31

...................

6,981

6,953,581

Voyage

Australia

Pty.

Ltd.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.03

%

,

07/20/28

.............

284

283,674

VS

Buyer

LLC,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

7.02

%

,

04/14/31

...................

4,793

4,765,812

102,311,512

Specialty

Retail

—

0.1%

(a)

LS

Group

OpCo

Acquistion

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%;

3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%

at

0.00%

Floor

+

0.00%),

6.81

%

-

6.82

%

,

04/23/31

........

1,511

1,498,516

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

7.31

%

,

05/04/28

...

3,230

3,186,354

PetSmart

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

8.17

%

,

02/11/28

...................

1,097

1,079,471

Restoration

Hardware,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.94

%

,

10/20/28

...........

538

498,309

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

7.67

%

,

10/20/28

...........

USD

418

$

390,089

6,652,739

Trading

Companies

&

Distributors

—

0.1%

(a)

Core

&

Main

LP,

1st

Lien

Term

Loan

D

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.27

%

,

07/27/28

...................

3,384

3,375,459

Core

&

Main

LP,

1st

Lien

Term

Loan

E

,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

6.27

%

,

02/10/31

...................

2,151

2,143,809

Foundation

Building

Materials,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

8.29

%

-

8.55

%

,

01/29/31

......

3,818

3,508,759

Gulfside

Supply,

Inc.,

1st

Lien

Term

Loan

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.30

%

,

06/17/31

...................

639

632,743

GYP

Holdings

III

Corp.,

1st

Lien

Term

Loan

B

,

05/13/30

(f)

(p)

.......................

837

828,528

TMK

Hawk

Parent

Corp.,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.25%),

9.58

%

,

06/29/29

(f)

.............

1,436

861,123

11,350,421

Transportation

Infrastructure

—

0.1%

(a)

Apple

Bidco

LLC,

1st

Lien

Term

Loan

,

09/23/31

(p)

4,424

4,365,200

Brown

Group

Holding

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

6.82

%

,

07/01/31

.............

2,583

2,554,029

Brown

Group

Holding

LLC,

1st

Lien

Term

Loan

B2

,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%;

3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%

at

0.50%

Floor

+

3.00%),

6.78

%

-

6.82

%

,

07/01/31

.............

1,772

1,752,447

OLA

Netherlands

BV,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.25%),

10.67

%

,

12/15/26

(f)

.................

1,244

1,234,692

Rand

Parent

LLC,

1st

Lien

Term

Loan

B

,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

7.30

%

,

03/18/30

...................

398

366,415

10,272,783

Wireless

Telecommunication

Services

—

0.0%

(a)

Gogo

Intermediate

Holdings

LLC,

1st

Lien

Term

Loan

,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

8.19

%

,

05/01/28

............

1,106

1,043,410

SBA

Senior

Finance

II

LLC,

1st

Lien

Term

Loan

B

,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

6.07

%

,

01/27/31

.............

3,029

3,024,983

4,068,393

Total

Floating

Rate

Loan

Interests

—

9

.5

%

(Cost:

$

982,623,758

)

..............................

969,937,810

Foreign

Agency

Obligations

Chile

—

0.0%

Corp.

Nacional

del

Cobre

de

Chile

3.63

%

,

08/01/27

(c)

..................

500

488,750

3.75

%

,

01/15/31

(b)

..................

491

450,032

Empresa

Nacional

del

Petroleo

(b)

6.15

%

,

05/10/33

...................

656

668,300

5.95

%

,

07/30/34

...................

430

433,225

2,040,307

Security

Par

(000)

Par

(000)

Value

Colombia

—

0.0%

Ecopetrol

SA

,

8.88

%

,

01/13/33

............

USD

1,100

$

1,100,671

Denmark

—

0.0%

Orsted

A/S

(a)(c)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

2.14%),

2.50

%

,

02/18/3021

..

GBP

886

850,156

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.59%),

5.13

%

,

03/14/3024

...............

EUR

400

453,412

1,303,568

France

—

0.1%

Electricite

de

France

SA

(a)(c)(k)

(BPISDS15

+

3.32%),

5.88

%

...........

GBP

1,400

1,821,468

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.94%),

5.13

%

........................

EUR

200

229,583

(5-Year

EUR

Swap

Annual

+

3.97%),

3.38

%

.

5,200

5,491,599

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.28%),

5.63

%

........................

200

231,095

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.78%),

7.38

%

...........

GBP

500

672,347

8,446,092

Hungary

—

0.1%

Magyar

Export-Import

Bank

Zrt.

,

6.13

%

,

12/04/27

(b)

.......................

USD

1,201

1,222,023

MVM

Energetika

Zrt.

(c)

7.50

%

,

06/09/28

...................

529

551,832

6.50

%

,

03/13/31

...................

935

952,531

2,726,386

Indonesia

—

0.0%

Pertamina

Persero

PT

,

3.10

%

,

08/27/30

(c)

....

1,275

1,162,647

Mexico

—

0.2%

Petroleos

Mexicanos

6.88

%

,

08/04/26

...................

4,946

4,884,175

8.75

%

,

06/02/29

...................

1,255

1,232,132

5.95

%

,

01/28/31

...................

2,358

1,948,651

6.70

%

,

02/16/32

...................

15,488

13,263,923

10.00

%

,

02/07/33

..................

820

818,073

6.75

%

,

09/21/47

...................

309

206,567

22,353,521

Morocco

—

0.0%

OCP

SA

,

7.50

%

,

05/02/54

(b)

..............

939

919,516

Nigeria

—

0.0%

Africa

Finance

Corp.

,

5.55

%

,

10/08/29

(b)

.....

1,203

1,188,336

Panama

—

0.0%

(b)

Aeropuerto

Internacional

de

Tocumen

SA

4.00

%

,

08/11/41

...................

1,225

888,125

5.13

%

,

08/11/61

...................

769

518,594

Banco

Latinoamericano

de

Comercio

Exterior

SA

,

2.38

%

,

09/14/25

................

608

600,400

2,007,119

Peru

—

0.0%

Corp.

Financiera

de

Desarrollo

SA

,

5.50

%

,

05/06/30

(b)

.......................

595

596,464

Poland

—

0.0%

Bank

Gospodarstwa

Krajowego

(b)

6.25

%

,

10/31/28

...................

466

489,719

5.75

%

,

07/09/34

...................

1,140

1,160,201

1,649,920

Republic

of

Turkiye

—

0.0%

Turkiye

Varlik

Fonu

Yonetimi

A/S

,

8.25

%

,

02/14/29

(c)

.......................

429

437,446

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Saudi

Arabia

—

0.1%

Saudi

Arabian

Oil

Co.

(b)

5.25

%

,

07/17/34

...................

USD

1,870

$

1,879,537

5.88

%

,

07/17/64

...................

798

732,165

2,611,702

Total

Foreign

Agency

Obligations

—

0

.5

%

(Cost:

$

49,272,399

)

...............................

48,543,695

Foreign

Government

Obligations

Armenia

—

0.0%

Republic

of

Armenia

,

6.75

%

,

03/12/35

(b)

......

519

487,860

Bahrain

—

0.0%

Kingdom

of

Bahrain

(c)

7.38

%

,

05/14/30

...................

572

592,735

5.45

%

,

09/16/32

...................

480

442,800

1,035,535

Bulgaria

—

0.0%

Bulgaria

Government

Bond

,

5.00

%

,

03/05/37

(c)

.

732

707,068

Chile

—

0.0%

Republic

of

Chile

3.75

%

,

01/14/32

...................

EUR

558

642,877

3.10

%

,

05/07/41

...................

USD

1,509

1,112,887

1,755,764

Colombia

—

0.1%

Republic

of

Colombia

3.25

%

,

04/22/32

...................

896

689,248

8.00

%

,

04/20/33

...................

1,035

1,051,560

8.00

%

,

11/14/35

...................

439

431,976

7.75

%

,

11/07/36

...................

1,182

1,128,219

8.75

%

,

11/14/53

...................

253

242,374

3,543,377

Costa

Rica

—

0.0%

Republic

of

Costa

Rica

,

6.55

%

,

04/03/34

(c)

....

553

564,267

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond

5.95

%

,

01/25/27

(c)

..................

1,109

1,112,466

5.50

%

,

02/22/29

(b)

..................

557

549,202

5.50

%

,

02/22/29

(c)

..................

150

147,900

7.05

%

,

02/03/31

(b)

..................

1,301

1,341,981

4.88

%

,

09/23/32

(b)

..................

564

507,070

6.95

%

,

03/15/37

(b)

..................

596

592,126

5.30

%

,

01/21/41

(c)

..................

433

360,418

4,611,163

Egypt

—

0.0%

Arab

Republic

of

Egypt

5.63

%

,

04/16/30

(c)

..................

EUR

649

630,995

6.38

%

,

04/11/31

(b)

..................

479

464,767

7.63

%

,

05/29/32

(c)

..................

USD

1,050

884,100

9.45

%

,

02/04/33

(b)

..................

590

540,587

2,520,449

Guatemala

—

0.0%

Republic

of

Guatemala

5.25

%

,

08/10/29

(b)

..................

767

754,344

5.25

%

,

08/10/29

(c)

..................

511

502,569

7.05

%

,

10/04/32

(b)

..................

1,076

1,128,724

6.60

%

,

06/13/36

(b)

..................

544

543,456

2,929,093

Hungary

—

0.1%

Hungary

Government

Bond

5.25

%

,

06/16/29

(b)

..................

1,125

1,122,469

Security

Par

(000)

Par

(000)

Value

Hungary

(continued)

5.38

%

,

09/12/33

(c)

..................

EUR

1,109

$

1,310,855

5.50

%

,

03/26/36

(b)

..................

USD

575

543,950

2,977,274

Indonesia

—

0.0%

Republic

of

Indonesia

,

3.88

%

,

01/15/33

......

EUR

1,062

1,203,087

Ivory

Coast

—

0.0%

Republic

of

Cote

d'Ivoire

6.38

%

,

03/03/28

(c)

..................

USD

443

435,110

5.88

%

,

10/17/31

(c)

..................

EUR

1,300

1,336,480

8.08

%

,

04/01/36

(b)

..................

USD

412

377,495

8.25

%

,

01/30/37

(b)

..................

403

369,752

2,518,837

Mexico

—

0.1%

United

Mexican

States

6.35

%

,

02/09/35

...................

382

379,135

4.75

%

,

03/08/44

...................

1,096

828,028

4.40

%

,

02/12/52

...................

1,516

1,016,857

6.34

%

,

05/04/53

...................

963

845,514

3,069,534

Morocco

—

0.0%

Kingdom

of

Morocco

2.38

%

,

12/15/27

(c)

..................

566

525,322

5.95

%

,

03/08/28

(b)

..................

412

418,566

4.75

%

,

04/02/35

(b)

..................

EUR

1,115

1,254,286

2,198,174

Nigeria

—

0.0%

Federal

Republic

of

Nigeria

8.38

%

,

03/24/29

(b)

..................

USD

716

668,923

10.38

%

,

12/09/34

(b)

.................

688

649,988

7.63

%

,

11/28/47

(c)

..................

690

488,175

1,807,086

North

Macedonia

—

0.0%

Republic

of

North

Macedonia

,

6.96

%

,

03/13/27

(c)

EUR

498

585,084

Oman

—

0.0%

Oman

Government

Bond

,

6.50

%

,

03/08/47

(c)

..

USD

953

941,059

Panama

—

0.0%

Republic

of

Panama

7.50

%

,

03/01/31

...................

1,068

1,112,322

8.00

%

,

03/01/38

...................

330

342,870

1,455,192

Paraguay

—

0.0%

Republic

of

Paraguay

(c)

5.00

%

,

04/15/26

...................

70

70,223

2.74

%

,

01/29/33

...................

526

443,550

5.60

%

,

03/13/48

...................

423

370,442

884,215

Peru

—

0.0%

Republic

of

Peru

7.35

%

,

07/21/25

...................

958

962,790

3.00

%

,

01/15/34

...................

1,530

1,275,255

2,238,045

Poland

—

0.0%

Republic

of

Poland

5.75

%

,

11/16/32

...................

867

911,399

5.50

%

,

04/04/53

...................

562

526,914

1,438,313

Republic

of

Turkiye

—

0.0%

Republic

of

Turkiye

(The)

,

7.13

%

,

02/12/32

...

1,181

1,152,656

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

52

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Romania

—

0.1%

Romania

Government

Bond

5.25

%

,

11/25/27

(b)

..................

USD

698

$

692,939

2.12

%

,

07/16/31

(c)

..................

EUR

1,229

1,132,962

5.88

%

,

07/11/32

(b)

..................

1,244

1,387,690

6.25

%

,

09/10/34

(b)

..................

1,136

1,258,927

4,472,518

Saudi

Arabia

—

0.0%

Kingdom

of

Saudi

Arabia

3.25

%

,

11/17/51

(c)

..................

USD

1,818

1,136,250

5.00

%

,

01/18/53

(b)

..................

1,520

1,287,729

2,423,979

Serbia

—

0.0%

Republic

of

Serbia

6.50

%

,

09/26/33

(c)

..................

555

571,997

6.00

%

,

06/12/34

(b)

..................

712

703,100

1,275,097

South

Africa

—

0.0%

Republic

of

South

Africa

7.10

%

,

11/19/36

(b)

..................

923

876,624

5.75

%

,

09/30/49

...................

1,166

827,382

7.95

%

,

11/19/54

(b)

..................

888

802,086

2,506,092

Trinidad

and

Tobago

—

0.0%

Republic

of

Trinidad

&

Tobago

,

6.40

%

,

06/26/34

(b)

815

773,435

United

Arab

Emirates

—

0.0%

United

Arab

Emirates

Government

Bond

,

3.90

%

,

09/09/50

(c)

.......................

826

583,363

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay

5.75

%

,

10/28/34

...................

595

621,855

5.25

%

,

09/10/60

...................

1,002

902,771

1,524,626

Uzbekistan

—

0.0%

Republic

of

Uzbekistan

(b)

5.38

%

,

05/29/27

...................

EUR

667

770,255

7.85

%

,

10/12/28

...................

USD

522

548,883

1,319,138

Total

Foreign

Government

Obligations

—

0

.5

%

(Cost:

$

56,443,326

)

...............................

55,501,380

Shares

Shares

Investment

Companies

(q)

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

........................

3,795,949

199,249,363

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

(g)

......................

4,122,960

216,414,170

iShares

Core

1-5

Year

USD

Bond

ETF

......

2,148,499

104,374,082

iShares

Core

Dividend

Growth

ETF

........

4,564,472

274,507,346

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(g)

..........................

2,650,738

208,348,007

Total

Investment

Companies

—

9

.8

%

(Cost:

$

972,166,235

)

..............................

1,002,892,968

Security

Par

(000)

Par

(000)

Value

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

2.6%

Adjustable

Rate

Mortgage

Trust

(a)

Series

2005-8,

Class

2A1,

5.37%,

11/25/35

.

USD

1,003

$

871,459

Series

2005-8,

Class

7A2,

(1-mo.

CME

Term

SOFR

at

0.56%

Floor

and

11.00%

Cap

+

0.67%),

5.00%,

11/25/35

............

260

255,026

Alternative

Loan

Trust

Series

2005-16,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.65%

Floor

+

1.65%),

6.22%,

06/25/35

(a)

.....................

340

315,062

Series

2005-36,

Class

2A1A,

(1-mo.

CME

Term

SOFR

at

0.62%

Floor

and

11.00%

Cap

+

0.73%),

5.06%,

08/25/35

(a)

......

810

732,647

Series

2005-61,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

4.96%,

12/25/35

(a)

.....................

152

135,091

Series

2005-63,

Class

3A3,

4.89%,

11/25/35

(a)

1,296

1,188,855

Series

2005-63,

Class

5A1,

4.88%,

12/25/35

(a)

23

22,202

Series

2005-64CB,

Class

1A1,

5.50%,

12/25/35

......................

37

32,481

Series

2005-76,

Class

2A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.00%

Floor

+

1.00%),

5.57%,

02/25/36

(a)

.....................

3,034

2,694,875

Series

2006-11CB,

Class

1A5,

6.00%,

05/25/36

......................

576

318,965

Series

2006-15CB,

Class

A1,

6.50%,

06/25/36

963

427,637

Series

2006-20CB,

Class

A9,

6.00%,

07/25/36

428

174,168

Series

2006-2CB,

Class

A6,

5.50%,

03/25/36

672

284,201

Series

2006-45T1,

Class

1A10,

6.00%,

02/25/37

......................

2,643

992,858

Series

2006-45T1,

Class

2A2,

6.00%,

02/25/37

......................

1,726

922,440

Series

2006-7CB,

Class

1A6,

6.00%,

05/25/36

......................

742

384,424

Series

2006-9T1,

Class

A7,

6.00%,

05/25/36

303

117,962

Series

2006-J7,

Class

2A1,

(1M

Sofr

FWD

at

1.50%

Floor

+

1.50%),

6.46%,

11/20/46

(a)

2,702

2,301,652

Series

2006-J8,

Class

A5,

6.00%,

02/25/37

.

1,196

485,381

Series

2006-OA14,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.73%

Floor

and

2.00%

Cap

+

1.73%),

6.30%,

11/25/46

(a)

.........

4,093

3,276,084

Series

2006-OA14,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

4.82%,

11/25/46

(a)

................

1,659

1,505,676

Series

2006-OA14,

Class

3A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.85%

Floor

+

0.85%),

5.42%,

11/25/46

(a)

................

5,487

4,814,916

Series

2006-OA16,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

4.82%,

10/25/46

(a)

................

242

219,549

Series

2006-OA2,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

4.85%,

05/20/46

(a)

.....................

1,063

913,244

Series

2006-OA3,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

4.86%,

05/25/36

(a)

................

4,572

4,190,878

Series

2006-OA8,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

4.82%,

07/25/46

(a)

................

7,350

6,434,889

Series

2007-12T1,

Class

A22,

5.75%,

06/25/37

......................

1,706

722,764

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

53

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2007-12T1,

Class

A5,

6.00%,

06/25/37

USD

379

$

166,906

Series

2007-15CB,

Class

A7,

6.00%,

07/25/37

220

129,841

Series

2007-18CB,

Class

2A25,

6.00%,

08/25/37

......................

198

116,485

Series

2007-19,

Class

1A4,

6.00%,

08/25/37

1,125

522,614

Series

2007-19,

Class

1A8,

6.00%,

08/25/37

547

254,273

Series

2007-25,

Class

1A3,

6.50%,

11/25/37

3,041

1,354,400

Series

2007-9T1,

Class

1A1,

6.00%,

05/25/37

441

207,460

Series

2007-9T1,

Class

2A1,

6.00%,

05/25/37

3,150

1,343,731

Series

2007-9T1,

Class

2A2,

6.00%,

05/25/37

541

230,655

Series

2007-AL1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

+

0.36%),

4.69%,

06/25/37

(a)

.....................

4,781

3,891,350

Series

2007-J1,

Class

2A5,

6.00%,

03/25/37

1,482

552,157

Series

2007-OA11,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.38%

Floor

+

1.38%),

5.95%,

11/25/47

(a)

................

1,007

852,385

Series

2007-OA3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

4.72%,

04/25/47

(a)

................

7,003

6,255,620

Series

2007-OA4,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

4.78%,

05/25/47

(a)

.....................

2,596

2,264,200

Series

2007-OA8,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

4.80%,

06/25/47

(a)

................

5,615

4,280,526

Alternative

Loan

Trust

Resecuritization,

Series

2006-22R,

Class

1A6,

6.00%,

05/25/36

....

900

498,270

American

Home

Mortgage

Assets

Trust

Series

2006-3,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.97%

Floor

+

0.97%),

5.54%,

10/25/46

(a)

.....................

7,031

5,654,620

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.94%

Floor

+

0.94%),

5.51%,

10/25/46

(a)

.....................

4,067

2,573,089

Series

2007-3,

Class

22A1,

6.75%,

06/25/37

(d)

437

387,455

Banc

of

America

Funding

Trust

(a)

Series

2006-7,

Class

T2A3,

5.69%,

10/25/36

232

209,613

Series

2006-D,

Class

6A1,

4.01%,

05/20/36

.

234

192,901

Series

2007-D,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

4.85%,

06/20/47

......................

733

566,847

Barclays

Mortgage

Loan

Trust

(b)

Series

2024-NQM4,

Class

A1,

4.79%,

12/26/64

(d)

.....................

13,366

13,265,333

Series

2024-NQM4,

Class

A2,

5.10%,

12/26/64

(d)

.....................

1,257

1,249,584

Series

2024-NQM4,

Class

A3,

5.25%,

12/26/64

(d)

.....................

1,408

1,401,080

Series

2024-NQM4,

Class

B1,

6.96%,

12/26/64

(a)

.....................

576

568,044

Series

2024-NQM4,

Class

B2,

7.58%,

12/26/64

(a)

.....................

440

428,015

Series

2024-NQM4,

Class

B3,

7.58%,

12/26/64

(a)

.....................

1,006

964,889

Series

2024-NQM4,

Class

M1,

6.31%,

12/26/64

(a)

.....................

948

947,210

Series

2024-NQM4,

Class

SA,

0.00%,

12/26/64

(a)

.....................

18,595

833,707

Series

2025-NQM1,

Class

A1,

5.66%,

01/25/65

(d)

.....................

13,038

13,131,918

Series

2025-NQM1,

Class

A2,

5.87%,

01/25/65

(d)

.....................

1,190

1,198,117

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2025-NQM1,

Class

A3,

5.97%,

01/25/65

(d)

.....................

USD

1,133

$

1,141,059

Series

2025-NQM1,

Class

B1,

6.94%,

01/25/65

(a)

.....................

660

649,197

Series

2025-NQM1,

Class

B2,

7.83%,

01/25/65

(a)

.....................

574

559,863

Series

2025-NQM1,

Class

B3,

7.83%,

01/25/65

(a)

.....................

1,273

1,182,124

Series

2025-NQM1,

Class

M1,

6.49%,

01/25/65

(a)

.....................

1,062

1,077,476

Series

2025-NQM1,

Class

SA,

0.00%,

01/25/65

(a)

.....................

2

2,276

Bear

Stearns

ALT-A

Trust,

Series

2006-2,

Class

11A1,

(1-mo.

CME

Term

SOFR

at

0.44%

Floor

and

11.50%

Cap

+

0.55%),

4.88%,

04/25/36

(a)

3,006

2,597,025

Bear

Stearns

Asset-Backed

Securities

I

Trust

(d)

Series

2005-AC9,

Class

A5,

6.25%,

12/25/35

571

548,495

Series

2006-AC1,

Class

1A2,

6.25%,

02/25/36

......................

589

596,191

Bear

Stearns

Mortgage

Funding

Trust

(a)

Series

2007-AR2,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

and

10.50%

Cap

+

0.45%),

4.78%,

03/25/37

...........

864

798,135

Series

2007-AR3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

and

10.50%

Cap

+

0.25%),

4.58%,

03/25/37

.......

1,296

1,179,083

Series

2007-AR4,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

and

10.50%

Cap

+

0.51%),

4.84%,

09/25/47

.......

1,404

1,297,106

BRAVO

Residential

Funding

Trust

(a)(b)

Series

2025-NQM2,

Class

B1,

7.35%,

11/25/64

......................

1,000

999,418

Series

2025-NQM2,

Class

B2,

7.35%,

11/25/64

......................

1,000

964,732

CAFL

Issuer

LLC,

Series

2024-RTL1,

Class

A1,

6.75%,

11/28/31

(b)

(d)

.................

2,000

2,026,747

CHL

Mortgage

Pass-Through

Trust

Series

2005-11,

Class

4A1,

(1-mo.

CME

Term

SOFR

at

0.27%

Floor

and

10.50%

Cap

+

0.38%),

4.71%,

04/25/35

(a)

..........

577

538,298

Series

2005-9,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

5.04%,

05/25/35

(a)

.....................

1,877

1,611,758

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.96%

Floor

+

0.96%),

5.53%,

04/25/46

(a)

.....................

2,560

683,478

Series

2007-21,

Class

1A1,

6.25%,

02/25/38

133

59,057

Series

2007-J2,

Class

2A6,

6.00%,

07/25/37

607

203,760

Series

2007-J2,

Class

2A8,

6.00%,

07/25/37

926

311,144

CHNGE

Mortgage

Trust

(a)(b)

Series

2022-2,

Class

A1,

3.76%,

03/25/67

..

6,615

6,419,541

Series

2022-3,

Class

A1,

5.00%,

05/25/67

..

5,718

5,719,200

CIM

Trust,

Series

2025-I1,

Class

B1B,

7.56%,

10/25/69

(a)

(b)

......................

4,918

4,902,623

CitiMortgage

Alternative

Loan

Trust,

Series

2007-

A1,

Class

1A5,

6.00%,

01/25/37

.........

51

45,706

COLT

Mortgage

Loan

Trust,

Series

2022-5,

Class

A1,

4.55%,

04/25/67

(a)

(b)

..............

3,445

3,431,566

Cross

Mortgage

Trust,

Series

2025-H2,

Class

B1B,

7.66%,

03/25/70

(a)

(b)

.............

894

877,319

CSMC

Trust

(b)

Series

2008-2R,

Class

1A1,

6.00%,

07/25/37

263

224,445

Series

2011-4R,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.61%),

5.94%,

09/27/37

(a)

.....................

2,706

2,174,580

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

54

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2022-ATH2,

Class

A1,

4.55%,

05/25/67

(a)

.....................

USD

1,223

$

1,217,049

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

4.82%,

08/25/47

(a)

.......................

9,629

7,915,938

Ellington

Financial

Mortgage

Trust

(a)(b)

Series

2021-2,

Class

A1,

0.93%,

06/25/66

..

1,725

1,426,254

Series

2023-1,

Class

B1,

6.76%,

02/25/68

..

2,000

1,981,698

Series

2025-INV1,

Class

B1,

7.18%,

03/25/70

529

523,673

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2006-AA8,

Class

1A1,

4.54%,

02/25/37

(a)

.......................

770

416,990

GCAT

Trust,

Series

2022-NQM3,

Class

A1,

4.35%,

04/25/67

(a)

(b)

.................

12,796

12,716,248

GMACM

Mortgage

Loan

Trust,

Series

2005-AR2,

Class

4A,

3.98%,

05/25/35

(a)

...........

16

13,244

GreenPoint

Mortgage

Funding

Trust

(a)

Series

2006-AR1,

Class

GA1B,

(1-mo.

CME

Term

SOFR

at

0.17%

Floor

+

0.28%),

4.61%,

02/25/36

.................

1,765

1,556,182

Series

2006-AR2,

Class

4A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

2.00%

Floor

and

10.50%

Cap

+

2.00%),

6.57%,

03/25/36

.......

875

792,928

HOMES

Trust,

Series

2025-NQM1,

Class

B1,

7.27%,

01/25/70

(a)

(b)

.................

2,355

2,337,056

Impac

CMB

Trust,

Series

2005-6,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

and

11.00%

Cap

+

0.61%),

4.94%,

10/25/35

(a)

..

959

850,368

IndyMac

IMSC

Mortgage

Loan

Trust

Series

2007-F2,

Class

1A4,

6.00%,

07/25/37

549

376,775

Series

2007-F2,

Class

2A1,

6.50%,

07/25/37

2,231

776,520

IndyMac

INDX

Mortgage

Loan

Trust

(a)

Series

2007-AR15,

Class

1A1,

4.45%,

08/25/37

......................

86

58,017

Series

2007-AR15,

Class

2A1,

3.48%,

08/25/37

......................

417

289,460

Merrill

Lynch

Mortgage

Investors

Trust

(a)

Series

2005-A9,

Class

2A1E,

6.06%,

12/25/35

224

210,797

Series

2006-1,

Class

2A1,

5.79%,

02/25/36

.

185

178,120

MFA

Trust

(b)

Series

2022-CHM1,

Class

M1,

4.57%,

09/25/56

(a)

.....................

4,000

3,510,718

Series

2023-NQM2,

Class

A1,

4.40%,

03/25/68

(d)

.....................

10,391

10,255,567

Mill

City

Mortgage

Loan

Trust,

Series

2023-

NQM1,

Class

A1,

6.05%,

10/25/67

(b)

(d)

.....

4,059

4,059,670

New

Residential

Mortgage

Loan

Trust,

Series

2025-NQM1,

Class

B2,

7.05%,

01/25/65

(a)

(b)

.

1,577

1,499,782

Prima

Capital

CRE

Securitization

Ltd.,

Series

2016-6A,

Class

C,

4.00%,

08/24/40

(b)

.....

6,917

6,722,800

Prime

Mortgage

Trust,

Series

2006-DR1,

Class

2A1,

5.50%,

05/25/35

(b)

...............

230

213,630

Rain

City

Mortgage

Trust,

Series

2024-RTL1,

Class

A1,

6.53%,

11/25/29

(a)

(b)

..........

5,000

5,046,254

RALI

Trust,

Series

2007-QS4,

Class

3A2,

6.00%,

03/25/37

........................

112

91,436

Ready

Capital

Mortgage

Financing

LLC,

Series

2022-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.55%

Floor

+

2.55%),

6.88%,

10/25/39

(a)

(b)

96

95,576

Residential

Asset

Securitization

Trust,

Series

2006-A15,

Class

A12,

6.25%,

01/25/37

....

309

100,327

RFMSI

Trust,

Series

2007-S7,

Class

A20,

6.00%,

07/25/37

........................

29

23,486

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Spruce

Hill

Mortgage

Loan

Trust,

Series

2022-

SH1,

Class

A1A,

4.10%,

07/25/57

(b)

(d)

.....

USD

13,252

$

12,999,847

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2007-3,

Class

3A1,

4.83%,

04/25/47

(a)

180

66,462

Structured

Asset

Mortgage

Investments

II

Trust

(a)

Series

2006-AR2,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.46%

Floor

and

10.50%

Cap

+

0.57%),

4.90%,

02/25/36

...........

378

338,695

Series

2006-AR4,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

and

10.50%

Cap

+

0.49%),

4.82%,

06/25/36

.......

6,402

5,389,782

Series

2006-AR6,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

and

10.50%

Cap

+

0.49%),

4.82%,

07/25/46

.......

8,016

5,545,781

Series

2007-AR4,

Class

GA4B,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

4.80%,

09/25/47

.................

1,468

1,318,117

Verus

Securitization

Trust

(b)

Series

2022-3,

Class

A1,

4.13%,

02/25/67

(d)

.

8,804

8,403,922

Series

2023-2,

Class

B1,

7.50%,

03/25/68

(a)

.

1,000

996,742

Series

2025-INV1,

Class

B2,

7.32%,

02/25/70

(a)

.....................

2,094

2,008,696

Vista

Point

Securitization

Trust,

Series

2020-1,

Class

B1,

5.38%,

03/25/65

(a)

(b)

..........

2,800

2,819,844

Washington

Mutual

Mortgage

Pass-Through

Certificates

Trust

Series

2006-8,

Class

A5,

4.11%,

10/25/36

(d)

.

977

326,802

Series

2006-AR5,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.98%

Floor

+

0.98%),

5.55%,

06/25/46

(a)

.....................

2,732

2,125,547

Series

2007-OA5,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.75%

Floor

+

0.75%),

5.32%,

06/25/47

(a)

.....................

4,479

3,614,032

Series

2007-OA5,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.84%

Floor

+

0.84%),

5.41%,

05/25/47

(a)

................

2,059

1,700,521

Series

2007-OA6,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.81%

Floor

+

0.81%),

5.38%,

07/25/47

(a)

.....................

2,345

1,906,649

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

(a)

Series

2006-AR8,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.85%

Floor

+

0.85%),

5.42%,

10/25/46

......................

4,057

3,394,764

Series

2007-OA1,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.72%

Floor

+

0.72%),

5.29%,

12/25/46

......................

3,526

2,766,006

265,028,855

Commercial

Mortgage-Backed

Securities

—

5.4%

280

Park

Avenue

Mortgage

Trust,

Series

2017-

280P,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.37%

Floor

+

2.42%),

6.72%,

09/15/34

(a)

(b)

.

1,564

1,470,392

ARES

Commercial

Mortgage

Trust,

Series

2024-

IND,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

6.01%,

07/15/41

(a)

(b)

.

1,270

1,270,000

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

55

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

ARES1,

Series

2024-IND2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.76%,

10/15/34

(a)

(b)

......................

USD

13,280

$

13,271,700

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.23%

Floor

+

2.27%),

6.59%,

04/15/35

(a)

(b)

......

3,467

3,410,661

Atrium

Hotel

Portfolio

Trust,

Series

2017-ATRM,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.25%),

6.57%,

12/15/36

(a)

(b)

......

3,624

3,388,440

BAHA

Trust

(a)(b)

Series

2024-MAR,

Class

A,

6.17%,

12/10/41

15,300

15,794,765

Series

2024-MAR,

Class

C,

7.77%,

12/10/41

4,470

4,581,014

BAMLL

Trust

(a)(b)

Series

2024-BHP,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.35%),

6.67%,

08/15/39

......................

17,580

17,585,597

Series

2025-ASHF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

6.17%,

02/15/42

......................

8,893

8,695,877

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-2A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

and

10.11%

Cap

+

0.58%),

4.91%,

08/25/35

...........

1,799

1,733,737

Series

2005-3A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

and

10.80%

Cap

+

0.59%),

4.92%,

11/25/35

............

440

416,376

Series

2007-1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.44%),

4.77%,

03/25/37

......................

1,375

1,286,282

Series

2007-3,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.55%),

4.88%,

07/25/37

......................

2,135

1,981,866

Series

2007-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.68%

Floor

+

0.79%),

5.12%,

09/25/37

......................

542

501,508

Series

2007-6A,

Class

A4A,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.61%),

5.94%,

12/25/37

......................

1,265

1,101,734

BBCMS

Mortgage

Trust,

Series

2018-CHRS,

Class

E,

4.41%,

08/05/38

(a)

(b)

...........

1,140

935,896

BDS

LLC,

Series

2022-FL12,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.14%

Floor

+

2.14%),

6.46%,

08/19/38

(a)

(b)

.................

1,582

1,581,823

BFLD

Mortgage

Trust,

Series

2024-VICT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.89%

Floor

+

1.89%),

6.21%,

07/15/41

(a)

(b)

...........

2,830

2,826,463

BFLD

Trust,

Series

2020-EYP,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.81%),

8.14%,

10/15/35

(a)

(b)

.................

2,433

35,279

BMP,

Series

2024-MF23,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.37%),

5.69%,

06/15/41

(a)

(b)

......................

4,710

4,707,056

BOCA

Commercial

Mortgage

Trust,

Series

2024-

BOCA,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.92%

Floor

+

1.92%),

6.24%,

08/15/41

(a)

(b)

.

5,905

5,893,928

BPR

Trust

(a)(b)

Series

2021-TY,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.05%

Floor

+

1.16%),

5.49%,

09/15/38

......................

1,900

1,889,288

Series

2021-TY,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.60%

Floor

+

3.71%),

8.04%,

09/15/38

......................

4,495

4,338,180

BWAY

Mortgage

Trust,

Series

2013-1515,

Class

D,

3.63%,

03/10/33

(b)

................

3,600

3,245,952

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2021-NWM,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.91%

Floor

+

1.02%),

5.35%,

02/15/33

......................

USD

12,383

$

12,280,507

Series

2021-NWM,

Class

B,

(1-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.26%),

6.59%,

02/15/33

......................

7,261

7,213,996

Series

2021-NWM,

Class

C,

(1-mo.

CME

Term

SOFR

at

4.25%

Floor

+

4.36%),

8.69%,

02/15/33

.................

4,795

4,782,490

Series

2021-SOAR,

Class

G,

(1-mo.

CME

Term

SOFR

at

2.80%

Floor

+

2.91%),

7.24%,

06/15/38

.................

4,321

4,243,115

Series

2021-VINO,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.92%

Floor

+

2.92%),

7.24%,

05/15/38

......................

7,227

7,091,984

Series

2021-XL2,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.24%

Floor

+

2.36%),

6.68%,

10/15/38

......................

6,300

6,225,187

Series

2023-XL3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.76%

Floor

+

1.76%),

6.08%,

12/09/40

......................

2,950

2,951,800

Series

2024-AIR2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.81%,

10/15/41

......................

8,920

8,920,375

Series

2024-AIRC,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

6.01%,

08/15/39

......................

18,725

18,725,180

Series

2024-BRBK,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.88%

Floor

+

2.88%),

7.20%,

10/15/41

.................

7,280

7,243,553

Series

2024-GPA3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.29%

Floor

+

1.29%),

5.61%,

12/15/39

.................

4,539

4,521,516

Series

2024-MF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.76%,

02/15/39

......................

4,170

4,169,188

Series

2024-PALM,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.86%,

06/15/37

.................

658

655,843

Series

2024-PURE,

Class

A,

(CAONREPO

at

1.90%

Floor

+

1.90%),

4.65%,

11/15/41

.

CAD

4,710

3,433,592

Series

2024-XL4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

5.76%,

02/15/39

......................

USD

9,295

9,283,707

Series

2024-XL5,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.71%,

03/15/41

......................

5,569

5,561,728

BX

Trust

(a)(b)

Series

2018-GW,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

1.10%),

5.42%,

05/15/35

......................

2,050

2,043,425

Series

2021-LBA,

Class

AJV,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

0.91%),

5.24%,

02/15/36

.................

1,880

1,863,550

Series

2021-LBA,

Class

GJV,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

7.44%,

02/15/36

.................

1,765

1,689,877

Series

2021-LBA,

Class

GV,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

7.44%,

02/15/36

.................

5,638

5,398,839

Series

2021-MFM1,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

6.69%,

01/15/34

.................

3,276

3,249,383

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

56

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2021-MFM1,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

7.44%,

01/15/34

.................

USD

5,068

$

5,020,921

Series

2022-LBA6,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

5.32%,

01/15/39

......................

6,710

6,676,450

Series

2022-VAMF,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.85%

Floor

+

0.85%),

5.17%,

01/15/39

.................

2,180

2,169,100

Series

2023-DELC,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.69%

Floor

+

2.69%),

7.01%,

05/15/38

.................

8,500

8,521,250

Series

2024-VLT4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.81%,

07/15/29

......................

7,780

7,721,630

BXP

Trust

(a)(b)

Series

2017-CC,

Class

D,

3.67%,

08/13/37

.

2,800

2,437,987

Series

2021-601L,

Class

D,

2.87%,

01/15/44

3,863

2,936,367

CFSP

Mortgage

Trust,

Series

2024-AHP1,

Class

A,

6.50%,

04/15/37

.................

4,262

4,103,941

Citigroup

Commercial

Mortgage

Trust,

Series

2016-C1,

Class

C,

5.11%,

05/10/49

(a)

.....

2,870

2,784,804

COAST

Commercial

Mortgage

Trust

(a)(b)

Series

2023-2HTL,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.59%

Floor

+

2.59%),

6.91%,

08/15/36

......................

1,750

1,744,987

Series

2023-2HTL,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.44%

Floor

+

4.44%),

8.76%,

08/15/36

......................

8,900

8,752,600

Commercial

Mortgage

Trust

(a)(b)

Series

2013-300P,

Class

D,

4.54%,

08/10/30

2,245

2,078,799

Series

2016-667M,

Class

D,

3.28%,

10/10/36

3,200

2,258,309

Series

2024-WCL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.84%

Floor

+

1.84%),

6.16%,

06/15/41

.................

4,380

4,366,259

CONE

Trust,

Series

2024-DFW1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.64%

Floor

+

1.64%),

5.96%,

08/15/41

(a)

(b)

.................

1,900

1,890,491

CSMC

Trust,

Series

2022-LION,

Class

A,

(1-mo.

CME

Term

SOFR

at

3.59%

Floor

+

3.44%),

7.76%,

02/15/27

(a)

(b)

(f)

................

8,800

8,690,563

DBGS,

Series

2024-SBL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.88%

Floor

+

1.88%),

6.20%,

08/15/34

(a)

(b)

......................

12,500

12,445,290

DBWF

Mortgage

Trust,

Series

2024-LCRS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

6.06%,

04/15/37

(a)

(b)

...........

3,040

3,021,945

EQT

Trust,

Series

2024-EXTR,

Class

A,

5.33%,

07/05/41

(a)

(b)

......................

9,400

9,600,745

Extended

Stay

America

Trust

(a)(b)

Series

2021-ESH,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

6.69%,

07/15/38

......................

2,579

2,568,017

Series

2021-ESH,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.96%),

7.29%,

07/15/38

......................

5,154

5,128,535

Fontainebleau

Miami

Beach

Mortgage

Trust,

Series

2024-FBLU,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

5.77%,

12/15/39

(a)

(b)

......................

10,700

10,613,063

FS

Trust,

Series

2024-HULA,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.81%

Floor

+

1.81%),

6.13%,

08/15/39

(a)

(b)

.................

1,750

1,749,453

Great

Wolf

Trust

(a)(b)

Series

2024-WLF2,

Class

A,

(1-mo.

CME

Term

SOFR

+

1.69%),

6.01%,

05/15/41

..

7,190

7,187,753

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2024-WOLF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.86%,

03/15/39

.................

USD

5,660

$

5,647,619

GS

Mortgage

Securities

Corp.

Trust

(a)

Series

2015-GC32,

Class

C,

4.56%,

07/10/48

1,075

1,048,139

Series

2021-DM,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.89%

Floor

+

1.00%),

5.32%,

11/15/36

(b)

.....................

1,900

1,875,132

Series

2023-FUN,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.09%

Floor

+

2.09%),

6.41%,

03/15/28

(b)

.....................

8,480

8,493,250

Series

2023-SHIP,

Class

E,

7.68%,

09/10/38

(b)

8,600

8,659,693

Harvest

Commercial

Capital

Loan

Trust,

Series

2019-1,

Class

M4,

4.64%,

09/25/46

(a)

(b)

....

3,150

2,951,152

HIH

Trust,

Series

2024-61P,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.84%

Floor

+

1.84%),

6.16%,

10/15/41

(a)

(b)

.................

2,510

2,503,725

HILT

Commercial

Mortgage

Trust,

Series

2024-

ORL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.86%,

05/15/37

(a)

(b)

.

1,525

1,518,328

HONO

Mortgage

Trust,

Series

2021-LULU,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.26%),

5.59%,

10/15/36

(a)

(b)

...........

7,000

6,912,500

Houston

Galleria

Mall

Trust,

Series

2025-HGLR,

Class

A,

5.64%,

02/05/45

(a)

(b)

...........

6,550

6,663,836

Hudson

Yards

Mortgage

Trust,

Series

2025-

SPRL,

Class

A,

5.65%,

01/13/40

(a)

(b)

......

8,310

8,539,690

ILPT

Commercial

Mortgage

Trust,

Series

2022-

LPF2,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

6.57%,

10/15/39

(a)

(b)

.

3,200

3,191,999

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2016-NINE,

Class

B,

2.95%,

09/06/38

4,787

4,617,376

Series

2022-OPO,

Class

D,

3.56%,

01/05/39

2,409

1,974,372

Series

2024-OMNI,

Class

A,

5.99%,

10/05/39

4,710

4,781,951

JW

Commercial

Mortgage

Trust,

Series

2024-

MRCO,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.62%

Floor

+

1.62%),

5.94%,

06/15/39

(a)

(b)

.

8,750

8,700,781

KSL

Commercial

Mortgage

Trust,

Series

2024-

HT2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

5.86%,

12/15/39

(a)

(b)

.

11,530

11,421,906

LBA

Trust,

Series

2024-BOLT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.59%

Floor

+

1.59%),

5.91%,

06/15/39

(a)

(b)

.................

10,560

10,560,000

LoanCore

2025

Issuer

LLC,

Series

2025-CRE8,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

5.71%,

08/17/42

(a)

(b)

......

8,940

8,857,328

MHP

Commercial

Mortgage

Trust,

Series

2021-

STOR,

Class

J,

(1-mo.

CME

Term

SOFR

at

3.95%

Floor

+

4.06%),

8.39%,

07/15/38

(a)

(b)

.

1,277

1,256,577

Morgan

Stanley

Capital

I

Trust

(a)

Series

2018-H3,

Class

C,

5.01%,

07/15/51

.

1,440

1,343,492

Series

2018-MP,

Class

E,

4.42%,

07/11/40

(b)

2,112

1,376,221

NYC

Trust,

Series

2024-3ELV,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.99%

Floor

+

1.99%),

6.31%,

08/15/29

(a)

(b)

.................

6,179

6,179,480

Olympic

Tower

Mortgage

Trust,

Series

2017-OT,

Class

E,

4.08%,

05/10/39

(a)

(b)

...........

4,300

3,157,347

ORL

Trust,

Series

2024-GLKS,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

5.81%,

12/15/39

(a)

(b)

.................

8,630

8,576,063

PFP

Ltd.,

Series

2022-9,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.27%

Floor

+

2.27%),

6.60%,

08/19/35

(a)

(b)

......................

3,284

3,287,983

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

57

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

PGA

Trust,

Series

2024-RSR2,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.89%

Floor

+

1.89%),

6.21%,

06/15/39

(a)

(b)

.................

USD

2,850

$

2,838,418

PKHL

Commercial

Mortgage

Trust,

Series

2021-

MF,

Class

G,

(1-mo.

CME

Term

SOFR

at

4.35%

Floor

+

4.46%),

8.79%,

07/15/38

(a)

(b)

.

1,400

404,993

SCG

Mortgage

Trust,

Series

2024-MSP,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.74%

Floor

+

1.74%),

6.06%,

04/15/41

(a)

(b)

...........

1,830

1,823,142

SHR

Trust,

Series

2024-LXRY,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

6.27%,

10/15/41

(a)

(b)

.................

6,600

6,573,188

SREIT

Trust,

Series

2021-MFP2,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.82%

Floor

+

0.94%),

5.26%,

11/15/36

(a)

(b)

.................

4,710

4,683,506

TCO

Commercial

Mortgage

Trust,

Series

2024-

DPM,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.24%),

5.56%,

12/15/39

(a)

(b)

.

10,900

10,818,250

TTAN

MHC,

Series

2021-MHC,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.85%

Floor

+

0.96%),

5.29%,

03/15/38

(a)

(b)

.................

1,815

1,811,542

VEGAS

Trust,

Series

2024-TI,

Class

A,

5.52%,

11/10/39

(b)

.......................

2,410

2,442,619

Velocity

Commercial

Capital

Loan

Trust

(b)

Series

2022-1,

Class

M4,

5.20%,

02/25/52

(a)

5,008

3,794,712

Series

2023-3,

Class

M2,

8.27%,

08/25/53

(a)

1,197

1,202,344

Series

2023-3,

Class

M3,

9.32%,

08/25/53

(a)

962

978,705

Series

2024-5,

Class

M3,

6.76%,

10/25/54

(a)

3,448

3,406,340

Series

2024-5,

Class

M4,

9.53%,

10/25/54

(a)

4,377

4,307,719

Series

2025-1,

Class

M3,

7.33%,

02/25/55

(a)

3,995

3,999,212

Series

2025-1,

Class

M4,

10.15%,

02/25/55

(a)

1,383

1,383,771

Series

2025-RTL1,

Class

A1,

6.80%,

03/25/30

(d)

.....................

3,000

3,031,532

Wells

Fargo

Commercial

Mortgage

Trust

(a)

Series

2015-NXS3,

Class

B,

4.65%,

09/15/57

1,600

1,576,103

Series

2016-C37,

Class

C,

4.61%,

12/15/49

.

2,803

2,710,271

Series

2016-LC25,

Class

C,

4.47%,

12/15/59

8,320

7,772,206

Series

2016-NXS5,

Class

B,

5.09%,

01/15/59

1,875

1,821,898

WMRK

Commercial

Mortgage

Trust,

Series

2022-WMRK,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.79%

Floor

+

2.79%),

7.11%,

11/15/27

(a)

(b)

......................

3,005

3,007,238

552,445,557

Interest

Only

Collateralized

Mortgage

Obligations

—

0.0%

Barclays

Mortgage

Loan

Trust

(a)(b)

Series

2024-NQM4,

Class

XS,

0.00%,

12/26/64

......................

2

1,753

Series

2025-NQM1,

Class

XS,

0.00%,

01/25/65

......................

18,930

844,835

846,588

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

(a)

BBCMS

Trust

(b)

Series

2015-SRCH,

Class

XA,

1.01%,

08/10/35

......................

67,109

984,400

Series

2015-SRCH,

Class

XB,

0.30%,

08/10/35

......................

35,000

144,987

Commercial

Mortgage

Trust

Series

2014-UBS5,

Class

XB2,

0.92%,

09/10/47

(b)

.....................

12,675

93,546

Series

2015-CR25,

Class

XA,

0.92%,

08/10/48

......................

8,606

161

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C22,

Class

XA,

0.55%,

09/15/47

458

5

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(b)

40,477

369,510

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

X,

1.00%,

03/10/50

(b)

......

USD

31,099

$

339,765

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C26,

Class

XD,

1.43%,

10/15/48

(b)

.......................

12,675

41,153

Morgan

Stanley

Capital

I

Trust,

Series

2016-

UBS9,

Class

XD,

1.75%,

03/15/49

(b)

......

13,600

145,068

Natixis

Commercial

Mortgage

Securities

Trust

(b)

Series

2017-75B,

Class

XA,

0.34%,

04/10/37

40,610

169,648

Series

2017-75B,

Class

XB,

0.11%,

04/10/37

27,000

29,862

Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-BNK1,

Class

XD,

1.38%,

08/15/49

(b)

.....................

11,784

153,584

Series

2016-LC25,

Class

XA,

0.96%,

12/15/59

......................

17,707

166,275

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C20,

Class

XB,

0.51%,

05/15/47

....

43,884

21,714

2,659,678

Total

Non-Agency

Mortgage-Backed

Securities

—

8

.0

%

(Cost:

$

838,896,718

)

..............................

820,980,678

Preferred

Securities

Capital

Trusts

—

0.1%

Banks

—

0.0%

PNC

Financial

Services

Group,

Inc.

(The)

(a)(k)

Series

V

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.24%),

6.20

%

........................

158

157,896

Series

W

,

(7-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.81%),

6.25

%

........................

315

309,911

467,807

Electric

Utilities

—

0.1%

(a)(k)

Edison

International

Series

A

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.70%),

5.38

%

........................

4,685

4,391,221

Series

B

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.90%),

5.00

%

........................

253

223,815

NRG

Energy,

Inc.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.92%),

10.25

%

(b)

..................

890

975,037

5,590,073

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Vistra

Corp.

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.74%),

7.00

%

(a)

(b)

(k)

.......................

915

924,054

Oil,

Gas

&

Consumable

Fuels

—

0.0%

Energy

Transfer

LP

,

Series

H

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.69%),

6.50

%

(a)

(k)

...........

385

382,341

Total

Capital

Trusts

—

0

.1

%

(Cost:

$

7,293,294

)

...............................

7,364,275

Shares

Shares

Preferred

Stocks

—

0.0%

Chemicals

—

0.0%

FUCHS

SE

(Preference)

................

6,311

316,450

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

58

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Household

Products

—

0.0%

Henkel

AG

&

Co.

KGaA

(Preference)

........

40,994

$

3,183,855

IT

Services

—

0.0%

(e)

Veritas

Newco

.......................

2,876

66,153

Veritas

Newco,

Series

G-1

...............

1,987

40,725

106,878

Total

Preferred

Stocks

—

0.0

%

(Cost:

$

3,715,757

)

...............................

3,607,183

Total

Preferred

Securities

—

0

.1

%

(Cost:

$

11,009,051

)

...............................

10,971,458

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes

,

Series

2018-W5FX

,

Class

CFX

,

3.79

%

,

04/25/28

(a)

(b)

.................

USD

4,627

4,260,374

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.0

%

(Cost:

$

4,549,493

)

...............................

4,260,374

Shares

Shares

Warrants

Diversified

Consumer

Services

—

0.0

%

Service

King

Midas

International

(

Issued/

Exercisable

07/14/22

,

1

Share

for

1

Warrant,

Expires

04/26/27

,

Strike

Price

USD

10.00

)

(e)

(f)

1,841

—

Total

Warrants

—

0.0

%

(Cost:

$

—

)

.....................................

—

Total

Long-Term

Investments

—

93.1%

(Cost:

$

9,293,473,646

)

............................

9,531,804,235

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

12.2%

(q)(r)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.46

%

(s)

...................

262,519,460

$

262,624,467

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

4.21

%

.....................

985,371,317

985,371,317

Total

Short-Term

Securities

—

12

.2

%

(Cost:

$

1,247,983,985

)

............................

1,247,995,784

Total

Investments

Before

Investments

Sold

Short

—

105

.3

%

(Cost:

$

10,541,457,631

)

............................

10,779,800,019

Investments

Sold

Short

Common

Stocks

Chemicals

—

(0.0)%

Linde

plc

..........................

(7,473)

(

3,386,988

)

Total

Common

Stocks

—

(0.0)

%

(Proceeds:

$

(

3,398,650

)

)

...........................

(

3,386,988

)

Total

Investments

Sold

Short

—

(0.0)

%

(Proceeds:

$

(

3,398,650

)

)

...........................

(

3,386,988

)

Total

Investments

Net

of

Investments

Sold

Short

—

105

.3

%

(Cost:

$

10,538,058,981

)

............................

10,776,413,031

Liabilities

in

Excess

of

Other

Assets

—

(

5.3

)

%

.............

(

539,972,967

)

Net

Assets

—

100.0%

...............................

$

10,236,440,064

(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)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(g)

All

or

a

portion

of

this

security

is

on

loan.

(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

$6,683,211,

representing

0.07%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$5,930,333.

(j)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(k)

Perpetual

security

with

no

stated

maturity

date.

(l)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(m)

Convertible

security.

(n)

Zero-coupon

bond.

(o)

Rounds

to

less

than

1,000.

(p)

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.

(q)

Affiliate

of

the

Fund.

(r)

Annualized

7-day

yield

as

of

period

end.

(s)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

59

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

April

30,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/24

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/25

Shares

Held

at

04/30/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

239,879,166

$

22,756,355

(a)

$

—

$

(

8,539

)

$

(

2,515

)

$

262,624,467

262,519,460

$

1,891,067

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

794,650,648

—

190,720,669

(a)

—

—

985,371,317

985,371,317

24,790,377

—

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

—

198,372,878

—

—

876,485

199,249,363

3,795,949

731,597

—

iShares

5-10

Year

Investment

Grade

Corporate

Bond

ETF

—

219,382,289

—

—

(

2,968,119

)

216,414,170

4,122,960

4,877,495

—

iShares

Core

1-5

Year

USD

Bond

ETF

............

—

103,644,882

—

—

729,200

104,374,082

2,148,499

—

—

iShares

Core

Dividend

Growth

ETF

................

546,658,635

659,639,240

(

948,300,842

)

53,010,008

(

36,499,695

)

274,507,346

4,564,472

5,493,482

—

iShares

Core

S&P

500

ETF

(c)

.

221,024,780

82,076,597

(

305,873,546

)

6,134,754

(

3,362,585

)

—

—

—

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

....

234,648,774

—

(

26,937,488

)

976,418

(

339,697

)

208,348,007

2,650,738

10,085,084

—

$

60,112,641

$

(

41,566,926

)

$

2,250,888,752

$

47,869,102

$

—

—

—

(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

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

60

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

JPY

Currency

............................................................

3,828

06/16/25

$

336,936

$

7,390,509

U.S.

Treasury

10-Year

Note

...................................................

10,073

06/18/25

1,132,268

24,873,789

EURO

STOXX

50

Index

.....................................................

1,975

06/20/25

114,998

8,974,085

MSCI

Emerging

Markets

Index

.................................................

46

06/20/25

2,553

(

74,150

)

S&P

500

E-Mini

Index

.......................................................

366

06/20/25

102,242

345,565

U.S.

Treasury

5-Year

Note

....................................................

15,106

06/30/25

1,651,747

36,662,120

78,171,918

Short

Contracts

GBP

Currency

............................................................

2,803

06/16/25

233,735

(

6,973,254

)

U.S.

Treasury

10-Year

Note

...................................................

63

06/18/25

7,082

(

120,941

)

U.S.

Treasury

10-Year

Ultra

Note

...............................................

30

06/18/25

3,448

(

37,386

)

S&P

500

E-Mini

Index

.......................................................

176

06/20/25

49,166

(

735,708

)

(

7,867,289

)

$

70,304,629

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

364,433

EUR

320,000

Bank

of

America

NA

05/15/25

$

1,630

USD

82,882,590

EUR

72,940,000

Deutsche

Bank

AG

05/15/25

186,275

USD

364,272

EUR

320,000

Goldman

Sachs

International

05/15/25

1,469

USD

302,126,112

EUR

265,780,000

JPMorgan

Chase

Bank

NA

05/15/25

795,888

USD

574,357

GBP

430,000

Barclays

Bank

plc

05/15/25

1,282

CAD

37,000

USD

26,759

BNP

Paribas

SA

06/18/25

146

EUR

841,684

USD

936,372

Toronto

Dominion

Bank

06/18/25

20,018

USD

47,903

EUR

42,000

Toronto

Dominion

Bank

06/18/25

179

AUD

2,957,000

USD

1,880,729

Barclays

Bank

plc

07/15/25

15,051

CAD

481,000

USD

348,041

Bank

of

America

NA

07/15/25

2,197

CAD

2,941,000

USD

2,134,106

Bank

of

New

York

Mellon

07/15/25

7,370

CAD

683,000

USD

495,063

Deutsche

Bank

AG

07/15/25

2,260

CAD

6,052,000

USD

4,382,432

UBS

AG

07/15/25

24,305

GBP

1,147,000

USD

1,520,776

Bank

of

New

York

Mellon

07/15/25

8,274

NZD

3,622,000

USD

2,101,282

Westpac

Banking

Corp.

07/15/25

55,278

SGD

435,000

USD

330,900

UBS

AG

07/15/25

3,574

USD

499,545

CHF

405,000

Westpac

Banking

Corp.

07/15/25

4,267

USD

918,566

EUR

804,000

Bank

of

New

York

Mellon

07/15/25

3,407

USD

751,531

EUR

649,000

Barclays

Bank

plc

07/15/25

12,802

USD

2,651,409

EUR

2,312,000

Deutsche

Bank

AG

07/15/25

19,758

USD

1,407,145

EUR

1,232,000

UBS

AG

07/15/25

4,812

USD

799,950

JPY

113,235,000

Bank

of

New

York

Mellon

07/15/25

1,209

USD

12,119,269

EUR

10,643,072

Deutsche

Bank

AG

07/16/25

3,974

USD

32,817

EUR

28,751

JPMorgan

Chase

Bank

NA

07/16/25

90

1,175,515

EUR

1,690,000

USD

1,924,994

Bank

of

America

NA

05/15/25

(

8,943

)

USD

159,629

GBP

120,000

Bank

of

New

York

Mellon

05/15/25

(

299

)

USD

95,684,882

GBP

72,330,000

Citibank

NA

05/15/25

(

711,545

)

USD

385,628

GBP

290,000

Morgan

Stanley

&

Co.

International

plc

05/15/25

(

864

)

USD

530,673

GBP

400,000

Natwest

Markets

plc

05/15/25

(

2,419

)

USD

172,457

GBP

130,000

UBS

AG

05/15/25

(

798

)

USD

3,235,715

CAD

4,623,000

Toronto

Dominion

Bank

06/18/25

(

125,960

)

USD

1,170,878

EUR

1,068,000

Bank

of

New

York

Mellon

06/18/25

(

42,671

)

USD

4,229,538

EUR

3,845,000

Canadian

Imperial

Bank

of

Commerce

06/18/25

(

139,467

)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

61

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

12,079,576

EUR

11,013,000

Toronto

Dominion

Bank

06/18/25

$

(

434,301

)

USD

12,465,284

GBP

9,646,000

Nomura

International

plc

06/18/25

(

392,286

)

USD

577,916

GBP

446,813

Toronto

Dominion

Bank

06/18/25

(

17,660

)

CHF

91,000

USD

111,773

UBS

AG

07/15/25

(

488

)

EUR

731,000

USD

833,175

Bank

of

New

York

Mellon

07/15/25

(

1,109

)

EUR

2,000

USD

2,293

Barclays

Bank

plc

07/15/25

(

16

)

EUR

757,000

USD

862,266

UBS

AG

07/15/25

(

605

)

GBP

777,000

USD

1,037,869

Bank

of

New

York

Mellon

07/15/25

(

2,060

)

HKD

6,850,000

USD

884,415

Bank

of

America

NA

07/15/25

(

223

)

JPY

23,070,000

USD

164,184

Bank

of

New

York

Mellon

07/15/25

(

1,452

)

KRW

750,460,000

USD

530,363

UBS

AG

07/15/25

(

1,047

)

USD

794,539

AUD

1,275,000

Westpac

Banking

Corp.

07/15/25

(

22,884

)

USD

4,265,276

CAD

5,905,000

Bank

of

New

York

Mellon

07/15/25

(

34,423

)

USD

668,794

CAD

922,000

Barclays

Bank

plc

07/15/25

(

2,557

)

USD

193,848

CAD

268,000

Westpac

Banking

Corp.

07/15/25

(

1,295

)

USD

1,665,475

EUR

1,464,000

Bank

of

New

York

Mellon

07/15/25

(

934

)

USD

2,236,630

GBP

1,715,000

Bank

of

America

NA

07/15/25

(

49,614

)

USD

1,505,621

JPY

214,047,000

Bank

of

New

York

Mellon

07/15/25

(

4,231

)

USD

317,630

JPY

45,144,000

UBS

AG

07/15/25

(

808

)

EUR

191,189

USD

218,230

JPMorgan

Chase

Bank

NA

07/16/25

(

597

)

(

2,001,556

)

$

(

826,041

)

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

44.V1

................

1

.00

%

Quarterly

06/20/30

USD

4,059

$

(

64,579

)

$

(

80,152

)

$

15,573

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Verizon

Communications,

Inc.

.............

1

.00

%

Quarterly

06/20/29

BBB+

USD

7,197

$

111,868

$

116,961

$

(

5,093

)

Markit

CDX

North

American

High

Yield

Index

Series

44.V1

...........

5

.00

Quarterly

06/20/30

B+

USD

11,020

452,397

414,579

37,818

$

564,265

$

531,540

$

32,725

(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.

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

62

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)

Virgin

Media

Finance

plc

.

5

.00

%

Quarterly

JPMorgan

Chase

Bank

NA

12/20/25

B-

EUR

360

$

12,452

$

10,568

$

1,884

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Goldman

Sachs

International

06/20/26

CCC+

EUR

800

15,747

(

14,774

)

30,521

TK

Elevator

Holdco

GmbH

5

.00

Quarterly

Goldman

Sachs

International

12/20/26

CCC+

EUR

476

39,239

7,190

32,049

CMA

CGM

SA

........

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

BB+

EUR

1,090

100,569

118,289

(

17,720

)

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Bank

of

America

NA

12/20/27

CCC+

EUR

304

18,691

(

34,644

)

53,335

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Barclays

Bank

plc

12/20/27

CCC+

EUR

513

31,578

(

55,955

)

87,533

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Barclays

Bank

plc

12/20/27

CCC+

EUR

183

11,234

(

19,908

)

31,142

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Citibank

NA

12/20/27

CCC+

EUR

149

9,163

(

16,714

)

25,877

ADLER

Real

Estate

GmbH

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

CCC+

EUR

312

19,177

(

35,267

)

54,444

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

CCC+

EUR

226

13,905

(

25,515

)

39,420

AT&T,

Inc.

...........

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

650

11,284

7,834

3,450

AT&T,

Inc.

...........

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

150

2,604

1,996

608

AT&T,

Inc.

...........

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

150

2,604

2,002

602

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

342

36,977

43,512

(

6,535

)

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

144

15,569

18,419

(

2,850

)

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

130

14,056

16,163

(

2,107

)

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

216

23,401

27,226

(

3,825

)

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

130

14,056

16,267

(

2,211

)

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

303

32,761

38,778

(

6,017

)

Forvia

SE

...........

5

.00

Quarterly

Barclays

Bank

plc

06/20/29

BB-

EUR

828

41,944

90,679

(

48,735

)

Forvia

SE

...........

5

.00

Quarterly

Goldman

Sachs

International

06/20/29

BB-

EUR

913

46,250

88,530

(

42,280

)

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

206

1,888

1,900

(

12

)

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

206

1,888

1,346

542

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

650

5,959

5,199

760

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

137

1,256

1,048

208

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

136

1,247

1,150

97

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB-

USD

218

1,998

1,844

154

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB-

USD

147

1,348

865

483

Kinder

Morgan,

Inc.

....

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB

USD

393

5,511

6,346

(

835

)

Kinder

Morgan,

Inc.

....

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB

USD

282

3,954

4,367

(

413

)

Virgin

Media

Finance

plc

.

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

B-

EUR

272

21,013

8,487

12,526

Virgin

Media

Finance

plc

.

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

B-

EUR

286

22,055

8,580

13,475

Altice

France

SA

......

5

.00

Quarterly

Deutsche

Bank

AG

12/20/29

CC

EUR

1,414

(

298,459

)

(

251,990

)

(

46,469

)

Forvia

SE

...........

5

.00

Quarterly

Goldman

Sachs

International

12/20/29

BB-

EUR

718

27,485

48,157

(

20,672

)

Forvia

SE

...........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/29

BB-

EUR

200

7,656

12,761

(

5,105

)

iTraxx

Europe

Crossover

Index

Series

42.V2

20-

35%

............

5

.00

Quarterly

BNP

Paribas

SA

12/20/29

BB-

EUR

2,140

235,366

277,351

(

41,985

)

Markit

CDX

North

American

Investment

Grade

Index

Series

43

0-3%

.....

1

.00

Quarterly

Goldman

Sachs

International

12/20/29

BBB+

USD

211

(

69,338

)

(

53,790

)

(

15,548

)

Markit

CDX

North

American

Investment

Grade

Index

Series

43

3-7%

.....

1

.00

Quarterly

Goldman

Sachs

International

12/20/29

BBB+

USD

422

(

27,031

)

(

15,773

)

(

11,258

)

SES

SA

............

1

.00

Quarterly

Bank

of

America

NA

12/20/29

NR

EUR

507

(

31,020

)

(

38,128

)

7,108

SES

SA

............

1

.00

Quarterly

Barclays

Bank

plc

12/20/29

NR

EUR

525

(

32,121

)

(

35,742

)

3,621

Boeing

Co.

(The)

......

1

.00

Quarterly

Bank

of

America

NA

06/20/30

BBB-

USD

1,704

5,972

—

5,972

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

63

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)

CCO

Holdings

LLC

....

5

.00

%

Quarterly

Bank

of

America

NA

06/20/30

BB-

USD

90

$

12,901

$

11,364

$

1,537

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

06/20/30

BB-

USD

90

12,901

11,244

1,657

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

06/20/30

BB-

USD

90

12,901

11,158

1,743

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

06/20/30

BB-

USD

110

15,768

14,884

884

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

06/20/30

BB-

USD

80

11,468

10,206

1,262

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

06/20/30

BB-

USD

90

12,901

11,092

1,809

CCO

Holdings

LLC

....

5

.00

Quarterly

Bank

of

America

NA

06/20/30

BB-

USD

880

126,147

111,115

15,032

Teva

Pharmaceutical

Finance

Netherlands

III

BV

.............

1

.00

Quarterly

Bank

of

America

NA

06/20/30

BB

USD

100

(

1,834

)

(

943

)

(

891

)

Teva

Pharmaceutical

Finance

Netherlands

III

BV

.............

1

.00

Quarterly

Bank

of

America

NA

06/20/30

BB

USD

534

(

8,797

)

(

4,779

)

(

4,018

)

Teva

Pharmaceutical

Finance

Netherlands

III

BV

.............

1

.00

Quarterly

Bank

of

America

NA

06/20/30

BB

USD

490

(

8,989

)

(

2,423

)

(

6,566

)

Teva

Pharmaceutical

Finance

Netherlands

III

BV

.............

1

.00

Quarterly

Goldman

Sachs

International

06/20/30

BB

USD

180

(

2,965

)

(

806

)

(

2,159

)

Teva

Pharmaceutical

Finance

Netherlands

III

BV

.............

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/30

BB

USD

120

(

1,977

)

(

756

)

(

1,221

)

$

580,313

$

440,010

$

140,303

(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

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Barclays

Bank

plc

06/20/25

USD

2,000

$

(

18,892

)

$

(

6,022

)

$

(

12,870

)

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

BNP

Paribas

SA

06/20/25

USD

23,000

459,608

(

53,633

)

513,241

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

06/20/25

USD

4,000

(

31,412

)

(

11,839

)

(

19,573

)

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

09/20/25

USD

8,000

(

77,693

)

(

44,990

)

(

32,703

)

$

331,611

$

(

116,484

)

$

448,095

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

4

.35

%

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

64

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

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

that

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

—

Inputs

that

are

unobservable

and

significant

to the

entire

fair

value

measurement

for

the asset

or

liability (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.

For

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

its

most

recent

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

...................................

$

—

$

1,010,163,857

$

—

$

1,010,163,857

Common

Stocks

Aerospace

&

Defense

....................................

37,642,721

25,640,689

—

63,283,410

Air

Freight

&

Logistics

....................................

2,114,237

—

—

2,114,237

Automobile

Components

..................................

6,506,603

4,187,608

—

10,694,211

Automobiles

..........................................

1,699,531

5,273,629

—

6,973,160

Banks

...............................................

74,495,358

59,788,823

107

134,284,288

Beverages

...........................................

26,815,691

6,528,115

—

33,343,806

Biotechnology

.........................................

20,237,528

—

—

20,237,528

Broadline

Retail

........................................

8,690,821

—

—

8,690,821

Building

Products

.......................................

20,536,067

4,289,184

—

24,825,251

Capital

Markets

........................................

62,660,266

1,542,149

—

64,202,415

Chemicals

............................................

18,483,392

26,836,655

—

45,320,047

Commercial

Services

&

Supplies

.............................

17,571,860

6,100,916

—

23,672,776

Communications

Equipment

................................

8,982,520

2,004,479

—

10,986,999

Construction

&

Engineering

................................

1,495,377

19,066,778

—

20,562,155

Construction

Materials

....................................

—

8,352,093

—

8,352,093

Consumer

Finance

......................................

4,845,389

—

—

4,845,389

Consumer

Staples

Distribution

&

Retail

........................

48,899,617

7,757,949

—

56,657,566

Containers

&

Packaging

..................................

14,391,942

—

—

14,391,942

Distributors

...........................................

3,886,386

—

—

3,886,386

Diversified

REITs

.......................................

5,856,098

10,175,532

—

16,031,630

Diversified

Telecommunication

Services

........................

21,615,613

30,634,036

—

52,249,649

Electric

Utilities

........................................

131,562,459

21,153,347

—

152,715,806

Electrical

Equipment

.....................................

23,326,715

1,164,720

—

24,491,435

Electronic

Equipment,

Instruments

&

Components

.................

12,594,485

2,945,229

—

15,539,714

Energy

Equipment

&

Services

..............................

14,876,501

—

—

14,876,501

Entertainment

.........................................

5,227,561

—

—

5,227,561

Financial

Services

......................................

30,817,530

—

1,240,933

32,058,463

Food

Products

.........................................

9,794,429

7,158,458

—

16,952,887

Gas

Utilities

...........................................

559,635

2,949,143

—

3,508,778

Ground

Transportation

...................................

41,347,343

2,195,867

—

43,543,210

Health

Care

Equipment

&

Supplies

...........................

32,868,934

6,517,982

—

39,386,916

Health

Care

Providers

&

Services

............................

84,041,400

659,363

—

84,700,763

Health

Care

REITs

......................................

24,149,197

3,555,528

—

27,704,725

Hotel

&

Resort

REITs

....................................

—

1,947,382

—

1,947,382

Hotels,

Restaurants

&

Leisure

..............................

7,159,594

1,843,929

—

9,003,523

Household

Durables

.....................................

3,277,638

13,983,267

—

17,260,905

Household

Products

.....................................

20,087,095

3,838,194

—

23,925,289

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

65

Level

1

Level

2

Level

3

Total

Independent

Power

and

Renewable

Electricity

Producers

............

$

3,460,440

$

—

$

—

$

3,460,440

Industrial

Conglomerates

..................................

—

3,401,029

—

3,401,029

Industrial

REITs

........................................

20,333,327

10,820,730

—

31,154,057

Insurance

............................................

53,158,917

31,352,828

—

84,511,745

Interactive

Media

&

Services

...............................

58,016,666

—

—

58,016,666

IT

Services

...........................................

32,839,265

3,933,670

598,577

37,371,512

Leisure

Products

.......................................

4,172,493

—

—

4,172,493

Machinery

............................................

41,360,132

27,389,844

—

68,749,976

Media

...............................................

24,157,940

6,529,435

—

30,687,375

Metals

&

Mining

........................................

2,424,459

1,711,843

74

4,136,376

Multi-Utilities

..........................................

53,038,987

13,835,530

—

66,874,517

Office

REITs

..........................................

7,142,922

—

—

7,142,922

Oil,

Gas

&

Consumable

Fuels

...............................

100,549,088

38,068,997

51

138,618,136

Passenger

Airlines

......................................

—

1,085,400

—

1,085,400

Personal

Care

Products

..................................

—

5,309,942

—

5,309,942

Pharmaceuticals

.......................................

—

97,826,295

—

97,826,295

Professional

Services

....................................

33,241,450

25,763,780

—

59,005,230

Real

Estate

Management

&

Development

.......................

—

14,258,071

8

14,258,079

Residential

REITs

.......................................

10,616,045

3,828,912

—

14,444,957

Retail

REITs

..........................................

20,247,653

6,858,199

—

27,105,852

Semiconductors

&

Semiconductor

Equipment

....................

62,492,273

45,044,915

—

107,537,188

Software

.............................................

104,786,541

789,257

—

105,575,798

Specialized

REITs

......................................

79,808,580

4,905,426

—

84,714,006

Specialty

Retail

........................................

23,583,981

5,069,957

—

28,653,938

Technology

Hardware,

Storage

&

Peripherals

....................

27,776,773

14,268,230

—

42,045,003

Textiles,

Apparel

&

Luxury

Goods

............................

4,408,694

19,873,457

—

24,282,151

Tobacco

.............................................

—

9,401,806

—

9,401,806

Trading

Companies

&

Distributors

............................

—

16,577,127

—

16,577,127

Transportation

Infrastructure

...............................

5,220,112

52,031,536

—

57,251,648

Water

Utilities

.........................................

5,067,087

5,998,477

—

11,065,564

Wireless

Telecommunication

Services

.........................

—

—

3

3

Corporate

Bonds

Aerospace

&

Defense

....................................

—

35,604,737

—

35,604,737

Air

Freight

&

Logistics

....................................

—

978,617

—

978,617

Automobile

Components

..................................

—

25,146,068

—

25,146,068

Automobiles

..........................................

—

6,972,727

—

6,972,727

Banks

...............................................

—

311,576,170

—

311,576,170

Beverages

...........................................

—

918,598

—

918,598

Biotechnology

.........................................

—

6,748,386

—

6,748,386

Broadline

Retail

........................................

—

6,140,549

—

6,140,549

Building

Products

.......................................

—

18,728,688

—

18,728,688

Capital

Markets

........................................

—

127,446,388

—

127,446,388

Chemicals

............................................

—

43,066,076

—

43,066,076

Commercial

Services

&

Supplies

.............................

—

36,078,208

—

36,078,208

Communications

Equipment

................................

—

4,754,916

—

4,754,916

Construction

&

Engineering

................................

—

8,663,232

—

8,663,232

Consumer

Finance

......................................

—

47,514,962

—

47,514,962

Consumer

Staples

Distribution

&

Retail

........................

—

14,794,153

—

14,794,153

Containers

&

Packaging

..................................

—

34,809,389

—

34,809,389

Distributors

...........................................

—

1,025,867

—

1,025,867

Diversified

Consumer

Services

..............................

—

10,948,596

—

10,948,596

Diversified

REITs

.......................................

—

16,628,605

—

16,628,605

Diversified

Telecommunication

Services

........................

—

61,514,246

—

61,514,246

Electric

Utilities

........................................

—

77,124,552

—

77,124,552

Electrical

Equipment

.....................................

—

455,837

—

455,837

Electronic

Equipment,

Instruments

&

Components

.................

—

3,293,364

—

3,293,364

Energy

Equipment

&

Services

..............................

—

10,471,634

—

10,471,634

Entertainment

.........................................

—

6,017,850

—

6,017,850

Financial

Services

......................................

—

54,510,046

9,731,663

64,241,709

Food

Products

.........................................

—

17,749,670

—

17,749,670

Gas

Utilities

...........................................

—

1,367,281

—

1,367,281

Ground

Transportation

...................................

—

24,611,903

—

24,611,903

Health

Care

Equipment

&

Supplies

...........................

—

20,223,220

—

20,223,220

Health

Care

Providers

&

Services

............................

—

47,316,555

—

47,316,555

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

66

Level

1

Level

2

Level

3

Total

Health

Care

REITs

......................................

$

—

$

8,330,251

$

—

$

8,330,251

Hotel

&

Resort

REITs

....................................

—

6,081,025

—

6,081,025

Hotels,

Restaurants

&

Leisure

..............................

—

57,412,497

—

57,412,497

Household

Durables

.....................................

—

7,917,976

—

7,917,976

Household

Products

.....................................

—

179,196

—

179,196

Independent

Power

and

Renewable

Electricity

Producers

............

—

5,816,125

—

5,816,125

Industrial

Conglomerates

..................................

—

9,808,116

—

9,808,116

Industrial

REITs

........................................

—

1,104,503

—

1,104,503

Insurance

............................................

—

73,241,434

—

73,241,434

Interactive

Media

&

Services

...............................

—

1,683,868

—

1,683,868

IT

Services

...........................................

—

16,456,840

—

16,456,840

Life

Sciences

Tools

&

Services

..............................

—

715,103

—

715,103

Machinery

............................................

—

20,076,420

—

20,076,420

Marine

Transportation

....................................

—

1,914,441

—

1,914,441

Media

...............................................

—

64,698,673

—

64,698,673

Metals

&

Mining

........................................

—

37,769,567

—

37,769,567

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

—

1,828,850

—

1,828,850

Multi-Utilities

..........................................

—

11,305,502

—

11,305,502

Oil,

Gas

&

Consumable

Fuels

...............................

—

115,987,151

—

115,987,151

Paper

&

Forest

Products

..................................

—

6,489,179

—

6,489,179

Passenger

Airlines

......................................

—

9,012,910

—

9,012,910

Personal

Care

Products

..................................

—

2,861,495

—

2,861,495

Pharmaceuticals

.......................................

—

43,188,072

—

43,188,072

Professional

Services

....................................

—

6,326,386

—

6,326,386

Real

Estate

Management

&

Development

.......................

—

21,547,714

—

21,547,714

Residential

REITs

.......................................

—

4,637,276

—

4,637,276

Retail

REITs

..........................................

—

4,001,925

—

4,001,925

Semiconductors

&

Semiconductor

Equipment

....................

—

20,093,264

724,451

20,817,715

Software

.............................................

—

66,627,149

—

66,627,149

Specialized

REITs

......................................

—

16,138,855

—

16,138,855

Specialty

Retail

........................................

—

19,103,175

—

19,103,175

Technology

Hardware,

Storage

&

Peripherals

....................

—

3,545,782

—

3,545,782

Textiles,

Apparel

&

Luxury

Goods

............................

—

3,214,886

—

3,214,886

Tobacco

.............................................

—

12,121,870

—

12,121,870

Trading

Companies

&

Distributors

............................

—

14,488,434

—

14,488,434

Transportation

Infrastructure

...............................

—

201,380

—

201,380

Water

Utilities

.........................................

—

32,322

—

32,322

Wireless

Telecommunication

Services

.........................

—

32,421,850

—

32,421,850

Equity-Linked

Notes

......................................

—

1,367,130,735

—

1,367,130,735

Fixed

Rate

Loan

Interests

Diversified

Telecommunication

Services

........................

—

258,319

—

258,319

Financial

Services

......................................

—

—

31,374,049

31,374,049

Health

Care

Technology

..................................

—

1,713,368

—

1,713,368

Media

...............................................

—

659,950

—

659,950

Software

.............................................

—

—

2,490,080

2,490,080

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

31,368,715

—

31,368,715

Automobile

Components

..................................

—

16,304,635

—

16,304,635

Automobiles

..........................................

—

—

1,794,005

1,794,005

Beverages

...........................................

—

4,128,976

—

4,128,976

Biotechnology

.........................................

—

3,724,500

—

3,724,500

Broadline

Retail

........................................

—

6,178,803

611,777

6,790,580

Building

Products

.......................................

—

12,223,906

—

12,223,906

Capital

Markets

........................................

—

25,052,032

988,283

26,040,315

Chemicals

............................................

—

30,363,705

1,972,935

32,336,640

Commercial

Services

&

Supplies

.............................

—

45,395,534

5,040,559

50,436,093

Communications

Equipment

................................

—

3,083,019

—

3,083,019

Construction

&

Engineering

................................

—

9,501,405

—

9,501,405

Construction

Materials

....................................

—

17,717,837

—

17,717,837

Consumer

Staples

Distribution

&

Retail

........................

—

2,600,684

13,388,116

15,988,800

Containers

&

Packaging

..................................

—

14,395,545

—

14,395,545

Distributors

...........................................

—

980,833

—

980,833

Diversified

Consumer

Services

..............................

—

13,133,344

—

13,133,344

Diversified

REITs

.......................................

—

1,787,357

—

1,787,357

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

67

Level

1

Level

2

Level

3

Total

Diversified

Telecommunication

Services

........................

$

—

$

23,368,834

$

1,275,069

$

24,643,903

Electric

Utilities

........................................

—

3,987,891

—

3,987,891

Electrical

Equipment

.....................................

—

1,694,053

—

1,694,053

Electronic

Equipment,

Instruments

&

Components

.................

—

2,866,158

2,476,946

5,343,104

Energy

Equipment

&

Services

..............................

—

638,202

—

638,202

Entertainment

.........................................

—

30,613,455

—

30,613,455

Financial

Services

......................................

—

47,475,920

42,410,690

89,886,610

Food

Products

.........................................

—

10,807,588

779,785

11,587,373

Gas

Utilities

...........................................

—

1,713,231

—

1,713,231

Ground

Transportation

...................................

—

9,381,012

—

9,381,012

Health

Care

Equipment

&

Supplies

...........................

—

4,976,572

—

4,976,572

Health

Care

Providers

&

Services

............................

—

31,777,037

1,199,700

32,976,737

Health

Care

Technology

..................................

—

17,955,771

829,882

18,785,653

Hotels,

Restaurants

&

Leisure

..............................

—

56,384,294

10,546,359

66,930,653

Household

Durables

.....................................

—

10,265,073

—

10,265,073

Independent

Power

and

Renewable

Electricity

Producers

............

—

6,103,774

—

6,103,774

Industrial

Conglomerates

..................................

—

8,093,635

—

8,093,635

Insurance

............................................

—

53,227,837

1,481,170

54,709,007

Interactive

Media

&

Services

...............................

—

2,674,237

—

2,674,237

IT

Services

...........................................

—

41,902,330

2,082,554

43,984,884

Leisure

Products

.......................................

—

776,355

—

776,355

Life

Sciences

Tools

&

Services

..............................

—

2,791,449

—

2,791,449

Machinery

............................................

—

42,368,455

696,797

43,065,252

Media

...............................................

—

16,668,673

600,216

17,268,889

Multi-Utilities

..........................................

—

5,226,410

—

5,226,410

Oil,

Gas

&

Consumable

Fuels

...............................

—

8,875,497

—

8,875,497

Passenger

Airlines

......................................

—

11,836,215

—

11,836,215

Pharmaceuticals

.......................................

—

12,317,978

—

12,317,978

Professional

Services

....................................

—

32,939,847

3,503,542

36,443,389

Real

Estate

Management

&

Development

.......................

—

493,620

—

493,620

Semiconductors

&

Semiconductor

Equipment

....................

—

5,461,344

—

5,461,344

Software

.............................................

—

93,213,325

9,098,187

102,311,512

Specialty

Retail

........................................

—

6,652,739

—

6,652,739

Trading

Companies

&

Distributors

............................

—

9,660,770

1,689,651

11,350,421

Transportation

Infrastructure

...............................

—

9,038,091

1,234,692

10,272,783

Wireless

Telecommunication

Services

.........................

—

4,068,393

—

4,068,393

Foreign

Agency

Obligations

.................................

—

48,543,695

—

48,543,695

Foreign

Government

Obligations

..............................

—

55,501,380

—

55,501,380

Investment

Companies

....................................

1,002,892,968

—

—

1,002,892,968

Non-Agency

Mortgage-Backed

Securities

........................

—

812,290,115

8,690,563

820,980,678

Preferred

Securities

.......................................

—

10,971,458

—

10,971,458

U.S.

Government

Sponsored

Agency

Securities

....................

—

4,260,374

—

4,260,374

Warrants

..............................................

—

—

—

—

Short-Term

Securities

Money

Market

Funds

......................................

1,247,995,784

—

—

1,247,995,784

Unfunded

Floating

Rate

Loan

Interests

(a)

...........................

—

148,434

—

148,434

Liabilities

Investment

Sold

Short

Common

Stocks

.........................................

(

3,386,988

)

—

—

(

3,386,988

)

Unfunded

Floating

Rate

Loan

Interests

(a)

...........................

—

(

7,315

)

—

(

7,315

)

$

3,874,523,122

$

6,743,479,554

$

158,551,474

$

10,776,554,150

Derivative

Financial

Instruments

(b)

Assets

Credit

contracts

...........................................

$

—

$

483,126

$

—

$

483,126

Equity

contracts

...........................................

345,565

8,974,085

—

9,319,650

Foreign

currency

exchange

contracts

............................

7,390,509

1,175,515

—

8,566,024

Interest

rate

contracts

.......................................

61,535,909

513,241

—

62,049,150

Liabilities

Credit

contracts

...........................................

—

(

294,525

)

—

(

294,525

)

Equity

contracts

...........................................

(

809,858

)

—

—

(

809,858

)

Foreign

currency

exchange

contracts

............................

(

6,973,254

)

(

2,001,556

)

—

(

8,974,810

)

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

April

30,

2025

BlackRock

Multi-Asset

Income

Portfolio

68

Level

1

Level

2

Level

3

Total

Interest

rate

contracts

.......................................

$

(

158,327

)

$

(

65,146

)

$

—

$

(

223,473

)

$

61,330,544

$

8,784,740

$

—

$

70,115,284

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

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:

Common

Stocks

Corporate

Bonds

Fixed

Rate

Loan

Interests

Floating

Rate

Loan

Interests

Non-Agency

Mortgage-

Backed

Securities

Unfunded

Floating

Rate

Loan

Interests

Total

Investments

Assets/Liabilities

Opening

balance,

as

of

July

31,

2024

......................................

$

1,492,900

$

7,730,363

$

13,144,708

$

104,805,816

$

8,573,352

$

(

2,320

)

$

135,744,819

Transfers

into

Level

3

................................................

—

—

—

—

—

—

—

Transfers

out

of

Level

3

...............................................

(

830,961

)

—

—

(

13,297,254

)

—

—

(

14,128,215

)

Other

(a)

..........................................................

—

—

2

(

2

)

—

—

—

Accrued

discounts/premiums

............................................

—

41,709

92

23,674

(

23,956

)

—

41,519

Net

realized

gain

(loss)

...............................................

18,005

(

127,184

)

—

(

39,157

)

—

—

(

148,336

)

Net

change

in

unrealized

appreciation

(depreciation)

(b)

...........................

(

276,547

)

426,193

(

24,776,385

)

31,525,446

141,167

2,320

7,042,194

Purchases

........................................................

1,454,361

5,550,953

58,692,523

108,348,301

—

—

174,046,138

Sales

...........................................................

(

18,005

)

(

3,165,920

)

(

13,196,811

)

(

127,665,909

)

—

—

(

144,046,645

)

Closing

balance,

as

of

April

30,

2025

.......................................

$

1,839,753

$

10,456,114

$

33,864,129

$

103,700,915

$

8,690,563

$

—

$

158,551,474

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

April

30,

2025

(b)

$

(

276,547

)

$

426,193

$

(

24,828,396

)

$

722,440

$

141,167

$

—

$

(

23,815,143

)

(a)

Certain

Level

3

investments

were

re-classified

between

Fixed

Rate

Loan

Interests

and

Floating

Rate

Loan

Interests.

(b)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

April

30,

2025

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Currency

Abbreviation

AUD

Australian

Dollar

CAD

Canadian

Dollar

CHF

Swiss

Franc

CNY

Chinese

Yuan

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

JPY

Japanese

Yen

KRW

South

Korean

Won

NZD

New

Zealand

Dollar

SGD

Singapore

Dollar

USD

United

States

Dollar

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CSMC

Credit

Suisse

Mortgage

Capital

DAC

Designated

Activity

Company

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GDR

Global

Depositary

Receipts

JSC

Joint

Stock

Company

MSCI

Morgan

Stanley

Capital

International

Nasdaq

National

Association

of

Securities

Dealers

Automated

Quotations

NYRS

New

York

Registered

Shares

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

PJSC

Public

Joint

Stock

Company

REIT

Real

Estate

Investment

Trust

SCA

Svenska

Cellulosa

Aktiebolaget

SONIA

Sterling

Overnight

Interbank

Average

Rate

SOFR

Secured

Overnight

Financing

Rate

Fair

Value

Hierarchy

as

of

Period

End

(continued)