UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22061

Name of Fund:  BlackRock Funds II

BlackRock Retirement Income 2030 Fund

BlackRock Retirement Income 2040 Fund

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds II, 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 12/31/2023

Date of reporting period: 12/31/2023

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

DECEMBER

31,

2023

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2023

Annual

Report

BlackRock

Funds

II

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

cooling

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

December

31,

2023.

Significantly

tighter

monetary

policy

helped

to

rein

in

inflation,

and

the

Consumer

Price

Index

decelerated

substantially

in

the

first

half

of

the

year

before

stalling

between

3%

and

4%

in

the

second

half.

A

moderating

labor

market

helped

ease

inflationary

pressure,

although

wages

continued

to

grow.

Wage

and

job

growth

powered

robust

consumer

spending,

backstopping

the

economy.

On

October

7,

2023,

Hamas

launched

a

horrific

attack

on

Israel.

The

ensuing

war

will

have

a

significant

humanitarian

impact

and

could

lead

to

heightened

economic

and

market

volatility.

We

see

geopolitics

as

a

structural

market

risk

going

forward.

See

our

geopolitical

risk

dashboard

at

blackrock.com

for

more

details.

Equity

returns

were

robust

during

the

period,

as

interest

rates

stabilized

and

the

economy

proved

to

be

more

resilient

than

many

investors

expected.

The

U.S.

economy

continued

to

show

strength,

and

growth

further

accelerated

in

the

third

quarter

of

2023.

Large-capitalization

U.S.

stocks

posted

particularly

substantial

gains,

supported

by

the

performance

of

a

few

notable

technology

companies

and

small-capitalization

U.S.

stocks

also

advanced.

Meanwhile,

international

developed

market

equities

and

emerging

market

stocks

posted

solid

gains.

The

10-year

U.S.

Treasury

yield

ended

2023

where

it

began

despite

an

eventful

year

that

saw

significant

moves

in

bond

markets.

Overall,

U.S.

Treasuries

gained

as

investors

began

to

anticipate

looser

financial

conditions.

The

corporate

bond

market

benefited

from

improving

economic

sentiment,

although

high-yield

corporate

bond

prices

fared

significantly

better

than

investment-grade

bonds

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

attempting

to

manage

persistent

inflation,

raised

interest

rates

four

times

during

the

12-month

period,

but

paused

its

tightening

in

the

second

half

of

the

period.

The

Fed

also

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.

Supply

constraints

appear

to

have

become

an

embedded

feature

of

the

new

macroeconomic

environment,

making

it

difficult

for

developed

economies

to

increase

production

without

sparking

higher

inflation.

Geopolitical

fragmentation

and

an

aging

population

risk

further

exacerbating

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

stopped

tightening

for

now,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

despite

the

market’s

hopes

for

interest

rate

cuts,

as

reflected

in

the

recent

rally.

In

this

new

regime,

we

anticipate

greater

volatility

and

dispersion

of

returns,

creating

more

opportunities

for

selective

portfolio

management.

We

believe

developed

market

equities

have

priced

in

an

optimistic

scenario

for

rate

cuts,

which

we

view

as

premature,

so

we

prefer

an

underweight

stance

in

the

near

term.

Nevertheless,

we

are

overweight

on

Japanese

stocks

as

shareholder-friendly

policies

generate

increased

investor

interest.

We

also

believe

that

stocks

with

an

AI

tilt

should

benefit

from

an

investment

cycle

that

is

set

to

support

revenues

and

margins.

In

credit,

there

are

selective

opportunities

in

the

near

term

despite

tighter

credit

and

financial

conditions.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

attractive

investments

in

short-term

U.S.

Treasuries,

U.S.

mortgage-backed

securities,

and

hard-currency

emerging

market

bonds.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

December

31,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

8.04%

26.29%

U.S.

small

cap

equities

(Russell

2000

®

Index)

8.18

16.93

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

5.88

18.24

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

4.71

9.83

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.70

5.02

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

1.11

2.83

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

3.37

5.53

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

3.63

6.40

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

7.65

13.44

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

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

2

Annual

Report:

Fund

Summary

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

4

About

Fund

Performance

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

10

Disclosure

of

Expenses

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

10

Financial

Statements:

Schedules

of

Investments

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

11

Statements

of

Assets

and

Liabilities

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

15

Statements

of

Operations

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

17

Statements

of

Changes

in

Net

Assets

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

18

Financial

Highlights

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

19

Notes

to

Financial

Statements

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

23

Report

of

Independent

Registered

Public

Accounting

Firm

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

30

Important

Tax

Information

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

31

Statement

Regarding

Liquidity

Risk

Management

Program

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

32

Trustee

and

Officer

Information

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

33

Additional

Information

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

37

Additional

Financial

Information:

Schedule

of

Investments

(unaudited)

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

40

Statement

of

Assets

and

Liabilities

(unaudited)

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

114

Fund

Summary

as

of

December

31,

2023

2023

BlackRock

Annual

Report

To

Shareholders

4

BlackRock

Retirement

Income

2030

Fund

Investment

Objective

BlackRock

Retirement

Income

2030

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

maximize

current

income

while

decumulating

the

Fund’s

assets

to

a

predefined

target

Fund

net

asset

value

(“NAV”)

per

share,

as

a

percentage

of

the

Fund’s

NAV

per

share

at

inception,

over

the

term

of

the

Fund.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2023,

the

Fund

underperformed

its

custom

benchmark,

a

blend

of

50%

MSCI

World

Index/50%

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund

invests

substantially

all

of

its

assets

in

the

BlackRock

Multi-Asset

Income

Portfolio

(the

“Portfolio”).

What

factors

influenced

performance?

The

following

discussion

relates

to

absolute

performance

due

to

the

nature

of

the

Portfolio’s

approach.

The

Portfolio

employs

an

unconstrained

strategy

(i.e.

one

with

flexibility

to

invest

across

all

asset

classes)

that

is

managed

within

a

risk-controlled

framework

and

seeks

to

maintain

a

competitive

yield

with

a

risk

profile

less

than

or

equal

to

the

50/50

custom

benchmark.

The

Portfolio

may

use

derivatives

to

manage

positioning

or

provide

an

element

of

protection

during

periods

of

market

stress.

Most

of

the

Portfolio’s

allocations

delivered

positive

absolute

returns

given

the

“risk-on”

environment

in

the

financial

markets

during

2023.

An

allocation

to

high

yield

bonds

was

a

key

contributor

to

performance

at

a

time

in

which

investors

sought

the

higher

yields

and

attractive

total

return

potential

in

below

investment-grade

debt.

Similarly,

floating-rate

collateralized

loan

obligations

(“CLOs”)

and

bank

loans

contributed

thanks

to

the

favorable

risk

backdrop

and

strong

demand

for

fixed-income

investments

with

below-average

sensitivity

to

rising

interest

rates.

Positions

in

global

equities

and

covered

calls

also

aided

returns

given

the

strong

performance

for

the

stock

market

in

2023.

The

Portfolio

held

derivatives

during

the

year.

It

used

U.S.

Treasury

futures

to

manage

the

Portfolio’s

interest-rate

positioning.

While

this

strategy

helped

performance

in

November

and

December

2023,

it

detracted

over

the

full

12

months

given

the

extent

to

which

interest

rates

rose

in

the

first

ten

months

of

the

year.

The

Portfolio’s

risk-

management

strategies

with

respect

to

foreign

currencies

also

detracted

slightly.

On

the

other

hand,

the

Portfolio’s

use

of

covered

calls

helped

performance,

as

did

its

use

of

equity

derivatives

to

manage

overall

risk

levels.

(Covered

calls

involve

the

use

of

derivatives

and

are

intended

as

an

alternative

source

of

income.)

The

Fund’s

practice

of

maintaining

a

specified

level

of

monthly

distributions

to

shareholders

did

not

have

a

material

impact

on

the

Fund’s

investment

strategy.

The

distribution

policy

did

not

result

in

return

of

capital

for

the

period.

Describe

recent

portfolio

activity.

The

investment

adviser

made

several

changes

throughout

the

year

in

response

to

shifting

market

conditions.

Early

in

the

period,

the

investment

adviser

responded

to

the

elevated

volatility

associated

with

the

regional

banking

crisis

by

reducing

the

Portfolio’s

weighting

in

lower-quality

fixed

income

investments

in

favor

of

higher-quality

holdings.

Later

in

the

period,

the

investment

adviser

increased

the

Portfolio’s

position

in

equities

given

the

relatively

favorable

growth

backdrop

and

changing

inflation

dynamics.

Similarly,

the

investment

adviser

increased

the

Portfolio’s

position

in

lower-quality

bonds

in

late

2023

as

they

appeared

attractive

relative

to

higher-quality

issues

at

a

time

of

improving

market

conditions.

The

investment

adviser

adjusted

the

Portfolio’s

duration

throughout

the

period

in

an

effort

to

capitalize

on

bond

market

volatility.

(Duration

is

a

measure

of

interest-rate

sensitivity.)

The

Portfolio

ultimately

finished

December

2023

with

modestly

lower

duration

than

the

fixed-income

benchmark.

This

positioning

reflected

the

investment

adviser’s

belief

that

the

bond

market

rally

in

the

final

two

months

of

the

year

appeared

overdone

relative

to

the

growth

and

inflation

backdrop.

Describe

portfolio

positioning

at

period

end.

The

Fund

invested

nearly

the

entirety

of

its

assets

in

the

Portfolio

while

maintaining

a

small

position

in

cash

for

operational

purposes.

The

Portfolio

was

diversified

across

several

income-producing

asset

classes—including

investment-grade

debt,

bank

loans,

high

yield

bonds,

global

equities,

covered

calls,

preferred

stocks,

mortgage-backed

securities

and

cash—and

it

continued

to

use

risk-management

strategies.

At

the

close

of

the

period,

the

Fund’s

duration

stood

at

approximately

2.8

years.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

December

31,

2023

(continued)

5

Fund

Summary

BlackRock

Retirement

Income

2030

Fund

GROWTH

OF

$10,000

INVESTMENT

The

Fund

commenced

operations

on

July

31,

2020.

Performance

N/A

—

Not

applicable

as

share

class

and

Index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

(a)

Assuming

maximum

sales

charge,

if

any,

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees

and

administration

fees,

if

any.

Institutional

Shares

do

not

have

a

sales

charge.

(b)

The

Fund,

indirectly

through

its

investment

in

BlackRock

Multi-Asset

Income

Portfolio

(“MAI”),

may

invest

in

both

equity

securities

(including

common

stock,

preferred

stock,

securities

convertible

into

common

and

preferred

stock

and

non-convertible

preferred

stock)

and

fixed

income

securities

(including

corporate

bonds

and

notes,

mortgage-backed

securities,

asset-backed

securities,

convertible

securities,

preferred

securities

and

government

obligations).

Under

normal

circumstances,

the

Fund,

indirectly

through

its

investment

in

MAI,

may

invest

up

to

60%

of

its

assets

in

equity

securities

and

up

to

100%

of

its

assets

in

fixed-income

securities.

Additionally,

the

Fund,

indirectly

through

its

investment

in

MAI,

may

invest

in

structured

notes

that

provide

exposure

to

covered

call

options

or

other

types

of

financial

instruments.

(c)

A

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market.

(d)

A

broad

global

equity

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

markets

countries.

(e)

A

customized

weighted

index

comprised

of

returns

of

50%

MSCI

World

Index/50%

Bloomberg

U.S.

Aggregate

Bond

Index.

Average

Annual

Total

Returns

(a)

1

Year

Since

Inception

(b)

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

5.67‌%

0.82‌%

10.85‌%

N/A‌

3.33‌%

N/A‌

Investor

A

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

5.13‌

0.49‌

10.59‌

4.79‌%

3.07‌

1.46‌%

Bloomberg

U.S.

Aggregate

Bond

Index

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

—‌

—‌

5.53‌

N/A‌

(2.97‌)

N/A‌

MSCI

World

Index

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

—‌

—‌

23.79‌

N/A‌

11.46‌

N/A‌

50%

MSCI

World

Index/50%

Bloomberg

U.S.

Aggregate

Bond

Index

......

—‌

—‌

14.43‌

N/A‌

4.27‌

N/A‌

(a)

Assuming

maximum

sales

charge,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

The

Fund

commenced

operations

on

July

31,

2020.

Fund

Summary

as

of

December

31,

2023

(continued)

2023

BlackRock

Annual

Report

To

Shareholders

6

BlackRock

Retirement

Income

2030

Fund

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

1,059.30‌

$

1.30‌

$

1,000.00‌

$

1,023.95‌

$

1.28‌

0.25‌%

Investor

A

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

1,000.00‌

1,058.00‌

2.59‌

1,000.00‌

1,022.68‌

2.55‌

0.50‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

PORTFOLIO

COMPOSITION

–%

–%

Asset

Type

 Percent

of

Affiliated

Investment

Companies

–%

–%

Fixed-Income

Funds

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

99.1‌

%

Short-Term

Securities

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

0.9‌

–%

–‌

Fund

Summary

as

of

December

31,

2023

7

Fund

Summary

BlackRock

Retirement

Income

2040

Fund

Investment

Objective

BlackRock

Retirement

Income

2040

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

maximize

current

income

while

decumulating

the

Fund’s

assets

to

a

predefined

target

Fund

net

asset

value

(“NAV”)

per

share,

as

a

percentage

of

the

Fund’s

NAV

per

share

at

inception,

over

the

term

of

the

Fund.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

December

31,

2023,

the

Fund

underperformed

its

custom

benchmark,

a

blend

of

50%

MSCI

World

Index/50%

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Fund

invests

substantially

all

of

its

assets

in

the

BlackRock

Multi-Asset

Income

Portfolio

(the

“Portfolio”).

What

factors

influenced

performance?

The

following

discussion

relates

to

absolute

performance

due

to

the

nature

of

the

Portfolio’s

approach.

The

Portfolio

employs

an

unconstrained

strategy

(i.e.

one

with

flexibility

to

invest

across

all

asset

classes)

that

is

managed

within

a

risk-controlled

framework

and

seeks

to

maintain

a

competitive

yield

with

a

risk

profile

less

than

or

equal

to

the

50/50

custom

benchmark.

The

Portfolio

may

use

derivatives

to

manage

positioning

or

provide

an

element

of

protection

during

periods

of

market

stress.

Most

of

the

Portfolio’s

allocations

delivered

positive

absolute

returns

given

the

“risk-on”

environment

in

the

financial

markets

during

2023.

An

allocation

to

high

yield

bonds

was

a

key

contributor

to

performance

at

a

time

in

which

investors

sought

the

higher

yields

and

attractive

total

return

potential

in

below

investment-grade

debt.

Similarly,

floating-rate

collateralized

loan

obligations

(“CLOs”)

and

bank

loans

contributed

thanks

to

the

favorable

risk

backdrop

and

strong

demand

for

fixed-income

investments

with

below-average

sensitivity

to

rising

interest

rates.

Positions

in

global

equities

and

covered

calls

also

aided

returns

given

the

strong

performance

for

the

stock

market

in

2023.

The

Portfolio

held

derivatives

during

the

year.

It

used

U.S.

Treasury

futures

to

manage

the

Portfolio’s

interest-rate

positioning.

While

this

strategy

helped

performance

in

November

and

December

2023,

it

detracted

over

the

full

12

months

given

the

extent

to

which

interest

rates

rose

in

the

first

ten

months

of

the

year.

The

Portfolio’s

risk-

management

strategies

with

respect

to

foreign

currencies

also

detracted

slightly.

On

the

other

hand,

the

Portfolio’s

use

of

covered

calls

helped

performance,

as

did

its

use

of

equity

derivatives

to

manage

overall

risk

levels.

(Covered

calls

involve

the

use

of

derivatives

and

are

intended

as

an

alternative

source

of

income.)

The

Fund’s

practice

of

maintaining

a

specified

level

of

monthly

distributions

to

shareholders

did

not

have

a

material

impact

on

the

Fund’s

investment

strategy.

The

distribution

policy

did

not

result

in

return

of

capital

for

the

period.

Describe

recent

portfolio

activity.

The

investment

adviser

made

several

changes

throughout

the

year

in

response

to

shifting

market

conditions.

Early

in

the

period,

the

investment

adviser

responded

to

the

elevated

volatility

associated

with

the

regional

banking

crisis

by

reducing

the

Portfolio’s

weighting

in

lower-quality

fixed

income

investments

in

favor

of

higher-quality

holdings.

Later

in

the

period,

the

investment

adviser

increased

the

Portfolio’s

position

in

equities

given

the

relatively

favorable

growth

backdrop

and

changing

inflation

dynamics.

Similarly,

the

investment

adviser

increased

the

Portfolio’s

position

in

lower-quality

bonds

in

late

2023

as

they

appeared

attractive

relative

to

higher-quality

issues

at

a

time

of

improving

market

conditions.

The

investment

adviser

adjusted

the

Portfolio’s

duration

throughout

the

period

in

an

effort

to

capitalize

on

bond

market

volatility.

(Duration

is

a

measure

of

interest-rate

sensitivity.)

The

Portfolio

ultimately

finished

December

2023

with

modestly

lower

duration

than

the

fixed-income

benchmark.

This

positioning

reflected

the

investment

adviser’s

belief

that

the

bond

market

rally

in

the

final

two

months

of

the

year

appeared

overdone

relative

to

the

growth

and

inflation

backdrop.

Describe

portfolio

positioning

at

period

end.

The

Fund

invested

nearly

the

entirety

of

its

assets

in

the

Portfolio

while

maintaining

a

small

position

in

cash

for

operational

purposes.

The

Portfolio

was

diversified

across

several

income-producing

asset

classes—including

investment-grade

debt,

bank

loans,

high

yield

bonds,

global

equities,

covered

calls,

preferred

stocks,

mortgage-backed

securities

and

cash—and

it

continued

to

use

risk-management

strategies.

At

the

close

of

the

period,

the

Fund’s

duration

stood

at

approximately

2.8

years.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

December

31,

2023

(continued)

2023

BlackRock

Annual

Report

To

Shareholders

8

BlackRock

Retirement

Income

2040

Fund

GROWTH

OF

$10,000

INVESTMENT

The

Fund

commenced

operations

on

July

31,

2020.

Performance

N/A

—

Not

applicable

as

share

class

and

Index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

(a)

Assuming

maximum

sales

charge,

if

any,

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees

and

administration

fees,

if

any.

Institutional

Shares

do

not

have

a

sales

charge.

(b)

The

Fund,

indirectly

through

its

investment

in

BlackRock

Multi-Asset

Income

Portfolio

(“MAI”),

may

invest

in

both

equity

securities

(including

common

stock,

preferred

stock,

securities

convertible

into

common

and

preferred

stock

and

non-convertible

preferred

stock)

and

fixed

income

securities

(including

corporate

bonds

and

notes,

mortgage-backed

securities,

asset-backed

securities,

convertible

securities,

preferred

securities

and

government

obligations).

Under

normal

circumstances,

the

Fund,

indirectly

through

its

investment

in

MAI,

may

invest

up

to

60%

of

its

assets

in

equity

securities

and

up

to

100%

of

its

assets

in

fixed-income

securities.

Additionally,

the

Fund,

indirectly

through

its

investment

in

MAI,

may

invest

in

structured

notes

that

provide

exposure

to

covered

call

options

or

other

types

of

financial

instruments.

(c)

A

broad-based

flagship

benchmark

that

measures

the

investment

grade,

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market.

(d)

A

broad

global

equity

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

markets

countries.

(e)

A

customized

weighted

index

comprised

of

returns

of

50%

MSCI

World

Index/50%

Bloomberg

U.S.

Aggregate

Bond

Index.

Average

Annual

Total

Returns

(a)

1

Year

Since

Inception

(b)

Standardized

30-Day

Yields

Unsubsidized

30-Day

Yields

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

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

5.65‌%

0.74‌%

10.83‌%

N/A‌

3.40‌%

N/A‌

Investor

A

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

5.11‌

0.41‌

10.56‌

4.76‌%

3.14‌

1.53‌%

Bloomberg

U.S.

Aggregate

Bond

Index

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

—‌

—‌

5.53‌

N/A‌

(2.97‌)

N/A‌

MSCI

World

Index

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

—‌

—‌

23.79‌

N/A‌

11.46‌

N/A‌

50%

MSCI

World

Index/50%

Bloomberg

U.S.

Aggregate

Bond

Index

.........

—‌

—‌

14.43‌

N/A‌

4.27‌

N/A‌

(a)

Assuming

maximum

sales

charge,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

The

Fund

commenced

operations

on

July

31,

2020.

Fund

Summary

as

of

December

31,

2023

(continued)

9

Fund

Summary

BlackRock

Retirement

Income

2040

Fund

Expense

Example

See

"Disclosure

of

Expenses"

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(07/01/23)

Ending

Account

Value

(12/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

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

$

1,000.00‌

$

1,059.20‌

$

1.30‌

$

1,000.00‌

$

1,023.95‌

$

1.28‌

0.25‌%

Investor

A

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

1,000.00‌

1,057.90‌

2.59‌

1,000.00‌

1,022.68‌

2.55‌

0.50‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/365

(to

reflect

the

one-half

year

period

shown).

PORTFOLIO

COMPOSITION

–%

–%

Asset

Type

 Percent

of

Affiliated

Investment

Companies

–%

–%

Fixed-Income

Funds

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

98.3‌

%

Short-Term

Securities

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

1.7‌

–%

–‌

About

Fund

Performance

2023

BlackRock

Annual

Report

To

Shareholders

10

Institutional

Shares

are

not

subject

to

any

sales

charge.

These

shares

bear

no

ongoing

distribution

or

service

fees

and

are

available

only

to

certain

eligible

investors.

Investor

A

Shares

are

subject

to

a

maximum

initial

sales

charge

(front-end

load)

of 

5.25

%

and

a

service

fee

of

0.25%

per

year

(but

no

distribution

fee).

Certain

redemptions

of

these

shares

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

These

shares

are

generally

available

through

financial

intermediaries.

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Refer

to

blackrock.com 

to

obtain

performance

data

current

to

the

most

recent

month-end.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Figures

shown

in

the

performance

table(s) assume

reinvestment

of

all

distributions,

if

any,

at

net

asset

value

(“NAV”)

on

the

ex-dividend

date

or

payable

date,

as

applicable.

Investment

return

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Distributions

paid

to

each

class

of

shares

will

vary

because

of

the

different

levels

of

service,

distribution

and

transfer

agency

fees

applicable

to

each

class,

which

are

deducted

from

the

income

available

to

be

paid

to

shareholders. 

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

adviser,

has

contractually

and/or

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

each

Fund’s

expenses.

Without

such

waiver(s)

and/or

reimbursement(s),

each

Fund’s

performance

would

have

been

lower.

With

respect

to

each

Fund’s

voluntary

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

waive

and/or

reimburse

or

to

continue

waiving

and/or

reimbursing

its

fees

and

such

voluntary

waiver(s)

may

be

reduced

or

discontinued

at

any

time. With

respect

to

each

Fund’s

contractual

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

continue

waiving

and/or

reimbursing

its

fees

after

the

applicable

termination

date

of

such agreement.

See

the

Notes

to

Financial

Statements

for

additional

information

on

waivers

and/or

reimbursements. 

The

standardized

30-day

yield

includes

the

effects

of

any

waivers

and/or

reimbursements.

The

unsubsidized

30-day

yield

excludes

the

effects

of

any

waivers

and/or

reimbursements. 

Disclosure

of

Expenses

Shareholders

of

each

Fund

may

incur

the

following

charges:

(a)

transactional

expenses,

such

as

sales

charges;

and

(b)

operating

expenses,

including

investment

advisory

fees,

administration

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

examples shown

(which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their

Fund and

share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

these

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Schedule

of

Investments

December

31,

2023

BlackRock

Retirement

Income

2030

Fund

Schedules

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

December

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Value

Investment

Companies

Fixed

Income

Funds

—

100.1%

BlackRock

Multi-Asset

Income

Portfolio,

Class

K

Shares

(a)

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

463,224

$

4,622,971

Total

Long-Term

Investments

—

100.1%

(Cost:

$4,904,542)

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

4,622,971

Security

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

0.9%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.26%

(a)(b)

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

41,753

$

41,753

Total

Short-Term

Securities

—

0.9%

(Cost:

$41,753)

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

41,753

Total

Investments

—

101.0%

(Cost:

$4,946,295)

(c)

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

4,664,724

Liabilities

in

Excess

of

Other

Assets

—

(1.0)

%

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

(48,051)

Net

Assets

—

100.0%

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

$

4,616,673

(a)

Affiliate

of

the

Fund.

(b)

Annualized

7-day

yield

as

of

period

end.

(c)

Cost

for

U.S.

federal

income

tax

purposes.

Affiliated

Issuer

Value

at

12/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/23

Shares

Held

at

12/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

98,504

$

—

$

(56,751)

(a)

$

—

$

—

$

41,753

41,753

$

3,145

$

—

BlackRock

Multi-Asset

Income

Portfolio,

Class

K

Shares

.

4,419,153

—

—

—

203,818

4,622,971

463,224

266,073

5,622

$

—

$

203,818

$

4,664,724

$

269,218

$

5,622

—

—

(a)

Represents

net

amount

purchased

(sold).

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Retirement

Income

2030

Fund

12

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

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

$

4,622,971

$

—

$

—

$

4,622,971

Short-Term

Securities

Money

Market

Funds

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

41,753

—

—

41,753

$

4,664,724

$

—

$

—

$

4,664,724

Schedule

of

Investments

December

31,

2023

BlackRock

Retirement

Income

2040

Fund

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

December

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Value

Investment

Companies

Fixed

Income

Funds

—

99.2%

BlackRock

Multi-Asset

Income

Portfolio,

Class

K

Shares

(a)

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

454,744

$

4,538,346

Total

Long-Term

Investments

—

99.2%

(Cost:

$4,818,453)

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

4,538,346

Security

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

1.7%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.26%

(a)(b)

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

79,366

$

79,366

Total

Short-Term

Securities

—

1.7%

(Cost:

$79,366)

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

79,366

Total

Investments

—

100.9%

(Cost:

$4,897,819)

(c)

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

4,617,712

Liabilities

in

Excess

of

Other

Assets

—

(0.9)

%

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

(40,763)

Net

Assets

—

100.0%

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

$

4,576,949

(a)

Affiliate

of

the

Fund.

(b)

Annualized

7-day

yield

as

of

period

end.

(c)

Cost

for

U.S.

federal

income

tax

purposes.

Affiliated

Issuer

Value

at

12/31/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/23

Shares

Held

at

12/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

104,980

$

—

$

(25,614)

(a)

$

—

$

—

$

79,366

79,366

$

4,611

$

—

BlackRock

Multi-Asset

Income

Portfolio,

Class

K

Shares

.

4,307,987

59,998

(30,000)

(2,713)

203,074

4,538,346

454,744

260,354

5,519

$

(2,713)

$

203,074

$

4,617,712

$

264,965

$

5,519

—

—

(a)

Represents

net

amount

purchased

(sold).

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(continued)

December

31,

2023

BlackRock

Retirement

Income

2040

Fund

14

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

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

$

4,538,346

$

—

$

—

$

4,538,346

Short-Term

Securities

Money

Market

Funds

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

79,366

—

—

79,366

$

4,617,712

$

—

$

—

$

4,617,712

Statements

of

Assets

and

Liabilities

December

31,

2023

15

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

ASSETS

Investments,

at

value

—

affiliated

(a)

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

$

4,664,724‌

$

4,617,712‌

Receivables:

–‌

–‌

Dividends

—

affiliated

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

25,149‌

24,854‌

From

the

Manager

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

18,623‌

18,701‌

Prepaid

expenses

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

15,967‌

15,690‌

Total

assets

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

4,724,463‌

4,676,957‌

LIABILITIES

Payables:

–‌

–‌

Accounting

services

fees

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

14,954‌

14,953‌

Administration

fees

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

—‌

8‌

Custodian

fees

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

568‌

566‌

Income

dividend

distributions

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

31,163‌

22,961‌

Trustees'

and

Officer's

fees

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

265‌

267‌

Printing

and

postage

fees

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

21,359‌

21,115‌

Professional

fees

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

38,493‌

39,212‌

Registration

fees

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

13‌

12‌

Transfer

agent

fees

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

975‌

914‌

Total

liabilities

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

107,790‌

100,008‌

Commitments

and

contingent

liabilities

—‌

—‌

NET

ASSETS

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

$

4,616,673‌

$

4,576,949‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

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

$

4,911,690‌

$

4,864,620‌

Accumulated

loss

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

(295,017‌)

(287,671‌)

NET

ASSETS

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

$

4,616,673‌

$

4,576,949‌

(a)

  Investments,

at

cost

—

affiliated

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

$

4,946,295‌

$

4,897,819‌

Statements

of

Assets

and

Liabilities

(continued)

December

31,

2023

2023

BlackRock

Annual

Report

To

Shareholders

16

See

notes

to

financial

statements.

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

NET

ASSET

VALUE

Institutional

Net

assets

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

$

4,382,365‌

$

4,448,651‌

Shares

outstanding

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

50,790.66‌

48,619.05‌

Net

asset

value

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

$

86.28‌

$

91.50‌

Shares

authorized

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

Unlimited

Unlimited

Par

value

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

$

0.001‌

$

0.001‌

Investor

A

Net

assets

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

$

234,308‌

$

128,298‌

Shares

outstanding

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

2,715.46‌

1,402.19‌

Net

asset

value

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

$

86.29‌

$

91.50‌

Shares

authorized

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

Unlimited

Unlimited

Par

value

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

$

0.001‌

$

0.001‌

Statements

of

Operations

Year

Ended

December

31,

2023

17

Financial

Statements

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

INVESTMENT

INCOME

–

–

Dividends

—

affiliated

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

$

269,218‌

$

264,965‌

Interest

—

unaffiliated

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

14‌

14‌

Total

investment

income

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

269,232‌

264,979‌

EXPENSES

Professional

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

92,426‌

94,538‌

Accounting

services

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

46,026‌

46,022‌

Registration

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

35,998‌

35,988‌

Printing

and

postage

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

31,195‌

31,096‌

Trustees

and

Officer

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

6,523‌

6,524‌

Investment

advisory

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

4,507‌

4,444‌

Administration

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

1,916‌

1,888‌

Custodian

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

1,588‌

1,558‌

Administration

—

class

specific

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

902‌

889‌

Transfer

agent

—

class

specific

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

684‌

239‌

Service

and

distribution

—

class

specific

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

574‌

312‌

Miscellaneous

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

6,783‌

6,519‌

Total

expenses

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

229,122‌

230,017‌

Less:

–‌

–‌

Administration

fees

waived

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

(1,916‌)

(1,888‌)

Administration

fees

waived

by

the

Manager

—

class

specific

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

(902‌)

(877‌)

Fees

waived

and/or

reimbursed

by

the

Manager

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

(213,787‌)

(215,610‌)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

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

(675‌)

(225‌)

Total

expenses

after

fees

waived

and/or

reimbursed

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

11,842‌

11,417‌

Net

investment

income

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

257,390‌

253,562‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

209,440‌

$

205,880‌

Net

realized

gain

(loss)

from:

Investments

—

affiliated

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

$

—‌

$

(2,713‌)

Capital

gain

distributions

from

underlying

funds

—

affiliated

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

5,622‌

5,519‌

5,622‌

2,806‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

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

203,818‌

203,074‌

Net

realized

and

unrealized

gain

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

209,440‌

205,880‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

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

$

466,830‌

$

459,442‌

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

2023

BlackRock

Annual

Report

To

Shareholders

18

See

notes

to

financial

statements.

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/23

Year

Ended

12/31/22

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

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

$

257,390‌

$

217,841‌

$

253,562‌

$

215,440‌

Net

realized

gain

(loss)

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

5,622‌

(7,455‌)

2,806‌

990‌

Net

change

in

unrealized

appreciation

(depreciation)

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

203,818‌

(820,042‌)

203,074‌

(820,262‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

466,830‌

(609,656‌)

459,442‌

(603,832‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

From

net

investment

income:

  Institutional

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

(250,004‌)

(212,227‌)

(252,097‌)

(215,371‌)

  Investor

A

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

(13,008‌)

(11,605‌)

(6,984‌)

(5,910‌)

Return

of

capital:

–

–

–

–

  Institutional

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

(92,306‌)

(130,437‌)

(13,944‌)

(58,464‌)

  Investor

A

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

(4,803‌)

(7,133‌)

(386‌)

(1,604‌)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

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

(360,121‌)

(361,402‌)

(273,411‌)

(281,349‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

11,952‌

139,044‌

(9,789‌)

(7,380‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

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

118,661‌

(832,014‌)

176,242‌

(892,561‌)

Beginning

of

year

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

4,498,012‌

5,330,026‌

4,400,707‌

5,293,268‌

End

of

year

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

$

4,616,673‌

$

4,498,012‌

$

4,576,949‌

$

4,400,707‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

19

Financial

Highlights

BlackRock

Retirement

Income

2030

Fund

Institutional

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Period

from

07/31/20

(a)

to

12/31/20

Net

asset

value,

beginning

of

period

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

$

84.29

‌

$

103.18

‌

$

103.74

‌

$

100.00

‌

Net

investment

income

(b)

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

4.83

‌

4.20

‌

4.09

‌

1.69

‌

Net

realized

and

unrealized

gain

(loss)

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

3.91

‌

(16.13

)

2.85

‌

5.14

‌

Net

increase

(decrease)

from

investment

operations

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

8.74

‌

(11.93

)

6.94

‌

6.83

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

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

(4

.

93

)

(4.31

)

(5.42

)

(1.74

)

From

net

realized

gain

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

—

‌

—

‌

(0.11

)

—

‌

Return

of

capital

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

(

1

.

82

)

(2.65

)

(1.97

)

(1.35

)

Total

distributions

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

(6.75

)

(6.96

)

(7.50

)

(3.09

)

Net

asset

value,

end

of

period

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

$

86.28

‌

$

84.29

‌

$

103.18

‌

$

103.74

‌

Total

Return

(d)

—

—

—

—

Based

on

net

asset

value

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

10.85

%

(11.74

)%

6.87

%

6.96

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

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

5.06

%

4.87

%

5.91

%

3.86

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

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

0.25

%

0.25

%

0.25

%

0.25

%

(g)

Net

investment

income

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

5.72

%

4.64

%

3.92

%

4.05

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

4,382

‌

$

4,267

‌

$

5,044

‌

$

5,070

‌

Portfolio

turnover

rate

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

—

%

1

%

5

%

2

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

6.72%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Annual

Report

To

Shareholders

20

BlackRock

Retirement

Income

2030

Fund

Investor

A

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Period

from

07/31/20

(a)

to

12/31/20

Net

asset

value,

beginning

of

period

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

$

84.29

‌

$

103.19

‌

$

103.74

‌

$

100.00

‌

Net

investment

income

(b)

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

4.62

‌

3.97

‌

3.76

‌

1.63

‌

Net

realized

and

unrealized

gain

(loss)

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

3.92

‌

(16.14

)

2.93

‌

5.10

‌

Net

increase

(decrease)

from

investment

operations

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

8.54

‌

(12.17

)

6.69

‌

6.73

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

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

(4

.

78

)

(4.17

)

(5.22

)

(1.67

)

From

net

realized

gain

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

—

‌

—

‌

(0.11

)

—

‌

Return

of

capital

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

(

1

.

76

)

(2.56

)

(1.91

)

(1.32

)

Total

distributions

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

(6.54

)

(6.73

)

(7.24

)

(2.99

)

Net

asset

value,

end

of

period

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

$

86.29

‌

$

84.29

‌

$

103.19

‌

$

103.74

‌

Total

Return

(d)

—

—

—

—

Based

on

net

asset

value

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

10.59

%

(11.98

)%

6.62

%

6.86

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

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

5.44

%

5.40

%

6.58

%

4.13

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

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

0.50

%

0.50

%

0.50

%

0.50

%

(g)

Net

investment

income

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

5.47

%

4.39

%

3.61

%

3.93

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

234

‌

$

231

‌

$

286

‌

$

137

‌

Portfolio

turnover

rate

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

—

%

1

%

5

%

2

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

7.00%.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

21

Financial

Highlights

BlackRock

Retirement

Income

2040

Fund

Institutional

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Period

from

07/31/20

(a)

to

12/31/20

Net

asset

value,

beginning

of

period

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

$

87.78

‌

$

105.46

‌

$

104.44

‌

$

100.00

‌

Net

investment

income

(b)

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

5.06

‌

4.31

‌

4.14

‌

1.71

‌

Net

realized

and

unrealized

gain

(loss)

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

4.12

‌

(16.36

)

2.88

‌

5.21

‌

Net

increase

(decrease)

from

investment

operations

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

9.18

‌

(12.05

)

7.02

‌

6.92

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

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

(5.17

)

(4.43

)

(5.47

)

(1.76

)

From

net

realized

gain

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

—

‌

—

‌

(0.07

)

(0.04

)

Return

of

capital

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

(0.29

)

(1.20

)

(0.46

)

(0.68

)

Total

distributions

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

(5.46

)

(5.63

)

(6.00

)

(2.48

)

Net

asset

value,

end

of

period

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

$

91.50

‌

$

87.78

‌

$

105.46

‌

$

104.44

‌

Total

Return

(d)

—

—

—

—

Based

on

net

asset

value

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

10.83

%

(11.57

)%

6.87

%

7.02

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

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

5.17

%

4.91

%

5.88

%

3.88

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

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

0.25

%

0.25

%

0.25

%

0.25

%

(g)

Net

investment

income

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

5.71

%

4.62

%

3.91

%

4.07

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

4,449

‌

$

4,279

‌

$

5,146

‌

$

5,078

‌

Portfolio

turnover

rate

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

1

%

—

%

—

%

2

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

6.78%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

BlackRock

Annual

Report

To

Shareholders

22

BlackRock

Retirement

Income

2040

Fund

Investor

A

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/21

Period

from

07/31/20

(a)

to

12/31/20

Net

asset

value,

beginning

of

period

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

$

87.78

‌

$

105.45

‌

$

104.43

‌

$

100.00

‌

Net

investment

income

(b)

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

4.84

‌

4.08

‌

3.87

‌

1.63

‌

Net

realized

and

unrealized

gain

(loss)

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

4.12

‌

(16.36

)

2.89

‌

5.17

‌

Net

increase

(decrease)

from

investment

operations

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

8.96

‌

(12.28

)

6.76

‌

6.80

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

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

(4.97

)

(4.24

)

(5.23

)

(1.67

)

From

net

realized

gain

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

—

‌

—

‌

(0.07

)

(0.04

)

Return

of

capital

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

(0.27

)

(1.15

)

(0.44

)

(0.66

)

Total

distributions

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

(5.24

)

(5.39

)

(5.74

)

(2.37

)

Net

asset

value,

end

of

period

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

$

91.50

‌

$

87.78

‌

$

105.45

‌

$

104.43

‌

Total

Return

(d)

—

—

—

—

Based

on

net

asset

value

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

10.56

%

(11.78

)%

6.60

%

6.90

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expenses

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

5.47

%

5.29

%

6.35

%

4.16

%

(g)(h)

Total

expenses

after

fees

waived

and/or

reimbursed

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

0.50

%

0.50

%

0.50

%

0.50

%

(g)

Net

investment

income

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

5.46

%

4.37

%

3.66

%

3.93

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

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

$

128

‌

$

122

‌

$

147

‌

$

144

‌

Portfolio

turnover

rate

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

1

%

—

%

—

%

2

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

7.06%.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

23

Notes

to

Financial

Statements

1.

ORGANIZATION 

BlackRock

Funds

II

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Massachusetts

business

trust.

The

following,

each

of

which

is

a

series

of

the

Trust,

are

referred

to

herein

collectively

as

the

“Funds”

or

individually

as

a

“Fund”:

Each

Fund

seeks

to

achieve

its

investment

objective

by

investing

primarily

in

BlackRock

Multi-Asset

Income

Portfolio

("Multi-Asset

Income").

The

unaudited

Schedule

of

Investments

and

Statement

of

Assets

and

Liabilities

as

of

December

31,

2023

for

Multi-Asset

Income

are

included

elsewhere

in

this

report

and

should

be

read

in

conjunction

with

the

Funds’

financial

statements.

Multi-Asset

Income's

audited

financial

statements

as

of

July

31,

2023

are

available,

without

charge,

on

the

U.S.

Securities

and

Exchange

Commission's

(“SEC's”)

website

at

www.sec.gov.

Each

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional

Shares

are

sold

only

to

certain

eligible

investors.

Investor

A

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares.

Investor

A

Shares

are

generally

available

through

financial

intermediaries.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures.

(a)

Investor

A

Shares

may

be

subject

to

a

CDSC

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

The

Funds,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”) or

its

affiliates,

are

included

in

a

complex

of

funds

referred

to

as

the BlackRock

Multi-Asset

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets. 

Distributions:

Distributions

paid

by

the

Funds

are

recorded

on

the

ex-dividend

dates.

The

Funds

intend

to

make

monthly

cash

distributions

to

shareholders,

which

may

consist

of

net

investment

income,

and

net

realized

and

unrealized

gains

on

investments

and/or

return

of

capital.

The

character

of

distributions

is

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

The

portion

of

distributions

that

exceeds

a

Fund's

current

and

accumulated

earnings

and

profits,

which

are

measured

on

a

tax

basis,

will

constitute

a

non-taxable

return

of

capital.

See

Income

Tax

Information

note

for

the

tax

character

of

each

Fund’s

distributions

paid

during

the

period.

Indemnifications:

In

the

normal

course

of

business,

a

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

A

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

a

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to

a

Fund

or

its

classes

are

charged

to

that

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Funds

and

other

shared

expenses

prorated

to

the

Funds

are

allocated

daily

to

each

class

based

on

their

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods. 

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

(the

“Board”)

has

approved

the

designation

of

each

Fund’s

Manager

as

the

valuation

designee

for

each

Fund.

Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

the

Manager’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

Fund

Name

Herein

Referred

To

As

Diversification

Classification

BlackRock

Retirement

Income

2030

Fund

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

Retirement

Income

2030

Diversified

BlackRock

Retirement

Income

2040

Fund

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

Retirement

Income

2040

Diversified

Share

Class

Initial

Sales

Charge

Contingent

Deferred

Sales

Charges

("CDSC")

Conversion

Privilege

Institutional

Shares

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

No

No

None

Investor

A

Shares

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

Yes

No

(a)

None

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

To

Shareholders

24

will

be

valued

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value.

The

Manager

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities:

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day’s

published net

asset

value

(“NAV”).

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that

each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

each

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

each

Fund,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Funds’

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of each

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of each

Fund.

For

such

services,

each

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

each

Fund’s

net

assets:

Service

and

Distribution

Fees:

The

Trust

,

on behalf

of each

Fund,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

each

Fund

pays

BRIL

ongoing

service

and

distribution

fees

.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

each

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services

 to the

Funds.

The

ongoing

service

and/or

distribution

fees

compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

to

shareholders.

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

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

0.100%

$1

billion

-

$3

billion

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

0.094

$3

billion

-

$5

billion

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

0.090

$5

billion

-

$10

billion

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

0.087

Greater

than

$10

billion

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

0.085

Share

Class

Service

Fees

Investor

A

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

0.25‌

%

Notes

to

Financial

Statements

(continued)

25

Notes

to

Financial

Statements

For

the year

ended

December

31,

2023,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

each

Fund:

Administration:

The

Trust,

on

behalf

of each

Fund, entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statements

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Statements

of

Operations,

at

an

annual

rate

of

0.02% of

the

average

daily

net

assets

of

each

respective

class.

For

the

year

ended

December

31,

2023, the

following

table

shows

the

class

specific

administration

fees

borne

directly

by

each

share

class

of

each

Fund:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Funds

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the 

year

 ended December

31,

2023,

the

Funds 

did

not

pay

any

amounts

to

affiliates

in

return

for

these

services.

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Funds.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the year

ended

December

31,

2023,

each

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

For

the

year ended

December

31,

2023,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

each

Fund:

Expense

Limitations,

Waivers,

Reimbursements

and

Recoupments:

With

respect

to

each

Fund,

the

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

each

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2024.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

trustees

who

are

not

"interested

persons"

of

the

Trust,

as

defined

in

the

1940

Act

("Independent

Trustees"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitations

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the year

ended

December

31,

2023,

the

amounts

waived

were

as

follows:

With

respect

to

each

Fund,

the

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

each

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

Fund

Name

Investor

A

Retirement

Income

2030

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

$

574‌

Retirement

Income

2040

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

312‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

million

0.0425

%

$500

million

-

$1

billion

0.0400

$1

billion

-

$2

billion

0.0375

$2

billion

-

$4

billion

0.0350

$4

billion

-

$13

billion

0.0325

Greater

than

$13

billion

0.0300

Fund

Name

Institutional

Investor

A

Total

Retirement

Income

2030

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

$

856‌

$

46‌

$

902‌

Retirement

Income

2040

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

86

4‌

25‌

88

9‌

Fund

Name

Institutional

Investor

A

Total

Retirement

Income

2030

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

$

22‌

$

42‌

$

64‌

Retirement

Income

2040

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

27‌

34‌

61‌

Fund

Name

Institutional

Investor

A

Total

Retirement

Income

2030

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

$

369‌

$

315‌

$

684‌

Retirement

Income

2040

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

170‌

69‌

239‌

Fund

Name

Amounts

Waived

Retirement

Income

2030

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

$

49‌

Retirement

Income

2040

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

71‌

Fund

Name

Institutional

Investor

A

Retirement

Income

2030

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

0.25‌%

0.50‌%

Retirement

Income

2040

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

0.25‌

0.50‌

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

To

Shareholders

26

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2024,

unless

approved

by

the

Board,

including

a

majority

of

the Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of a

Fund. For

the

year

ended

December

31,

2023,

the

amounts

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations

were

as

follows:

The

following

Funds

also

had

a

waiver

of

administration

fees,

which

are

included

in

administration

fees

waived

in

the

Statements

of

Operations. For

the

year

ended

December

31,

2023,

the

amounts

were

as

follows:

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in administration

fees

waived

by

the

Manager

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific,

respectively,

in

the

Statements

of

Operations.

For

the

year ended

December

31,

2023,

class

specific

expense

waivers

and/or

reimbursements were

as

follows: 

With

respect

to

the

contractual

expense

limitation,

if

during

a

Fund’s

fiscal

year

the

operating

expenses

of

a

share

class,

that

at

any

time

during

the

prior

two

fiscal

years

received

a

waiver

and/or

reimbursement

from

the

Manager,

are

less

than

the

current

expense

limitation

for

that

share

class,

the

Manager

is

entitled

to

be

reimbursed

by

such

share

class

up

to

the

lesser

of:

(a)

the

amount

of

fees

waived

and/or

expenses

reimbursed

during

those

prior

two

fiscal

years

under

the

agreement

and

(b)

an

amount

not

to

exceed

either

the

current

expense

limitation

of

that

share

class

or

the

expense

limitation

of

the

share

class

in

effect

at

the

time

that

the

share

class

received

the

applicable

waiver

and/or

reimbursement,

provided

that:

(1)

each

Fund,

of

which

the

share

class

is

a

part,

has

more

than

$50

million

in

assets

for

the

fiscal

year,

and  

(2)

the

Manager

or

an

affiliate

continues

to

serve

as

a

Fund’s

investment

adviser

or

administrator.

This

repayment

applies

only

to

the

contractual

expense

limitation

on

net

expenses

and

does

not

apply

to

the

contractual

investment

advisory

fee

waiver

described

above

or

any

voluntary

waivers

that

may

be

in

effect

from

time

to

time.

Effective

July

31,

2027,

the

repayment

arrangement

between

each

Fund

and

the

Manager

pursuant

to

which

such

Fund

may

be

required

to

repay

amounts

waived

and/or

reimbursed

under

each

Fund's

contractual

caps

on

net

expenses

will

be

terminated.

As

of December

31,

2023,

the

fund

level

and

class

specific

waivers

and/or

reimbursements

subject

to

possible

future

recoupment

under

the

expense

limitation

agreement were

as

follows:  

Fund

Name

Retirement

Income

2030

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

$

213,73

8‌

Retirement

Income

2040

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

215,539‌

Fund

Name

Retirement

Income

2030

$

1,916‌

Retirement

Income

2040

1,888‌

Fund

Name/Share

Class

Administration

Fees

Waived

by

the

Manager

—

Class

Specific

Transfer

Agent

Fees

Waived

and/or

Reimbursed

by

the

Manager

—

Class

Specific

Retirement

Income

2030

Institutional

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

$

856‌

$

36

0‌

Investor

A

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

46‌

31

5‌

$

902‌

$

675‌

Retirement

Income

2040

Institutional

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

852‌

156‌

Investor

A

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

25‌

69‌

$

877‌

$

225‌

Expiring

December

31,

2024

2025

Retirement

Income

2030

Fund

Level

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

$

216,240‌

$

215,654‌

Institutional

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

1,231‌

1,21

6‌

Investor

A

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

821‌

36

1‌

Retirement

Income

2040

Fund

Level

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

216,031‌

217,427‌

Institutional

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

1,533‌

1,008‌

Investor

A

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

208‌

94‌

Notes

to

Financial

Statements

(continued)

27

Notes

to

Financial

Statements

The

following

fund

level

and

class

specific

waivers

and/or

reimbursements

previously

recorded

by

the

Funds,

which

were

subject

to

recoupment

by

the

Manager,

expired

on

December

31,

2023:  

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

each

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by each

Fund’s

investment

policies

and

restrictions. Each

Fund

is

currently

permitted

to

borrow

and

lend

under

the

Interfund

Lending

Program.

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During

the year

ended

December

31,

2023,

the

Funds

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Funds

reimburse

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Trust’s

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statements

of

Operations. 

5.

PURCHASES

AND

SALES 

For

the year ended

December

31,

2023,

purchases

and

sales

of

investments

in

the

underlying

funds,

excluding

short-term

securities,

were

as

follows:

6.

INCOME

TAX

INFORMATION 

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

Each Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

each

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

years

after

they

are

filed.

The

statutes

of

limitations

on

each

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Funds

as

of

December

31,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements. 

The

tax

character

of

distributions

paid

was

as

follows: 

Retirement

Income

2030

Fund

Level

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

$

298,123‌

Institutional

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

1,343‌

Investor

A

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

369‌

Retirement

Income

2040

Fund

Level

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

297,790‌

Institutional

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

1,367‌

Investor

A

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

353

Other

Securities

Fund

Name

Purchases

Sales

Retirement

Income

2030

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

$

—‌

$

—‌

Retirement

Income

2040

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

60,000‌

30,000‌

Fund

Name

Year

Ended

12/31/23

Year

Ended

12/31/22

Retirement

Income

2030

Ordinary

income

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

$

263,012‌

$

223,832‌

Return

of

capital

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

97,109‌

137,570‌

$

360,121‌

$

361,402‌

Retirement

Income

2040

Ordinary

income

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

$

259,081‌

$

221,281‌

Return

of

capital

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

14,330‌

60,068‌

$

273,411‌

$

281,349‌

Notes

to

Financial

Statements

(continued)

2023

BlackRock

Annual

Report

To

Shareholders

28

As

of

December

31,

2023,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

(a)

Amounts

available

to

offset

future

realized

capital

gains.

As

of

December

31,

2023, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

7.

BANK

BORROWINGS 

The

Trust,

on

behalf

of

each

Fund,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”), is

party

to

a

364-day,

$2.50

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Funds

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Funds,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed

or

(c)

the

sum

of

(x)

Daily

Simple

Secured

Overnight

Financing

Rate

(“SOFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.10%

and

(y) 0.80%

per

annum.

The

agreement

expires

in

April

2024

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

year ended

December

31,

2023,

the

Funds

did

not

borrow

under

the

credit

agreement.

8.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business, each

Fund

invest

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

each

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

each

Fund

is

subject. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds. 

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each Fund’s

portfolio

are

disclosed

in

its Schedule

of

Investments.

The

Funds invest

a

significant

portion

of their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Funds

invest. 

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

LIBOR

Transition

Risk:

The

Funds

may

be

exposed

to

financial

instruments

that

recently

transitioned

from,

or

continue

to

be

tied

to,

the

London

Interbank

Offered

Rate

(“LIBOR”)

to

determine

payment

obligations,

financing

terms,

hedging

strategies

or

investment

value.

The

United

Kingdom’s

Financial

Conduct

Authority,

which

regulates

LIBOR,

has

ceased

publishing

all

LIBOR

settings,

but

some

USD

LIBOR

settings

will

continue

to

be

published

under

a

synthetic

methodology

until

September

30,

2024

for

certain

legacy

contracts.

SOFR

has

been

used

increasingly

on

a

voluntary

basis

in

new

instruments

and

transactions. Under

U.S.

regulations

that

implement

a

statutory

Fund

Name

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

Total

Retirement

Income

2030

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

$

(13,446‌)

$

(281,571‌)

$

(295,017‌)

Retirement

Income

2040

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

(7,564‌)

(280,107‌)

(287,671‌)

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Retirement

Income

2030

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

$

4,946,295‌

$

–‌

$

(281,571‌)

$

(281,571‌)

Retirement

Income

2040

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

4,897,819‌

–‌

(280,107‌)

(280,107‌)

Notes

to

Financial

Statements

(continued)

29

Notes

to

Financial

Statements

fallback

mechanism

to

replace

LIBOR,

benchmark

rates

based

on

SOFR

have

replaced

LIBOR

in

certain

financial

contracts.

The

ultimate

effect

of

the

LIBOR

transition

process

on

the

Funds

is

uncertain.

9.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

As

of

December

31,

2023,

shares

owned

by

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Funds,

were

as

follows:

10.

SUBSEQUENT

EVENTS

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

d

Year

Ended

12/31/23

Year

Ended

12/31/22

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Retirement

Income

2030

Institutional

Shares

sold

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

162‌

$

13,604‌

3,665‌

$

305,462‌

Shares

redeemed

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

—‌

—‌

(1,924‌)

(163,700‌)

162‌

$

13,604‌

1,741‌

$

141,762‌

Investor

A

Shares

sold

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

23‌

$

2,000‌

42‌

$

3,658‌

Shares

redeemed

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

(43‌)

(3,652‌)

(74‌)

(6,376‌)

(20‌)

$

(1,652‌)

(32‌)

$

(2,718‌)

142‌

$

11,952‌

1,709‌

$

139,044‌

Retirement

Income

2040

Institutional

Shares

sold

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

130‌

$

11,707‌

519‌

$

44,325‌

Shares

redeemed

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

(254‌)

(22,538‌)

(578‌)

(51,574‌)

(124‌)

$

(10,831‌)

(59‌)

$

(7,249‌)

Investor

A

Shares

sold

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

36‌

$

3,230‌

3‌

$

333‌

Shares

redeemed

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

(25‌)

(2,188‌)

(5‌)

(464‌)

11‌

$

1,042‌

(2‌)

$

(131‌)

(113‌)

$

(9,789‌)

(61‌)

$

(7,380‌)

Fund

Name

Institutional

Investor

A

Retirement

Income

2030

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

48,676‌

1,324‌

Retirement

Income

2040

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

48,619‌

1,381‌

Report

of

Independent

Registered

Public

Accounting

Firm

2023

BlackRock

Annual

Report

To

Shareholders

30

To

the

Board

of

Trustees

of

BlackRock

Funds

II

and

Shareholders

of

each

of

the

two

funds

listed

in

the

table

below

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(two

of

the

series

constituting

BlackRock

Funds

II,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2023,

the

related

statements

of

operations

for

the

year

ended

December

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023,

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2023

by

correspondence

with

the

transfer

agent.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

February

22,

2024

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

BlackRock

Retirement

Income

2030

Fund

BlackRock

Retirement

Income

2040

Fund

Important

Tax

Information

(Unaudited)

31

Important

Tax

Information

The

following

amounts,

or maximum

amounts

allowable

by

law, are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

December

31,

2023:

The

Funds

hereby

designate

the

following

amounts,

or

maximum

amounts

allowable

by

law,

of

distributions

from

direct

federal

obligation

interest

for

the

fiscal

year

ended

December

31,

2023:

The

law

varies

in

each

state

as

to

whether

and

what

percent

of

ordinary

income

dividends

attributable

to

federal

obligations

is

exempt

from

state

income

tax.

Shareholders

are

advised

to

check

with

their

tax

advisers

to

determine

if

any

portion

of

the

dividends

received

is

exempt

from

state

income

tax.

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

year

ended

December

31,

2023

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

The

Funds

hereby

designate

the

following

amounts,

or

maximum

amounts

allowable by

law,

as

interest

income

eligible

to

be

treated

as

a

Section

163(j)

interest

dividend

for

the

fiscal

year

ended

December

31,

2023:

The

Funds

hereby

designate

the

following

amounts,

or

maximum

amounts

allowable

by

law,

as

interest-related

dividends eligible

for

exemption

from

U.S.

withholding

tax

for

nonresident

aliens

and

foreign

corporations

for

the

fiscal

year

ended

December

31,

2023:

Fund

Name

Qualified

Dividend

Income

Retirement

Income

2030

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

$

41,960‌

Retirement

Income

2040

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

41,058‌

Fund

Name

Federal

Obligation

Interest

Retirement

Income

2030

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

$

1,429‌

Retirement

Income

2040

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

1,629‌

Fund

Name

Dividends-Received

Deduction

Retirement

Income

2030

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

7.36

%

Retirement

Income

2040

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

7.32

Fund

Name

Interest

Dividends

Retirement

Income

2030

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

$

156,048‌

Retirement

Income

2040

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

154,305‌

Fund

Name

Interest-Related

Dividends

Retirement

Income

2030

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

$

95,973‌

Retirement

Income

2040

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

95,465‌

Statement

Regarding

Liquidity

Risk

Management

Program

2023

BlackRock

Annual

Report

To

Shareholders

32

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

BlackRock

Funds

II

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for

BlackRock

Retirement

Income

2030

Fund

and

BlackRock

Retirement

Income

2040

Fund

(the

“Funds”),

each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

November

16-17,

2023

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Advisors,

LLC

or

BlackRock

Fund

Advisors

(“BlackRock”),

each

an

investment

adviser

to

certain

BlackRock

funds,

as

the

program

administrator

for

each

Fund’s

Program,

as

applicable.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2022

through

September

30,

2023

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish

each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

the

imposition

of

capital

controls

in

certain

countries.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Where

a

fund

participated

in

borrowings

for

investment

purposes

(such

as

tender

option

bonds

or

reverse

repurchase

agreements),

such

borrowings

were

factored

into

the

Program’s

calculation

of

a

fund’s

liquidity

bucketing.

A

fund’s

derivative

exposure

was

also

considered

in

such

calculation.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

Fund’s

reasonably

anticipated

trading

size

utilized

for

liquidity

classifications.

Each

Fund

has

adopted

an

in-kind

redemption

policy

which

may

be

utilized

to

meet

larger

redemption

requests.

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

.

The

Committee

considered

the

terms

of

the

credit

facility

committed

to

each

Fund,

the

financial

health

of

the

institution

providing

the

facility

and

the

fact

that

the

credit

facility

is

shared

among

multiple

funds

(including

that

a

portion

of

the

aggregate

commitment

amount

is

specifically

designated

for

BlackRock

Floating

Rate

Income

Portfolio,

a

series

of

BlackRock

Funds

V,

and

BlackRock

Floating

Rate

Loan

ETF,

a

series

of

BlackRock

ETF

Trust

II).

The

Committee

also

considered

other

types

of

borrowing

available

to

the

funds,

such

as

the

ability

to

use

reverse

repurchase

agreements

and

interfund

lending,

as

applicable.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Trustee

and

Officer

Information

33

Trustee

and

Officer

Information

Independent

Trustees

(a)

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

5

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

5

Years

Mark

Stalnecker

1951

Chair

of

the

Board

and

Trustee

(Since

2019)

Chief

Investment

Officer,

University

of

Delaware

from

1999

to

2013;

Trustee

and

Chair

of

the

Finance

and

Investment

Committees,

Winterthur

Museum

and

Country

Estate

from

2005

to

2016;

Member

of

the

Investment

Committee,

Delaware

Public

Employees’

Retirement

System

since

2002;

Member

of

the

Investment

Committee,

Christiana

Care

Health

System

from

2009

to

2017;

Member

of

the

Investment

Committee,

Delaware

Community

Foundation

from

2013

to

2014;

Director

and

Chair

of

the

Audit

Committee,

SEI

Private

Trust

Co.

from

2001

to

2014.

28

RICs

consisting

of

166

Portfolios

None

Susan

J.

Carter

1956

Trustee

(Since

2019)

Trustee,

Financial

Accounting

Foundation

from

2017

to

2021;

Advisory

Board

Member,

Center

for

Private

Equity

and

Entrepreneurship

at

Tuck

School

of

Business

from

1997

to

2021;

Director,

Pacific

Pension

Institute

from

2014

to

2018;

Senior

Advisor,

Commonfund

Capital,

Inc.

(“CCI”)

(investment

adviser)

in

2015;

Chief

Executive

Officer,

CCI

from

2013

to

2014;

President

&

Chief

Executive

Officer,

CCI

from

1997

to

2013;

Advisory

Board

Member,

Girls

Who

Invest

from

2015

to

2018

and

Board

Member

thereof

from

2018

to

2022;

Advisory

Board

Member,

Bridges

Fund

Management

from

2016

to

2018;

Practitioner

Advisory

Board

Member,

Private

Capital

Research

Institute

("PCRI")

since

2017;

Lecturer

in

the

Practice

of

Management,

Yale

School

of

Management

since

2019;

Advisor

to

Finance

Committee,

Altman

Foundation

since

2020;

Investment

Committee

Member,

Tostan

since

2021;

Member

of

the

President's

Counsel,

Commonfund

since

2023.

28

RICs

consisting

of

166

Portfolios

None

Collette

Chilton

1958

Trustee

(Since

2019)

Senior

advisor,

Insignia

since

2024;

Chief

Investment

Officer,

Williams

College

from

2006

to

2023;

Chief

Investment

Officer,

Lucent

Asset

Management

Corporation

from

1998

to

2006;

Director,

Boys

and

Girls

Club

of

Boston

since

2017;

Director,

B1

Capital

since

2018;

Director,

David

and

Lucile

Packard

Foundation

since

2020.

28

RICs

consisting

of

166

Portfolios

None

Neil

A.

Cotty

1954

Trustee

(Since

2019)

Bank

of

America

Corporation

from

1996

to

2015,

serving

in

various

senior

finance

leadership

roles,

including

Chief

Accounting

Officer

from

2009

to

2015,

Chief

Financial

Officer

of

Global

Banking,

Markets

and

Wealth

Management

from

2008

to

2009,

Chief

Accounting

Officer

from

2004

to

2008,

Chief

Financial

Officer

of

Consumer

Bank

from

2003

to

2004,

Chief

Financial

Officer

of

Global

Corporate

Investment

Bank

from

1999

to

2002.

28

RICs

consisting

of

166

Portfolios

None

Lena

G.

Goldberg

1949

Trustee

(Since

2016)

Director,

Pioneer

Public

Interest

Law

Center

since

2023;

Director,

Charles

Stark

Draper

Laboratory,

Inc.

from

2013

to

2021;

Senior

Lecturer,

Harvard

Business

School

from

2008

to

2021;

FMR

LLC/Fidelity

Investments

(financial

services)

from

1996

to

2008,

serving

in

various

senior

roles

including

Executive

Vice

President

-

Strategic

Corporate

Initiatives

and

Executive

Vice

President

and

General

Counsel;

Partner,

Sullivan

&

Worcester

LLP

from

1985

to

1996

and

Associate

thereof

from

1979

to

1985.

28

RICs

consisting

of

166

Portfolios

None

Henry

R.

Keizer

1956

Trustee

(Since

2016)

Director,

Park

Indemnity

Ltd.

(captive

insurer)

from

2010

to

2022.

28

RICs

consisting

of

166

Portfolios

GrafTech

International

Ltd.

(materials

manufacturing);

Sealed

Air

Corp.

(packaging);

WABCO

(commercial

vehicle

safety

systems)

from

2015

to

2020;

Hertz

Global

Holdings

(car

rental)

from

2015

to

2021.

Cynthia

A.

Montgomery

1952

Trustee

(Since

2019)

Professor,

Harvard

Business

School

since

1989.

28

RICs

consisting

of

166

Portfolios

None

Trustee

and

Officer

Information

(continued)

2023

BlackRock

Annual

Report

To

Shareholders

34

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

5

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

5

Years

Donald

C.

Opatrny

1952

Trustee

(Since

2015)

Chair

of

the

Board

of

Phoenix

Art

Museum

since

2022

and

Trustee

thereof

since

2018;

Chair

of

the

Investment

Committee

of

The

Arizona

Community

Foundation

since

2022

and

Trustee

thereof

since

2020;

Director,

Athena

Capital

Advisors

LLC

(investment

management

firm)

from

2013

to

2020;

Trustee,

Vice

Chair,

Member

of

the

Executive

Committee

and

Chair

of

the

Investment

Committee,

Cornell

University

from

2004

to

2019;

Member

of

Affordable

Housing

Supply

Board

of

Jackson,

Wyoming

from

2017

to

2022;

Member,

Investment

Funds

Committee,

State

of

Wyoming

from

2017

to

2023;

Trustee,

Artstor

(a

Mellon

Foundation

affiliate)

from

2010

to

2015;

Member

of

the

Investment

Committee,

Mellon

Foundation

from

2009

to

2015;

President,

Trustee

and

Member

of

the

Investment

Committee,

The

Aldrich

Contemporary

Art

Museum

from

2007

to

2014;

Trustee

and

Chair

of

the

Investment

Committee,

Community

Foundation

of

Jackson

Hole

since

2014.

28

RICs

consisting

of

166

Portfolios

None

Kenneth

L.

Urish

1951

Trustee

(Since

2019)

Managing

Partner,

Urish

Popeck

&

Co.,

LLC

(certified

public

accountants

and

consultants)

since

1976;

Past-Chairman

of

the

Professional

Ethics

Committee

of

the

Pennsylvania

Institute

of

Certified

Public

Accountants

and

Committee

Member

thereof

since

2007;

Member

of

External

Advisory

Board,

The

Pennsylvania

State

University

Accounting

Department

since

2001,

Emeritus

since

2022;

Principal,

UP

Strategic

Wealth

Investment

Advisors,

LLC

since

2013;

Trustee,

The

Holy

Family

Institute

from

2001

to

2010;

President

and

Trustee,

Pittsburgh

Catholic

Publishing

Associates

from

2003

to

2008;

Director,

Inter-

Tel

from

2006

to

2007;

Member,

Advisory

Board,

ESG

Competent

Boards

since

2020.

28

RICs

consisting

of

166

Portfolios

None

Claire

A.

Walton

1957

Trustee

(Since

2019)

Advisory

Board

Member,

Grossman

School

of

Business

at

the

University

of

Vermont

since

2023;

Advisory

Board

Member,

Scientific

Financial

Systems

since

2022;

General

Partner

of

Neon

Liberty

Capital

Management,

LLC

from

2003

to

2023;

Chief

Operating

Officer

and

Chief

Financial

Officer

of

Liberty

Square

Asset

Management,

LP

from

1998

to

2015;

Director,

Boston

Hedge

Fund

Group

from

2009

to

2018;

Director,

Massachusetts

Council

on

Economic

Education

from

2013

to

2015;

Director,

Woodstock

Ski

Runners

from

2013

to

2022.

28

RICs

consisting

of

166

Portfolios

None

Independent

Trustees

(a)

(continued)

Trustee

and

Officer

Information

(continued)

35

Trustee

and

Officer

Information

Interested

Trustees

(a)(d)

(a)

The

address

of

each

Trustee

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New

York,

New

York

10001.

(b)

Each

Independent

Trustee

holds

office

until

his

or

her

successor

is

duly

elected

and

qualifies

or

until

his

or

her

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Trust’s

by-laws

or

charter

or

statute,

or

until

December

31

of

the

year

in

which

he

or

she

turns

75.

Trustees

who

are

"interested

persons,"

as

defined

in

the

1940

Act,

serve

until

their

successor

is

duly

elected

and

qualifies

or

until

their

earlier

death,

resignation,

retirement

or

removal

as

provided

by

the

Trust’s

by-laws

or

statute,

or

until

December

31

of

the

year

in

which

they

turn

72.

The

Board

may

determine

to

extend

the

terms

of

Independent

Trustees

on

a

case-by-case

basis,

as

appropriate.

(c)

Following

the

combination

of

Merrill

Lynch

Investment

Managers,

L.P.

(“MLIM”)

and

BlackRock,

Inc.

in

September

2006,

the

various

legacy

MLIM

and

legacy

BlackRock

fund

boards

were

realigned

and

consolidated

into

three

new

fund

boards

in

2007.

In

addition,

effective

January

1,

2019,

three

BlackRock

Fund

Complexes

were

realigned

and

consolidated

into

two

BlackRock

Fund

Complexes.

As

a

result,

although

the

chart

shows

the

year

that

each

Independent

Trustee

joined

the

Board,

certain

Independent

Trustees

first

became

members

of

the

boards

of

other

BlackRock-advised

Funds,

legacy

MLIM

funds

or

legacy

BlackRock

funds

as

follows:

Susan

J.

Carter,

2016;

Collette

Chilton,

2015;

Neil

A.

Cotty,

2016;

Cynthia

A.

Montgomery,

1994;

Mark

Stalnecker,

2015;

Kenneth

L.

Urish,

1999;

Claire

A.

Walton,

2016.

(d)

Mr.

Fairbairn

and

Mr.

Perlowski

are

both

“interested

persons,”

as

defined

in

the

1940

Act,

of

the

Trust

based

on

their

positions

with

BlackRock,

Inc.

and

its

affiliates.

Mr.

Fairbairn

and

Mr.

Perlowski

are

also

board

members

of

the

BlackRock

Fixed-Income

Complex.

(e)

Mr.

Perlowski

is

also

a

trustee

of

the

BlackRock

Credit

Strategies

Fund

and

BlackRock

Private

Investments

Fund.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

5

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

5

Years

Robert

Fairbairn

1965

Trustee

(Since

2015)

Vice

Chairman

of

BlackRock,

Inc.

since

2019;

Member

of

BlackRock's

Global

Executive

and

Global

Operating

Committees;

Co-Chair

of

BlackRock's

Human

Capital

Committee;

Senior

Managing

Director

of

BlackRock,

Inc.

from

2010

to

2019;

oversaw

BlackRock's

Strategic

Partner

Program

and

Strategic

Product

Management

Group

from

2012

to

2019;

Member

of

the

Board

of

Managers

of

BlackRock

Investments,

LLC

from

2011

to

2018;

Global

Head

of

BlackRock's

Retail

and

iShares

®

businesses

from

2012

to

2016.

97

RICs

consisting

of

268

Portfolios

None

John

M.

Perlowski

(e)

1964

Trustee

(Since

2015);

President

and

Chief

Executive

Officer

(Since

2010)

Managing

Director

of

BlackRock,

Inc.

since

2009;

Head

of

BlackRock

Global

Accounting

and

Product

Services

since

2009;

Advisory

Director

of

Family

Resource

Network

(charitable

foundation)

since

2009.

99

RICs

consisting

of

270

Portfolios

None

Trustee

and

Officer

Information

(continued)

2023

BlackRock

Annual

Report

To

Shareholders

36

Officers

Who

Are

Not

Trustees

(a)

(a)

The

address

of

each

Officer

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New

York,

New

York

10001.

(b)

Officers

of

the

Trust

serve

at

the

pleasure

of

the

Board.

Further

information

about

the

Trust's

Trustees

and

Officers

is

available

in

the

Trust's

Statement

of

Additional

Information,

which

can

be

obtained

without

charge

by

calling

(800)

441-7762.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

Principal

Occupation(s)

During

Past

5

Years

Jennifer

McGovern

1977

Vice

President

(Since

2014)

Managing

Director

of

BlackRock,

Inc.

since

2016;

Director

of

BlackRock,

Inc.

from

2011

to

2015;

Head

of

Americas

Product

Development

and

Governance

for

BlackRock’s

Global

Product

Group

since

2019;

Head

of

Product

Structure

and

Oversight

for

BlackRock's

U.S.

Wealth

Advisory

Group

from

2013

to

2019.

Trent

Walker

1974

Chief

Financial

Officer

(Since

2021)

Managing

Director

of

BlackRock,

Inc.

since

September

2019;

Executive

Vice

President

of

PIMCO

from

2016

to

2019;

Senior

Vice

President

of

PIMCO

from

2008

to

2015;

Treasurer

from

2013

to

2019

and

Assistant

Treasurer

from

2007

to

2017

of

PIMCO

Funds,

PIMCO

Variable

Insurance

Trust,

PIMCO

ETF

Trust,

PIMCO

Equity

Series,

PIMCO

Equity

Series

VIT,

PIMCO

Managed

Accounts

Trust,

2

PIMCO-sponsored

interval

funds

and

21

PIMCO-sponsored

closed-end

funds.

Jay

M.

Fife

1970

Treasurer

(Since

2007)

Managing

Director

of

BlackRock,

Inc.

since

2007.

Aaron

Wasserman

1974

Chief

Compliance

Officer

(Since

2023)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Chief

Compliance

Officer

of

the

BlackRock-advised

funds

in

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

iShares

Complex

since

2023;

Deputy

Chief

Compliance

Officer

for

the

BlackRock-advised

funds

in

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-

Income

Complex

and

the

iShares

Complex

from

2014

to

2023.

Lisa

Belle

1968

Anti-Money

Laundering

Compliance

Officer

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2019;

Global

Financial

Crime

Head

for

Asset

and

Wealth

Management

of

JP

Morgan

from

2013

to

2019;

Managing

Director

of

RBS

Securities

from

2012

to

2013;

Head

of

Financial

Crimes

for

Barclays

Wealth

Americas

from

2010

to

2012.

Janey

Ahn

1975

Secretary

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Director

of

BlackRock,

Inc.

from

2009

to

2017.

Effective

July

1,

2023,

Aaron

Wasserman

replaced

Charles

Park

as

Chief

Compliance

Officer

of

the

Trust.

Additional

Information

37

Additional

Information

Tailored

Shareholder

Reports

for

Open-End Mutual

Funds

and

ETFs

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Funds.

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Funds

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Funds

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Funds

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Funds at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedules

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/

fundreports

.

Availability

of

Proxy

Voting

Policies,

Procedures

and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

Funds

voted

proxies

relating

to

securities

held

in

the

Funds'

portfolios

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

by

calling

(800)

441-

7762

;

(2)

on

the

BlackRock

website

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800) 

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

2023

BlackRock

Annual

Report

To

Shareholders

38

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

19103

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10001

Legal

Counsel

Sidley

Austin

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

Delaware

19809

39

Additional

Financial

Information

Schedule

of

Investments

(UNAUDITED)

December

31,

2023

Statement

of

Assets

and

Liabilities

(UNAUDITED)

December

31,

2023

BlackRock

Funds

II

BlackRock

Multi-Asset

Income

Portfolio

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

40

(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%),

6.76%,

04/15/34

(a)(b)

.........

USD

15,000

$

14,985,411

Accredited

Mortgage

Loan

Trust,

Series

2004-

4,

Class

M2,

(1-mo.

CME

Term

SOFR

at

1.58%

Floor

+

1.69%),

5.37%,

01/25/35

(a)

300

297,885

AGL

CLO

3

Ltd.,

Series

2020-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.81%,

01/15/33

(a)(b)

.........

2,000

1,998,170

AGL

CLO

5

Ltd.,

Series

2020-5A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.16%

Floor

+

1.42%),

6.84%,

07/20/34

(a)(b)

.........

4,000

3,990,074

AIMCO

CLO

(a)(b)

Series

2015-AA,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.26%,

10/17/34

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

1,500

1,494,300

Series

2015-AA,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.66%,

10/17/34

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

3,000

2,986,502

Series

2015-AA,

Class

DR2,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.71%,

10/17/34

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

4,500

4,407,836

AIMCO

CLO

10

Ltd.

(a)(b)

Series

2019-10A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.57%,

07/22/32

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

7,500

7,440,486

Series

2019-10A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.57%,

07/22/32

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

3,500

3,418,610

AIMCO

CLO

11

Ltd.,

Series

2020-11A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.66%,

10/17/34

(a)(b)

........

4,500

4,480,492

AIMCO

CLO

12

Ltd.,

Series

2020-12A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

7.10%,

01/17/32

(a)(b)

........

10,000

9,921,446

AIMCO

CLO

15

Ltd.,

Series

2021-15A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.61%,

10/17/34

(a)(b)

........

1,500

1,490,827

Allegro

CLO

II-S

Ltd.,

Series

2014-1RA,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.82%,

10/21/28

(a)(b)

.........

1,300

1,298,875

Allegro

CLO

VI

Ltd.,

Series

2017-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.16%,

01/17/31

(a)(b)

.........

1,000

989,893

Allegro

CLO

VII

Ltd.,

Series

2018-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.31%,

06/13/31

(a)(b)

.........

1,000

992,065

Allegro

CLO

XI

Ltd.,

Series

2019-2A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.65%),

7.05%,

01/19/33

(a)(b)

....

2,000

2,003,064

ALM

Ltd.,

Series

2020-1A,

Class

A2,

(3-mo.

CME

Term

SOFR

+

2.11%),

7.51%,

10/15/29

(a)(b)

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

3,500

3,501,791

AMMC

CLO

21

Ltd.,

Series

2017-21A,

Class

A,

(3-mo.

CME

Term

SOFR

+

1.51%),

6.89%,

11/02/30

(a)(b)

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

1,223

1,222,969

AMSR

Trust

(b)

Series

2019-SFR1,

Class

G,

4.86%,

01/19/39

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

1,900

1,747,505

Series

2019-SFR1,

Class

H,

6.04%,

01/19/39

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

2,417

2,272,801

Series

2020-SFR1,

Class

E,

3.22%,

04/17/37

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

10,250

9,759,993

Series

2020-SFR1,

Class

F,

3.57%,

04/17/37

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

19,850

18,890,516

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2020-SFR1,

Class

G,

4.31%,

04/17/37

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

USD

7,500

$

7,153,228

Series

2020-SFR2,

Class

E2,

4.28%,

07/17/37

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

2,000

1,924,156

Series

2020-SFR2,

Class

I,

5.25%,

07/17/37

9,400

8,823,721

Series

2020-SFR3,

Class

H,

6.50%,

09/17/37

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

1,958

1,878,528

Series

2020-SFR4,

Class

G2,

4.87%,

11/17/37

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

3,441

3,224,192

Series

2021-SFR3,

Class

F,

3.23%,

10/17/38

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

11,000

9,629,930

Anchorage

Capital

CLO

11

Ltd.,

Series

2019-

11A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.30%

Floor

+

2.56%),

7.97%,

07/22/32

(a)(b)

700

694,662

Anchorage

Capital

CLO

15

Ltd.,

Series

2020-

15A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

6.88%,

07/20/34

(a)(b)

7,000

6,982,543

Anchorage

Capital

CLO

18

Ltd.,

Series

2021-

18A,

Class

A1,

(3-mo.

CME

Term

SOFR

+

1.41%),

6.81%,

04/15/34

(a)(b)

.........

1,000

997,507

Anchorage

Capital

CLO

20

Ltd.

(a)(b)

Series

2021-20A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

6.88%,

01/20/35

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

1,300

1,299,459

Series

2021-20A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.48%,

01/20/35

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

1,500

1,494,477

Anchorage

Capital

CLO

25

Ltd.,

Series

2022-

25A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.35%),

7.77%,

04/20/35

(a)(b)

5,000

4,948,791

Anchorage

Capital

CLO

3-R

Ltd.,

Series

2014-

3RA,

Class

B,

(3-mo.

CME

Term

SOFR

+

1.76%),

7.15%,

01/28/31

(a)(b)

.........

3,400

3,397,316

Anchorage

Capital

CLO

9

Ltd.,

Series

2016-9A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.41%,

07/15/32

(a)(b)

1,000

996,028

Anchorage

Capital

CLO

Ltd.

(a)(b)

Series

2018-10A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

6.86%,

10/15/31

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

7,650

7,655,253

Series

2018-10A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.41%,

10/15/31

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

3,000

3,001,237

Series

2018-10A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.81%,

10/15/31

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

1,500

1,460,372

Apidos

CLO

XII,

Series

2013-12A,

Class

AR,

(3-mo.

CME

Term

SOFR

+

1.34%),

6.74%,

04/15/31

(a)(b)

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

2,340

2,343,297

Apidos

CLO

XV

(a)(b)

Series

2013-15A,

Class

CRR,

(3-mo.

CME

Term

SOFR

+

2.11%),

7.53%,

04/20/31

3,000

2,974,034

Series

2013-15A,

Class

DRR,

(3-mo.

CME

Term

SOFR

+

2.96%),

8.38%,

04/20/31

2,000

1,970,758

Apidos

CLO

XX,

Series

2015-20A,

Class

BRR,

(3-mo.

CME

Term

SOFR

+

2.21%),

7.61%,

07/16/31

(a)(b)

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

1,750

1,743,951

Apidos

CLO

XXII,

Series

2015-22A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.63%,

04/20/31

(a)(b)

.........

1,000

982,093

Apidos

CLO

XXIX

(a)(b)

Series

2018-29A,

Class

A2,

(3-mo.

CME

Term

SOFR

+

1.81%),

7.19%,

07/25/30

1,000

998,108

Series

2018-29A,

Class

B,

(3-mo.

CME

Term

SOFR

+

2.16%),

7.54%,

07/25/30

1,000

990,555

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Apidos

CLO

XXV

Ltd.,

Series

2016-25A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.43%),

6.85%,

10/20/31

(a)(b)

....

USD

4,500

$

4,499,156

Apidos

CLO

XXXIII,

Series

2020-33A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.81%,

10/24/34

(a)(b)

........

1,300

1,300,156

Apidos

CLO

XXXIV,

Series

2020-34A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.83%,

01/20/35

(a)(b)

....

14,000

14,012,226

Apidos

CLO

XXXVI,

Series

2021-36A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.58%,

07/20/34

(a)(b)

.........

1,000

977,328

Aqueduct

European

CLO

DAC,

Series

2017-

2X,

Class

E,

(3-mo.

EURIBOR

at

4.40%

Floor

+

4.40%),

8.36%,

10/15/30

(a)(c)

....

EUR

219

234,817

Ares

L

CLO

Ltd.,

Series

2018-50A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.26%,

01/15/32

(a)(b)

.........

USD

6,000

5,961,073

Ares

LIII

CLO

Ltd.,

Series

2019-53A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.91%),

8.31%,

04/24/31

(a)(b)

.........

4,500

4,500,059

Ares

LV

CLO

Ltd.,

Series

2020-55A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.36%,

07/15/34

(a)(b)

.........

1,000

994,724

Ares

LXI

CLO

Ltd.,

Series

2021-61A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.83%,

10/20/34

(a)(b)

.........

7,500

7,490,140

Ares

XLVII

CLO

Ltd.,

Series

2018-47A,

Class

SUB,

(3-mo.

LIBOR

USD

+

0.00%),

0.00%,

04/15/30

(a)(b)

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

4,500

1,193,031

Ares

XLVIII

CLO

Ltd.,

Series

2018-48A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.48%,

07/20/30

(a)(b)

........

1,000

984,556

Ares

XXXIR

CLO

Ltd.,

Series

2014-31RA,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.56%),

6.94%,

05/24/30

(a)(b)

....

1,000

992,927

Ares

XXXVII

CLO

Ltd.

(a)(b)

Series

2015-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.43%),

6.83%,

10/15/30

2,664

2,668,078

Series

2015-4A,

Class

A3R,

(3-mo.

CME

Term

SOFR

+

1.76%),

7.16%,

10/15/30

1,500

1,498,676

Series

2015-4A,

Class

BR,

(3-mo.

CME

Term

SOFR

+

2.06%),

7.46%,

10/15/30

1,017

1,008,482

Ares

XXXVR

CLO

Ltd.,

Series

2015-35RA,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.66%),

7.06%,

07/15/30

(a)(b)

....

1,500

1,478,734

Arini

European

CLO

I

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

6.04%

Floor

+

6.04%),

9.97%,

07/15/36

(a)(c)

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

EUR

410

453,492

Atlas

Senior

Loan

Fund

VII

Ltd.,

Series

2016-

7A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.19%,

11/27/31

(a)(b)

USD

5,500

5,414,733

Atlas

Senior

Loan

Fund

XI

Ltd.,

Series

2018-

11A,

Class

A1L,

(3-mo.

CME

Term

SOFR

+

1.36%),

6.74%,

07/26/31

(a)(b)

.........

1,845

1,843,378

Atlas

Senior

Loan

Fund

XII

Ltd.,

Series

2018-

12A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.84%,

10/24/31

(a)(b)

1,690

1,688,369

Atrium

VIII,

Series

8A,

Class

SUB,

0.00%,

10/23/24

(a)(b)

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

11,500

5,865

Atrium

XIV

LLC,

Series

14A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.61%,

08/23/30

(a)(b)

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

1,000

997,755

Atrium

XV,

Series

15A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.42%,

01/23/31

(a)(b)

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

1,000

998,414

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Avoca

CLO

XV

DAC,

Series

15X,

Class

ER,

(3-mo.

EURIBOR

at

4.13%

Floor

+

4.13%),

8.09%,

04/15/31

(a)(c)

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

EUR

670

$

689,054

Bain

Capital

Credit

CLO

Ltd.

(a)(b)

Series

2019-2A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.81%,

10/17/32

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

USD

1,000

967,192

Series

2021-3A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

6.82%,

07/24/34

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

6,750

6,746,009

Series

2021-7A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.77%,

01/22/35

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

2,250

2,238,606

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

7.25%,

04/18/35

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

5,000

4,919,183

Series

2022-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

7.60%,

04/18/35

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

7,000

6,858,947

Series

2022-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.20%

Floor

+

3.20%),

8.60%,

04/18/35

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

2,500

2,347,041

Ballyrock

CLO

Ltd.

(a)(b)

Series

2020-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.63%,

10/20/31

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

4,500

4,480,334

Series

2020-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.63%,

10/20/31

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

2,000

1,967,741

Bardot

CLO

Ltd.,

Series

2019-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.57%,

10/22/32

(a)(b)

.........

3,250

3,222,138

Battalion

CLO

18

Ltd.,

Series

2020-18A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.45%

Floor

+

3.71%),

9.11%,

10/15/36

(a)(b)

........

2,000

1,918,513

Battalion

CLO

X

Ltd.,

Series

2016-10A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.71%,

01/25/35

(a)(b)

....

2,000

1,950,961

Battalion

CLO

XIX

Ltd.

(a)(b)

Series

2021-19A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.66%,

04/15/34

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

3,000

2,931,487

Series

2021-19A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.91%,

04/15/34

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

3,000

2,849,274

Battalion

CLO

XVI

Ltd.,

Series

2019-16A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.38%),

6.80%,

12/19/32

(a)(b)

........

5,000

4,984,354

BBAM

European

CLO

I

DAC,

Series

1X,

Class

ER,

(3-mo.

EURIBOR

at

5.91%

Floor

+

5.91%),

9.91%,

07/22/34

(a)(c)

.........

EUR

200

206,297

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

Series

2005-HE1,

Class

M2,

(1-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.36%),

5.79%,

01/25/35

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

USD

370

374,685

Series

2006-HE7,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.81%,

09/25/36

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

389

384,163

Series

2007-HE2,

Class

22A,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.61%,

03/25/37

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

1,955

1,781,537

Series

2007-HE2,

Class

23A,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.61%,

03/25/37

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

1,902

1,737,943

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2007-HE3,

Class

2A,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.61%,

04/25/37

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

USD

3,448

$

5,054,220

Bear

Stearns

Asset-Backed

Securities

Trust,

Series

2004-HE3,

Class

M2,

(1-mo.

CME

Term

SOFR

at

1.73%

Floor

+

1.84%),

5.49%,

04/25/34

(a)

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

1,455

1,441,944

Benefit

Street

Partners

CLO

VIII

Ltd.,

Series

2015-8A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.78%,

01/20/31

(a)(b)

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

1,267

1,266,465

Benefit

Street

Partners

CLO

XIX

Ltd.

(a)(b)

Series

2019-19A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.61%),

7.01%,

01/15/33

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

7,000

6,998,965

Series

2019-19A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.66%,

01/15/33

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

4,250

4,253,029

Benefit

Street

Partners

CLO

XV

Ltd.

(a)(b)

Series

2018-15A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.81%,

07/18/31

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

2,135

2,133,175

Series

2018-15A,

Class

A2A,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.36%,

07/18/31

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

1,000

1,001,008

Birch

Grove

CLO

3

Ltd.

(a)(b)

Series

2021-3A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.46%,

01/19/35

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

7,500

7,450,678

Series

2021-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

7.91%,

01/19/35

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

5,000

4,953,839

Birch

Grove

CLO

Ltd.,

Series

19A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.85%,

06/15/31

(a)(b)

.........

2,000

2,003,844

BlueMountain

CLO

DAC,

Series

2021-1X,

Class

E,

(3-mo.

EURIBOR

at

5.41%

Floor

+

5.41%),

9.38%,

04/15/34

(a)(c)

.........

EUR

300

308,404

BlueMountain

CLO

Ltd.,

Series

2013-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.85%,

10/22/30

(a)(b)

....

USD

691

690,909

BlueMountain

Fuji

Eur

CLO

IV

DAC,

Series

4X,

Class

ER,

(3-mo.

EURIBOR

at

6.21%

Floor

+

6.21%),

10.17%,

02/25/34

(a)(c)

.......

EUR

700

727,067

Bridge

Street

CLO

II

Ltd.,

Series

2021-1A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.43%,

07/20/34

(a)(b)

....

USD

5,000

4,986,585

Bridgepoint

CLO

1

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

4.25%

Floor

+

4.25%),

8.21%,

01/15/34

(a)(c)

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

EUR

750

826,012

Buckhorn

Park

CLO

Ltd.

(a)(b)

Series

2019-1A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.31%,

07/18/34

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

USD

9,000

8,950,720

Series

2019-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.66%,

07/18/34

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

2,500

2,485,687

Cairn

CLO

XVI

DAC,

Series

2023-16X,

Class

D,

(3-mo.

EURIBOR

at

5.20%

Floor

+

5.20%),

0.00%,

01/15/37

(a)(c)

.........

EUR

215

237,349

Canyon

Capital

CLO

Ltd.

(a)(b)

Series

2016-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

+

2.16%),

7.56%,

07/15/31

USD

1,500

1,481,153

Series

2016-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

+

2.01%),

7.41%,

10/15/31

1,250

1,247,916

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2017-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.66%,

07/15/30

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

USD

5,000

$

4,933,573

Series

2022-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

7.60%,

04/15/35

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

2,000

1,975,080

Canyon

CLO

Ltd.

(a)(b)

Series

2018-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.56%,

07/15/31

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

1,000

989,344

Series

2020-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.71%,

07/15/34

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

1,000

986,760

Series

2020-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.81%,

07/15/34

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

1,000

970,024

Series

2020-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.50%

Floor

+

2.76%),

8.16%,

01/15/34

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

1,000

1,006,731

Carlyle

C17

CLO

Ltd.,

Series

C17A,

Class

BR,

(3-mo.

CME

Term

SOFR

+

2.11%),

7.50%,

04/30/31

(a)(b)

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

1,000

993,504

Carlyle

US

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.28%,

04/20/31

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

2,700

2,694,654

Series

2019-3A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.38%,

10/20/32

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

5,000

4,991,084

Series

2019-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.30%

Floor

+

2.56%),

7.98%,

10/20/32

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

4,000

3,991,915

Carrington

Mortgage

Loan

Trust,

Series

2006-

FRE1,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

+

0.36%),

5.72%,

04/25/36

(a)

2,876

2,465,143

CarVal

CLO

I

Ltd.,

Series

2018-1A,

Class

D,

(3-mo.

CME

Term

SOFR

+

3.15%),

8.55%,

07/16/31

(a)(b)

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

1,995

1,963,548

CarVal

CLO

III

Ltd.,

Series

2019-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.21%

Floor

+

2.21%),

7.63%,

07/20/32

(a)(b)

.........

7,000

6,938,641

CarVal

CLO

IV

Ltd.

(a)(b)

Series

2021-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.43%,

07/20/34

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

6,500

6,450,113

Series

2021-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.93%,

07/20/34

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

5,000

4,965,665

CarVal

CLO

VC

Ltd.

(a)(b)

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.86%,

10/15/34

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

2,000

1,999,364

Series

2021-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.91%,

10/15/34

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

3,000

2,879,073

Catskill

Park

CLO

Ltd.,

Series

2017-1A,

Class

C,

(3-mo.

CME

Term

SOFR

+

3.96%),

9.38%,

04/20/29

(a)(b)

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

1,000

992,144

CBAM

Ltd.

(a)(b)

Series

2017-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

+

1.51%),

6.93%,

07/20/30

...

755

755,122

Series

2020-13A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.43%

Floor

+

1.69%),

7.11%,

01/20/34

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

4,000

3,989,421

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

43

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Cedar

Funding

IV

CLO

Ltd.,

Series

2014-4A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.91%),

7.32%,

07/23/34

(a)(b)

USD

5,000

$

4,950,287

Cedar

Funding

IX

CLO

Ltd.,

Series

2018-9A,

Class

SUB,

0.00%,

04/20/31

(a)(b)

.......

3,950

1,258,596

Cedar

Funding

V

CLO

Ltd.,

Series

2016-5A,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.36%),

6.76%,

07/17/31

(a)(b)

.........

1,750

1,748,788

Cedar

Funding

VI

CLO

Ltd.,

Series

2016-6A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

3.31%

Floor

+

3.57%),

8.99%,

04/20/34

(a)(b)

1,950

1,903,696

CIFC

European

Funding

CLO

I

DAC,

Series

1X,

Class

DR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

7.17%,

07/15/32

(a)(c)

....

EUR

200

212,506

CIFC

European

Funding

CLO

III

DAC,

Series

3X,

Class

E,

(3-mo.

EURIBOR

at

5.61%

Floor

+

5.61%),

9.57%,

01/15/34

(a)(c)

....

200

208,898

CIFC

Funding

Ltd.

(a)(b)

Series

2013-4A,

Class

A2RR,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.56%),

6.95%,

04/27/31

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

USD

1,700

1,696,596

Series

2014-2RA,

Class

A3,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.56%,

04/24/30

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

500

499,756

Series

2014-3A,

Class

CR2,

(3-mo.

CME

Term

SOFR

+

2.61%),

8.02%,

10/22/31

1,000

996,990

Series

2015-1A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.57%,

01/22/31

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

1,000

993,661

Series

2016-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.96%

Floor

+

1.96%),

7.37%,

10/21/31

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

7,000

6,965,185

Series

2017-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

+

1.48%),

6.90%,

07/20/30

...

2,872

2,873,057

Series

2017-5A,

Class

B,

(3-mo.

CME

Term

SOFR

+

2.11%),

7.51%,

11/16/30

....

500

496,271

Series

2018-1A,

Class

B,

(3-mo.

CME

Term

SOFR

+

1.66%),

7.06%,

04/18/31

...

1,000

992,522

Series

2018-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.81%,

10/17/31

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

2,700

2,702,139

Series

2018-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.76%,

10/17/31

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

2,000

2,006,807

Series

2019-5A,

Class

A2RS,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.41%,

01/15/35

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

2,200

2,194,507

Series

2019-6A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.59%

Floor

+

1.59%),

6.99%,

01/16/33

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

8,500

8,510,381

Series

2019-6A,

Class

D,

(3-mo.

CME

Term

SOFR

at

4.21%

Floor

+

4.21%),

9.61%,

01/16/33

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

1,150

1,141,016

Series

2021-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.06%

Floor

+

2.06%),

7.44%,

04/25/33

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

10,500

10,379,309

Series

2021-3A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.66%,

07/15/36

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

1,500

1,464,106

Series

2021-6A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

6.80%,

10/15/34

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

600

598,964

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2006-WFH2,

Class

M3,

(1-mo.

CME

Term

SOFR

at

0.47%

Floor

+

0.58%),

5.94%,

08/25/36

(a)

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

2,892

2,659,466

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Clear

Creek

CLO

Ltd.

(a)(b)

Series

2015-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

+

1.46%),

6.88%,

10/20/30

USD

4,173

$

4,172,183

Series

2015-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

+

1.86%),

7.28%,

10/20/30

3,000

2,994,664

Clover

CLO

LLC

(a)(b)

Series

2018-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.31%

Floor

+

2.31%),

7.73%,

04/20/32

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

2,500

2,488,229

Series

2018-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.36%

Floor

+

3.36%),

8.78%,

04/20/32

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

1,000

982,162

Series

2020-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.66%,

04/15/34

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

4,000

3,971,060

Series

2020-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.66%,

04/15/34

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

3,100

3,032,523

Series

2021-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.43%,

07/20/34

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

14,000

14,020,990

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.68%,

07/20/34

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

5,000

4,979,775

Series

2021-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.73%,

07/20/34

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

2,500

2,436,586

Series

2021-2A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.50%

Floor

+

6.76%),

12.18%,

07/20/34

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

1,325

1,318,962

Series

2021-3A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.39%,

01/25/35

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

5,000

5,008,529

Series

2021-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.69%,

01/25/35

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

3,000

2,981,428

Series

2021-3A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

8.74%,

01/25/35

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

1,000

973,497

Clover

CLO

Ltd.,

Series

2019-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

6.74%,

10/25/33

(a)(b)

.........

7,300

7,269,325

Conseco

Finance

Corp.

(a)

Series

1996-5,

Class

M1,

8.05%,

07/15/27

251

255,464

Series

1997-7,

Class

M1,

7.03%,

07/15/28

1,418

1,347,840

Contego

CLO

IX

DAC,

Series

9X,

Class

E,

(3-mo.

EURIBOR

at

6.01%

Floor

+

6.01%),

9.98%,

01/24/34

(a)(c)

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

EUR

472

494,430

Contego

CLO

VII

DAC,

Series

7X,

Class

D,

(3-mo.

EURIBOR

at

3.95%

Floor

+

3.95%),

7.95%,

05/14/32

(a)(c)

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

200

215,950

Credit-Based

Asset

Servicing

&

Securitization

LLC,

Series

2007-CB6,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.81%,

07/25/37

(a)(b)

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

USD

1,201

760,719

CVC

Cordatus

Loan

Fund

XXII

DAC,

Series

22X,

Class

D,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

7.08%,

12/15/34

(a)(c)

....

EUR

200

208,076

CVC

Cordatus

Loan

Fund

XXVII

DAC,

Series

27X,

Class

D2,

(3-mo.

EURIBOR

at

6.58%

Floor

+

6.58%),

10.36%,

04/15/35

(a)(c)

...

400

443,689

Deer

Creek

CLO

Ltd.,

Series

2017-1A,

Class

A,

(3-mo.

CME

Term

SOFR

+

1.44%),

6.86%,

10/20/30

(a)(b)

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

USD

595

594,570

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.71%,

07/18/30

(a)(b)

USD

2,000

$

1,984,726

Dryden

61

CLO

Ltd.,

Series

2018-61A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.41%,

01/17/32

(a)(b)

........

8,000

7,875,059

Dryden

Senior

Loan

Fund,

Series

2017-47A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.71%,

04/15/28

(a)(b)

5,250

5,247,477

Eaton

Vance

CLO

Ltd.

(a)(b)

Series

2013-1A,

Class

B3R,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.81%,

01/15/34

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

3,500

3,484,463

Series

2019-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.76%,

04/15/31

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

2,500

2,498,014

Series

2020-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.31%

Floor

+

2.31%),

7.71%,

10/15/34

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

3,500

3,485,657

Series

2020-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.36%

Floor

+

3.36%),

8.76%,

10/15/34

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

3,000

2,940,011

Elevation

CLO

Ltd.,

Series

2017-8A,

Class

C,

(3-mo.

CME

Term

SOFR

+

2.31%),

7.69%,

10/25/30

(a)(b)

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

3,000

2,984,456

Elmwood

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.71%),

7.13%,

10/20/33

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

2,500

2,504,624

Series

2019-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

4.40%

Floor

+

4.66%),

10.08%,

10/20/33

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

2,000

1,978,916

Elmwood

CLO

IV

Ltd.

(a)(b)

Series

2020-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.36%,

04/15/33

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

1,250

1,249,270

Series

2020-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.81%,

04/15/33

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

5,500

5,470,333

Elmwood

CLO

IX

Ltd.,

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.58%,

07/20/34

(a)(b)

........

1,500

1,487,156

Elmwood

CLO

V

Ltd.,

Series

2020-2A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

8.78%,

10/20/34

(a)(b)

........

2,000

1,992,757

Elmwood

CLO

VII

Ltd.,

Series

2020-4A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.63%

Floor

+

1.63%),

7.05%,

01/17/34

(a)(b)

........

4,000

4,001,086

Elmwood

CLO

XI

Ltd.,

Series

2021-4A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.63%,

10/20/34

(a)(b)

........

2,000

1,962,969

Fidelity

Grand

Harbour

CLO

DAC,

Series

2023-

1X,

Class

D,

(3-mo.

EURIBOR

at

5.90%

Floor

+

5.90%),

9.68%,

08/15/36

(a)(c)

....

EUR

238

264,230

First

Franklin

Mortgage

Loan

Trust

(a)

Series

2006-FF13,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.24%

Floor

+

0.35%),

5.71%,

10/25/36

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

USD

3,075

2,028,322

Series

2006-FF13,

Class

A2C,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.79%,

10/25/36

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

1,803

1,148,290

Series

2006-FF17,

Class

A5,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

+

0.26%),

5.62%,

12/25/36

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

2,231

1,848,811

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2006-FFH1,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.56%

Floor

+

0.67%),

6.03%,

01/25/36

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

USD

4,342

$

4,166,572

FirstKey

Homes

Trust

(b)

Series

2022-SFR1,

Class

E1,

5.00%,

05/19/39

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

6,000

5,591,863

Series

2022-SFR2,

Class

E1,

4.50%,

07/17/39

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

6,382

5,865,421

Flatiron

CLO

17

Ltd.

(a)(b)

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.62%,

05/15/30

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

1,718

1,714,860

Series

2017-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.54%,

05/15/30

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

1,000

999,497

Flatiron

CLO

20

Ltd.,

Series

2020-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

4.05%

Floor

+

4.05%),

9.42%,

11/20/33

(a)(b)

.........

1,000

991,546

Flatiron

CLO

21

Ltd.

(a)(b)

Series

2021-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

2.11%),

7.51%,

07/19/34

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

2,000

1,979,225

Series

2021-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.56%,

07/19/34

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

2,500

2,511,753

FRTKL,

Series

2021-SFR1,

Class

F,

3.17%,

09/17/38

(b)

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

2,900

2,529,667

FS

Rialto

Issuer

LLC,

Series

2022-FL7,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.90%

Floor

+

2.90%),

8.26%,

10/19/39

(a)(b)

.........

8,500

8,544,507

Galaxy

XXIV

CLO

Ltd.,

Series

2017-24A,

Class

C,

(3-mo.

CME

Term

SOFR

+

1.96%),

7.36%,

01/15/31

(a)(b)

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

500

491,847

Galaxy

XXVII

CLO

Ltd.,

Series

2018-27A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.28%),

6.67%,

05/16/31

(a)(b)

....

2,737

2,733,363

Generate

CLO

2

Ltd.,

Series

2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.82%,

01/22/31

(a)(b)

.........

7,119

7,119,814

Generate

CLO

6

Ltd.,

Series

6A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.71%),

8.12%,

01/22/35

(a)(b)

.........

1,000

1,001,077

Generate

CLO

7

Ltd.,

Series

2019-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.63%),

7.04%,

01/22/33

(a)(b)

........

3,000

2,997,581

Generate

CLO

9

Ltd.

(a)(b)

Series

9A,

Class

B,

(3-mo.

LIBOR

USD

at

1.70%

Floor

+

1.70%),

7.43%,

10/20/34

8,500

8,439,010

Series

9A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

7.93%,

10/20/34

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

3,000

2,995,045

Series

9A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.85%

Floor

+

7.11%),

12.53%,

10/20/34

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

1,000

986,900

Gilbert

Park

CLO

Ltd.,

Series

2017-1A,

Class

A,

(3-mo.

CME

Term

SOFR

+

1.45%),

6.85%,

10/15/30

(a)(b)

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

1,912

1,913,692

GoldenTree

Loan

Management

US

CLO

1

Ltd.,

Series

2017-1A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.48%,

04/20/34

(a)(b)

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

9,500

9,366,613

GoldenTree

Loan

Management

US

CLO

10

Ltd.,

Series

2021-10A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.28%,

07/20/34

(a)(b)

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

1,000

994,821

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

GoldenTree

Loan

Management

US

CLO

3

Ltd.,

Series

2018-3A,

Class

AJ,

(3-mo.

CME

Term

SOFR

+

1.56%),

6.98%,

04/20/30

(a)(b)

...

USD

2,000

$

1,993,053

GoldenTree

Loan

Management

US

CLO

4

Ltd.,

Series

2019-4A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.66%,

04/24/31

(a)(b)

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

1,000

993,967

GoldenTree

Loan

Management

US

CLO

5

Ltd.

(a)(b)

Series

2019-5A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.73%,

10/20/32

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

2,000

1,995,400

Series

2019-5A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.83%,

10/20/32

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

1,000

976,044

GoldenTree

Loan

Management

US

CLO

6

Ltd.,

Series

2019-6A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.22%,

04/20/35

(a)(b)

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

800

793,539

GoldenTree

Loan

Opportunities

IX

Ltd.,

Series

2014-9A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.25%,

10/29/29

(a)(b)

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

900

899,550

GoldenTree

Loan

Opportunities

X

Ltd.,

Series

2015-10A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.38%),

6.80%,

07/20/31

(a)(b)

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

3,300

3,302,005

GoldentTree

Loan

Management

US

CLO

1

Ltd.

(a)(b)

Series

2021-11A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.63%,

10/20/34

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

3,000

2,969,059

Series

2021-11A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.68%,

10/20/34

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

1,000

963,273

Golub

Capital

Partners

CLO

41B-R

Ltd.,

Series

2019-41A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.58%),

7.00%,

01/20/34

(a)(b)

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

2,500

2,498,459

Golub

Capital

Partners

CLO

52B

Ltd.,

Series

2020-52A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.80%

Floor

+

3.06%),

8.48%,

01/20/34

(a)(b)

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

2,000

2,000,035

Golub

Capital

Partners

CLO

53B

Ltd.,

Series

2021-53A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.48%,

07/20/34

(a)

(b)

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

5,915

5,889,687

Golub

Capital

Partners

CLO

58B

Ltd.,

Series

2021-58A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.82%,

01/25/35

(a)(b)

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

1,000

997,379

Greene

King

Finance

plc

(a)

Series

B1,  (Sterling

Overnight

Index

Average

+

1.92%),

7.12%,

12/15/34

..

GBP

100

99,110

Series

B2,  (1D

GBOIS

+

2.12%),

7.39%,

03/15/36

(c)

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

100

99,465

Greenpoint

Manufactured

Housing,

Series

2000-1,

Class

A4,

8.14%,

03/20/30

(a)

....

USD

4,214

2,989,842

Greywolf

CLO

III

Ltd.,

Series

2020-3RA,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.71%),

8.12%,

04/15/33

(a)(b)

........

3,000

2,994,856

GSAA

Home

Equity

Trust

Series

2005-14,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

0.70%

Floor

+

0.81%),

6.17%,

12/25/35

(a)

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

1,025

444,971

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2006-4,

Class

1A1,

3.89%,

03/25/36

(a)

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

USD

2,574

$

1,766,003

Series

2006-5,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.83%,

03/25/36

(a)

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

3,405

1,045,880

Series

2006-18,

Class

AF6,

6.18%,

11/25/36

(d)

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

3,257

744,923

GSAMP

Trust

(a)

Series

2006-FM3,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.61%,

11/25/36

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

6,403

3,031,157

Series

2006-HE6,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

5.95%,

08/25/36

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

1,369

1,058,488

GT

Loan

Financing

I

Ltd.,

Series

2013-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

+

2.36%),

7.75%,

07/28/31

(a)(b)

.........

1,000

1,002,548

HalseyPoint

CLO

3

Ltd.,

Series

2020-3A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.71%),

7.10%,

11/30/32

(a)(b)

....

11,000

11,000,009

HalseyPoint

CLO

4

Ltd.,

Series

2021-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.83%,

04/20/34

(a)(b)

........

1,750

1,742,684

HalseyPoint

CLO

5

Ltd.

(a)(b)

Series

2021-5A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.45%,

01/30/35

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

3,500

3,495,827

Series

2021-5A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.50%

Floor

+

3.76%),

9.15%,

01/30/35

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

3,000

2,931,045

HalseyPoint

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

A1A1,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.61%),

7.03%,

01/20/33

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

11,050

11,034,639

Series

2019-1A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.88%,

01/20/33

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

2,500

2,499,035

Harvest

CLO

XVI

DAC,

Series

16X,

Class

ER,

(3-mo.

EURIBOR

at

5.57%

Floor

+

5.57%),

9.53%,

10/15/31

(a)(c)

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

EUR

235

244,024

Henley

CLO

IV

DAC,

Series

4X,

Class

E,

(3-mo.

EURIBOR

at

5.25%

Floor

+

5.25%),

9.21%,

04/25/34

(a)(c)

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

300

314,587

Highbridge

Loan

Management

Ltd.,

Series

12A-18,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

2.11%),

7.51%,

07/18/31

(a)(b)

USD

1,000

991,698

Home

Partners

of

America

Trust,

Series

2021-

2,

Class

F,

3.80%,

12/17/26

(b)

.........

9,622

8,398,804

Invesco

CLO

Ltd.

(a)(b)

Series

2021-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.56%,

07/15/34

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

500

484,285

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.22%,

04/20/35

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

3,125

3,096,952

Series

2022-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.15%),

7.57%,

04/20/35

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

5,000

4,897,377

Invesco

Euro

CLO

III

DAC,

Series

3X,

Class

F,

(3-mo.

EURIBOR

at

8.07%

Floor

+

8.07%),

12.04%,

07/15/32

(a)(c)

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

EUR

186

193,182

Invitation

Homes

Trust,

Series

2018-SFR4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.21%),

6.57%,

01/17/38

(a)(b)

....

USD

2,660

2,657,594

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

JPMorgan

Mortgage

Acquisition

Trust,

Series

2006-CH1,

Class

M7,

(1-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.31%),

6.67%,

07/25/36

(a)

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

USD

2,975

$

2,512,397

KKR

CLO

18

Ltd.,

Series

18,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.76%,

07/18/30

(a)(b)

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

8,050

8,046,116

KKR

CLO

27

Ltd.

(a)(b)

Series

27A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

7.24%,

10/15/32

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

4,250

4,211,512

Series

27A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.64%,

10/15/32

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

1,450

1,428,768

KKR

CLO

35

Ltd.,

Series

35A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.38%,

10/20/34

(a)(b)

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

3,657

3,630,535

KKR

CLO

41

Ltd.,

Series

2022-41A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.25%),

8.64%,

04/15/35

(a)(b)

.........

5,250

4,987,791

LCM

XXV

Ltd.,

Series

25A,

Class

B2,

(3-mo.

CME

Term

SOFR

+

1.91%),

7.33%,

07/20/30

(a)(b)

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

350

349,621

Lehman

XS

Trust,

Series

2007-20N,

Class

A1,

(1-mo.

CME

Term

SOFR

+

2.41%),

7.77%,

12/25/37

(a)

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

5,688

5,407,961

Long

Beach

Mortgage

Loan

Trust

(a)

Series

2005-3,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

5.99%,

08/25/45

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

1,580

1,527,035

Series

2006-4,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

5.77%,

05/25/36

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

20,985

11,130,743

Series

2006-6,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

5.77%,

07/25/36

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

5,743

2,216,521

Series

2006-7,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.31%

Floor

+

0.42%),

5.78%,

08/25/36

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

6,332

3,301,903

Series

2006-WL3,

Class

2A4,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

6.07%,

01/25/36

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

1,378

1,191,253

Lucali

CLO

Ltd.,

Series

2020-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.60%

Floor

+

3.86%),

9.26%,

01/15/33

(a)(b)

.........

2,250

2,225,304

Madison

Park

Funding

XX

Ltd.

(a)(b)

Series

2016-20A,

Class

CR,

(3-mo.

CME

Term

SOFR

+

2.16%),

7.55%,

07/27/30

4,080

4,039,340

Series

2016-20A,

Class

DR,

(3-mo.

CME

Term

SOFR

+

3.26%),

8.65%,

07/27/30

1,315

1,295,747

Madison

Park

Funding

XXIX

Ltd.,

Series

2018-

29A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.86%,

10/18/30

(a)(b)

5,450

5,433,726

Madison

Park

Funding

XXVI

Ltd.,

Series

2017-

26A,

Class

AR,

(3-mo.

CME

Term

SOFR

+

1.46%),

6.85%,

07/29/30

(a)(b)

.........

3,375

3,375,086

Madison

Park

Funding

XXVII

Ltd.

(a)(b)

Series

2018-27A,

Class

B,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

2.06%),

7.48%,

04/20/30

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

1,600

1,585,169

Series

2018-27A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

2.86%),

8.28%,

04/20/30

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

1,000

978,449

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%),

7.19%,

10/15/32

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

USD

6,000

$

5,948,048

Series

2019-33A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

7.59%,

10/15/32

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

4,750

4,716,665

Series

2019-33A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.10%),

8.49%,

10/15/32

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

2,000

1,955,325

Madison

Park

Funding

XXXIV

Ltd.,

Series

2019-34A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.61%),

8.99%,

04/25/32

(a)(b)

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

2,250

2,244,873

Marble

Point

CLO

XI

Ltd.,

Series

2017-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.16%,

12/18/30

(a)(b)

....

1,500

1,479,388

Margay

CLO

I

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

6.40%

Floor

+

6.40%),

10.25%,

07/15/36

(a)(c)

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

EUR

100

110,824

Marino

Park

CLO

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

5.67%

Floor

+

5.67%),

9.64%,

01/16/34

(a)(c)

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

100

105,197

MASTR

Asset-Backed

Securities

Trust,

Series

2006-AM2,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

5.99%,

06/25/36

(a)(b)

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

USD

1,845

1,616,484

Milos

CLO

Ltd.,

Series

2017-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.23%,

10/20/30

(a)(b)

.........

5,862

5,849,224

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2007-1XS,

Class

2A3,

6.42%,

09/25/46

(d)

.

591

127,746

Neuberger

Berman

CLO

XVIII

Ltd.,

Series

2014-18A,

Class

CR2,

(3-mo.

CME

Term

SOFR

+

3.26%),

8.67%,

10/21/30

(a)(b)

...

1,250

1,212,801

Neuberger

Berman

CLO

XX

Ltd.,

Series

2015-

20A,

Class

ERR,

(3-mo.

CME

Term

SOFR

at

6.50%

Floor

+

6.76%),

12.16%,

07/15/34

(a)(b)

2,600

2,553,267

Neuberger

Berman

CLO

XXI

Ltd.,

Series

2016-

21A,

Class

DR2,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.56%),

8.98%,

04/20/34

(a)(b)

1,000

981,489

Neuberger

Berman

CLO

XXII

Ltd.

(a)(b)

Series

2016-22A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.31%,

10/17/30

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

800

799,293

Series

2016-22A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.86%,

10/17/30

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

1,000

997,536

Neuberger

Berman

Loan

Advisers

CLO

26

Ltd.,

Series

2017-26A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.91%),

8.31%,

10/18/30

(a)(b)

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

3,250

3,146,245

Neuberger

Berman

Loan

Advisers

CLO

29

Ltd.,

Series

2018-29A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

8.76%,

10/19/31

(a)(b)

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

500

490,183

Neuberger

Berman

Loan

Advisers

CLO

35

Ltd.,

Series

2019-35A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.34%

Floor

+

1.60%),

7.00%,

01/19/33

(a)(b)

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

8,450

8,460,913

Neuberger

Berman

Loan

Advisers

CLO

37

Ltd.,

Series

2020-37A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.48%,

07/20/31

(a)(b)

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

1,563

1,548,135

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.,

Series

2021-40A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.41%,

04/16/33

(a)(b)

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

USD

1,000

$

987,148

Neuberger

Berman

Loan

Advisers

CLO

45

Ltd.,

Series

2021-45A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.39%),

6.79%,

10/14/35

(a)(b)

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

12,250

12,235,007

Neuberger

Berman

Loan

Advisers

Euro

CLO,

Series

2021-1X,

Class

E,

(3-mo.

EURIBOR

at

5.52%

Floor

+

5.52%),

9.51%,

04/17/34

(a)

(c)

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

EUR

188

198,986

New

Residential

Mortgage

Loan

Trust,

Series

2022-SFR2,

Class

F,

4.00%,

09/04/39

(b)

..

USD

5,006

4,217,293

Newark

BSL

CLO

1

Ltd.,

Series

2016-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.75%,

12/21/29

(a)(b)

....

3,763

3,760,963

North

Westerly

VII

ESG

CLO

DAC,

Series

VII-X,

Class

E,

(3-mo.

EURIBOR

at

5.66%

Floor

+

5.66%),

9.66%,

05/15/34

(a)(c)

....

EUR

100

101,679

NYACK

Park

CLO

Ltd.

(a)(b)

Series

2021-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

6.80%,

10/20/34

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

USD

4,418

4,410,279

Series

2021-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.21%

Floor

+

2.21%),

7.63%,

10/20/34

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

2,500

2,463,712

Oakwood

Mortgage

Investors,

Inc.

Series

1998-D,

Class

M1,

7.42%,

01/15/29

(b)

385

372,288

Series

1999-C,

Class

A2,

7.48%,

08/15/27

2,043

1,631,269

Series

2001-D,

Class

A3,

5.90%,

12/15/22

(a)

295

138,655

OCP

CLO

Ltd.

(a)(b)

Series

2014-6A,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.52%),

6.92%,

10/17/30

9,960

9,963,758

Series

2014-6A,

Class

A2R,

(3-mo.

CME

Term

SOFR

+

1.98%),

7.38%,

10/17/30

7,500

7,515,016

Series

2015-10A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.31%

Floor

+

2.31%),

7.69%,

01/26/34

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

3,700

3,658,315

Series

2015-10A,

Class

DR2,

(3-mo.

CME

Term

SOFR

at

3.21%

Floor

+

3.21%),

8.59%,

01/26/34

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

2,000

1,946,076

Series

2016-11A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

+

1.53%),

6.91%,

10/26/30

702

701,717

Series

2018-15A,

Class

A3,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.38%,

07/20/31

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

1,000

1,001,703

Series

2019-16A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.11%

Floor

+

2.11%),

7.52%,

04/10/33

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

2,500

2,447,777

Series

2019-17A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.26%

Floor

+

2.26%),

7.68%,

07/20/32

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

6,000

5,918,061

Series

2020-19A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.78%,

10/20/34

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

7,500

7,452,695

Series

2021-22A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.73%,

12/02/34

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

4,500

4,444,360

Series

2021-22A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

8.78%,

12/02/34

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

1,250

1,218,041

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

OCP

Euro

CLO

DAC

(a)(c)

Series

2017-2X,

Class

E,

(3-mo.

EURIBOR

at

5.00%

Floor

+

5.00%),

8.97%,

01/15/32

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

EUR

298

$

325,116

Series

2017-2X,

Class

F,

(3-mo.

EURIBOR

at

6.40%

Floor

+

6.40%),

10.37%,

01/15/32

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

200

202,778

Octagon

Investment

Partners

26

Ltd.

(a)(b)

Series

2016-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.86%),

7.26%,

07/15/30

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

USD

6,000

5,976,184

Series

2016-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.06%

Floor

+

2.06%),

7.46%,

07/15/30

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

2,250

2,194,035

Octagon

Investment

Partners

29

Ltd.,

Series

2016-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

+

3.36%),

8.76%,

01/24/33

(a)(b)

...

1,532

1,488,160

Octagon

Investment

Partners

34

Ltd.,

Series

2017-1A,

Class

B1,

(3-mo.

CME

Term

SOFR

+

1.66%),

7.08%,

01/20/30

(a)(b)

........

2,000

1,991,406

Octagon

Investment

Partners

35

Ltd.,

Series

2018-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.86%),

8.28%,

01/20/31

(a)

(b)

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

1,000

958,827

Octagon

Investment

Partners

40

Ltd.,

Series

2019-1A,

Class

C1R,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.83%,

01/20/35

(a)(b)

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

3,000

2,983,842

Octagon

Investment

Partners

41

Ltd.

(a)(b)

Series

2019-2A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.36%,

10/15/33

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

8,500

8,443,711

Series

2019-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.81%,

10/15/33

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

3,800

3,797,600

Octagon

Loan

Funding

Ltd.

(a)(b)

Series

2014-1A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.81%,

11/18/31

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

13,212

13,232,226

Series

2014-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.33%,

11/18/31

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

1,500

1,496,255

OHA

Credit

Funding

2

Ltd.

(a)(b)

Series

2019-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.87%,

04/21/34

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

1,500

1,503,308

Series

2019-2A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.56%),

8.97%,

04/21/34

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

1,000

995,609

OHA

Credit

Funding

3

Ltd.,

Series

2019-3A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.40%),

6.82%,

07/02/35

(a)(b)

....

2,000

2,001,401

OHA

Credit

Funding

6

Ltd.,

Series

2020-6A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.83%,

07/20/34

(a)(b)

1,000

1,004,686

OHA

Credit

Partners

VII

Ltd.,

Series

2012-7A,

Class

D1R3,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.53%,

02/20/34

(a)(b)

5,970

5,911,212

OHA

Credit

Partners

XI

Ltd.,

Series

2015-11A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.63%,

01/20/32

(a)(b)

400

394,413

OHA

Credit

Partners

XIV

Ltd.

(a)(b)

Series

2017-14A,

Class

B,

(3-mo.

CME

Term

SOFR

+

1.76%),

7.17%,

01/21/30

1,000

1,000,500

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2017-14A,

Class

C,

(3-mo.

CME

Term

SOFR

+

2.06%),

7.47%,

01/21/30

USD

1,500

$

1,487,115

OHA

Credit

Partners

XVI,

Series

2021-16A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.81%,

10/18/34

(a)(b)

....

13,500

13,496,224

OHA

Loan

Funding

Ltd.

(a)(b)

Series

2015-1A,

Class

DR3,

(3-mo.

CME

Term

SOFR

at

3.20%

Floor

+

3.46%),

8.86%,

01/19/37

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

4,750

4,481,951

Series

2016-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

+

2.21%),

7.63%,

01/20/33

2,250

2,234,947

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2013-2A,

Class

BR3,

(3-mo.

CME

Term

SOFR

at

2.11%

Floor

+

2.11%),

7.51%,

10/17/31

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

2,950

2,921,453

Series

2014-1A,

Class

A2R2,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.71%),

7.11%,

01/17/31

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

6,650

6,614,393

Series

2015-2A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.78%,

07/20/30

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

5,340

5,334,576

Series

2018-1A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.71%

Floor

+

1.71%),

7.11%,

04/18/31

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

10,000

9,984,206

Series

2018-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.01%

Floor

+

2.01%),

7.41%,

04/18/31

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

2,000

1,992,417

Series

2018-2A,

Class

A2,

(3-mo.

CME

Term

SOFR

+

1.91%),

7.31%,

07/16/31

...

1,000

999,615

Series

2019-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.41%

Floor

+

1.41%),

6.79%,

11/14/34

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

7,000

6,987,182

Series

2019-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.96%

Floor

+

1.96%),

7.34%,

11/14/34

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

7,000

6,971,331

Series

2019-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.26%

Floor

+

2.26%),

7.64%,

11/14/34

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

2,500

2,483,162

Series

2019-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

3.31%

Floor

+

3.31%),

8.69%,

11/14/34

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

3,750

3,672,414

Series

2020-3A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.65%),

8.02%,

11/15/36

(e)

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

2,000

2,000,200

Series

2021-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.96%

Floor

+

1.96%),

7.38%,

04/20/34

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

7,000

6,876,509

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.06%

Floor

+

2.06%),

7.46%,

07/15/34

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

2,000

1,973,980

Series

2021-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.16%

Floor

+

3.16%),

8.56%,

07/15/34

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

4,000

3,960,210

Series

2021-3A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.91%

Floor

+

1.91%),

7.31%,

01/15/35

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

7,000

6,982,500

Series

2021-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.21%

Floor

+

2.21%),

7.61%,

01/15/35

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

5,000

4,958,879

Series

2021-3A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.21%

Floor

+

3.21%),

8.61%,

01/15/35

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

2,000

1,990,514

Series

2021-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.91%

Floor

+

1.91%),

7.31%,

10/15/34

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

7,250

7,226,944

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2021-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.21%

Floor

+

2.21%),

7.61%,

10/15/34

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

USD

4,850

$

4,814,126

Series

2021-4A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.21%

Floor

+

3.21%),

8.61%,

10/15/34

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

7,000

6,882,801

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.22%,

04/20/35

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

1,000

993,720

Series

2022-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

7.47%,

04/20/35

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

3,500

3,426,714

Series

2022-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.05%),

8.47%,

04/20/35

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

3,250

3,218,214

Palmer

Square

European

CLO

DAC,

Series

2023-1X,

Class

D,

(3-mo.

EURIBOR

at

6.20%

Floor

+

6.20%),

10.05%,

07/15/36

(a)(c)

EUR

276

307,675

Park

Avenue

Institutional

Advisers

CLO

Ltd.

(a)(b)

Series

2016-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.44%,

08/23/31

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

USD

2,600

2,586,290

Series

2018-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.28%,

10/20/31

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

4,700

4,651,703

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

7.91%,

07/15/34

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

6,000

5,974,834

Pikes

Peak

CLO

2

(a)(b)

Series

2018-2A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.41%,

10/18/34

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

5,000

4,967,537

Series

2018-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

7.91%,

10/18/34

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

2,350

2,352,594

Pikes

Peak

CLO

6,

Series

2020-6A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.33%,

05/18/34

(a)(b)

.........

1,000

999,194

Pikes

Peak

CLO

8,

Series

2021-8A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.43%,

07/20/34

(a)(b)

.........

2,000

1,997,223

Pikes

Peak

CLO

9,

Series

2021-9A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.40%,

10/27/34

(a)(b)

.........

7,000

6,989,541

Post

CLO

Ltd.

(a)(b)

Series

2021-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.41%,

10/15/34

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

10,000

9,932,217

Series

2021-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.86%,

10/15/34

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

3,500

3,463,424

Series

2021-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.56%),

8.96%,

10/15/34

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

1,200

1,145,963

Series

2022-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.20%

Floor

+

3.20%),

8.62%,

04/20/35

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

1,750

1,671,781

PPM

CLO

4

Ltd.

(a)(b)

Series

2020-4A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.19%

Floor

+

1.45%),

6.85%,

10/18/34

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

6,000

5,957,818

Series

2020-4A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.31%,

10/18/34

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

3,000

2,973,688

Prima

Capital

CRE

Securitization

Ltd.,

Series

2015-4A,

Class

C,

4.00%,

08/24/49

(b)

...

2,197

2,091,036

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Progress

Residential

Trust

(b)

Series

2019-SFR3,

Class

F,

3.87%,

09/17/36

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

USD

3,000

$

2,923,685

Series

2019-SFR4,

Class

E,

3.44%,

10/17/36

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

12,500

12,188,049

Series

2020-SFR1,

Class

F,

3.43%,

04/17/37

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

5,500

5,238,162

Series

2020-SFR1,

Class

G,

4.03%,

04/17/37

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

3,500

3,313,454

Series

2021-SFR10,

Class

F,

4.61%,

12/17/40

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

8,439

7,307,314

Series

2021-SFR10,

Class

G,

4.86%,

12/17/40

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

5,957

5,005,369

Series

2021-SFR8,

Class

F,

3.18%,

10/17/38

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

22,000

19,241,099

Series

2021-SFR8,

Class

G,

4.01%,

10/17/38

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

10,000

8,706,319

Series

2022-SFR5,

Class

E1,

6.62%,

06/17/39

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

2,000

1,971,957

Rad

CLO

2

Ltd.

(a)(b)

Series

2018-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.08%

Floor

+

1.34%),

6.74%,

10/15/31

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

5,375

5,379,941

Series

2018-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.16%,

10/15/31

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

5,000

4,991,103

Rad

CLO

3

Ltd.

(a)(b)

Series

2019-3A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.48%

Floor

+

1.74%),

7.14%,

04/15/32

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

15,500

15,546,497

Series

2019-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.21%,

04/15/32

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

4,000

3,970,168

Rad

CLO

5

Ltd.,

Series

2019-5A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.36%,

07/24/32

(a)(b)

.........

3,000

2,998,832

Rad

CLO

9

Ltd.,

Series

2020-9A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.66%),

7.06%,

01/15/34

(a)(b)

.........

1,250

1,253,270

Rad

CLO

10

Ltd.

(a)(b)

Series

2021-10A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.42%,

04/23/34

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

3,750

3,689,853

Series

2021-10A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.75%

Floor

+

3.01%),

8.42%,

04/23/34

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

2,000

1,945,322

Rad

CLO

12

Ltd.

(a)(b)

Series

2021-12A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.70%,

10/30/34

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

1,375

1,366,036

Series

2021-12A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.70%,

10/30/34

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

3,375

3,284,724

Rad

CLO

14

Ltd.

(a)(b)

Series

2021-14A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.66%,

01/15/35

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

3,500

3,472,702

Series

2021-14A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.66%,

01/15/35

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

1,000

968,401

Rad

CLO

15

Ltd.

(a)(b)

Series

2021-15A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.33%,

01/20/34

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

7,000

6,975,652

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2021-15A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.73%,

01/20/34

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

USD

1,650

$

1,639,584

Series

2021-15A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.73%,

01/20/34

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

2,900

2,828,108

Regatta

IX

Funding

Ltd.

(a)(b)

Series

2017-1A,

Class

B,

(3-mo.

CME

Term

SOFR

+

2.06%),

7.46%,

04/17/30

...

10,000

10,022,281

Series

2017-1A,

Class

C,

(3-mo.

CME

Term

SOFR

+

2.71%),

8.11%,

04/17/30

....

1,000

1,005,979

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.83%,

04/20/34

(a)(b)

....

1,000

1,000,061

Regatta

VII

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.68%,

06/20/34

(a)(b)

750

748,562

Regatta

VIII

Funding

Ltd.,

Series

2017-1A,

Class

A,

(3-mo.

CME

Term

SOFR

+

1.51%),

6.91%,

10/17/30

(a)(b)

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

2,653

2,655,615

Regatta

X

Funding

Ltd.,

Series

2017-3A,

Class

C,

(3-mo.

CME

Term

SOFR

+

2.06%),

7.46%,

01/17/31

(a)(b)

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

1,500

1,485,642

Regatta

XII

Funding

Ltd.,

Series

2019-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.76%,

10/15/32

(a)(b)

....

10,000

9,986,103

Regatta

XIII

Funding

Ltd.,

Series

2018-2A,

Class

B,

(3-mo.

CME

Term

SOFR

+

2.36%),

7.76%,

07/15/31

(a)(b)

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

1,250

1,251,329

Regatta

XVI

Funding

Ltd.,

Series

2019-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.71%,

01/15/33

(a)(b)

....

6,700

6,705,534

Regatta

XVII

Funding

Ltd.,

Series

2020-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.55%

Floor

+

2.81%),

8.21%,

10/15/33

(a)(b)

....

500

506,469

Regatta

XXIII

Funding

Ltd.

(a)(b)

Series

2021-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.73%,

01/20/35

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

3,000

2,989,482

Series

2021-4A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.73%,

01/20/35

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

2,000

1,984,978

Riserva

CLO

Ltd.,

Series

2016-3A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.46%,

01/18/34

(a)(b)

.........

1,000

979,637

Rockfield

Park

CLO

DAC

(a)(c)

Series

1X,

Class

C,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

6.18%,

07/16/34

EUR

400

419,642

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

5.95%

Floor

+

5.95%),

9.92%,

07/16/34

357

374,843

Rockford

Tower

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

BR2A,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.33%,

04/20/34

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

USD

3,500

3,460,360

Series

2017-3A,

Class

C,

(3-mo.

CME

Term

SOFR

+

2.06%),

7.48%,

10/20/30

...

2,300

2,298,878

Series

2018-1A,

Class

B,

(3-mo.

CME

Term

SOFR

+

1.98%),

7.35%,

05/20/31

...

1,000

999,793

Series

2018-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.16%

Floor

+

1.42%),

6.84%,

10/20/31

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

3,500

3,499,868

Series

2018-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.48%,

10/20/31

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

1,125

1,120,505

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2018-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.88%,

10/20/31

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

USD

700

$

702,545

Series

2019-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.63%,

08/20/32

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

5,500

5,460,088

Series

2020-1A,

Class

A,

(3-mo.

CME

Term

SOFR

+

1.54%),

6.96%,

01/20/32

...

10,000

9,988,336

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.78%,

07/20/34

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

2,000

1,976,801

Series

2021-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.93%,

07/20/34

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

1,250

1,197,538

Series

2021-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.83%,

10/20/34

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

3,000

2,974,155

RR

5

Ltd.,

Series

2018-5A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

7.91%,

10/15/31

(a)(b)

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

1,250

1,238,678

RRX

1

Ltd.

(a)(b)

Series

2020-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.37%

Floor

+

1.63%),

7.03%,

04/15/33

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

7,500

7,513,937

Series

2020-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.66%,

04/15/33

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

2,000

1,997,039

RRX

4

Ltd.

(a)(b)

Series

2021-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

6.86%,

07/15/34

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

7,000

7,012,386

Series

2021-4A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

2.11%),

7.51%,

07/15/34

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

1,250

1,254,508

Signal

Peak

CLO

1

Ltd.,

Series

2014-1A,

Class

BR3,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.46%,

04/17/34

(a)(b)

....

630

626,853

Signal

Peak

CLO

10

Ltd.

(a)(b)

Series

2021-9A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.37%,

07/21/34

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

9,500

9,431,954

Series

2021-9A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.72%,

07/21/34

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

2,000

1,989,114

Signal

Peak

CLO

2

LLC,

Series

2015-1A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.58%,

04/20/29

(a)(b)

....

2,000

1,999,031

Signal

Peak

CLO

4

Ltd.

(a)(b)

Series

2017-4A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.41%

Floor

+

2.41%),

7.79%,

10/26/34

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

5,000

4,888,682

Series

2017-4A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.46%

Floor

+

3.46%),

8.84%,

10/26/34

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

2,300

2,198,233

Signal

Peak

CLO

7

Ltd.

(a)(b)

Series

2019-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.15%,

04/30/32

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

5,000

4,991,868

Series

2019-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.65%,

04/30/32

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

5,380

5,355,375

Sixth

Street

CLO

XIX

Ltd.

(a)(b)

Series

2021-19A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.38%,

07/20/34

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

3,000

2,994,067

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2021-19A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.68%,

07/20/34

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

USD

1,000

$

992,899

Series

2021-19A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.68%,

07/20/34

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

4,000

3,868,417

Sixth

Street

CLO

XVII

Ltd.,

Series

2021-17A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.50%),

6.92%,

01/20/34

(a)(b)

....

8,500

8,500,026

Sixth

Street

CLO

XVIII

Ltd.,

Series

2021-18A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.58%,

04/20/34

(a)(b)

....

1,755

1,698,334

Sound

Point

CLO

XXI

Ltd.,

Series

2018-3A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.82%,

10/26/31

(a)(b)

6,600

6,592,862

Sound

Point

CLO

XXIII

Ltd.,

Series

2019-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

7.91%,

07/15/34

(a)(b)

2,250

2,222,185

Sound

Point

CLO

XXIX

Ltd.,

Series

2021-1A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.96%

Floor

+

1.96%),

7.34%,

04/25/34

(a)(b)

....

3,350

3,304,231

Sound

Point

CLO

XXVIII

Ltd.,

Series

2020-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.54%),

6.92%,

01/25/32

(a)(b)

....

1,500

1,501,008

Sound

Point

CLO

XXXIII

Ltd.,

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

7.28%,

04/25/35

(a)(b)

....

5,200

5,118,528

Southwick

Park

CLO

LLC,

Series

2019-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

6.74%,

07/20/32

(a)(b)

2,000

1,995,151

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust

(a)

Series

2006-BC3,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.79%,

10/25/36

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

5,070

3,491,565

Series

2007-MN1A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.23%

Floor

+

0.34%),

5.70%,

01/25/37

(b)

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

1,385

812,696

Symphony

CLO

XXII

Ltd.,

Series

2020-22A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.36%,

04/18/33

(a)(b)

....

1,250

1,242,041

Symphony

CLO

XXVIII

Ltd.,

Series

2021-28A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.40%),

6.81%,

10/23/34

(a)(b)

....

2,000

1,996,156

TCI-Flatiron

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

C,

(3-mo.

CME

Term

SOFR

+

2.11%),

7.48%,

11/18/30

....

1,250

1,249,370

Series

2018-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.40%,

01/29/32

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

4,000

3,951,052

Series

2018-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

2.75%

Floor

+

3.01%),

8.40%,

01/29/32

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

2,000

1,989,414

TCW

CLO

Ltd.

(a)(b)

Series

2020-1A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.73%,

04/20/34

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

3,500

3,422,000

Series

2020-1A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

3.40%

Floor

+

3.66%),

9.08%,

04/20/34

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

2,250

2,136,945

Series

2021-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.58%,

03/18/34

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

1,000

972,915

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.74%,

07/25/34

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

2,500

2,461,146

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

TICP

CLO

IX

Ltd.

(a)(b)

Series

2017-9A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.28%,

01/20/31

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

USD

1,000

$

998,121

Series

2017-9A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.58%,

01/20/31

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

1,000

999,892

TICP

CLO

VI

Ltd.

(a)(b)

Series

2016-6A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.38%),

6.78%,

01/15/34

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

2,000

1,996,532

Series

2016-6A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.16%,

01/15/34

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

2,000

1,982,870

Series

2016-6A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.56%,

01/15/34

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

1,650

1,636,055

TICP

CLO

VII

Ltd.

(a)(b)

Series

2017-7A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.36%,

04/15/33

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

2,000

1,989,459

Series

2017-7A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.81%,

04/15/33

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

6,500

6,477,663

TICP

CLO

XI

Ltd.

(a)(b)

Series

2018-11A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.86%,

10/20/31

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

8,545

8,556,253

Series

2018-11A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.73%,

10/20/31

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

1,100

1,098,233

Series

2018-11A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.00%

Floor

+

6.26%),

11.68%,

10/20/31

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

1,000

992,260

TICP

CLO

XII

Ltd.

(a)(b)

Series

2018-12A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.76%,

07/15/34

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

13,450

13,357,998

Series

2018-12A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.56%),

8.96%,

07/15/34

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

1,500

1,441,259

TICP

CLO

XIII

Ltd.,

Series

2019-13A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.41%

Floor

+

3.41%),

8.81%,

04/15/34

(a)(b)

........

2,000

1,960,614

TICP

CLO

XIV

Ltd.,

Series

2019-14A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.88%,

10/20/32

(a)(b)

........

3,250

3,257,350

Trestles

CLO

Ltd.,

Series

2020-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

7.93%,

01/20/33

(a)(b)

.........

1,450

1,437,523

Tricon

American

Homes

Trust

(b)

Series

2019-SFR1,

Class

E,

3.40%,

03/17/38

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

7,000

6,662,248

Series

2020-SFR2,

Class

E2,

3.08%,

11/17/39

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

1,000

875,068

Tricon

Residential

Trust

(b)

Series

2021-SFR1,

Class

F,

3.69%,

07/17/38

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

5,500

4,930,046

Series

2021-SFR1,

Class

G,

4.13%,

07/17/38

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

3,551

3,169,646

Series

2022-SFR2,

Class

E,

7.51%,

07/17/40

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

10,000

10,092,526

Trimaran

CAVU

Ltd.,

Series

2021-2A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.39%,

10/25/34

(a)(b)

.........

1,500

1,483,237

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Unique

Pub

Finance

Co.

plc

(The)

(c)

Series

A4,  5.66%,

06/30/27

.........

GBP

416

$

527,240

Series

N,  6.46%,

03/30/32

(d)

.........

400

512,524

Upland

CLO

Ltd.,

Series

2016-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

+

3.16%),

8.58%,

04/20/31

(a)(b)

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

USD

1,500

1,465,440

Voya

CLO

Ltd.

(a)(b)

Series

2014-1A,

Class

BR2,

(3-mo.

CME

Term

SOFR

+

2.16%),

7.56%,

04/18/31

1,000

986,934

Series

2014-4A,

Class

BR2,

(3-mo.

CME

Term

SOFR

+

2.35%),

7.75%,

07/14/31

500

492,193

Series

2016-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

+

1.45%),

6.85%,

10/18/31

500

500,168

Washington

Mutual

Asset-Backed

CertificatesTrust

,

Series

2006-HE5,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.31%

Floor

+

0.42%),

4.49%,

10/25/36

(a)

.........

11,505

8,542,583

Webster

Park

CLO

Ltd.,

Series

2015-1A,

Class

A1BR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.61%),

7.03%,

07/20/30

(a)(b)

....

3,800

3,781,118

Wellman

Park

CLO

Ltd.,

Series

2021-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.86%

Floor

+

1.86%),

7.26%,

07/15/34

(a)(b)

.........

7,000

6,967,267

Whitebox

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

ANBR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.36%,

07/24/32

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

10,415

10,382,881

Series

2019-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.71%,

07/24/32

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

5,000

4,992,659

Whitebox

CLO

III

Ltd.,

Series

2021-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.48%),

6.88%,

10/15/34

(a)(b)

........

2,000

1,996,050

Whitebox

CLO

IV

Ltd.

(a)(b)

Series

2023-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.15%),

7.57%,

04/20/36

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

1,500

1,507,614

Series

2023-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.60%),

8.02%,

04/20/36

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

2,000

2,003,224

Series

2023-4A,

Class

D,

(3-mo.

CME

Term

SOFR

at

5.15%

Floor

+

5.15%),

10.57%,

04/20/36

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

1,000

1,022,721

Total

Asset-Backed

Securities

—

14.1%

(Cost:

$1,655,930,059)

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

1,616,663,353

Shares

Shares

Common

Stocks

Aerospace

&

Defense

—

0.4%

BAE

Systems

plc

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

1,038,796

14,704,145

L3Harris

Technologies,

Inc.

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

69,156

14,565,637

MTU

Aero

Engines

AG

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

21,279

4,584,470

RTX

Corp.

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

142,338

11,976,319

45,830,571

Air

Freight

&

Logistics

—

0.2%

Agility

Public

Warehousing

Co.

KSC

(f)

.....

319,211

528,393

Hyundai

Glovis

Co.

Ltd.

(f)

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

6,561

972,169

United

Parcel

Service,

Inc.,

Class

B

......

95,745

15,053,986

ZTO

Express

Cayman,

Inc.,

ADR

........

123,061

2,618,738

19,173,286

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

52

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Automobile

Components

—

0.1%

Aptiv

plc

(f)

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

34,420

$

3,088,162

Hyundai

Mobis

Co.

Ltd.

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

12,044

2,206,618

Lear

Corp.

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

33,767

4,768,238

10,063,018

Automobiles

—

0.1%

General

Motors

Co.

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

253,773

9,115,526

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

H

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

1,064,000

494,770

Kia

Corp.

(f)

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

13,671

1,057,224

Maruti

Suzuki

India

Ltd.

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

45,590

5,640,876

16,308,396

Banks

—

1.8%

Absa

Group

Ltd.

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

606,197

5,410,104

Abu

Dhabi

Commercial

Bank

PJSC

......

1,614,522

4,035,481

Abu

Dhabi

Islamic

Bank

PJSC

..........

130,932

360,774

Al

Rajhi

Bank

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

95,851

2,222,403

AMMB

Holdings

Bhd.

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

265,100

231,227

Axis

Bank

Ltd.

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

652,881

8,640,472

Bank

Mandiri

Persero

Tbk

.

PT

..........

5,485,100

2,154,753

Bank

Negara

Indonesia

Persero

Tbk

.

PT

...

1,028,300

358,815

Bank

of

China

Ltd.,

Class

H

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

17,047,000

6,477,551

Bank

of

Communications

Co.

Ltd.,

Class

H

.

1,265,000

789,646

Bank

of

Shanghai

Co.

Ltd.,

Class

A

.......

1,747,300

1,463,835

Bank

Rakyat

Indonesia

Persero

Tbk

.

PT

...

37,041,213

13,767,029

BNP

Paribas

SA

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

63,007

4,375,566

Boubyan

Bank

KSCP

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

181,171

353,709

Chang

Hwa

Commercial

Bank

Ltd.

.......

712,687

415,440

China

CITIC

Bank

Corp.

Ltd.,

Class

H

.....

1,820,000

858,361

China

Everbright

Bank

Co.

Ltd.,

Class

H

...

819,000

243,367

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

1,326,000

450,155

CIMB

Group

Holdings

Bhd.

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

893,100

1,137,081

Citigroup,

Inc.

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

343,747

17,682,346

Citizens

Financial

Group,

Inc.

..........

526,635

17,452,684

Commercial

International

Bank

Egypt

SAE

..

424,212

603,900

Commercial

International

Bank

Egypt

SAE

(Registered),

GDR

(c)

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

276,038

353,329

Credicorp

Ltd.

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

852

127,740

CTBC

Financial

Holding

Co.

Ltd.

........

2,441,000

2,252,566

DBS

Group

Holdings

Ltd.

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

410,400

10,378,537

Dubai

Islamic

Bank

PJSC

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

377,620

588,111

Dukhan

Bank

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

742,954

814,513

E.Sun

Financial

Holding

Co.

Ltd.

........

1,463,894

1,229,855

Emirates

NBD

Bank

PJSC

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

189,975

894,852

First

Abu

Dhabi

Bank

PJSC

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

266,452

1,012,775

First

Citizens

BancShares

,

Inc.,

Class

A

....

6,618

9,390,743

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

1,022,211

10,299,765

Gulf

Bank

KSCP

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

321,555

293,967

HDFC

Bank

Ltd.

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

489,648

10,026,043

Hong

Leong

Bank

Bhd.

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

78,900

324,467

HSBC

Holdings

plc

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

488,042

3,948,243

Hua

Nan

Financial

Holdings

Co.

Ltd.

......

662,000

481,759

ICICI

Bank

Ltd.

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

211,550

2,527,980

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

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

14,319,000

6,978,269

Kotak

Mahindra

Bank

Ltd.

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

99,389

2,277,256

Kuwait

Finance

House

KSCP

...........

914,394

2,159,490

M&T

Bank

Corp.

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

80,850

11,082,918

Malayan

Banking

Bhd.

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

548,600

1,061,131

Mega

Financial

Holding

Co.

Ltd.

.........

11,776

15,026

Metropolitan

Bank

&

Trust

Co.

..........

86,240

79,881

Moneta

Money

Bank

A/S

(b)(c)

...........

31,466

131,656

National

Bank

of

Greece

SA

(f)

..........

306,911

2,132,339

National

Bank

of

Kuwait

SAKP

..........

272,746

793,480

Nordea

Bank

Abp

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

333,910

4,145,292

Security

Shares

Shares

Value

Banks

(continued)

OTP

Bank

Nyrt

.

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

136,670

$

6,225,641

Public

Bank

Bhd.

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

1,098,100

1,024,838

Qatar

International

Islamic

Bank

QSC

.....

74,760

216,253

Qatar

Islamic

Bank

SAQ

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

104,197

597,658

Qatar

National

Bank

QPSC

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

241,851

1,064,818

RHB

Bank

Bhd.

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

276,500

327,882

Saudi

Investment

Bank

(The)

...........

30,606

129,709

Sberbank

of

Russia

PJSC

(e)

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

877,548

98

Shanghai

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

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

979,400

788,974

Taishin

Financial

Holding

Co.

Ltd.

........

340,000

200,355

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

707,000

614,895

UniCredit

SpA

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

154,529

4,207,777

Wells

Fargo

&

Co.

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

368,900

18,157,258

208,842,838

Beverages

—

0.2%

Ambev

SA

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

2,255,596

6,357,621

Ambev

SA,

ADR

(f)

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

351,350

983,780

Keurig

Dr

Pepper,

Inc.

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

114,790

3,824,803

Kweichow

Moutai

Co.

Ltd.,

Class

A

.......

30,100

7,292,611

Nongfu

Spring

Co.

Ltd.,

Class

H

(b)(c)

.......

87,600

506,899

Pernod

Ricard

SA

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

29,237

5,166,815

Tsingtao

Brewery

Co.

Ltd.,

Class

H

.......

194,000

1,303,547

United

Breweries

Ltd.

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

8,353

179,085

United

Spirits

Ltd.

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

72,030

966,802

26,581,963

Biotechnology

—

0.2%

3SBio,

Inc.

(b)(c)(f)

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

515,000

496,628

AbbVie,

Inc.

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

127,513

19,760,690

Celltrion

,

Inc.

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

5,816

908,212

Ever

Supreme

Bio

Technology

Co.

Ltd.

....

105,000

668,385

Hugel

,

Inc.

(f)

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

4,949

572,669

PharmaEngine

,

Inc.

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

212,000

728,760

23,135,344

Broadline

Retail

—

0.2%

Alibaba

Group

Holding

Ltd.

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

1,137,100

10,953,164

Alibaba

Group

Holding

Ltd.,

ADR

........

102,074

7,911,756

Poya

International

Co.

Ltd.

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

30,480

547,672

Prosus

NV

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

203,488

6,061,926

25,474,518

Building

Products

—

0.4%

Allegion

plc

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

155,487

19,698,648

Assa

Abloy

AB,

Class

B

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

169,273

4,878,310

Carrier

Global

Corp.

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

236,621

13,593,877

Cie

de

Saint-Gobain

SA

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

87,084

6,422,211

44,593,046

Capital

Markets

—

0.5%

B3

SA

-

Brasil

Bolsa

Balcao

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

3,275,314

9,765,967

Carlyle

Group,

Inc.

(The)

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

205,428

8,358,865

EFG

Holding

S.A.E.

(f)

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

535,047

174,051

GF

Securities

Co.

Ltd.,

Class

H

.........

2,573,200

3,081,384

Goldman

Sachs

Group,

Inc.

(The)

.......

9,220

3,556,799

Intercontinental

Exchange,

Inc.

.........

148,629

19,088,422

London

Stock

Exchange

Group

plc

.......

27,162

3,210,862

Raymond

James

Financial,

Inc.

.........

55,069

6,140,194

53,376,544

Chemicals

—

0.4%

Air

Liquide

SA

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

81,674

15,901,554

Asian

Paints

Ltd.

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

25,650

1,048,227

Hansol

Chemical

Co.

Ltd.

(f)

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

23,948

4,197,446

International

Flavors

&

Fragrances,

Inc.

....

86,840

7,031,435

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Chemicals

(continued)

Linde

plc

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

4,298

$

1,765,231

Linde

plc

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

6,867

2,793,501

Mesaieed

Petrochemical

Holding

Co.

.....

288,877

140,326

Pidilite

Industries

Ltd.

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

11,404

371,885

Saudi

Aramco

Base

Oil

Co.

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

37,060

1,397,511

Saudi

Basic

Industries

Corp.

...........

279,938

6,214,184

Saudi

Industrial

Investment

Group

.......

52,052

307,806

Sika

AG

(Registered)

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

13,383

4,363,878

Yanbu

National

Petrochemical

Co.

.......

35,117

355,543

45,888,527

Commercial

Services

&

Supplies

—

0.1%

Republic

Services,

Inc.

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

87,290

14,394,994

Communications

Equipment

—

0.1%

Accton

Technology

Corp.

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

284,300

4,832,188

Cisco

Systems,

Inc.

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

164,147

8,292,707

Gemtek

Technology

Corp.

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

109,000

122,374

Nokia

OYJ,

ADR

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

740,114

2,531,190

15,778,459

Construction

&

Engineering

—

0.1%

China

Railway

Group

Ltd.,

Class

H

.......

295,000

131,538

Eiffage

SA

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

16,348

1,754,968

Ferrovial

SE

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

73,363

2,677,814

Gamuda

Bhd.

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

467,600

467,091

Mcdermott

International

Ltd.

(f)

...........

165,884

14,929

Vinci

SA

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

68,182

8,580,382

13,626,722

Construction

Materials

—

0.1%

CRH

plc

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

101,282

6,970,154

Shree

Cement

Ltd.

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

2,877

990,266

7,960,420

Consumer

Finance

—

0.3%

American

Express

Co.

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

59,421

11,131,930

Kaspi.KZ

JSC,

GDR

(c)

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

59,026

5,430,392

SBI

Cards

&

Payment

Services

Ltd.

......

372,879

3,402,407

Synchrony

Financial

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

226,924

8,666,228

28,630,957

Consumer

Staples

Distribution

&

Retail

—

0.3%

Abdullah

Al

Othaim

Markets

Co.

.........

77,970

272,225

Cencosud

SA

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

333,585

626,648

CP

ALL

PCL,

NVDR

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

3,033,400

4,969,166

Dollar

General

Corp.

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

83,221

11,313,895

Fix

Price

Group

plc,

GDR

(b)(c)(e)(f)

.........

183,882

1,839

GS

Retail

Co.

Ltd.

(f)

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

15,902

283,713

Migros

Ticaret

A/S

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

68,387

777,422

Nahdi

Medical

Co.

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

15,071

550,281

President

Chain

Store

Corp.

...........

77,000

675,921

Sendas

Distribuidora

SA

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

1,685,037

4,668,359

Wal-Mart

de

Mexico

SAB

de

CV

.........

3,756,762

15,793,842

39,933,311

Containers

&

Packaging

—

0.1%

Sealed

Air

Corp.

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

316,173

11,546,638

Diversified

REITs

—

0.1%

Cromwell

European

REIT

(c)

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

2,467,120

3,865,526

Fibra

Uno

Administracion

SA

de

CV

......

2,908,517

5,224,060

LXI

REIT

plc

(c)

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

4,742,511

6,335,204

15,424,790

Diversified

Telecommunication

Services

—

0.7%

AT&T,

Inc.

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

336,440

5,645,463

Cellnex

Telecom

SA

(b)(c)

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

364,590

14,355,001

China

Tower

Corp.

Ltd.,

Class

H

(b)(c)

......

10,102,000

1,061,798

Security

Shares

Shares

Value

Diversified

Telecommunication

Services

(continued)

Chunghwa

Telecom

Co.

Ltd.

...........

687,000

$

2,687,863

Emirates

Telecommunications

Group

Co.

PJSC

59,859

320,095

Hellenic

Telecommunications

Organization

SA,

Class

R

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

40,408

575,593

Koninklijke

KPN

NV

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

4,050,123

13,953,195

KT

Corp.

(f)

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

31,021

827,131

KT

Corp.,

ADR

(f)

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

14,460

194,343

LG

Uplus

Corp.

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

66,112

524,320

Ooredoo

QPSC

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

103,138

308,529

Orange

Polska

SA

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

134,957

279,324

Saudi

Telecom

Co.

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

235,040

2,537,066

Telefonica

Brasil

SA

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

126,670

1,390,372

Telefonica

Brasil

SA,

ADR

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

112,441

1,230,104

Telekom

Malaysia

Bhd.

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

220,400

266,075

Telkom

Indonesia

Persero

Tbk

.

PT

.......

6,551,300

1,680,711

Telkom

Indonesia

Persero

Tbk

.

PT,

ADR

(f)

..

16,700

430,192

TELUS

Corp.

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

925,917

16,477,207

Verizon

Communications,

Inc.

..........

322,848

12,171,370

76,915,752

Electric

Utilities

—

1.3%

Alliant

Energy

Corp.

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

208,266

10,684,046

American

Electric

Power

Co.,

Inc.

........

201,353

16,353,891

CK

Infrastructure

Holdings

Ltd.

..........

576,000

3,187,694

CLP

Holdings

Ltd.

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

352,000

2,908,266

CPFL

Energia

SA

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

135,843

1,074,175

Duke

Energy

Corp.

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

69,674

6,761,165

Edison

International

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

138,841

9,925,743

Enel

Americas

SA

(f)

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

2,504,532

277,173

Enel

SpA

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

447,743

3,331,124

Entergy

Corp.

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

96,249

9,739,436

Eversource

Energy

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

79,974

4,935,995

Exelon

Corp.

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

241,502

8,669,922

NextEra

Energy,

Inc.

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

225,192

13,678,162

PG&E

Corp.

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

457,407

8,247,048

Portland

General

Electric

Co.

...........

156,422

6,779,330

PPL

Corp.

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

402,643

10,911,625

Saudi

Electricity

Co.

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

52,901

267,405

Southern

Co.

(The)

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

113,991

7,993,049

SSE

plc

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

110,234

2,602,183

Terna

-

Rete

Elettrica

Nazionale

.........

586,480

4,892,802

Xcel

Energy,

Inc.

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

220,823

13,671,152

146,891,386

Electrical

Equipment

—

0.1%

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

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

251,500

5,762,494

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H

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

318,200

143,004

Schneider

Electric

SE

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

22,590

4,547,506

Sociedad

Quimica

y

Minera

de

Chile

SA,

ADR

64,973

3,912,674

14,365,678

Electronic

Equipment,

Instruments

&

Components

—

0.3%

Delta

Electronics,

Inc.

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

367,000

3,742,824

FLEXium

Interconnect,

Inc.

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

105,000

301,903

Hexagon

AB,

Class

B

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

378,912

4,551,228

Hon

Hai

Precision

Industry

Co.

Ltd.

.......

781,000

2,657,147

Hon

Hai

Precision

Industry

Co.

Ltd.,

GDR

(c)

.

8,135

55,556

Largan

Precision

Co.

Ltd.

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

30,000

2,802,079

Lotes

Co.

Ltd.

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

158,000

5,494,205

Primax

Electronics

Ltd.

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

295,000

649,856

Simplo

Technology

Co.

Ltd.

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

48,000

655,955

TE

Connectivity

Ltd.

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

83,042

11,667,401

TXC

Corp.

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

140,000

449,447

WPG

Holdings

Ltd.

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

359,000

953,764

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

54

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Zebra

Technologies

Corp.,

Class

A

(f)

......

18,670

$

5,103,071

39,084,436

Energy

Equipment

&

Services

—

0.1%

Baker

Hughes

Co.,

Class

A

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

446,907

15,275,282

Project

Investor

Holdings

LLC,

(Acquired

02/12/19,

cost

$0)

(e)(f)(g)

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

24,388

—

15,275,282

Entertainment

—

0.0%

NetEase,

Inc.

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

5,900

106,445

Financial

Services

—

0.2%

Equitable

Holdings,

Inc.

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

197,985

6,592,901

Fidelity

National

Information

Services,

Inc.

..

213,464

12,822,782

Visa,

Inc.,

Class

A

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

24,006

6,249,962

Yuanta

Financial

Holding

Co.

Ltd.

........

296,000

265,929

25,931,574

Food

Products

—

0.7%

Almarai

Co.

JSC

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

22,606

338,788

China

Mengniu

Dairy

Co.

Ltd.

(f)

..........

2,228,000

6,002,035

Henan

Shuanghui

Investment

&

Development

Co.

Ltd.,

Class

A

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

631,300

2,367,794

Indofood

Sukses

Makmur

Tbk

.

PT

.......

182,100

76,290

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

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

269,700

1,012,873

IOI

Corp.

Bhd.

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

224,500

191,997

Kraft

Heinz

Co.

(The)

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

379,544

14,035,537

Kuala

Lumpur

Kepong

Bhd.

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

64,200

304,685

Marico

Ltd.

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

27,822

183,326

Meihua

Holdings

Group

Co.

Ltd.,

Class

A

...

410,506

550,176

Mondelez

International,

Inc.,

Class

A

......

309,958

22,450,258

Nestle

India

Ltd.

(f)

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

4,463

1,424,903

Nestle

Malaysia

Bhd.

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

4,500

115,169

Nestle

SA

(Registered)

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

259,424

30,072,400

PPB

Group

Bhd.

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

35,400

111,554

QL

Resources

Bhd.

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

70,800

87,980

Sime

Darby

Plantation

Bhd.

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

166,100

161,022

Tata

Consumer

Products

Ltd.

...........

14,702

191,916

Tingyi

Cayman

Islands

Holding

Corp.

.....

444,000

541,500

Uni-President

China

Holdings

Ltd.

.......

284,000

202,075

Uni-President

Enterprises

Corp.

.........

539,000

1,307,685

Want

Want

China

Holdings

Ltd.

.........

455,000

275,034

82,004,997

Gas

Utilities

—

0.1%

ENN

Energy

Holdings

Ltd.

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

407,400

3,008,424

Petronas

Gas

Bhd.

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

44,200

167,373

Tokyo

Gas

Co.

Ltd.

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

130,900

3,002,672

6,178,469

Ground

Transportation

—

0.5%

Canadian

Pacific

Kansas

City

Ltd.

.......

108,217

8,561,276

CSX

Corp.

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

173,429

6,012,783

Daqin

Railway

Co.

Ltd.,

Class

A

.........

2,542,800

2,572,900

Norfolk

Southern

Corp.

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

20,199

4,774,640

Union

Pacific

Corp.

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

115,119

28,275,529

West

Japan

Railway

Co.

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

42,100

1,754,239

51,951,367

Health

Care

Equipment

&

Supplies

—

0.6%

Baxter

International,

Inc.

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

350,767

13,560,652

EssilorLuxottica

SA

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

92,742

18,622,479

Koninklijke

Philips

NV

(f)

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

226,403

5,298,335

Medtronic

plc

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

314,769

25,930,670

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Zimmer

Biomet

Holdings,

Inc.

..........

49,678

$

6,045,813

69,457,949

Health

Care

Providers

&

Services

—

0.7%

Bangkok

Dusit

Medical

Services

PCL,

NVDR

3,569,200

2,898,573

Cardinal

Health,

Inc.

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

113,181

11,408,645

Cigna

Group

(The)

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

40,817

12,222,651

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

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

6,534

494,526

Elevance

Health,

Inc.

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

20,245

9,546,732

Envision

Healthcare

Corp.

(e)(f)

...........

37,379

280,343

Hapvida

Participacoes

e

Investimentos

SA

(b)(c)(f)

7,210,225

6,600,242

Humana,

Inc.

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

4,421

2,023,978

IHH

Healthcare

Bhd.

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

313,300

411,230

Laboratory

Corp.

of

America

Holdings

.....

44,435

10,099,631

Scientific

&

Medical

Equipment

House

Co.

(f)

.

28,697

354,464

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

A

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

882,500

2,072,204

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

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

185,900

271,978

UnitedHealth

Group,

Inc.

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

34,681

18,258,506

76,943,703

Health

Care

REITs

—

0.5%

Assura

plc

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

21,725,102

13,325,343

CareTrust

REIT,

Inc.

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

445,869

9,978,548

Community

Healthcare

Trust,

Inc.

........

46,843

1,247,898

Healthpeak

Properties,

Inc.

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

443,299

8,777,320

Physicians

Realty

Trust

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

695,785

9,260,898

Target

Healthcare

REIT

plc

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

6,108,349

6,717,617

Ventas,

Inc.

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

61,237

3,052,052

Welltower,

Inc.

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

44,354

3,999,400

56,359,076

Hotels,

Restaurants

&

Leisure

—

0.1%

Americana

Restaurants

International

plc

...

756,675

644,855

Codere

New

Topco

SA

(e)(f)(h)

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

12,872

—

Genting

Bhd.

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

288,600

290,070

Gourmet

Master

Co.

Ltd.

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

27,000

89,231

OPAP

SA,

Class

R

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

250,792

4,255,366

Sands

China

Ltd.

(f)

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

1,654,000

4,841,201

Seera

Group

Holding

(f)

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

44,255

313,916

10,434,639

Household

Durables

—

0.2%

Hisense

Home

Appliances

Group

Co.

Ltd.

..

112,000

241,987

Newell

Brands,

Inc.

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

306,945

2,664,283

Sony

Group

Corp.,

ADR

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

67,438

6,385,704

Taylor

Wimpey

plc

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

9,969,051

18,661,234

27,953,208

Household

Products

—

0.0%

Reckitt

Benckiser

Group

plc

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

13,291

917,124

Unilever

Indonesia

Tbk

.

PT

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

1,003,800

230,137

1,147,261

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Boralex

,

Inc.,

Class

A

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

66,680

1,694,866

CGN

Power

Co.

Ltd.,

Class

H

(b)(c)

........

2,026,000

529,522

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

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

209,000

158,711

EDP

Renovaveis

SA

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

89,165

1,825,325

Engie

Brasil

Energia

SA

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

65,033

604,724

Huadian

Power

International

Corp.

Ltd.,

Class

H

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

1,108,000

492,381

RWE

AG

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

82,242

3,743,072

9,048,601

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

55

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Industrial

Conglomerates

—

0.1%

Astra

International

Tbk

.

PT

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

12,673,600

$

4,647,678

Industries

Qatar

QSC

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

113,062

399,687

Siemens

AG

(Registered)

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

57,411

10,770,838

Sime

Darby

Bhd.

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

381,100

194,869

16,013,072

Industrial

REITs

—

0.5%

ESR

Kendall

Square

REIT

Co.

Ltd.

.......

1,972,859

5,586,024

Goodman

Group

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

380,040

6,543,095

LondonMetric

Property

plc

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

1,987,490

4,840,850

Prologis,

Inc.

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

100,466

13,392,118

Rexford

Industrial

Realty,

Inc.

..........

213,724

11,989,916

Segro

plc

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

299,559

3,378,204

Warehouses

De

Pauw

CVA

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

307,247

9,671,569

55,401,776

Insurance

—

1.0%

AIA

Group

Ltd.

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

517,600

4,504,612

American

International

Group,

Inc.

.......

170,215

11,532,066

ASR

Nederland

NV

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

89,360

4,221,359

Assurant,

Inc.

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

63,858

10,759,435

Fidelity

National

Financial,

Inc.,

Class

A

....

244,542

12,476,533

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

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

1,087,000

334,347

Phoenix

Group

Holdings

plc

...........

445,876

3,036,031

Powszechny

Zaklad

Ubezpieczen

SA

.....

403,971

4,852,389

Prudential

plc

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

1,851,078

20,885,144

Sampo

OYJ,

Class

A

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

129,876

5,690,169

Samsung

Life

Insurance

Co.

Ltd.

(f)

.......

8,603

460,254

Tryg

A/S

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

346,586

7,542,482

Willis

Towers

Watson

plc

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

26,636

6,424,603

Zurich

Insurance

Group

AG

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

33,564

17,548,171

110,267,595

Interactive

Media

&

Services

—

0.0%

Tencent

Holdings

Ltd.

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

66,900

2,525,801

IT

Services

—

0.5%

Accenture

plc,

Class

A

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

55,203

19,371,285

Arabian

Internet

&

Communications

Services

Co.

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

10,644

982,077

Cognizant

Technology

Solutions

Corp.,

Class

A

116,453

8,795,695

HCL

Technologies

Ltd.

...............

154,580

2,720,416

Infosys

Ltd.,

ADR

...................

273,872

5,033,767

NEXTDC

Ltd.

(f)

....................

836,255

7,809,653

SUNeVision

Holdings

Ltd.

.............

12,013,000

4,756,799

Tata

Consultancy

Services

Ltd.

.........

211,656

9,639,640

Wipro

Ltd.

........................

147,142

834,667

59,943,999

Leisure

Products

—

0.0%

Hasbro,

Inc.

......................

87,470

4,466,218

Life

Sciences

Tools

&

Services

—

0.1%

Fortrea

Holdings,

Inc.

(f)

...............

98,934

3,452,797

Joinn

Laboratories

China

Co.

Ltd.,

Class

A

..

1,017,340

3,381,841

6,834,638

Machinery

—

0.4%

Alfa

Laval

AB

.....................

68,228

2,731,444

CNH

Industrial

NV

..................

153,990

1,875,598

Epiroc

AB,

Class

A

..................

161,972

3,260,318

Komatsu

Ltd.

.....................

322,700

8,397,731

Otis

Worldwide

Corp.

................

218,035

19,507,591

Volvo

AB,

Class

B

..................

263,029

6,844,016

Security

Shares

Shares

Value

Machinery

(continued)

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

H

.........

437,200

$

240,838

42,857,536

Marine

Transportation

—

0.0%

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

696,000

699,805

MISC

Bhd.

.......................

137,700

218,382

918,187

Media

—

0.1%

Comcast

Corp.,

Class

A

..............

201,121

8,819,156

Fox

Corp.,

Class

A

..................

144,675

4,292,507

Learfield

Communications

LLC,

(Acquired

09/13/23,

cost

$160,629)

(e)(f)(g)

........

12,784

543,320

SES

SA,

ADR

.....................

314,526

2,071,193

15,726,176

Metals

&

Mining

—

0.1%

Alrosa

PJSC

(e)

.....................

607,124

68

Barrick

Gold

Corp.

..................

202,851

3,669,575

Gold

Fields

Ltd.

....................

288,534

4,378,338

Gold

Fields

Ltd.,

ADR

................

110,602

1,599,305

Hochschild

Mining

plc

(f)

...............

107,064

145,977

Novolipetsk

Steel

PJSC

(e)(f)

............

14

—

Zijin

Mining

Group

Co.

Ltd.,

Class

H

......

3,374,000

5,500,191

15,293,454

Multi-Utilities

—

0.4%

CMS

Energy

Corp.

..................

101,930

5,919,075

Dominion

Energy,

Inc.

................

88,242

4,147,374

DTE

Energy

Co.

...................

31,653

3,490,060

Engie

SA

........................

260,835

4,594,948

National

Grid

plc

...................

869,492

11,713,208

NiSource,

Inc.

.....................

314,567

8,351,754

Qatar

Electricity

&

Water

Co.

QSC

.......

41,488

205,918

Sempra

.........................

127,791

9,549,821

47,972,158

Office

REITs

—

0.2%

Alexandria

Real

Estate

Equities,

Inc.

......

48,816

6,188,404

Boston

Properties,

Inc.

...............

111,785

7,843,954

SL

Green

Realty

Corp.

...............

118,187

5,338,507

19,370,865

Oil,

Gas

&

Consumable

Fuels

—

1.5%

Bharat

Petroleum

Corp.

Ltd.

...........

268,882

1,456,160

BP

plc

..........................

2,541,332

15,065,199

Cheniere

Energy,

Inc.

................

46,825

7,993,496

Chevron

Corp.

.....................

16,680

2,487,989

China

Petroleum

&

Chemical

Corp.,

Class

H

22,099,100

11,581,118

DT

Midstream,

Inc.

..................

54,826

3,004,465

Ecopetrol

SA,

ADR

..................

258,465

3,080,903

Enbridge,

Inc.

.....................

193,676

6,972,073

Energy

Transfer

LP

.................

235,780

3,253,764

Enterprise

Products

Partners

LP

.........

120,204

3,167,375

Equitrans

Midstream

Corp.

............

39,040

397,427

Gibson

Energy,

Inc.

.................

30,689

466,224

Kinder

Morgan,

Inc.

.................

39,501

696,798

Koninklijke

Vopak

NV

................

43,716

1,471,197

Kosmos

Energy

Ltd.

(f)

................

711,642

4,775,118

LUKOIL

PJSC

(e)

....................

417,114

47

MOL

Hungarian

Oil

&

Gas

plc

..........

534,642

4,355,260

MPLX

LP

(f)

.......................

92,721

3,404,715

Novatek

PJSC

(e)

...................

690

—

NuStar

Energy

LP

..................

39,607

739,859

Oil

&

Natural

Gas

Corp.

Ltd.

...........

1,814,492

4,467,313

ONEOK,

Inc.

......................

6,266

439,999

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

56

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Pembina

Pipeline

Corp.

..............

199,662

$

6,874,141

Petronas

Dagangan

Bhd.

.............

21,400

101,714

Petronet

LNG

Ltd.

..................

199,004

532,135

Plains

All

American

Pipeline

LP

(f)

........

214,182

3,244,857

PTT

Exploration

&

Production

PCL,

NVDR

..

566,300

2,466,798

Qatar

Fuel

QSC

....................

14,966

67,088

Qatar

Gas

Transport

Co.

Ltd.

...........

224,035

212,659

Saudi

Arabian

Oil

Co.

(b)(c)

..............

292,603

2,576,122

Shell

plc

.........................

832,012

27,307,147

S-Oil

Corp.

.......................

81,867

4,408,364

Suncor

Energy,

Inc.

.................

206,960

6,630,998

Targa

Resources

Corp.

...............

101,520

8,819,042

TC

Energy

Corp.

...................

210,076

8,206,391

Western

Midstream

Partners

LP

.........

69,780

2,041,763

Williams

Cos.,

Inc.

(The)

..............

384,550

13,393,877

166,159,595

Paper

&

Forest

Products

—

0.0%

UPM-

Kymmene

OYJ

................

81,516

3,074,841

Personal

Care

Products

—

0.1%

By-health

Co.

Ltd.,

Class

A

............

713,900

1,705,557

Colgate-Palmolive

India

Ltd.

...........

29,289

890,005

Dabur

India

Ltd.

....................

140,343

939,381

Godrej

Consumer

Products

Ltd.

.........

355,253

4,827,489

Haleon

plc

.......................

674,826

2,762,921

Hengan

International

Group

Co.

Ltd.

......

103,500

385,271

Hindustan

Unilever

Ltd.

...............

28,499

911,892

Unilever

plc,

ADR

..................

71,403

3,461,618

15,884,134

Pharmaceuticals

—

1.1%

Alkem

Laboratories

Ltd.

..............

4,577

286,033

AstraZeneca

plc

...................

198,476

26,772,410

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

...........................

201,000

3,272,897

Aurobindo

Pharma

Ltd.

...............

21,996

286,413

Bayer

AG

(Registered)

...............

173,212

6,426,845

China

Resources

Pharmaceutical

Group

Ltd.

(b)

(c)

...........................

614,000

403,614

Cipla

Ltd.

........................

129,658

1,941,105

Dr

Reddy's

Laboratories

Ltd.,

ADR

.......

10,096

702,480

Dr.

Reddy's

Laboratories

Ltd.

...........

29,318

2,043,406

Eli

Lilly

&

Co.

.....................

5,542

3,230,543

Jamjoom

Pharmaceuticals

Factory

Co.

....

30,752

936,240

Lupin

Ltd.

........................

79,704

1,266,465

Merck

KGaA

......................

29,031

4,622,157

Novartis

AG

(Registered)

.............

36,382

3,674,964

Novo

Nordisk

A/S,

Class

B

............

243,699

25,254,816

Novo

Nordisk

A/S,

ADR

..............

11,404

1,179,744

Pfizer,

Inc.

.......................

82,750

2,382,372

Sanofi

SA

........................

366,470

36,417,136

Sun

Pharmaceutical

Industries

Ltd.

.......

29,657

448,647

Torrent

Pharmaceuticals

Ltd.

...........

22,187

614,375

Yunnan

Baiyao

Group

Co.

Ltd.,

Class

A

....

336,200

2,319,440

Zydus

Lifesciences

Ltd.

..............

78,603

650,726

125,132,828

Professional

Services

—

0.7%

Dun

&

Bradstreet

Holdings,

Inc.

.........

634,529

7,423,989

Experian

plc

......................

117,020

4,773,871

Leidos

Holdings,

Inc.

................

110,202

11,928,265

NMG,

Inc.

(f)

.......................

3,714

371,400

Paychex,

Inc.

.....................

144,709

17,236,289

RELX

plc

........................

515,182

20,419,169

Security

Shares

Shares

Value

Professional

Services

(continued)

SS&C

Technologies

Holdings,

Inc.

.......

215,580

$

13,174,094

75,327,077

Real

Estate

Management

&

Development

—

0.3%

ADLER

Group

SA

(b)(c)(f)

...............

76,594

44,815

ADLER

Group

SA

(f)

.................

34,591

19,564

Barwa

Real

Estate

Co.

...............

234,595

185,325

CK

Asset

Holdings

Ltd.

...............

2,642,000

13,260,449

Corp.

Inmobiliaria

Vesta

SAB

de

CV,

ADR

..

112,925

4,474,089

Mabanee

Co.

KPSC

.................

36,212

99,304

VGP

NV

.........................

27,472

3,183,239

Vonovia

SE

.......................

178,430

5,606,575

Wharf

Real

Estate

Investment

Co.

Ltd.

....

1,018,000

3,441,328

30,314,688

Residential

REITs

—

0.2%

Sun

Communities,

Inc.

...............

95,877

12,813,961

UDR,

Inc.

........................

404,115

15,473,563

28,287,524

Retail

REITs

—

0.2%

Link

REIT

........................

3,301,000

18,535,296

Semiconductors

&

Semiconductor

Equipment

—

0.9%

ASML

Holding

NV

..................

9,452

7,135,195

Elan

Microelectronics

Corp.

............

63,000

333,106

Intel

Corp.

.......................

56,963

2,862,391

MediaTek,

Inc.

.....................

565,000

18,656,245

STMicroelectronics

NV

...............

131,764

6,609,149

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

3,163,000

60,639,617

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.,

ADR

.........................

36,239

3,768,856

100,004,559

Software

—

0.5%

Birlasoft

Ltd.

......................

181,040

1,566,801

Microsoft

Corp.

....................

110,476

41,543,395

Oracle

Corp.

......................

144,782

15,264,366

Oracle

Financial

Services

Software

Ltd.

....

5,405

273,422

SAP

SE

.........................

15,232

2,344,534

Tata

Elxsi

Ltd.

.....................

6,485

681,791

61,674,309

Specialized

REITs

—

0.9%

American

Tower

Corp.

...............

129,781

28,017,122

Crown

Castle,

Inc.

..................

88,727

10,220,463

Digital

Realty

Trust,

Inc.

..............

40,252

5,417,114

EPR

Properties

....................

186,403

9,031,225

Equinix,

Inc.

......................

7,137

5,748,069

Extra

Space

Storage,

Inc.

.............

51,308

8,226,212

SBA

Communications

Corp.

...........

74,654

18,938,973

VICI

Properties,

Inc.

.................

460,524

14,681,505

100,280,683

Specialty

Retail

—

0.2%

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

........................

571,375

575,614

Chow

Tai

Fook

Jewellery

Group

Ltd.

......

523,200

779,469

Foschini

Group

Ltd.

(The)

.............

765,516

4,677,011

HLA

Group

Corp.

Ltd.,

Class

A

..........

961,132

1,001,062

Industria

de

Diseno

Textil

SA

...........

61,957

2,703,435

Jarir

Marketing

Co.

..................

114,590

477,832

Lojas

Renner

SA

...................

1,787,054

6,379,238

PTT

Oil

&

Retail

Business

PCL,

NVDR

....

750,700

419,435

Topsports

International

Holdings

Ltd.

(b)(c)

...

492,000

383,665

17,396,761

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

57

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

—

0.5%

Acer,

Inc.

........................

1,301,000

$

2,276,441

Apple,

Inc.

.......................

133,051

25,616,309

Compal

Electronics,

Inc.

..............

1,863,000

2,413,160

HP,

Inc.

.........................

96,230

2,895,561

Pegatron

Corp.

....................

160,000

454,631

Samsung

Electronics

Co.

Ltd.

..........

22,692

1,377,332

Samsung

Electronics

Co.

Ltd.,

GDR

(b)(c)

....

12,975

19,389,988

54,423,422

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

....

20,834

16,928,399

Pou

Chen

Corp.

....................

428,000

430,686

Ralph

Lauren

Corp.,

Class

A

...........

20,763

2,994,024

Tapestry,

Inc.

......................

121,820

4,484,194

24,837,303

Tobacco

—

0.3%

British

American

Tobacco

plc

...........

348,100

10,185,123

Eastern

Co.

SAE

...................

100,915

55,277

ITC

Ltd.

.........................

116,065

644,248

Philip

Morris

International,

Inc.

..........

195,956

18,435,541

29,320,189

Trading

Companies

&

Distributors

—

0.1%

Azelis

Group

NV

...................

147,119

3,612,017

BOC

Aviation

Ltd.

(b)(c)

................

663,500

5,078,410

8,690,427

Transportation

Infrastructure

—

0.7%

Aena

SME

SA

(b)(c)

...................

76,755

13,931,891

Aeroports

de

Paris

SA

...............

58,789

7,628,175

Atlas

Arteria

Ltd.

(h)

..................

974,082

3,835,075

Auckland

International

Airport

Ltd.

.......

1,081,099

6,014,067

Flughafen

Zurich

AG

(Registered)

........

39,362

8,224,484

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(f)

....................

86,418

5,214,404

Getlink

SE

.......................

159,305

2,917,652

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

.......................

480,813

8,433,552

Japan

Airport

Terminal

Co.

Ltd.

.........

40,600

1,786,188

Jiangsu

Expressway

Co.

Ltd.,

Class

H

....

192,000

172,761

Liaoning

Port

Co.

Ltd.,

Class

A

..........

520,500

105,917

Malaysia

Airports

Holdings

Bhd.

.........

181,100

290,102

Salik

Co.

PJSC

....................

2,042,626

1,729,649

Shanghai

International

Port

Group

Co.

Ltd.,

Class

A

.......................

246,900

169,786

Sustained

Infrastructure

Holding

Co.

......

41,683

332,908

Taiwan

High

Speed

Rail

Corp.

..........

276,000

275,909

Transurban

Group

(h)

.................

2,373,960

22,183,191

Zhejiang

Expressway

Co.

Ltd.,

Class

H

....

272,000

181,584

83,427,295

Water

Utilities

—

0.0%

United

Utilities

Group

plc

..............

224,645

3,034,566

Wireless

Telecommunication

Services

—

0.3%

Advanced

Info

Service

PCL,

NVDR

.......

1,048,600

6,663,225

CELCOMDIGI

Bhd.

.................

235,000

208,440

Etihad

Etisalat

Co.

..................

65,412

861,694

Far

EasTone

Telecommunications

Co.

Ltd.

..

345,000

897,176

Intouch

Holdings

PCL,

NVDR

..........

545,700

1,142,052

Maxis

Bhd.

.......................

127,400

106,744

Mobile

Telecommunications

Co.

KSCP

....

278,483

459,522

Mobile

Telecommunications

Co.

Saudi

Arabia

128,388

483,424

Mobile

TeleSystems

PJSC

(e)

...........

26,804

3

Rogers

Communications,

Inc.,

Class

B

....

129,374

6,056,428

SK

Telecom

Co.

Ltd.

.................

44,190

1,716,776

Security

Shares

Shares

Value

Wireless

Telecommunication

Services

(continued)

SK

Telecom

Co.

Ltd.,

ADR

(i)

............

32,298

$

691,177

Taiwan

Mobile

Co.

Ltd.

...............

236,000

758,029

Tele2

AB,

Class

B

..................

526,992

4,529,855

Vodafone

Group

plc

.................

7,962,196

6,953,707

31,528,252

Total

Common

Stocks

—

24.0%

(Cost:

$2,419,595,966)

...........................

2,751,539,389

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

0.6%

Boeing

Co.

(The)

2.85%,

10/30/24

.................

USD

1,345

1,315,069

2.20%,

02/04/26

.................

2,751

2,599,384

5.15%,

05/01/30

.................

5,019

5,109,397

Bombardier,

Inc.

(b)

7.13%,

06/15/26

.................

3,489

3,472,710

7.88%,

04/15/27

.................

3,850

3,850,678

6.00%,

02/15/28

.................

923

899,256

8.75%,

11/15/30

.................

2,358

2,510,570

7.45%,

05/01/34

.................

946

1,078,440

BWX

Technologies,

Inc.,

4.13%,

06/30/28

(b)

.

2,252

2,088,257

Castlelake

Aviation

Finance

DAC,

5.00%,

04/15/27

(b)

....................

169

158,212

Embraer

Netherlands

Finance

BV,

7.00%,

07/28/30

(b)

....................

4,102

4,286,139

F-Brasile

SpA,

Series

XR,

7.38%,

08/15/26

(b)

3,097

3,026,867

General

Dynamics

Corp.

3.50%,

05/15/25

.................

24

23,556

3.50%,

04/01/27

.................

138

134,440

3.75%,

05/15/28

.................

126

123,696

2.25%,

06/01/31

.................

181

157,354

L3Harris

Technologies,

Inc.

4.40%,

06/15/28

.................

1,136

1,122,839

1.80%,

01/15/31

.................

72

59,137

5.40%,

07/31/33

.................

691

718,463

4.85%,

04/27/35

.................

229

225,979

Lockheed

Martin

Corp.,

4.50%,

05/15/36

..

499

493,690

Northrop

Grumman

Corp.,

5.25%,

05/01/50

.

509

523,919

Rolls-Royce

plc,

5.75%,

10/15/27

(b)

......

3,543

3,549,087

RTX

Corp.

4.13%,

11/16/28

.................

1,512

1,477,185

5.75%,

01/15/29

.................

1,314

1,373,458

2.25%,

07/01/30

.................

55

47,516

5.15%,

02/27/33

.................

2,611

2,660,988

Spirit

AeroSystems,

Inc.

(b)

9.38%,

11/30/29

.................

3,195

3,496,205

9.75%,

11/15/30

.................

1,970

2,117,699

TransDigm

,

Inc.

(b)

6.75%,

08/15/28

.................

13,793

14,111,370

7.13%,

12/01/31

.................

4,831

5,062,477

Triumph

Group,

Inc.,

9.00%,

03/15/28

(b)

...

5,145

5,470,910

73,344,947

Air

Freight

&

Logistics

—

0.0%

FedEx

Corp.,

2.40%,

05/15/31

.........

371

319,326

GN

Bondco

LLC,

9.50%,

10/15/31

(b)

.....

1,862

1,817,852

2,137,178

Automobile

Components

—

0.4%

Adient

Global

Holdings

Ltd.,

3.50%,

08/15/24

(c)

EUR

217

236,739

Aptiv

plc,

3.25%,

03/01/32

...........

USD

856

756,187

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

58

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Automobile

Components

(continued)

Clarios

Global

LP

(b)

6.75%,

05/15/25

.................

USD

2,915

$

2,940,652

8.50%,

05/15/27

.................

14,003

14,051,814

6.75%,

05/15/28

.................

3,999

4,079,840

Dana

Financing

Luxembourg

SARL

(c)

3.00%,

07/15/29

.................

EUR

375

364,925

8.50%,

07/15/31

.................

1,157

1,395,111

Dealer

Tire

LLC,

8.00%,

02/01/28

(b)

......

USD

1,248

1,235,520

Forvia

SE

(c)

7.25%,

06/15/26

.................

EUR

661

772,581

2.75%,

02/15/27

.................

1,342

1,415,696

3.75%,

06/15/28

.................

748

808,115

Goodyear

Tire

&

Rubber

Co.

(The)

5.00%,

07/15/29

.................

USD

912

861,681

5.63%,

04/30/33

.................

2,063

1,849,248

Grupo

Antolin-Irausa

SA,

3.50%,

04/30/28

(c)

.

EUR

478

400,241

Icahn

Enterprises

LP

6.25%,

05/15/26

.................

USD

1,930

1,841,434

5.25%,

05/15/27

.................

3,443

3,092,585

9.75%,

01/15/29

(b)

................

1,460

1,489,492

4.38%,

02/01/29

.................

1,237

1,032,969

IHO

Verwaltungs

GmbH

(c)(j)

3.75%,

(3.75%

Cash

or

4.50%

PIK),

09/15/26

....................

EUR

160

173,879

3.88%,

(3.88%

Cash

or

4.63%

PIK),

05/15/27

(a)

...................

906

976,972

8.75%,

(8.75%

Cash

or

9.50%

PIK),

05/15/28

(a)

...................

1,164

1,397,345

Tenneco,

Inc.,

8.00%,

11/17/28

(b)

.......

USD

948

809,355

ZF

Europe

Finance

BV

(c)

2.00%,

02/23/26

.................

EUR

1,700

1,787,571

2.50%,

10/23/27

.................

500

515,407

6.13%,

03/13/29

.................

900

1,054,698

ZF

Finance

GmbH

(c)

5.75%,

08/03/26

.................

1,200

1,367,794

2.00%,

05/06/27

.................

700

713,052

2.75%,

05/25/27

.................

400

419,501

2.25%,

05/03/28

.................

400

404,598

48,245,002

Automobiles

—

0.1%

Daimler

Truck

Finance

North

America

LLC

(b)

5.15%,

01/16/26

.................

USD

616

617,688

3.65%,

04/07/27

.................

336

323,815

Ford

Motor

Co.

3.25%,

02/12/32

.................

292

242,857

6.10%,

08/19/32

.................

2,502

2,522,094

General

Motors

Co.

5.00%,

10/01/28

.................

72

72,559

6.60%,

04/01/36

.................

36

38,529

Hyundai

Capital

America

(b)

5.80%,

06/26/25

.................

46

46,245

6.25%,

11/03/25

.................

1,316

1,335,318

6.50%,

01/16/29

.................

453

478,228

Mercedes-Benz

Finance

North

America

LLC,

2.45%,

03/02/31

(b)

...............

181

156,717

Nissan

Motor

Acceptance

Co.

LLC,

7.05%,

09/15/28

(b)

....................

1,615

1,703,872

Nissan

Motor

Co.

Ltd.

(b)

4.35%,

09/17/27

.................

1,495

1,430,089

4.81%,

09/17/30

.................

244

228,117

RCI

Banque

SA,

(5-Year

EUR

Swap

Annual

+

2.85%),

2.63%,

02/18/30

(a)(c)

.........

EUR

5,800

6,191,614

Renault

SA,

1.25%,

06/24/25

(c)

.........

100

105,954

Volkswagen

Group

of

America

Finance

LLC

(b)

5.80%,

09/12/25

.................

USD

560

564,489

Security

Par

(000)

Par

(000)

Value

Automobiles

(continued)

4.63%,

11/13/25

.................

USD

204

$

201,593

1.25%,

11/24/25

.................

505

468,891

16,728,669

Banks

—

4.2%

ABN

AMRO

Bank

NV,

(5-Year

EUR

Swap

Annual

+

4.67%),

4.38%

(a)(c)(k)

........

EUR

3,000

3,162,280

Abu

Dhabi

Commercial

Bank

PJSC,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.52%),

8.00%

(a)(c)(k)

.......

USD

395

416,725

Banco

Bilbao

Vizcaya

Argentaria

SA,

(5-Year

EUR

Swap

Annual

+

6.04%),

6.00%

(a)(c)(k)

.

EUR

7,400

8,145,703

Banco

BPM

SpA

(a)(c)

(3-mo.

EURIBOR

+

2.80%),

6.00%,

06/14/28

....................

1,675

1,934,394

(5-Year

EUR

Swap

Annual

+

5.42%),

5.00%,

09/14/30

...............

352

393,303

(5-Year

EUR

Swap

Annual

+

3.17%),

2.88%,

06/29/31

...............

4,509

4,703,937

(5-Year

EUR

Swap

Annual

+

3.40%),

3.38%,

01/19/32

...............

2,784

2,902,024

Banco

Bradesco

SA,

3.20%,

01/27/25

(c)

...

USD

1,408

1,363,768

Banco

de

Credito

Social

Cooperativo

SA,

(1-Year

EURIBOR

ICE

Swap

Rate

+

4.27%),

7.50%,

09/14/29

(a)(c)

..............

EUR

1,200

1,387,496

Banco

de

Sabadell

SA

(a)(c)

(5-Year

EUR

Swap

Annual

+

6.20%),

5.75%

(k)

.....................

1,600

1,671,250

(1-Year

EUR

Swap

Annual

+

2.40%),

5.25%,

02/07/29

...............

700

797,602

(5-Year

EUR

Swap

Annual

+

2.95%),

2.50%,

04/15/31

...............

3,900

4,064,087

(5-Year

EUR

Swap

Annual

+

3.15%),

6.00%,

08/16/33

...............

1,700

1,897,152

Banco

do

Brasil

SA

4.75%,

03/20/24

(c)

................

USD

2,014

2,001,292

6.25%,

04/18/30

(b)

................

1,563

1,620,557

Banco

Espirito

Santo

SA

(c)(f)(l)

2.63%,

05/08/17

.................

EUR

800

229,622

4.75%,

01/15/18

.................

1,500

430,540

4.00%,

01/21/23

.................

5,400

1,549,946

Banco

Mercantil

del

Norte

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.64%),

5.88%

(a)(b)(k)

.......

USD

1,725

1,579,030

Banco

Nacional

de

Panama,

2.50%,

08/11/30

(b)

1,798

1,335,608

Banco

Santander

SA

(5-Year

EUR

Swap

Annual

+

4.10%),

4.75%

(a)(c)(k)

...................

EUR

2,000

2,041,645

(5-Year

EUR

Swap

Annual

+

4.53%),

4.38%

(a)(c)(k)

...................

5,000

5,076,514

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.76%),

3.63%

(a)(c)(k)

.............

400

328,999

6.92%,

08/08/33

.................

USD

1,000

1,065,666

Bangkok

Bank

PCL

(b)

5.30%,

09/21/28

.................

2,671

2,716,060

5.50%,

09/21/33

.................

2,671

2,744,105

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)

........

2,232

2,010,892

Bank

of

America

Corp.

(a)

(3-mo.

CME

Term

SOFR

+

1.32%),

3.56%,

04/23/27

....................

3,525

3,392,629

(1-day

SOFR

+

1.05%),

2.55%,

02/04/28

927

858,713

(3-mo.

CME

Term

SOFR

+

1.63%),

3.59%,

07/21/28

....................

3,660

3,471,502

(1-day

SOFR

+

2.04%),

4.95%,

07/22/28

2,867

2,866,611

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

59

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(3-mo.

CME

Term

SOFR

+

1.30%),

3.42%,

12/20/28

....................

USD

1,775

$

1,671,924

(1-day

SOFR

+

1.06%),

2.09%,

06/14/29

2,279

2,008,524

(3-mo.

CME

Term

SOFR

+

1.47%),

3.97%,

02/07/30

....................

1,314

1,243,697

(3-mo.

CME

Term

SOFR

+

1.44%),

3.19%,

07/23/30

....................

400

362,682

(1-day

SOFR

+

1.37%),

1.92%,

10/24/31

265

215,140

(1-day

SOFR

+

1.32%),

2.69%,

04/22/32

485

409,549

(1-day

SOFR

+

1.33%),

2.97%,

02/04/33

404

343,731

Bank

of

America

NA,

5.65%,

08/18/25

....

486

491,965

Bank

of

Cyprus

PCL,

(1-Year

EUR

Swap

Annual

+

2.79%),

2.50%,

06/24/27

(a)(c)

...

EUR

525

531,759

Bank

of

Ireland

Group

plc

(a)

(5-Year

EUR

Swap

Annual

+

7.92%),

7.50%

(c)(k)

....................

2,339

2,614,034

(5-Year

EUR

Swap

Annual

+

6.43%),

6.00%

(c)(k)

....................

2,700

2,935,955

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.65%),

6.25%,

09/16/26

(b)

...................

USD

1,355

1,369,296

(5-Year

EUR

Swap

Annual

+

2.80%),

2.38%,

10/14/29

(c)

..............

EUR

712

768,481

Bankinter

SA

(a)(c)(k)

(5-Year

EUR

Swap

Annual

+

6.71%),

6.25%

1,400

1,537,802

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.71%),

7.38%

................

2,600

2,906,149

Barclays

plc

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.67%),

8.00%

(a)(k)

....................

USD

5,858

5,817,723

(5-year

SONIA

Mid-Swaps

Rate

+

5.19%),

5.88%

(a)(c)(k)

...................

GBP

284

348,425

3.65%,

03/16/25

.................

USD

1,710

1,671,780

(3-mo.

LIBOR

USD

+

1.61%),

3.93%,

05/07/25

(a)

...................

455

451,841

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

6.58%),

7.13%

(a)(k)

.

GBP

3,252

4,025,284

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.87%),

6.13%

(a)(k)

....................

USD

15,800

15,112,062

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

6.02%),

6.38%

(a)(c)(k)

GBP

4,026

4,871,130

4.38%,

01/12/26

.................

USD

200

197,270

5.20%,

05/12/26

.................

1,409

1,399,865

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.05%),

7.33%,

11/02/26

(a)

...................

1,151

1,188,888

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

6.96%),

8.88%

(a)(c)(k)

GBP

2,400

3,047,688

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.05%),

2.28%,

11/24/27

(a)

...................

USD

1,373

1,261,525

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.41%),

4.38%

(a)(k)

....................

4,905

3,813,174

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.43%),

8.00%

(a)(k)

....................

11,470

11,256,799

(1-day

SOFR

+

2.22%),

6.49%,

09/13/29

(a)

2,458

2,559,196

(USISSO05

+

5.78%),

9.63%

(a)(k)

......

8,400

8,725,500

(3-mo.

LIBOR

USD

+

3.05%),

5.09%,

06/20/30

(a)

...................

1,051

1,017,549

BBVA

Bancomer

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.65%),

5.13%,

01/18/33

(a)(c)

.........

1,318

1,188,941

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

BNP

Paribas

SA

(a)

(6-mo.

LIBOR

USD

+

0.08%),

5.97%

(k)

..

USD

450

$

445,500

(5-Year

USD

Swap

Semi

+

5.15%),

7.38%

(b)

(k)

.........................

1,000

1,001,389

(1-day

SOFR

+

1.00%),

1.32%,

01/13/27

(b)

840

774,579

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.35%),

8.50%

(b)(k)

....................

7,036

7,368,268

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.90%),

7.75%

(b)(k)

....................

8,900

9,084,853

(5-Year

EUR

Swap

Annual

+

4.65%),

6.88%

(c)(k)

....................

EUR

6,200

7,083,773

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.63%),

7.38%

(c)(k)

..............

600

704,305

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.34%),

4.63%

(b)(k)

....................

USD

10,475

8,437,371

CaixaBank

SA

(a)(c)(k)

(5-Year

EUR

Swap

Annual

+

6.50%),

6.75%

EUR

7,400

8,160,326

(5-Year

EUR

Swap

Annual

+

4.50%),

5.25%

2,600

2,662,175

(5-Year

EUR

Swap

Annual

+

6.35%),

5.88%

1,200

1,281,686

Citigroup,

Inc.

(a)

(3-mo.

CME

Term

SOFR

+

1.16%),

3.35%,

04/24/25

....................

USD

1,025

1,017,147

(3-mo.

CME

Term

SOFR

+

1.82%),

3.89%,

01/10/28

....................

3,400

3,287,758

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.21%),

7.63%

(k)

.....................

1,631

1,665,414

(3-mo.

CME

Term

SOFR

+

1.60%),

3.98%,

03/20/30

....................

188

178,398

(1-day

SOFR

+

1.42%),

2.98%,

11/05/30

425

378,418

(1-day

SOFR

+

1.15%),

2.67%,

01/29/31

1,276

1,106,827

(1-day

SOFR

+

2.11%),

2.57%,

06/03/31

405

345,958

(1-day

SOFR

+

1.17%),

2.56%,

05/01/32

665

554,828

(1-day

SOFR

+

2.66%),

6.17%,

05/25/34

2,960

3,062,935

Commerzbank

AG

(a)(c)

(5-Year

EUR

Swap

Annual

+

6.36%),

6.13%

(k)

.....................

EUR

13,400

14,256,686

(5-Year

EUR

Swap

Annual

+

6.74%),

6.50%

(k)

.....................

600

629,702

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.25%),

8.63%,

02/28/33

....................

GBP

600

812,397

Commonwealth

Bank

of

Australia,

5.50%,

09/12/25

.....................

USD

253

256,118

Cooperatieve

Rabobank

UA

(5-Year

EUR

Swap

Annual

+

4.10%),

4.63%

(a)(c)(k)

...................

EUR

2,200

2,337,614

3.75%,

07/21/26

.................

USD

250

239,349

(5-Year

EUR

Swap

Annual

+

4.68%),

4.38%

(a)(c)(k)

...................

EUR

1,200

1,238,632

Credit

Agricole

SA

(a)(k)

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.44%),

7.25%

(c)

...............

1,000

1,167,317

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.24%),

4.75%

(b)

.....................

USD

22,818

19,356,482

Fifth

Third

Bancorp

(a)

(SOFR

Index

+

2.19%),

6.36%,

10/27/28

1,520

1,577,141

(1-day

SOFR

+

2.34%),

6.34%,

07/27/29

960

999,531

Grupo

Aval

Ltd.,

4.38%,

02/04/30

(b)

......

2,091

1,747,741

HSBC

Bank

Capital

Funding

Sterling

1

LP,

(Sterling

Overnight

Index

Average

+

2.04%),

5.84%

(a)(c)(k)

...................

GBP

879

1,165,234

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

60

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

HSBC

Holdings

plc

(5-Year

USD

Swap

Rate

+

4.37%),

6.38%

(a)

(k)

.........................

USD

2,900

$

2,863,006

(BPSWS5

+

4.28%),

5.88%

(a)(k)

.......

GBP

600

724,639

(5-Year

USD

Swap

Rate

+

3.75%),

6.00%

(a)

(k)

.........................

USD

2,600

2,483,158

(1-day

SOFR

+

1.57%),

5.89%,

08/14/27

(a)

2,966

3,007,060

(5-Year

USD

Swap

Rate

+

3.61%),

6.50%

(a)

(k)

.........................

800

771,633

(1-day

SOFR

+

3.35%),

7.39%,

11/03/28

(a)

347

371,823

(1-day

SOFR

+

1.97%),

6.16%,

03/09/29

(a)

1,500

1,548,882

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.65%),

4.60%

(a)(k)

....................

11,230

9,365,974

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.25%),

4.70%

(a)(k)

....................

1,500

1,221,667

(1-day

SOFR

+

1.19%),

2.80%,

05/24/32

(a)

291

242,930

6.50%,

05/02/36

.................

244

258,910

ING

Groep

NV

(a)(k)

(5-Year

USD

Swap

Rate

+

4.20%),

6.75%

(c)

5,877

5,840,269

(5-Year

USD

Swap

Semi

+

4.45%),

6.50%

2,710

2,639,234

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.34%),

5.75%

679

633,870

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.86%),

3.88%

19,655

15,895,975

Intesa

Sanpaolo

SpA

(5-Year

EUR

Swap

Annual

+

6.07%),

5.88%

(a)(c)(k)

...................

EUR

400

437,164

5.71%,

01/15/26

(b)

................

USD

1,289

1,282,540

(5-Year

EUR

Swap

Annual

+

7.19%),

7.75%

(a)(c)(k)

...................

EUR

6,127

6,926,168

(5-Year

EUR

Swap

Annual

+

5.85%),

5.50%

(a)(c)(k)

...................

2,020

2,062,730

(5-Year

EURIBOR

ICE

Swap

Rate

+

6.26%),

9.13%

(a)(c)(k)

.............

1,350

1,637,205

5.15%,

06/10/30

(c)

................

GBP

1,602

1,846,281

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.60%),

4.20%,

06/01/32

(a)(b)

..................

USD

2,695

2,222,211

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.75%),

4.95%,

06/01/42

(a)(b)

..................

940

669,301

Itau

Unibanco

Holding

SA,

3.25%,

01/24/25

(b)

1,612

1,562,229

JPMorgan

Chase

&

Co.

(a)

(1-day

SOFR

+

1.16%),

2.30%,

10/15/25

350

341,048

(3-mo.

CME

Term

SOFR

+

0.70%),

1.04%,

02/04/27

....................

602

553,275

(1-day

SOFR

+

0.77%),

1.47%,

09/22/27

3,147

2,851,217

(1-day

SOFR

+

1.89%),

2.18%,

06/01/28

3,606

3,298,250

(1-day

SOFR

+

1.02%),

2.07%,

06/01/29

1,609

1,426,621

(1-day

SOFR

+

1.45%),

5.30%,

07/24/29

4,400

4,464,728

Series

W,

(3-mo.

CME

Term

SOFR

+

1.26%),

6.64%,

05/15/47

.........

19,006

16,260,225

KBC

Group

NV

(a)(c)(k)

(5-Year

EUR

Swap

Annual

+

4.69%),

4.75%

EUR

4,000

4,405,802

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.93%),

8.00%

................

2,000

2,344,790

Lloyds

Banking

Group

plc

(a)

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.29%),

4.95%

(c)(k)

..............

7,249

7,792,339

(5-Year

USD

Swap

Rate

+

4.50%),

7.50%

(k)

USD

3,975

3,892,680

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.82%),

6.75%

(k)

.....................

7,290

7,186,553

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.88%),

8.50%

(k)

..

GBP

1,809

$

2,340,914

(3-mo.

LIBOR

USD

+

1.21%),

3.57%,

11/07/28

....................

USD

1,000

939,553

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.91%),

8.00%

(k)

.....................

6,980

6,993,946

Mitsubishi

UFJ

Financial

Group,

Inc.

1.41%,

07/17/25

.................

595

561,468

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.55%),

0.95%,

07/19/25

(a)

...................

530

516,423

3.85%,

03/01/26

.................

411

401,269

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.29%),

8.20%

(a)(k)

....................

2,925

3,173,604

3.74%,

03/07/29

.................

294

281,270

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.95%),

2.31%,

07/20/32

(a)

...................

305

253,073

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.97%),

2.49%,

10/13/32

(a)

...................

200

167,731

NatWest

Group

plc

(a)(k)

(5-Year

USD

Swap

Semi

+

5.72%),

8.00%

1,200

1,203,780

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.63%),

6.00%

2,000

1,933,617

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.99%),

5.13%

...

GBP

1,500

1,715,294

Nordea

Bank

Abp,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.11%),

6.63%

(a)(c)(k)

..............

USD

1,100

1,087,607

PNC

Financial

Services

Group,

Inc.

(The),

(1-

day

SOFR

+

2.28%),

6.88%,

10/20/34

(a)

..

1,629

1,808,414

Santander

Holdings

USA,

Inc.,

(1-day

SOFR

+

2.36%),

6.50%,

03/09/29

(a)

..........

2,274

2,349,212

Santander

UK

Group

Holdings

plc,

(BPSWS5

+

6.07%),

6.75%

(a)(c)(k)

..............

GBP

8,783

11,159,874

Skandinaviska

Enskilda

Banken

AB,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.07%),

6.88%

(a)(c)(k)

.......

USD

600

588,750

Societe

Generale

SA

(a)(k)

(5-Year

USD

Swap

Rate

+

5.87%),

8.00%

(b)

500

499,628

(5-Year

USD

Swap

Rate

+

5.87%),

8.00%

(c)

1,893

1,891,593

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.39%),

9.38%

(b)

.....................

270

282,452

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.45%),

10.00%

(b)

....................

1,641

1,753,432

(5-Year

EUR

Swap

Annual

+

5.23%),

7.88%

(c)

.....................

EUR

3,300

3,752,916

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.51%),

5.38%

(b)

.....................

USD

12,900

10,553,917

Standard

Chartered

plc

(a)(k)

(3-mo.

LIBOR

USD

+

1.51%),

7.16%

(c)

..

300

287,382

(3-mo.

LIBOR

USD

+

1.51%),

7.16%

(b)

..

2,000

1,915,882

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.14%),

4.30%

(b)

.....................

11,150

9,065,163

Sumitomo

Mitsui

Financial

Group,

Inc.

5.46%,

01/13/26

.................

1,575

1,590,435

5.52%,

01/13/28

.................

544

556,782

5.72%,

09/14/28

.................

1,190

1,232,325

1.90%,

09/17/28

.................

580

507,642

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

61

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

3.04%,

07/16/29

.................

USD

130

$

118,351

Toronto-Dominion

Bank

(The)

0.75%,

01/06/26

.................

1,397

1,290,408

5.10%,

01/09/26

.................

490

493,377

Truist

Financial

Corp.

1.13%,

08/03/27

.................

38

33,266

(1-day

SOFR

+

0.86%),

1.89%,

06/07/29

(a)

603

521,076

(1-day

SOFR

+

2.45%),

7.16%,

10/30/29

(a)

3,006

3,246,578

UniCredit

SpA

(a)

(5-Year

EUR

Swap

Annual

+

4.93%),

5.38%

(c)(k)

....................

EUR

1,000

1,079,806

(5-Year

EURIBOR

ICE

Swap

Rate

+

7.33%),

7.50%

(c)(k)

..............

4,968

5,639,413

(5-Year

EUR

Swap

Annual

+

2.40%),

2.00%,

09/23/29

(c)

..............

909

979,377

(5-Year

EUR

Swap

Annual

+

2.80%),

2.73%,

01/15/32

(c)

..............

973

1,006,902

(5-Year

USD

Swap

Rate

+

4.91%),

7.30%,

04/02/34

(b)

...................

USD

1,779

1,828,964

US

Bancorp

(a)

(1-day

SOFR

+

1.66%),

4.55%,

07/22/28

1,376

1,355,707

(1-day

SOFR

+

2.02%),

5.78%,

06/12/29

1,340

1,376,655

(1-day

SOFR

+

2.26%),

5.84%,

06/12/34

857

884,016

Wells

Fargo

&

Co.

(a)

(3-mo.

CME

Term

SOFR

+

1.57%),

3.58%,

05/22/28

....................

1,019

970,664

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.61%),

7.63%

(k)

.....................

2,253

2,364,098

(1-day

SOFR

+

1.74%),

5.57%,

07/25/29

2,548

2,601,682

(1-day

SOFR

+

2.06%),

6.49%,

10/23/34

4,774

5,193,577

Wells

Fargo

Bank

NA,

5.55%,

08/01/25

...

521

526,270

Westpac

Banking

Corp.

(a)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.00%),

4.11%,

07/24/34

....................

53

48,454

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.75%),

2.67%,

11/15/35

....................

293

238,324

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.53%),

3.02%,

11/18/36

....................

50

40,645

Woori

Bank,

4.88%,

01/26/28

(b)

........

265

265,962

484,712,139

Beverages

—

0.0%

Anheuser-Busch

Cos.

LLC,

4.70%,

02/01/36

60

59,804

Anheuser-Busch

InBev

Worldwide,

Inc.

4.75%,

01/23/29

.................

2,043

2,074,751

4.90%,

01/23/31

.................

518

538,874

2,673,429

Biotechnology

—

0.2%

AbbVie,

Inc.

2.95%,

11/21/26

.................

2,419

2,319,573

3.20%,

11/21/29

.................

1,824

1,705,056

Amgen,

Inc.

5.15%,

03/02/28

.................

1,920

1,965,602

4.20%,

03/01/33

.................

691

657,273

5.25%,

03/02/33

.................

696

713,562

Cidron

Aida

Finco

SARL

(c)

5.00%,

04/01/28

.................

EUR

366

388,585

6.25%,

04/01/28

.................

GBP

1,005

1,203,111

Gilead

Sciences,

Inc.

3.65%,

03/01/26

.................

USD

11,467

11,234,364

4.60%,

09/01/35

.................

909

899,109

Security

Par

(000)

Par

(000)

Value

Biotechnology

(continued)

Grifols

SA

(c)

1.63%,

02/15/25

.................

EUR

215

$

231,727

3.20%,

05/01/25

.................

701

755,397

3.88%,

10/15/28

.................

799

804,807

22,878,166

Broadline

Retail

—

0.1%

ANGI

Group

LLC,

3.88%,

08/15/28

(b)

.....

USD

1,675

1,414,585

Go

Daddy

Operating

Co.

LLC,

5.25%,

12/01/27

(b)

....................

1,346

1,318,956

LCM

Investments

Holdings

II

LLC

(b)

4.88%,

05/01/29

.................

2,307

2,143,006

8.25%,

08/01/31

.................

1,301

1,357,860

Marks

&

Spencer

plc,

3.75%,

05/19/26

(c)

...

GBP

150

185,190

Match

Group

Holdings

II

LLC

(b)

4.63%,

06/01/28

.................

USD

723

692,273

5.63%,

02/15/29

.................

1,357

1,317,986

3.63%,

10/01/31

.................

421

363,752

NMG

Holding

Co.,

Inc.,

7.13%,

04/01/26

(b)

..

867

833,141

9,626,749

Building

Products

—

0.1%

Advanced

Drainage

Systems,

Inc.

(b)

5.00%,

09/30/27

.................

2,862

2,761,830

6.38%,

06/15/30

.................

827

833,197

Camelot

Return

Merger

Sub,

Inc.,

8.75%,

08/01/28

(b)

....................

1,719

1,744,835

Carrier

Global

Corp.,

5.90%,

03/15/34

(b)

...

245

264,991

HT

Troplast

GmbH,

9.38%,

07/15/28

(c)

....

EUR

1,362

1,525,186

Masonite

International

Corp.

(b)

5.38%,

02/01/28

.................

USD

402

385,920

3.50%,

02/15/30

.................

654

566,900

New

Enterprise

Stone

&

Lime

Co.,

Inc.

(b)

5.25%,

07/15/28

.................

1,044

995,882

9.75%,

07/15/28

.................

773

773,000

PCF

GmbH,

4.75%,

04/15/26

(c)

........

EUR

589

470,510

Standard

Industries,

Inc.

(b)

5.00%,

02/15/27

.................

USD

400

389,975

4.75%,

01/15/28

.................

1,012

974,247

4.38%,

07/15/30

.................

1,611

1,479,523

3.38%,

01/15/31

.................

1,027

883,498

Summit

Materials

LLC

(b)

5.25%,

01/15/29

.................

146

141,255

7.25%,

01/15/31

.................

2,282

2,404,553

16,595,302

Capital

Markets

—

1.4%

AerCap

Ireland

Capital

DAC

1.75%,

01/30/26

.................

713

662,110

6.10%,

01/15/27

.................

275

280,868

6.45%,

04/15/27

(b)

................

1,294

1,339,829

5.75%,

06/06/28

.................

2,084

2,132,850

AG

TTMT

Escrow

Issuer

LLC,

8.63%,

09/30/27

(b)

....................

1,200

1,261,672

Ares

Capital

Corp.,

7.00%,

01/15/27

.....

720

740,589

Aretec

Group,

Inc.,

10.00%,

08/15/30

(b)

...

500

531,325

Blackstone

Private

Credit

Fund

7.05%,

09/29/25

.................

602

612,643

3.25%,

03/15/27

.................

408

374,277

Blue

Owl

Capital

Corp.

3.75%,

07/22/25

.................

747

715,492

3.40%,

07/15/26

.................

1,401

1,302,495

Blue

Owl

Capital

Corp.

II,

8.45%,

11/15/26

(b)

761

784,014

Blue

Owl

Credit

Income

Corp.

5.50%,

03/21/25

.................

1,605

1,582,297

7.75%,

09/16/27

.................

1,780

1,835,261

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

62

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Charles

Schwab

Corp.

(The)

5.88%,

08/24/26

.................

USD

1,401

$

1,436,929

(1-day

SOFR

+

2.01%),

6.14%,

08/24/34

(a)

869

915,992

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(b)

...............

1,887

1,782,499

Credit

Suisse

AG

4.75%,

08/09/24

.................

702

697,652

3.63%,

09/09/24

.................

1,695

1,670,963

7.95%,

01/09/25

.................

420

429,249

7.50%,

02/15/28

.................

401

439,178

Deutsche

Bank

AG

(a)

(5-Year

USD

Swap

Rate

+

5.00%),

7.50%

(k)

2,400

2,344,189

Series

2020,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.52%),

6.00%

(k)

...............

19,000

17,194,772

(5-Year

EURIBOR

ICE

Swap

Rate

+

6.94%),

10.00%

(c)(k)

.............

EUR

5,400

6,493,224

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.69%),

6.75%

(c)(k)

..............

3,800

3,891,090

(1-day

SOFR

+

2.51%),

6.82%,

11/20/29

USD

3,015

3,174,326

(1-day

SOFR

+

5.44%),

5.88%,

07/08/31

574

556,744

(1-day

SOFR

+

2.76%),

3.73%,

01/14/32

213

178,528

(1-day

SOFR

+

3.65%),

7.08%,

02/10/34

1,077

1,107,528

Drawbridge

Special

Opportunities

Fund

LP,

3.88%,

02/15/26

(b)

...............

250

229,974

Gaci

First

Investment

Co.,

5.13%,

02/14/53

(c)

1,637

1,477,904

Goldman

Sachs

Group,

Inc.

(The)

4.25%,

10/21/25

.................

179

175,696

(1-day

SOFR

+

0.79%),

1.09%,

12/09/26

(a)

2,080

1,915,611

(1-day

SOFR

+

1.28%),

2.62%,

04/22/32

(a)

402

337,442

(1-day

SOFR

+

1.25%),

2.38%,

07/21/32

(a)

431

354,121

(1-day

SOFR

+

1.26%),

2.65%,

10/21/32

(a)

575

479,154

Intercontinental

Exchange,

Inc.,

1.85%,

09/15/32

.....................

818

654,191

Macquarie

Bank

Ltd.,

6.80%,

01/18/33

(b)

...

820

871,607

MDGH

GMTN

RSC

Ltd.,

4.38%,

11/22/33

(b)

.

1,533

1,491,394

Morgan

Stanley

(a)

(1-day

SOFR

+

1.16%),

3.62%,

04/17/25

990

984,015

(1-day

SOFR

+

0.88%),

1.59%,

05/04/27

1,075

990,491

3.59%,

07/22/28

.................

1,430

1,365,141

(3-mo.

CME

Term

SOFR

+

1.40%),

3.77%,

01/24/29

....................

3,133

2,987,886

(1-day

SOFR

+

1.59%),

5.16%,

04/20/29

2,376

2,389,582

(1-day

SOFR

+

1.63%),

5.45%,

07/20/29

745

759,119

(1-day

SOFR

+

1.83%),

6.41%,

11/01/29

2,049

2,171,498

(3-mo.

CME

Term

SOFR

+

1.89%),

4.43%,

01/23/30

....................

1,042

1,014,884

(1-day

SOFR

+

1.14%),

2.70%,

01/22/31

377

329,565

(1-day

SOFR

+

3.12%),

3.62%,

04/01/31

285

262,550

(1-day

SOFR

+

2.05%),

6.63%,

11/01/34

215

238,017

(1-day

SOFR

+

1.36%),

2.48%,

09/16/36

301

238,569

Nasdaq,

Inc.,

5.55%,

02/15/34

.........

137

142,322

Northern

Trust

Corp.,

6.13%,

11/02/32

....

779

836,517

Oaktree

Strategic

Credit

Fund,

8.40%,

11/14/28

(b)

....................

851

896,372

S&P

Global,

Inc.,

5.25%,

09/15/33

(b)

.....

497

519,970

Sherwood

Financing

plc,

6.00%,

11/15/26

(c)

.

GBP

236

267,853

State

Street

Corp.

(1-day

SOFR

+

2.60%),

2.90%,

03/30/26

(a)

USD

40

38,863

(1-day

SOFR

+

1.48%),

5.68%,

11/21/29

(a)

46

47,564

2.40%,

01/24/30

.................

64

57,123

(1-day

SOFR

+

1.00%),

2.62%,

02/07/33

(a)

109

91,784

(3-mo.

CME

Term

SOFR

+

1.26%),

6.65%,

06/15/47

(a)

...................

30,005

24,605,228

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

SURA

Asset

Management

SA,

4.88%,

04/17/24

(b)

....................

USD

2,651

$

2,627,326

UBS

AG

1.38%,

01/13/25

(b)

................

524

503,476

1.25%,

06/01/26

.................

200

183,728

UBS

Group

AG

(5-Year

USD

Swap

Semi

+

4.34%),

7.00%

(a)

(b)(k)

........................

13,976

13,971,688

(5-Year

USD

Swap

Semi

+

4.87%),

7.00%

(a)

(c)(k)

........................

11,156

11,070,545

(5-Year

USD

Swap

Semi

+

4.59%),

6.88%

(a)

(c)(k)

........................

3,239

3,179,273

4.13%,

09/24/25

(b)

................

313

306,110

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.86%),

5.13%

(a)(c)(k)

...................

2,050

1,934,688

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.08%),

1.36%,

01/30/27

(a)(b)

..................

930

852,739

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.40%),

4.88%

(a)(b)(k)

...................

846

762,011

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.75%),

9.25%

(a)(b)(k)

...................

4,156

4,483,397

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.31%),

4.38%

(a)(b)(k)

...................

6,088

4,808,174

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.76%),

9.25%

(a)(b)(k)

...................

3,553

3,937,666

(1-day

SOFR

+

5.02%),

9.02%,

11/15/33

(a)(b)

973

1,196,046

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.00%),

6.30%,

09/22/34

(a)(b)

..................

1,059

1,121,082

Vivion

Investments

SARL,

3.00%,

08/08/24

(c)

EUR

900

928,696

157,557,237

Chemicals

—

0.6%

Air

Products

&

Chemicals,

Inc.

1.85%,

05/15/27

.................

USD

29

26,731

2.05%,

05/15/30

.................

129

112,716

4.80%,

03/03/33

.................

83

85,647

Alpek

SAB

de

CV,

3.25%,

02/25/31

(b)

.....

365

309,794

Ashland,

Inc.,

3.38%,

09/01/31

(b)

........

369

318,048

Avient

Corp.,

7.13%,

08/01/30

(b)

........

935

972,642

Axalta

Coating

Systems

Dutch

Holding

B

BV,

7.25%,

02/15/31

(b)

...............

1,397

1,465,080

Axalta

Coating

Systems

LLC

(b)

4.75%,

06/15/27

.................

881

856,136

3.38%,

02/15/29

.................

1,484

1,331,785

Braskem

Netherlands

Finance

BV,

7.25%,

02/13/33

(b)

....................

2,357

1,962,202

Celanese

US

Holdings

LLC,

6.70%,

11/15/33

532

577,006

Chemours

Co.

(The)

(b)

5.75%,

11/15/28

.................

1,234

1,175,392

4.63%,

11/15/29

.................

464

407,370

DuPont

de

Nemours,

Inc.

4.49%,

11/15/25

.................

217

215,401

4.73%,

11/15/28

.................

260

263,828

Eastman

Chemical

Co.,

5.75%,

03/08/33

..

1,521

1,571,524

Element

Solutions,

Inc.,

3.88%,

09/01/28

(b)

.

7,172

6,602,806

FIS

Fabbrica

Italiana

Sintetici

SpA,

5.63%,

08/01/27

(c)

....................

EUR

1,645

1,684,338

Herens

Holdco

SARL,

4.75%,

05/15/28

(b)

..

USD

2,977

2,442,291

Herens

Midco

SARL,

5.25%,

05/15/29

(c)

...

EUR

1,308

866,340

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

63

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(b)

...

USD

2,801

$

2,678,315

INEOS

Quattro

Finance

2

plc

(c)

2.50%,

01/15/26

.................

EUR

100

106,658

8.50%,

03/15/29

.................

749

871,360

Ingevity

Corp.,

3.88%,

11/01/28

(b)

.......

USD

528

472,841

Kobe

U.S.

Midco

2,

Inc.,

9.25%,

11/01/26

(b)

.

1,961

1,428,126

Kronos

International,

Inc.,

3.75%,

09/15/25

(c)

EUR

2,313

2,440,452

LSF11

A5

HoldCo

LLC,

6.63%,

10/15/29

(b)

..

USD

1,016

859,166

MEGlobal

BV

(b)

4.25%,

11/03/26

.................

816

787,440

2.63%,

04/28/28

.................

803

721,194

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(b)

1,293

1,243,465

Monitchem

HoldCo

3

SA,

8.75%,

05/01/28

(c)

EUR

678

762,373

Nobian

Finance

BV,

3.63%,

07/15/26

(c)

....

1,544

1,632,058

Nutrien

Ltd.

5.95%,

11/07/25

.................

USD

155

157,692

4.90%,

03/27/28

.................

264

266,377

Olympus

Water

US

Holding

Corp.

9.63%,

11/15/28

(c)

................

EUR

1,970

2,327,016

9.75%,

11/15/28

(b)

................

USD

4,458

4,731,690

Sasol

Financing

USA

LLC

6.50%,

09/27/28

.................

435

410,667

8.75%,

05/03/29

(b)

................

2,671

2,720,280

SCIL

IV

LLC

5.38%,

11/01/26

(b)

................

1,825

1,751,876

(3-mo.

EURIBOR

at

4.38%

Floor

+

4.38%),

8.34%,

11/01/26

(a)(c)

.............

EUR

584

644,552

9.50%,

07/15/28

(c)

................

1,013

1,190,991

Scotts

Miracle-Gro

Co.

(The)

4.50%,

10/15/29

.................

USD

165

146,604

4.00%,

04/01/31

.................

920

780,533

4.38%,

02/01/32

.................

204

172,384

Sherwin-Williams

Co.

(The)

3.95%,

01/15/26

.................

24

23,531

3.45%,

06/01/27

.................

220

212,355

2.95%,

08/15/29

.................

249

229,061

SK

Invictus

Intermediate

II

SARL,

5.00%,

10/30/29

(b)

....................

3,650

3,166,375

Synthomer

plc,

3.88%,

07/01/25

(c)

.......

EUR

1,863

2,027,290

WR

Grace

Holdings

LLC

(b)

4.88%,

06/15/27

.................

USD

729

701,371

5.63%,

08/15/29

.................

5,253

4,622,414

7.38%,

03/01/31

.................

1,469

1,469,448

65,003,032

Commercial

Services

&

Supplies

—

0.8%

ADT

Security

Corp.

(The),

4.88%,

07/15/32

(b)

1,453

1,344,011

Allied

Universal

Holdco

LLC

6.63%,

07/15/26

(b)

................

3,873

3,852,662

9.75%,

07/15/27

(b)

................

3,540

3,468,835

3.63%,

06/01/28

(c)

................

EUR

808

781,501

4.63%,

06/01/28

(b)

................

USD

8,877

8,092,589

4.88%,

06/01/28

(c)

................

GBP

1,185

1,268,787

6.00%,

06/01/29

(b)

................

USD

6,106

4,978,185

APi

Group

DE,

Inc.

(b)

4.13%,

07/15/29

.................

1,008

917,236

4.75%,

10/15/29

.................

1,044

980,650

APX

Group,

Inc.

(b)

6.75%,

02/15/27

.................

569

567,578

5.75%,

07/15/29

.................

2,047

1,908,323

Aramark

Services,

Inc.,

5.00%,

02/01/28

(b)

..

3,077

2,984,813

Ashtead

Capital,

Inc.,

5.95%,

10/15/33

(b)

...

1,483

1,510,880

Cedacri

Mergeco

SpA

(a)(c)

(3-mo.

EURIBOR

at

4.63%

Floor

+

4.63%),

8.63%,

05/15/28

...............

EUR

865

925,792

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

(3-mo.

EURIBOR

+

5.50%),

9.50%,

05/15/28

....................

EUR

724

$

787,271

Clean

Harbors,

Inc.

(b)

4.88%,

07/15/27

.................

USD

1,539

1,508,054

6.38%,

02/01/31

.................

807

819,956

Covanta

Holding

Corp.

4.88%,

12/01/29

(b)

................

1,506

1,315,777

5.00%,

09/01/30

.................

398

338,762

Garda

World

Security

Corp.

(b)

4.63%,

02/15/27

.................

682

657,577

9.50%,

11/01/27

.................

488

491,977

7.75%,

02/15/28

.................

3,436

3,554,918

6.00%,

06/01/29

.................

128

114,736

GFL

Environmental,

Inc.

(b)

4.25%,

06/01/25

.................

638

628,572

3.75%,

08/01/25

.................

2,171

2,120,213

4.00%,

08/01/28

.................

1,744

1,612,141

3.50%,

09/01/28

.................

839

775,287

4.75%,

06/15/29

.................

525

494,529

4.38%,

08/15/29

.................

1,396

1,288,347

6.75%,

01/15/31

.................

3,311

3,411,260

Intrum

AB

(c)

3.13%,

07/15/24

.................

EUR

530

572,862

4.88%,

08/15/25

.................

1,396

1,437,089

3.50%,

07/15/26

.................

140

130,597

9.25%,

03/15/28

.................

158

158,959

Legends

Hospitality

Holding

Co.

LLC,

5.00%,

02/01/26

(b)

....................

USD

1,404

1,401,894

Neptune

Bidco

US,

Inc.,

9.29%,

04/15/29

(b)

.

2,695

2,513,081

Paprec

Holding

SA

(c)

6.50%,

11/17/27

.................

EUR

515

607,422

3.50%,

07/01/28

.................

413

437,694

7.25%,

11/17/29

.................

500

591,303

Prime

Security

Services

Borrower

LLC

(b)

5.75%,

04/15/26

.................

USD

1,630

1,638,831

6.25%,

01/15/28

.................

2,389

2,375,069

Q-Park

Holding

I

BV

(c)

1.50%,

03/01/25

.................

EUR

1,183

1,276,928

(3-mo.

EURIBOR

at

2.00%

Floor

+

2.00%),

5.97%,

03/01/26

(a)

..............

360

395,456

Republic

Services,

Inc.

4.88%,

04/01/29

.................

USD

1,056

1,075,694

5.00%,

12/15/33

.................

940

959,759

Techem

Verwaltungsgesellschaft

674

mbH,

6.00%,

07/30/26

(c)

...............

EUR

1,823

2,002,940

Techem

Verwaltungsgesellschaft

675

mbH,

2.00%,

07/15/25

(c)

...............

870

937,755

Verisure

Holding

AB

(c)

3.25%,

02/15/27

.................

512

541,500

9.25%,

10/15/27

.................

1,631

1,931,568

7.13%,

02/01/28

.................

1,173

1,359,530

Waste

Management,

Inc.,

2.00%,

06/01/29

.

USD

742

660,393

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(b)

...

6,605

6,357,312

Williams

Scotsman,

Inc.

(b)

6.13%,

06/15/25

.................

1,546

1,549,046

7.38%,

10/01/31

.................

1,603

1,681,157

86,095,058

Communications

Equipment

—

0.1%

CommScope

Technologies

LLC,

6.00%,

06/15/25

(b)

....................

1,337

1,089,655

CommScope,

Inc.

(b)

6.00%,

03/01/26

.................

2,658

2,369,554

4.75%,

09/01/29

.................

433

290,718

Motorola

Solutions,

Inc.

4.60%,

05/23/29

.................

244

242,096

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

64

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Communications

Equipment

(continued)

2.75%,

05/24/31

.................

USD

157

$

134,188

Viasat

,

Inc.

(b)

5.63%,

09/15/25

.................

2,988

2,913,418

5.63%,

04/15/27

.................

1,944

1,880,820

7.50%,

05/30/31

.................

264

207,240

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

(b)

...

823

720,487

9,848,176

Construction

&

Engineering

—

0.2%

Aeropuertos

Dominicanos

Siglo

XXI

SA,

6.75%,

03/30/29

(b)

....................

926

918,870

Arcosa,

Inc.,

4.38%,

04/15/29

(b)

........

2,674

2,490,510

Azzurra

Aeroporti

SpA

(c)

2.13%,

05/30/24

.................

EUR

1,845

2,014,179

2.63%,

05/30/27

.................

444

456,315

Brand

Industrial

Services,

Inc.,

10.38%,

08/01/30

(b)

....................

USD

7,393

7,818,319

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

1,502

1,393,735

Gatwick

Airport

Finance

plc,

4.38%,

04/07/26

(c)

GBP

1,008

1,228,635

Heathrow

Finance

plc

(c)(d)

4.75%,

03/01/24

.................

807

1,024,775

5.75%,

03/03/25

.................

221

279,233

3.88%,

03/01/27

.................

607

712,783

4.13%,

09/01/29

.................

840

924,822

Pike

Corp.,

8.63%,

01/31/31

(b)

.........

USD

437

459,218

Webuild

SpA,

7.00%,

09/27/28

(c)

........

EUR

989

1,145,652

20,867,046

Construction

Materials

—

0.1%

(b)

Cemex

SAB

de

CV,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.53%),

5.13%

(a)(k)

...............

USD

1,330

1,256,743

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/28

.................

3,315

3,263,881

8.88%,

11/15/31

.................

3,534

3,714,856

8,235,480

Consumer

Finance

—

0.4%

Ally

Financial,

Inc.

5.80%,

05/01/25

.................

794

794,686

5.75%,

11/20/25

.................

1,293

1,284,945

(1-day

SOFR

+

2.82%),

6.85%,

01/03/30

(a)

991

1,018,147

Bread

Financial

Holdings,

Inc.,

9.75%,

03/15/29

(b)

....................

682

707,012

Capital

One

Financial

Corp.

(a)

(1-day

SOFR

+

2.64%),

6.31%,

06/08/29

3,997

4,100,562

(1-day

SOFR

+

3.07%),

7.62%,

10/30/31

984

1,081,304

(1-day

SOFR

+

1.34%),

2.36%,

07/29/32

440

333,348

(1-day

SOFR

+

1.27%),

2.62%,

11/02/32

54

43,199

(1-day

SOFR

+

2.86%),

6.38%,

06/08/34

520

535,183

DAE

Funding

LLC

(c)

1.55%,

08/01/24

.................

1,648

1,601,650

2.63%,

03/20/25

.................

829

794,240

Encore

Capital

Group,

Inc.

(c)

4.88%,

10/15/25

.................

EUR

318

349,595

5.38%,

02/15/26

.................

GBP

1,003

1,214,499

4.25%,

06/01/28

.................

155

168,429

Ford

Motor

Credit

Co.

LLC

2.75%,

06/14/24

.................

1,818

2,283,838

3.38%,

11/13/25

.................

USD

1,688

1,615,267

6.86%,

06/05/26

.................

GBP

151

198,412

4.13%,

08/17/27

.................

USD

279

264,125

7.35%,

11/04/27

.................

364

383,856

6.80%,

05/12/28

.................

1,259

1,314,963

6.80%,

11/07/28

.................

408

426,917

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

7.35%,

03/06/30

.................

USD

2,302

$

2,473,040

7.20%,

06/10/30

.................

2,624

2,794,681

7.12%,

11/07/33

.................

449

483,769

General

Motors

Financial

Co.,

Inc.,

5.40%,

04/06/26

.....................

2,313

2,327,663

Global

Aircraft

Leasing

Co.

Ltd.,

6.50%,

(6.50%

Cash

or

7.25%

PIK),

09/15/24

(b)(j)

......

2,320

2,180,858

LeasePlan

Corp.

NV,

(5-Year

EURIBOR

ICE

Swap

Rate

+

7.56%),

7.38%

(a)(c)(k)

......

EUR

1,400

1,550,074

Macquarie

Airfinance

Holdings

Ltd.

(b)

8.38%,

05/01/28

.................

USD

636

666,115

8.13%,

03/30/29

.................

915

956,378

Navient

Corp.

5.50%,

03/15/29

.................

1,399

1,290,077

9.38%,

07/25/30

.................

973

1,019,390

OneMain

Finance

Corp.

7.13%,

03/15/26

.................

2,323

2,366,647

3.50%,

01/15/27

.................

820

758,864

6.63%,

01/15/28

.................

899

907,576

9.00%,

01/15/29

.................

1,447

1,529,810

5.38%,

11/15/29

.................

451

422,316

7.88%,

03/15/30

.................

1,893

1,948,599

4.00%,

09/15/30

.................

385

329,466

SLM

Corp.,

3.13%,

11/02/26

..........

1,322

1,232,679

Toyota

Motor

Credit

Corp.

5.00%,

08/14/26

.................

1,158

1,171,860

5.25%,

09/11/28

.................

607

628,523

3.38%,

04/01/30

.................

100

93,993

Volkswagen

International

Finance

NV

(a)(c)(k)

Series

PNC5,

(5-Year

EUR

Swap

Annual

+

4.29%),

7.50%

................

EUR

400

479,666

(9-Year

EUR

Swap

Annual

+

3.96%),

3.88%

1,000

1,010,284

49,136,505

Consumer

Staples

Distribution

&

Retail

—

0.2%

7-Eleven,

Inc.,

0.95%,

02/10/26

(b)

.......

USD

1,049

969,515

Albertsons

Cos.,

Inc.

(b)

3.25%,

03/15/26

.................

1,949

1,838,893

4.63%,

01/15/27

.................

830

806,928

5.88%,

02/15/28

.................

1,081

1,081,725

6.50%,

02/15/28

.................

1,136

1,149,573

3.50%,

03/15/29

.................

1,528

1,387,397

4.88%,

02/15/30

.................

698

668,214

Bellis

Acquisition

Co.

plc

(c)

3.25%,

02/16/26

.................

GBP

2,612

3,082,718

4.50%,

02/16/26

.................

3,384

4,074,021

Cencosud

SA,

4.38%,

07/17/27

(c)

.......

USD

2,785

2,665,767

Market

Bidco

Finco

plc,

5.50%,

11/04/27

(c)

..

GBP

1,800

2,019,046

Performance

Food

Group,

Inc.,

4.25%,

08/01/29

(b)

....................

USD

1,720

1,577,572

Picard

Groupe

SAS,

3.88%,

07/01/26

(c)

...

EUR

1,112

1,193,679

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(b)

USD

630

510,010

US

Foods,

Inc.

(b)

4.75%,

02/15/29

.................

350

332,410

4.63%,

06/01/30

.................

1,174

1,094,123

7.25%,

01/15/32

.................

1,193

1,243,956

Walgreens

Boots

Alliance,

Inc.

3.20%,

04/15/30

.................

150

132,041

4.80%,

11/18/44

.................

480

399,925

4.10%,

04/15/50

.................

718

521,392

26,748,905

Containers

&

Packaging

—

0.6%

Ardagh

Metal

Packaging

Finance

USA

LLC

6.00%,

06/15/27

(b)

................

2,703

2,693,317

2.00%,

09/01/28

(c)

................

EUR

1,032

1,008,761

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

65

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

(continued)

4.00%,

09/01/29

(b)

................

USD

5,707

$

4,830,841

Ardagh

Packaging

Finance

plc

5.25%,

04/30/25

(b)

................

2,659

2,585,935

2.13%,

08/15/26

(c)

................

EUR

1,570

1,540,773

4.13%,

08/15/26

(b)

................

USD

2,549

2,325,963

4.75%,

07/15/27

(c)

................

GBP

1,461

1,346,471

5.25%,

08/15/27

(b)

................

USD

1,013

786,964

Ball

Corp.,

6.00%,

06/15/29

..........

1,153

1,177,412

Berry

Global,

Inc.,

1.57%,

01/15/26

......

2,795

2,596,542

Canpack

SA,

3.13%,

11/01/25

(b)

........

810

770,006

Clydesdale

Acquisition

Holdings,

Inc.

(b)

6.63%,

04/15/29

.................

1,576

1,550,106

8.75%,

04/15/30

.................

3,896

3,632,501

Crown

Americas

LLC

4.75%,

02/01/26

.................

353

349,646

4.25%,

09/30/26

.................

620

601,401

5.25%,

04/01/30

.................

179

176,285

Crown

European

Holdings

SA

(c)

3.38%,

05/15/25

.................

EUR

662

724,420

5.00%,

05/15/28

.................

660

754,993

Fiber

Bidco

SpA,

11.00%,

10/25/27

(c)

.....

1,535

1,847,074

Graphic

Packaging

International

LLC,

3.50%,

03/15/28

(b)

....................

USD

993

921,413

Klabin

Austria

GmbH,

3.20%,

01/12/31

(b)

...

2,905

2,406,611

Kleopatra

Finco

SARL,

4.25%,

03/01/26

(c)

..

EUR

2,029

1,840,269

Kleopatra

Holdings

2

SCA,

6.50%,

09/01/26

(c)

383

219,863

LABL,

Inc.

(b)

5.88%,

11/01/28

.................

USD

1,515

1,372,628

9.50%,

11/01/28

.................

2,326

2,349,260

Mauser

Packaging

Solutions

Holding

Co.

(b)

7.88%,

08/15/26

.................

14,695

14,954,822

9.25%,

04/15/27

.................

355

348,452

OI

European

Group

BV,

6.25%,

05/15/28

(c)

.

EUR

1,244

1,436,486

Owens-Brockway

Glass

Container,

Inc.

(b)

6.63%,

05/13/27

.................

USD

183

183,023

7.25%,

05/15/31

.................

767

777,653

SAN

Miguel

Industrias

Pet

SA,

3.50%,

08/02/28

(b)

....................

2,923

2,511,968

Sealed

Air

Corp.

(b)

6.13%,

02/01/28

.................

1,179

1,189,154

5.00%,

04/15/29

.................

308

297,840

Trident

TPI

Holdings,

Inc.,

12.75%,

12/31/28

(b)

621

664,470

Trivium

Packaging

Finance

BV

5.50%,

08/15/26

(b)(d)

...............

3,441

3,375,996

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

7.75%,

08/15/26

(a)(c)

.............

EUR

977

1,074,784

8.50%,

08/15/27

(b)(d)

...............

USD

800

784,399

WRKCo

,

Inc.

3.75%,

03/15/25

.................

224

219,756

4.65%,

03/15/26

.................

231

229,407

4.00%,

03/15/28

.................

42

40,500

4.90%,

03/15/29

.................

323

324,768

68,822,933

Distributors

—

0.0%

(b)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

3.88%,

11/15/29

.............

1,019

908,407

BCPE

Empire

Holdings,

Inc.,

7.63%,

05/01/27

2,258

2,177,313

Resideo

Funding,

Inc.,

4.00%,

09/01/29

...

493

430,143

Ritchie

Bros

Holdings,

Inc.,

6.75%,

03/15/28

448

461,248

3,977,111

Diversified

Consumer

Services

—

0.1%

Johns

Hopkins

University,

Series

A,

4.71%,

07/01/32

.....................

32

32,683

Metis

Merger

Sub

LLC,

6.50%,

05/15/29

(b)

..

969

876,296

Security

Par

(000)

Par

(000)

Value

Diversified

Consumer

Services

(continued)

Rekeep

SpA,

7.25%,

02/01/26

(c)

........

EUR

2,286

$

2,255,776

Service

Corp.

International

5.13%,

06/01/29

.................

USD

716

701,680

3.38%,

08/15/30

.................

1,285

1,120,643

4.00%,

05/15/31

.................

1,901

1,702,346

Sotheby's

(b)

7.38%,

10/15/27

.................

3,840

3,703,281

5.88%,

06/01/29

.................

3,842

3,322,791

TUI

Cruises

GmbH,

6.50%,

05/15/26

(c)

....

EUR

1,213

1,319,005

15,034,501

Diversified

REITs

—

0.2%

ERP

Operating

LP

4.15%,

12/01/28

.................

USD

603

591,887

1.85%,

08/01/31

.................

618

506,858

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

(b)

..

761

635,901

HAT

Holdings

I

LLC

(b)

3.38%,

06/15/26

.................

1,302

1,223,709

8.00%,

06/15/27

.................

543

565,450

Highwoods

Realty

LP,

7.65%,

02/01/34

...

665

717,404

Invitation

Homes

Operating

Partnership

LP

5.50%,

08/15/33

.................

38

38,046

2.70%,

01/15/34

.................

1,182

950,109

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

(b)

......

1,328

1,216,418

Mid-America

Apartments

LP,

3.60%,

06/01/27

345

333,435

MPT

Operating

Partnership

LP

2.50%,

03/24/26

.................

GBP

1,453

1,502,174

5.25%,

08/01/26

.................

USD

1,055

943,105

4.63%,

08/01/29

.................

2,389

1,717,836

3.50%,

03/15/31

.................

2,477

1,548,688

Prologis

LP

2.25%,

01/15/32

.................

332

276,847

4.63%,

01/15/33

.................

840

843,727

4.75%,

06/15/33

.................

218

220,949

5.13%,

01/15/34

.................

681

702,834

Simon

Property

Group

LP

3.30%,

01/15/26

.................

433

419,476

5.50%,

03/08/33

.................

482

498,036

VICI

Properties

LP

4.63%,

12/01/29

(b)

................

1,637

1,542,462

4.95%,

02/15/30

.................

833

808,277

4.13%,

08/15/30

(b)

................

2,667

2,429,438

5.13%,

05/15/32

.................

2,144

2,089,979

5.63%,

05/15/52

.................

1,357

1,301,105

23,624,150

Diversified

Telecommunication

Services

—

1.3%

Altice

Financing

SA,

11.50%,

02/01/27

....

EUR

1,369

1,515,086

Altice

France

SA

2.50%,

01/15/25

(c)

................

100

106,084

2.13%,

02/15/25

(c)

................

864

917,660

5.88%,

02/01/27

(c)

................

650

637,220

8.13%,

02/01/27

(b)

................

USD

2,706

2,494,473

3.38%,

01/15/28

(c)

................

EUR

544

473,201

5.50%,

01/15/28

(b)

................

USD

3,359

2,766,389

5.13%,

01/15/29

(b)

................

679

528,091

4.00%,

07/15/29

(c)

................

EUR

1,105

946,859

5.13%,

07/15/29

(b)

................

USD

400

311,208

5.50%,

10/15/29

(b)

................

2,753

2,158,694

Bakrie

Telecom

Pte.

Ltd.,

11.50%,

05/07/15

(c)(f)(l)

1,000

1,939

British

Telecommunications

plc

(a)

(5-Year

EUR

Swap

Annual

+

2.13%),

1.87%,

08/18/80

(c)

..............

EUR

236

248,157

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

66

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.49%),

4.88%,

11/23/81

(b)

...................

USD

700

$

598,429

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.82%),

8.38%,

12/20/83

(c)

...................

GBP

1,726

2,319,596

CCO

Holdings

LLC

(b)

5.00%,

02/01/28

.................

USD

1,327

1,269,650

5.38%,

06/01/29

.................

3,058

2,882,429

6.38%,

09/01/29

.................

2,617

2,580,788

4.50%,

08/15/30

.................

788

710,370

4.25%,

02/01/31

.................

4,075

3,561,266

7.38%,

03/01/31

.................

9,089

9,328,622

4.75%,

02/01/32

.................

1,448

1,277,078

4.25%,

01/15/34

.................

959

779,309

Cellnex

Telecom

SA

(c)

1.00%,

04/20/27

.................

EUR

600

611,129

2.13%,

08/11/30

(m)

................

2,500

2,835,891

1.75%,

10/23/30

.................

1,800

1,739,655

0.75%,

11/20/31

(m)

................

1,600

1,469,668

eircom

Finance

DAC,

1.75%,

11/01/24

(c)

...

444

481,805

Frontier

Communications

Holdings

LLC

(b)

5.88%,

10/15/27

.................

USD

1,948

1,881,965

5.00%,

05/01/28

.................

2,737

2,529,472

8.75%,

05/15/30

.................

5,720

5,884,214

8.63%,

03/15/31

.................

562

573,016

Iliad

Holding

SASU

(b)

6.50%,

10/15/26

.................

4,930

4,920,354

7.00%,

10/15/28

.................

1,458

1,450,840

Iliad

SA

(c)

5.38%,

06/14/27

.................

EUR

1,600

1,810,478

5.38%,

02/15/29

.................

2,300

2,602,562

5.63%,

02/15/30

.................

1,800

2,053,480

Infrastrutture

Wireless

Italiane

SpA,

1.63%,

10/21/28

(c)

....................

2,423

2,471,367

Kaixo

Bondco

Telecom

SA,

5.13%,

09/30/29

(c)

266

273,829

Level

3

Financing,

Inc.

(b)

3.40%,

03/01/27

.................

USD

5,028

4,826,880

4.63%,

09/15/27

.................

5,410

3,246,000

3.63%,

01/15/29

.................

510

260,100

11.00%,

11/15/29

(n)

...............

3,717

3,717,486

10.50%,

05/15/30

................

5,125

4,969,634

Lorca

Telecom

Bondco

SA

4.00%,

09/18/27

(c)

................

EUR

3,427

3,688,618

Lumen

Technologies,

Inc.,

4.00%,

02/15/27

(b)

USD

2,433

1,570,185

RCS

&

RDS

SA

(c)

2.50%,

02/05/25

.................

EUR

2,200

2,367,341

3.25%,

02/05/28

.................

200

196,364

Sprint

Capital

Corp.,

6.88%,

11/15/28

.....

USD

2,136

2,314,422

Telecom

Italia

Capital

SA

6.38%,

11/15/33

.................

1,756

1,717,556

6.00%,

09/30/34

.................

3,323

3,155,781

7.20%,

07/18/36

.................

1,363

1,368,212

7.72%,

06/04/38

.................

795

809,581

Telecom

Italia

SpA

5.30%,

05/30/24

(b)

................

1,855

1,846,372

2.75%,

04/15/25

(c)

................

EUR

651

698,980

3.63%,

05/25/26

(c)

................

170

184,311

2.38%,

10/12/27

(c)

................

400

411,817

6.88%,

02/15/28

(c)

................

2,471

2,898,908

7.88%,

07/31/28

(c)

................

2,042

2,499,981

1.63%,

01/18/29

(c)

................

2,232

2,123,046

5.25%,

03/17/55

.................

300

305,140

Telefonica

Emisiones

SA,

4.10%,

03/08/27

.

USD

184

180,218

Uniti

Group

LP,

10.50%,

02/15/28

(b)

......

5,014

5,083,218

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Verizon

Communications,

Inc.

3.88%,

02/08/29

.................

USD

1,566

$

1,518,209

1.50%,

09/18/30

.................

56

46,136

1.68%,

10/30/30

.................

711

585,689

1.75%,

01/20/31

.................

1,505

1,237,831

5.85%,

09/15/35

.................

33

35,378

Virgin

Media

Finance

plc,

5.00%,

07/15/30

(b)

1,350

1,190,244

Virgin

Media

Secured

Finance

plc

5.25%,

05/15/29

(c)

................

GBP

361

426,788

5.50%,

05/15/29

(b)

................

USD

400

386,497

4.25%,

01/15/30

(c)

................

GBP

108

119,968

4.50%,

08/15/30

(b)

................

USD

1,043

928,583

Zayo

Group

Holdings,

Inc.

(b)

4.00%,

03/01/27

.................

19,729

15,818,211

6.13%,

03/01/28

.................

2,566

1,884,624

146,620,632

Electric

Utilities

—

0.9%

AES

Panama

Generation

Holdings

SRL,

4.38%,

05/31/30

(c)

...............

1,798

1,506,006

Alexander

Funding

Trust

II,

7.47%,

07/31/28

(b)

895

939,783

American

Electric

Power

Co.,

Inc.,

5.70%,

08/15/25

.....................

1,589

1,599,434

CenterPoint

Energy

Houston

Electric

LLC

Series

AG,

3.00%,

03/01/32

.........

636

562,876

4.95%,

04/01/33

.................

37

37,664

Duke

Energy

Carolinas

LLC

2.85%,

03/15/32

.................

191

166,487

6.45%,

10/15/32

.................

44

48,381

4.95%,

01/15/33

.................

497

506,205

Duke

Energy

Corp.

2.65%,

09/01/26

.................

1,483

1,407,209

2.45%,

06/01/30

.................

425

370,507

2.55%,

06/15/31

.................

86

73,379

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.32%),

3.25%,

01/15/82

(a)

...................

18,465

14,277,939

Duke

Energy

Florida

LLC,

2.50%,

12/01/29

.

1,375

1,225,927

Duke

Energy

Ohio,

Inc.

2.13%,

06/01/30

.................

58

49,335

5.25%,

04/01/33

.................

46

47,389

Duke

Energy

Progress

LLC

3.45%,

03/15/29

.................

306

291,839

5.70%,

04/01/35

.................

30

31,225

Edison

International

5.25%,

11/15/28

.................

965

970,932

6.95%,

11/15/29

.................

271

294,095

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.86%),

8.13%,

06/15/53

(a)

...................

2,111

2,154,985

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.66%),

7.88%,

06/15/54

(a)

...................

520

523,900

EDP

-

Energias

de

Portugal

SA

(a)(c)

(5-Year

EUR

Swap

Annual

+

1.84%),

1.70%,

07/20/80

...............

EUR

500

527,059

(5-Year

EUR

Swap

Annual

+

2.38%),

1.88%,

08/02/81

...............

1,800

1,848,012

(5-Year

EUR

Swap

Annual

+

3.18%),

5.94%,

04/23/83

...............

300

343,624

Engie

Energia

Chile

SA,

3.40%,

01/28/30

(c)

.

USD

1,276

1,094,569

Eversource

Energy,

5.95%,

02/01/29

.....

728

762,401

FirstEnergy

Corp.

Series

B,

4.15%,

07/15/27

(d)

.........

1,200

1,154,165

2.65%,

03/01/30

.................

260

224,622

Florida

Power

&

Light

Co.,

4.80%,

05/15/33

.

483

488,414

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

67

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

Georgia

Power

Co.,

4.70%,

05/15/32

.....

USD

648

$

645,325

Kallpa

Generacion

SA,

4.88%,

05/24/26

(c)

..

2,609

2,553,559

MidAmerican

Energy

Co.,

5.75%,

11/01/35

.

80

85,341

Naturgy

Finance

BV

(a)(c)(k)

(9-Year

EUR

Swap

Annual

+

3.08%),

3.38%

EUR

500

546,321

(5-Year

EUR

Swap

Annual

+

2.44%),

2.37%

1,400

1,406,432

NextEra

Energy

Capital

Holdings,

Inc.

5.75%,

09/01/25

.................

USD

985

994,319

2.25%,

06/01/30

.................

29

24,807

5.05%,

02/28/33

.................

407

407,761

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.55%),

3.80%,

03/15/82

(a)

...................

27,037

22,900,945

NextEra

Energy

Operating

Partners

LP

(b)

3.88%,

10/15/26

.................

330

314,199

7.25%,

01/15/29

.................

819

857,417

Northern

States

Power

Co.,

2.25%,

04/01/31

35

30,021

NRG

Energy,

Inc.

(b)

2.45%,

12/02/27

.................

664

598,652

7.00%,

03/15/33

.................

1,180

1,247,207

Ohio

Power

Co.

Series

Q,

1.63%,

01/15/31

..........

797

646,850

5.00%,

06/01/33

.................

150

150,851

Oncor

Electric

Delivery

Co.

LLC

3.70%,

11/15/28

.................

1,711

1,649,333

5.75%,

03/15/29

.................

37

39,051

5.65%,

11/15/33

(b)

................

316

336,641

Pacific

Gas

&

Electric

Co.

3.00%,

06/15/28

.................

1,402

1,277,718

6.10%,

01/15/29

.................

750

776,098

4.55%,

07/01/30

.................

1,583

1,507,614

3.25%,

06/01/31

.................

1,000

866,011

6.95%,

03/15/34

.................

2,445

2,685,612

PacifiCorp,

2.70%,

09/15/30

..........

113

97,916

Palomino

Funding

Trust

I,

7.23%,

05/17/28

(b)

682

718,252

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(b)

....................

2,277

2,153,722

PECO

Energy

Co.,

4.90%,

06/15/33

.....

372

378,185

PG&E

Corp.,

4.25%,

12/01/27

(b)(m)

.......

4,225

4,427,800

Public

Service

Electric

&

Gas

Co.

4.90%,

12/15/32

.................

1,552

1,574,500

5.20%,

08/01/33

.................

375

389,180

Southern

California

Edison

Co.

Series

20C,

1.20%,

02/01/26

........

495

460,872

Series

G,

2.50%,

06/01/31

..........

1,259

1,077,999

6.00%,

01/15/34

.................

1,080

1,184,205

Southern

Co.

(The),

5.20%,

06/15/33

.....

968

987,417

Tampa

Electric

Co.,

2.40%,

03/15/31

.....

32

26,986

Virginia

Electric

&

Power

Co.

Series

B,

3.75%,

05/15/27

..........

372

363,198

2.30%,

11/15/31

.................

270

226,773

Vistra

Operations

Co.

LLC

(b)

3.55%,

07/15/24

.................

2,884

2,843,429

5.13%,

05/13/25

.................

2,162

2,140,975

7.75%,

10/15/31

.................

1,848

1,919,313

6.95%,

10/15/33

.................

1,150

1,210,301

98,257,471

Electrical

Equipment

—

0.1%

(b)

Regal

Rexnord

Corp.

6.05%,

04/15/28

.................

1,494

1,512,341

6.30%,

02/15/30

.................

1,670

1,713,272

6.40%,

04/15/33

.................

1,149

1,197,568

Sensata

Technologies

BV

4.00%,

04/15/29

.................

1,157

1,075,218

5.88%,

09/01/30

.................

735

730,234

Security

Par

(000)

Par

(000)

Value

Electrical

Equipment

(continued)

Vertiv

Group

Corp.,

4.13%,

11/15/28

.....

USD

4,039

$

3,789,468

10,018,101

Electronic

Equipment,

Instruments

&

Components

—

0.0%

(b)

Coherent

Corp.,

5.00%,

12/15/29

.......

2,295

2,179,688

Sensata

Technologies,

Inc.

4.38%,

02/15/30

.................

1,528

1,417,163

3.75%,

02/15/31

.................

545

479,998

4,076,849

Energy

Equipment

&

Services

—

0.8%

Archrock

Partners

LP

(b)

6.88%,

04/01/27

.................

2,121

2,126,302

6.25%,

04/01/28

.................

4,004

3,943,940

Borr

IHC

Ltd.

(b)

10.00%,

11/15/28

................

1,793

1,873,739

10.38%,

11/15/30

................

997

1,028,468

EDO

Sukuk

Ltd.,

5.88%,

09/21/33

(b)

......

3,596

3,701,633

Enerflex

Ltd.,

9.00%,

10/15/27

(b)

........

1,969

1,899,403

Halliburton

Co.,

2.92%,

03/01/30

.......

99

89,028

Nabors

Industries

Ltd.

(b)

7.25%,

01/15/26

.................

1,570

1,509,100

7.50%,

01/15/28

.................

1,985

1,716,527

Nabors

Industries,

Inc.

5.75%,

02/01/25

.................

3,191

3,189,936

7.38%,

05/15/27

(b)

................

168

164,587

9.13%,

01/31/30

(b)

................

1,410

1,415,725

Noble

Finance

II

LLC,

8.00%,

04/15/30

(b)

..

1,765

1,836,576

Oceaneering

International,

Inc.,

6.00%,

02/01/28

(b)

....................

360

348,941

Patterson-UTI

Energy,

Inc.,

7.15%,

10/01/33

525

556,186

Precision

Drilling

Corp.,

6.88%,

01/15/29

(b)

.

461

444,556

Seadrill

Finance

Ltd.,

8.38%,

08/01/30

(b)

...

1,237

1,290,599

Tervita

Corp.,

11.00%,

12/01/25

(b)

.......

993

1,042,650

Transocean

Aquila

Ltd.,

8.00%,

09/30/28

(b)

.

657

666,833

Transocean

Titan

Financing

Ltd.,

8.38%,

02/01/28

(b)

....................

649

673,329

Transocean,

Inc.

(b)

7.50%,

01/15/26

.................

2,970

2,917,909

11.50%,

01/30/27

................

3,032

3,168,440

8.00%,

02/01/27

.................

1,532

1,493,700

8.75%,

02/15/30

.................

4,222

4,410,770

USA

Compression

Partners

LP

6.88%,

04/01/26

.................

2,862

2,849,929

6.88%,

09/01/27

.................

2,621

2,589,933

Valaris

Ltd.,

8.38%,

04/30/30

(b)

.........

4,257

4,361,467

Vallourec

SACA,

8.50%,

06/30/26

(c)

......

EUR

1,531

1,698,385

Venture

Global

LNG,

Inc.

(b)

8.13%,

06/01/28

.................

USD

3,527

3,561,907

9.50%,

02/01/29

.................

11,773

12,457,800

8.38%,

06/01/31

.................

7,222

7,218,261

9.88%,

02/01/32

.................

5,637

5,871,719

Weatherford

International

Ltd.

(b)

6.50%,

09/15/28

.................

1,224

1,266,618

8.63%,

04/30/30

.................

3,195

3,335,769

86,720,665

Entertainment

—

0.1%

Lions

Gate

Capital

Holdings

LLC,

5.50%,

04/15/29

(b)

....................

1,681

1,257,556

Live

Nation

Entertainment,

Inc.

(b)

4.88%,

11/01/24

.................

659

653,063

5.63%,

03/15/26

.................

284

281,404

6.50%,

05/15/27

.................

3,299

3,356,805

4.75%,

10/15/27

.................

2,302

2,207,238

Netflix,

Inc.,

5.38%,

11/15/29

(b)

.........

479

494,864

Odeon

Finco

plc,

12.75%,

11/01/27

(b)

.....

488

495,511

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

68

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Entertainment

(continued)

Pinewood

Finance

Co.

Ltd.,

3.25%,

09/30/25

(c)

GBP

543

$

670,986

Pinnacle

Bidco

plc

(c)

8.25%,

10/11/28

.................

EUR

376

431,141

10.00%,

10/11/28

................

GBP

471

622,789

Playtika

Holding

Corp.,

4.25%,

03/15/29

(b)

..

USD

399

348,147

10,819,504

Financial

Services

—

0.8%

Agps

Bondco

plc

(c)(f)(l)

6.00%,

08/05/25

.................

EUR

600

239,447

5.50%,

11/13/26

.................

1,000

380,863

5.00%,

01/14/29

.................

2,400

845,184

Banco

Votorantim

SA,

4.50%,

09/24/24

(c)

..

USD

1,378

1,353,968

Block,

Inc.

2.75%,

06/01/26

.................

2,093

1,973,761

3.50%,

06/01/31

.................

5,664

5,029,355

Cerved

Group

SpA,

(3-mo.

EURIBOR

at

5.25%

Floor

+

5.25%),

9.18%,

02/15/29

(a)(c)

....

EUR

747

796,860

Enact

Holdings,

Inc.,

6.50%,

08/15/25

(b)

...

USD

1,096

1,092,603

Fidelity

National

Information

Services,

Inc.

1.15%,

03/01/26

.................

281

259,632

4.70%,

07/15/27

.................

584

583,958

Fiserv,

Inc.

3.85%,

06/01/25

.................

742

727,947

2.25%,

06/01/27

.................

350

323,647

2.65%,

06/01/30

.................

214

188,137

Freedom

Mortgage

Corp.

(b)

12.00%,

10/01/28

................

523

571,182

12.25%,

10/01/30

................

519

569,736

Garfunkelux

Holdco

3

SA

(c)

6.75%,

11/01/25

.................

EUR

1,624

1,414,603

7.75%,

11/01/25

.................

GBP

381

371,613

GGAM

Finance

Ltd.

(b)

7.75%,

05/15/26

.................

USD

263

266,945

8.00%,

02/15/27

.................

2,220

2,275,589

8.00%,

06/15/28

.................

620

641,451

Global

Payments,

Inc.

1.20%,

03/01/26

.................

502

461,190

4.80%,

04/01/26

.................

157

155,631

2.15%,

01/15/27

.................

130

119,678

2.90%,

11/15/31

.................

289

247,207

Jefferies

Finance

LLC,

5.00%,

08/15/28

(b)

..

2,783

2,491,005

JPMorgan

Chase

Bank

NA,

5.11%,

12/08/26

1,655

1,669,850

Mastercard,

Inc.,

2.00%,

11/18/31

.......

275

231,942

MGIC

Investment

Corp.,

5.25%,

08/15/28

..

1,182

1,150,579

Nationstar

Mortgage

Holdings,

Inc.

(b)

5.00%,

02/01/26

.................

6,442

6,300,006

6.00%,

01/15/27

.................

1,020

1,012,350

5.13%,

12/15/30

.................

967

874,296

5.75%,

11/15/31

.................

1,240

1,156,186

Nationwide

Building

Society

(a)(c)(k)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.39%),

5.88%

...

GBP

3,534

4,416,431

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.63%),

5.75%

...

2,650

3,107,596

NCR

Atleos

Escrow

Corp.,

9.50%,

04/01/29

(b)

USD

1,271

1,350,432

Nexi

SpA,

0.00%,

02/24/28

(c)(m)(o)

........

EUR

3,200

3,058,912

Nykredit

Realkredit

A/S,

(5-Year

EUR

Swap

Annual

+

4.57%),

4.13%

(a)(c)(k)

........

600

631,735

PennyMac

Financial

Services,

Inc.,

7.88%,

12/15/29

(b)

....................

USD

1,371

1,411,262

Permian

Resources

Operating

LLC

(b)

5.38%,

01/15/26

.................

1,058

1,043,911

7.75%,

02/15/26

.................

3,171

3,225,953

6.88%,

04/01/27

.................

1,826

1,824,749

8.00%,

04/15/27

.................

2,217

2,298,089

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

5.88%,

07/01/29

.................

USD

3,008

$

2,932,679

9.88%,

07/15/31

.................

1,645

1,828,006

7.00%,

01/15/32

.................

1,643

1,695,038

Rocket

Mortgage

LLC

(b)

2.88%,

10/15/26

.................

6,264

5,778,540

3.88%,

03/01/31

.................

633

556,721

4.00%,

10/15/33

.................

295

250,611

Shift4

Payments

LLC,

4.63%,

11/01/26

(b)

...

2,914

2,833,603

Taurus

Law

130

Securities

SRL,

(Acquired

07/14/23,

cost

$7,156,200),

(3-mo.

EURIBOR

+

3.25%),

7.24%,

08/15/27

(a)(e)(g)

EUR

6,599

7,040,013

Thames

Water

Utilities

Finance

plc,

4.00%,

04/18/27

(c)

....................

726

772,895

Verscend

Escrow

Corp.,

9.75%,

08/15/26

(b)

.

USD

12,882

12,972,535

Visa,

Inc.

1.90%,

04/15/27

.................

30

27,885

1.10%,

02/15/31

.................

113

91,576

Worldline

SA,

0.00%,

07/30/26

(c)(m)(o)

.....

EUR

1,907

1,877,817

96,803,390

Food

Products

—

0.2%

B&G

Foods,

Inc.,

8.00%,

09/15/28

(b)

.....

USD

573

601,675

Chobani

LLC

(b)

7.50%,

04/15/25

.................

5,868

5,838,660

4.63%,

11/15/28

.................

4,454

4,163,642

Darling

Ingredients,

Inc.,

6.00%,

06/15/30

(b)

.

1,483

1,484,097

J

M

Smucker

Co.

(The)

5.90%,

11/15/28

.................

997

1,048,256

6.20%,

11/15/33

.................

488

532,255

4.25%,

03/15/35

.................

111

103,159

Kraft

Heinz

Foods

Co.,

3.88%,

05/15/27

...

2,943

2,886,556

Lamb

Weston

Holdings,

Inc.

(b)

4.88%,

05/15/28

.................

1,376

1,345,724

4.13%,

01/31/30

.................

2,179

2,008,886

4.38%,

01/31/32

.................

271

247,226

Minerva

Luxembourg

SA,

8.88%,

09/13/33

(b)

1,339

1,416,006

Post

Holdings,

Inc.

(b)

5.75%,

03/01/27

.................

526

521,869

5.63%,

01/15/28

.................

413

409,263

5.50%,

12/15/29

.................

124

119,482

4.63%,

04/15/30

.................

129

118,660

4.50%,

09/15/31

.................

278

249,129

Premier

Foods

Finance

plc

3.50%,

10/15/26

(c)

................

GBP

977

1,156,043

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(b)

..

USD

1,319

1,141,171

Tereos

Finance

Groupe

I

SA

(c)

4.75%,

04/30/27

.................

EUR

240

266,538

7.25%,

04/15/28

.................

850

993,157

26,651,454

Gas

Utilities

—

0.1%

AmeriGas

Partners

LP,

9.38%,

06/01/28

(b)

..

USD

1,296

1,338,350

Atmos

Energy

Corp.

2.63%,

09/15/29

.................

152

138,398

5.90%,

11/15/33

.................

82

88,965

DCP

Midstream

Operating

LP,

3.25%,

02/15/32

2,429

2,106,217

Howard

Midstream

Energy

Partners

LLC,

8.88%,

07/15/28

(b)

...............

1,403

1,472,538

ONE

Gas,

Inc.

2.00%,

05/15/30

.................

36

30,533

4.25%,

09/01/32

.................

34

32,608

Promigas

SA

ESP

3.75%,

10/16/29

(c)

................

1,344

1,191,994

3.75%,

10/16/29

(b)

................

1,668

1,479,349

Southern

California

Gas

Co.,

2.95%,

04/15/27

364

345,235

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

69

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Gas

Utilities

(continued)

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

(b)

....................

USD

619

$

561,177

UGI

International

LLC,

2.50%,

12/01/29

(c)

..

EUR

1,376

1,287,553

10,072,917

Ground

Transportation

—

0.2%

Albion

Financing

1

SARL,

6.13%,

10/15/26

(b)

USD

1,639

1,623,528

Avis

Budget

Car

Rental

LLC,

8.00%,

02/15/31

(b)

1,208

1,206,339

BCP

V

Modular

Services

Finance

II

plc,

4.75%,

11/30/28

(c)

....................

EUR

756

770,942

Burlington

Northern

Santa

Fe

LLC

7.00%,

12/15/25

.................

USD

89

92,941

3.25%,

06/15/27

.................

53

51,084

Canadian

National

Railway

Co.

3.85%,

08/05/32

.................

456

433,838

6.20%,

06/01/36

.................

39

43,606

CSX

Corp.

3.25%,

06/01/27

.................

477

459,630

4.25%,

03/15/29

.................

292

291,698

EC

Finance

plc,

3.00%,

10/15/26

(c)

......

EUR

797

847,954

Mobico

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(a)(c)(k)

...................

GBP

1,742

1,949,893

NESCO

Holdings

II,

Inc.,

5.50%,

04/15/29

(b)

.

USD

1,421

1,313,842

Norfolk

Southern

Corp.

3.15%,

06/01/27

.................

3,046

2,909,743

5.05%,

08/01/30

.................

334

341,955

2.30%,

05/15/31

.................

467

402,927

Penske

Truck

Leasing

Co.

LP

(b)

1.20%,

11/15/25

.................

2,946

2,731,353

4.45%,

01/29/26

.................

163

159,267

5.88%,

11/15/27

.................

415

424,168

RXO,

Inc.,

7.50%,

11/15/27

(b)

..........

647

667,613

Ryder

System,

Inc.,

6.60%,

12/01/33

.....

431

477,849

Uber

Technologies,

Inc.

(b)

7.50%,

09/15/27

.................

2,559

2,650,177

6.25%,

01/15/28

.................

734

735,841

4.50%,

08/15/29

.................

4,882

4,657,264

Union

Pacific

Corp.,

3.38%,

02/01/35

.....

230

203,203

25,446,655

Health

Care

Equipment

&

Supplies

—

0.2%

Avantor

Funding,

Inc.

2.63%,

11/01/25

(c)

................

EUR

714

769,902

4.63%,

07/15/28

(b)

................

USD

2,430

2,348,549

3.88%,

11/01/29

(b)

................

1,465

1,330,392

Bausch

&

Lomb

Escrow

Corp.,

8.38%,

10/01/28

(b)

....................

7,241

7,638,821

Baxter

International,

Inc.,

2.54%,

02/01/32

.

494

414,176

Becton

Dickinson

&

Co.,

3.70%,

06/06/27

..

1,157

1,121,186

Garden

Spinco

Corp.,

8.63%,

07/20/30

(b)

..

1,738

1,856,421

Medline

Borrower

LP

(b)

3.88%,

04/01/29

.................

3,346

3,025,266

5.25%,

10/01/29

.................

7,623

7,185,260

Medtronic

Global

Holdings

SCA

4.25%,

03/30/28

.................

212

211,076

4.50%,

03/30/33

.................

616

616,199

Teleflex,

Inc.,

4.63%,

11/15/27

.........

172

167,194

26,684,442

Health

Care

Providers

&

Services

—

0.5%

Acadia

Healthcare

Co.,

Inc.,

5.50%,

07/01/28

(b)

705

694,318

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(b)

2,676

2,328,984

Centene

Corp.

3.00%,

10/15/30

.................

327

283,196

2.63%,

08/01/31

.................

1,890

1,568,175

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Clariane

SE

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

9.08%),

4.13%

(a)(c)(k)

GBP

1,100

$

743,121

Community

Health

Systems,

Inc.

(b)

5.63%,

03/15/27

.................

USD

1,857

1,725,400

6.00%,

01/15/29

.................

3,257

2,931,723

5.25%,

05/15/30

.................

2,937

2,456,350

4.75%,

02/15/31

.................

2,554

2,007,789

CVS

Health

Corp.,

5.00%,

02/20/26

......

1,365

1,371,449

Elevance

Health,

Inc.

5.35%,

10/15/25

.................

331

333,313

4.10%,

05/15/32

.................

688

657,031

Encompass

Health

Corp.

4.50%,

02/01/28

.................

116

110,984

4.75%,

02/01/30

.................

1,711

1,611,301

4.63%,

04/01/31

.................

1,701

1,565,232

Ephios

Subco

3

SARL,

7.88%,

01/31/31

(c)

..

EUR

1,372

1,565,480

HCA,

Inc.

3.50%,

09/01/30

.................

USD

1,448

1,312,650

3.63%,

03/15/32

.................

840

751,107

5.50%,

06/01/33

.................

446

453,003

HealthEquity,

Inc.,

4.50%,

10/01/29

(b)

.....

4,174

3,875,597

Legacy

LifePoint

Health

LLC,

4.38%,

02/15/27

(b)

....................

1,965

1,814,165

LifePoint

Health,

Inc.

(b)

9.88%,

08/15/30

.................

1,819

1,838,264

11.00%,

10/15/30

................

2,024

2,131,580

ModivCare,

Inc.,

5.88%,

11/15/25

(b)

......

2,291

2,262,363

Molina

Healthcare,

Inc.

(b)

4.38%,

06/15/28

.................

1,030

974,153

3.88%,

11/15/30

.................

829

745,189

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(b)

.

1,735

1,568,021

Prime

Healthcare

Services,

Inc.,

7.25%,

11/01/25

(b)

....................

247

240,825

RegionalCare

Hospital

Partners

Holdings,

Inc.,

9.75%,

12/01/26

(b)

...............

454

450,404

Surgery

Center

Holdings,

Inc.

(b)

6.75%,

07/01/25

.................

1,950

1,942,688

10.00%,

04/15/27

................

2,252

2,274,520

Sutter

Health

Series

2018,

3.70%,

08/15/28

........

87

83,342

Series

20A,

2.29%,

08/15/30

........

291

249,419

5.16%,

08/15/33

.................

152

154,011

Tenet

Healthcare

Corp.

4.88%,

01/01/26

.................

1,013

1,001,586

6.25%,

02/01/27

.................

1,151

1,156,641

5.13%,

11/01/27

.................

1,149

1,123,206

4.63%,

06/15/28

.................

234

223,309

6.13%,

10/01/28

.................

1,854

1,848,753

6.13%,

06/15/30

.................

515

520,710

6.75%,

05/15/31

(b)

................

5,802

5,929,934

UnitedHealth

Group,

Inc.

4.00%,

05/15/29

.................

316

311,354

2.30%,

05/15/31

.................

354

306,748

4.63%,

07/15/35

.................

677

680,341

5.80%,

03/15/36

.................

190

207,583

58,385,312

Health

Care

REITs

—

0.0%

Healthpeak

OP

LLC

1.35%,

02/01/27

.................

157

140,859

3.00%,

01/15/30

.................

74

65,805

5.25%,

12/15/32

.................

552

558,011

Welltower

OP

LLC

4.00%,

06/01/25

.................

420

412,423

2.75%,

01/15/32

.................

639

543,791

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

70

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

REITs

(continued)

3.85%,

06/15/32

.................

USD

545

$

503,931

2,224,820

Health

Care

Technology

—

0.1%

(b)

AthenaHealth

Group,

Inc.,

6.50%,

02/15/30

.

12,534

11,370,563

IQVIA,

Inc.

5.00%,

10/15/26

.................

1,065

1,054,825

5.00%,

05/15/27

.................

247

242,417

6.25%,

02/01/29

.................

2,416

2,522,176

6.50%,

05/15/30

.................

789

808,810

15,998,791

Hotel

&

Resort

REITs

—

0.1%

RHP

Hotel

Properties

LP

4.75%,

10/15/27

.................

2,331

2,251,479

7.25%,

07/15/28

(b)

................

2,660

2,765,566

4.50%,

02/15/29

(b)

................

233

216,699

RLJ

Lodging

Trust

LP,

3.75%,

07/01/26

(b)

..

847

802,528

Service

Properties

Trust

7.50%,

09/15/25

.................

880

889,780

8.63%,

11/15/31

(b)

................

5,241

5,489,596

12,415,648

Hotels,

Restaurants

&

Leisure

—

1.4%

1011778

BC

ULC

(b)

3.88%,

01/15/28

.................

315

297,588

4.38%,

01/15/28

.................

1,015

969,406

4.00%,

10/15/30

.................

1,702

1,526,522

Accor

SA,

(5-Year

EUR

Swap

Annual

+

3.25%),

2.63%

(a)(c)(k)

...................

EUR

700

750,182

Allwyn

Entertainment

Financing

UK

plc

7.88%,

04/30/29

(b)

................

USD

1,000

1,029,200

7.25%,

04/30/30

(c)

................

EUR

1,529

1,772,337

Booking

Holdings,

Inc.

3.55%,

03/15/28

.................

USD

1,097

1,059,575

4.63%,

04/13/30

.................

419

422,135

Boyd

Gaming

Corp.

4.75%,

12/01/27

.................

774

744,666

4.75%,

06/15/31

(b)

................

882

809,521

Boyne

USA,

Inc.,

4.75%,

05/15/29

(b)

.....

1,813

1,704,935

Burger

King

France

SAS

(3-mo.

EURIBOR

at

4.75%

Floor

+

4.75%),

8.72%,

11/01/26

(a)(c)

.............

EUR

409

453,773

Caesars

Entertainment,

Inc.

(b)

8.13%,

07/01/27

.................

USD

7,040

7,216,697

4.63%,

10/15/29

.................

2,742

2,473,302

7.00%,

02/15/30

.................

4,982

5,108,727

Carnival

Corp.

7.63%,

03/01/26

(c)

................

EUR

2,558

2,863,439

7.63%,

03/01/26

(b)

................

USD

216

219,905

5.75%,

03/01/27

(b)

................

4,604

4,490,896

4.00%,

08/01/28

(b)

................

2,674

2,486,119

6.00%,

05/01/29

(b)

................

4,702

4,524,290

7.00%,

08/15/29

(b)

................

856

893,767

Carnival

Holdings

Bermuda

Ltd.,

10.38%,

05/01/28

(b)

....................

14,453

15,730,920

Carnival

plc,

1.00%,

10/28/29

.........

EUR

686

542,612

CCM

Merger,

Inc.,

6.38%,

05/01/26

(b)

.....

USD

666

649,350

Cedar

Fair

LP

5.50%,

05/01/25

(b)

................

3,134

3,118,247

6.50%,

10/01/28

.................

435

431,701

Churchill

Downs,

Inc.

(b)

4.75%,

01/15/28

.................

3,872

3,710,909

5.75%,

04/01/30

.................

3,971

3,871,691

6.75%,

05/01/31

.................

2,137

2,168,917

Cirsa

Finance

International

SARL

(c)

4.75%,

05/22/25

.................

EUR

1,455

1,603,035

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

7.88%,

07/31/28

.................

EUR

410

$

471,856

(3-mo.

EURIBOR

+

4.50%),

8.45%,

07/31/28

(a)

...................

635

708,845

Codere

Finance

2

Luxembourg

SA,

11.00%,

(11.00%

Cash

or

11.00%

PIK),

09/30/26

(c)(d)(j)

1,144

722,755

Codere

New

Holdco

SA

7.50%,

11/30/27

(b)

................

156

8,040

7.50%,

11/30/27

.................

214

1,181

CPUK

Finance

Ltd.

(c)

3.59%,

08/28/25

.................

GBP

502

618,462

4.88%,

08/28/25

.................

619

762,379

4.50%,

08/28/27

.................

200

224,331

Elior

Group

SA,

3.75%,

07/15/26

(c)

......

EUR

1,228

1,248,934

Fertitta

Entertainment

LLC

(b)

4.63%,

01/15/29

.................

USD

930

843,854

6.75%,

01/15/30

.................

525

460,951

Food

Service

Project

SA,

5.50%,

01/21/27

(c)

EUR

1,061

1,167,461

GLP

Capital

LP

5.30%,

01/15/29

.................

USD

277

275,398

4.00%,

01/15/30

.................

196

178,846

3.25%,

01/15/32

.................

1,621

1,368,533

6.75%,

12/01/33

.................

915

987,130

Hilton

Domestic

Operating

Co.,

Inc.

5.75%,

05/01/28

(b)

................

1,387

1,387,526

3.75%,

05/01/29

(b)

................

172

159,466

4.88%,

01/15/30

.................

280

271,364

4.00%,

05/01/31

(b)

................

1,134

1,038,659

Hilton

Worldwide

Finance

LLC,

4.88%,

04/01/27

.....................

1,175

1,157,458

Inter

Media

&

Communication

SpA,

6.75%,

02/09/27

(c)

....................

EUR

1,573

1,668,209

International

Game

Technology

plc,

5.25%,

01/15/29

(b)

....................

USD

671

657,042

LHMC

Finco

2

SARL,

7.25%,

(7.25%

Cash

or

8.00%

PIK),

10/02/25

(c)(j)

...........

EUR

702

769,161

Life

Time,

Inc.,

8.00%,

04/15/26

(b)

.......

USD

809

816,356

Light

&

Wonder

International,

Inc.

(b)

7.25%,

11/15/29

.................

475

486,357

7.50%,

09/01/31

.................

1,067

1,112,941

Lindblad

Expeditions

Holdings,

Inc.,

9.00%,

05/15/28

(b)

....................

1,443

1,492,011

Lindblad

Expeditions

LLC,

6.75%,

02/15/27

(b)

2,752

2,738,240

Lottomatica

SpA

(c)

9.75%,

09/30/27

.................

EUR

669

798,734

(3-mo.

EURIBOR

+

4.13%),

8.10%,

06/01/28

(a)

...................

209

232,768

(3-mo.

EURIBOR

+

4.13%),

8.10%,

06/01/28

(a)

...................

959

1,068,057

(3-mo.

EURIBOR

+

4.00%),

7.93%,

12/15/30

(a)

...................

1,016

1,132,807

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(b)

USD

1,336

1,150,458

Melco

Resorts

Finance

Ltd.

(b)

4.88%,

06/06/25

.................

1,200

1,165,125

5.75%,

07/21/28

.................

400

368,250

5.38%,

12/04/29

.................

3,057

2,690,160

Merlin

Entertainments

Ltd.,

5.75%,

06/15/26

(b)

1,959

1,938,949

MGM

China

Holdings

Ltd.

(b)

5.38%,

05/15/24

.................

200

199,020

5.25%,

06/18/25

.................

400

391,500

5.88%,

05/15/26

.................

400

390,000

4.75%,

02/01/27

.................

440

417,450

Midco

GB

SASU,

7.75%,

(7.75%

Cash

or

8.50%

PIK),

11/01/27

(c)(j)

...........

EUR

150

162,446

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(b)

....................

USD

1,053

979,290

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

71

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Motion

Bondco

DAC,

6.63%,

11/15/27

(b)

...

USD

1,048

$

969,194

NCL

Corp.

Ltd.

(b)

5.88%,

03/15/26

.................

2,674

2,612,920

8.38%,

02/01/28

.................

987

1,045,129

8.13%,

01/15/29

.................

621

648,685

7.75%,

02/15/29

.................

342

344,071

NCL

Finance

Ltd.,

6.13%,

03/15/28

(b)

.....

1,086

1,039,554

Ontario

Gaming

GTA

LP,

8.00%,

08/01/30

(b)

.

831

856,969

Premier

Entertainment

Sub

LLC

(b)

5.63%,

09/01/29

.................

700

560,000

5.88%,

09/01/31

.................

888

692,640

Raising

Cane's

Restaurants

LLC,

9.38%,

05/01/29

(b)

....................

719

767,305

Raptor

Acquisition

Corp.,

4.88%,

11/01/26

(b)

.

1,501

1,430,692

Royal

Caribbean

Cruises

Ltd.

(b)

4.25%,

07/01/26

.................

700

676,112

5.50%,

08/31/26

.................

1,057

1,046,587

5.38%,

07/15/27

.................

668

661,267

5.50%,

04/01/28

.................

1,408

1,390,060

8.25%,

01/15/29

.................

1,461

1,547,857

7.25%,

01/15/30

.................

1,485

1,550,904

Scientific

Games

Holdings

LP,

6.63%,

03/01/30

(b)

....................

614

580,494

Six

Flags

Entertainment

Corp.,

7.25%,

05/15/31

(b)

....................

4,502

4,515,866

Station

Casinos

LLC

(b)

4.50%,

02/15/28

.................

933

879,659

4.63%,

12/01/31

.................

1,037

935,037

Stonegate

Pub

Co.

Financing

plc

(c)

8.00%,

07/13/25

.................

GBP

939

1,160,989

8.25%,

07/31/25

.................

260

323,124

Vail

Resorts,

Inc.,

6.25%,

05/15/25

(b)

.....

USD

848

843,760

Viking

Cruises

Ltd.

(b)

5.88%,

09/15/27

.................

1,156

1,115,540

7.00%,

02/15/29

.................

262

259,748

9.13%,

07/15/31

.................

3,512

3,742,376

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(b)

....................

1,040

1,014,000

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(b)

....................

1,844

1,724,417

Wynn

Las

Vegas

LLC,

5.25%,

05/15/27

(b)

..

2,243

2,182,671

Wynn

Macau

Ltd.

(b)

5.50%,

01/15/26

.................

410

398,725

5.63%,

08/26/28

.................

5,004

4,624,009

5.13%,

12/15/29

.................

200

177,125

Wynn

Resorts

Finance

LLC

(b)

5.13%,

10/01/29

.................

2,170

2,048,017

7.13%,

02/15/31

.................

1,976

2,057,850

Yum!

Brands,

Inc.,

4.75%,

01/15/30

(b)

.....

827

801,628

157,758,105

Household

Durables

—

0.1%

Ashton

Woods

USA

LLC

(b)

4.63%,

08/01/29

.................

764

679,389

4.63%,

04/01/30

.................

327

292,924

Brookfield

Residential

Properties,

Inc.

(b)

5.00%,

06/15/29

.................

1,588

1,409,584

4.88%,

02/15/30

.................

2,012

1,769,406

CD&R

Smokey

Buyer,

Inc.,

6.75%,

07/15/25

(b)

2,805

2,775,099

Dream

Finders

Homes,

Inc.,

8.25%,

08/15/28

(b)

594

627,745

KB

Home,

7.25%,

07/15/30

...........

516

534,118

LGI

Homes,

Inc.,

8.75%,

12/15/28

(b)

......

431

458,476

Mattamy

Group

Corp.,

4.63%,

03/01/30

(b)

..

1,303

1,207,562

SWF

Escrow

Issuer

Corp.,

6.50%,

10/01/29

(b)

840

603,750

Taylor

Morrison

Communities,

Inc.

(b)

5.88%,

06/15/27

.................

58

58,290

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

5.13%,

08/01/30

.................

USD

61

$

59,010

Tempur

Sealy

International,

Inc.

(b)

4.00%,

04/15/29

.................

1,507

1,361,109

3.88%,

10/15/31

.................

108

91,307

TRI

Pointe

Homes,

Inc.

5.25%,

06/01/27

.................

1,900

1,866,750

5.70%,

06/15/28

.................

343

338,284

14,132,803

Household

Products

—

0.0%

Central

Garden

&

Pet

Co.

5.13%,

02/01/28

.................

1,436

1,395,219

4.13%,

10/15/30

.................

1,140

1,036,872

Kimberly-Clark

de

Mexico

SAB

de

CV,

2.43%,

07/01/31

(b)

....................

1,221

1,043,574

Spectrum

Brands,

Inc.

(b)

5.00%,

10/01/29

.................

159

151,706

5.50%,

07/15/30

.................

446

432,785

4,060,156

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Corp.

(The)

1.38%,

01/15/26

.................

1,378

1,275,035

3.95%,

07/15/30

(b)

................

129

119,105

2.45%,

01/15/31

.................

449

377,178

Calpine

Corp.

(b)

5.13%,

03/15/28

.................

2,016

1,932,897

4.63%,

02/01/29

.................

200

185,765

5.00%,

02/01/31

.................

360

330,018

Clearway

Energy

Operating

LLC,

4.75%,

03/15/28

(b)

....................

2,183

2,103,133

Colbun

SA,

3.15%,

01/19/32

(b)

.........

2,609

2,233,141

Constellation

Energy

Generation

LLC

3.25%,

06/01/25

.................

47

45,648

5.60%,

03/01/28

.................

29

29,868

6.13%,

01/15/34

.................

78

83,467

NextEra

Energy

Partners

LP

(b)(m)

0.00%,

11/15/25

(o)

................

1,003

876,120

2.50%,

06/15/26

.................

1,003

898,688

Talen

Energy

Supply

LLC,

8.63%,

06/01/30

(b)

786

835,150

TransAlta

Corp.,

7.75%,

11/15/29

.......

824

875,158

12,200,371

Industrial

Conglomerates

—

0.2%

Alfa

SAB

de

CV,

6.88%,

03/25/44

(b)

......

753

746,176

Emerald

Debt

Merger

Sub

LLC

6.38%,

12/15/30

(c)

................

EUR

690

813,561

6.63%,

12/15/30

(b)

................

USD

14,501

14,810,886

GEMS

MENASA

Cayman

Ltd.

7.13%,

07/31/26

(c)

................

684

670,320

7.13%,

07/31/26

(b)

................

1,361

1,333,780

18,374,723

Insurance

—

0.9%

Acrisure

LLC,

6.00%,

08/01/29

(b)

........

924

839,589

Alliant

Holdings

Intermediate

LLC

(b)

4.25%,

10/15/27

.................

5,495

5,280,970

6.75%,

10/15/27

.................

10,853

10,814,635

6.75%,

04/15/28

.................

1,653

1,691,068

5.88%,

11/01/29

.................

8,177

7,747,646

7.00%,

01/15/31

.................

2,470

2,605,516

Allianz

SE

(a)(b)(k)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.97%),

3.50%

10,000

8,866,608

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.17%),

3.20%

3,800

2,999,332

Allstate

Corp.

(The),

3.28%,

12/15/26

....

555

535,196

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

72

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

AmWINS

Group,

Inc.,

4.88%,

06/30/29

(b)

...

USD

2,933

$

2,678,515

Aon

Corp.

2.85%,

05/28/27

.................

55

51,956

2.05%,

08/23/31

.................

143

116,813

2.60%,

12/02/31

.................

207

175,525

5.00%,

09/12/32

.................

45

44,935

5.35%,

02/28/33

.................

404

414,324

Ardonagh

Midco

2

plc,

11.50%,

(11.50%

Cash

or

12.75%

PIK),

01/15/27

(b)(j)

.........

406

399,859

Aviva

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.65%),

6.88%

(a)(c)(k)

GBP

3,375

3,909,607

BUPA

Finance

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.17%),

4.00%

(a)(c)(k)

...................

1,100

934,902

Galaxy

Bidco

Ltd.,

6.50%,

07/31/26

(c)

.....

1,988

2,445,314

GTCR

AP

Finance,

Inc.,

8.00%,

05/15/27

(b)

.

USD

1,990

2,010,006

HUB

International

Ltd.

(b)

7.00%,

05/01/26

.................

490

491,894

7.25%,

06/15/30

.................

9,133

9,646,549

Jones

Deslauriers

Insurance

Management,

Inc.

(b)

8.50%,

03/15/30

.................

2,301

2,416,349

10.50%,

12/15/30

................

1,955

2,060,378

Just

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.27%),

5.00%

(a)(c)(k)

...................

GBP

550

470,788

Legal

&

General

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.38%),

5.63%

(a)(c)(k)

..............

2,175

2,344,815

Liberty

Mutual

Group,

Inc.

(a)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.32%),

4.13%,

12/15/51

(b)

...................

USD

4,925

4,126,658

(5-Year

EUR

Swap

Annual

+

3.70%),

3.63%,

05/23/59

(c)

..............

EUR

4,434

4,766,570

Marsh

&

McLennan

Cos.,

Inc.,

5.40%,

09/15/33

USD

355

373,705

NFP

Corp.

(b)

4.88%,

08/15/28

.................

2,827

2,797,726

6.88%,

08/15/28

.................

8,603

8,745,816

7.50%,

10/01/30

.................

871

927,002

8.50%,

10/01/31

.................

963

1,043,796

Ryan

Specialty

LLC,

4.38%,

02/01/30

(b)

...

1,261

1,169,578

USI,

Inc.,

7.50%,

01/15/32

(b)

..........

2,280

2,334,264

98,278,204

Interactive

Media

&

Services

—

0.0%

Meta

Platforms,

Inc.

4.60%,

05/15/28

.................

667

676,729

4.95%,

05/15/33

.................

424

437,618

1,114,347

IT

Services

—

0.4%

Acuris

Finance

US,

Inc.,

5.00%,

05/01/28

(b)

.

3,600

2,934,000

Ahead

DB

Holdings

LLC,

6.63%,

05/01/28

(b)

994

866,022

Arches

Buyer,

Inc.,

4.25%,

06/01/28

(b)

....

1,306

1,182,759

Atos

SE

(c)

0.00%,

11/06/24

(m)(o)

..............

EUR

1,700

1,501,805

1.75%,

05/07/25

.................

1,100

922,732

2.50%,

11/07/28

.................

200

132,033

Banff

Merger

Sub,

Inc.,

8.38%,

09/01/26

(c)

..

1,068

1,153,597

Booz

Allen

Hamilton,

Inc.,

4.00%,

07/01/29

(b)

USD

1,172

1,098,337

CA

Magnum

Holdings,

5.38%,

10/31/26

(b)

..

4,407

4,098,510

Cablevision

Lightpath

LLC

(b)

3.88%,

09/15/27

.................

2,391

2,099,646

5.63%,

09/15/28

.................

1,358

1,070,253

Central

Parent

LLC,

8.00%,

06/15/29

(b)

....

2,334

2,436,136

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Engineering

-

Ingegneria

Informatica

-

SpA

11.13%,

05/15/28

(c)

...............

EUR

2,057

$

2,424,042

Gartner,

Inc.

(b)

4.50%,

07/01/28

.................

USD

530

502,614

3.75%,

10/01/30

.................

724

639,995

Global

Switch

Finance

BV,

1.38%,

10/07/30

(c)

EUR

1,583

1,576,083

GTCR

W-2

Merger

Sub

LLC

7.50%,

01/15/31

(b)

................

USD

6,659

7,036,714

8.50%,

01/15/31

(c)

................

GBP

282

388,207

ION

Trading

Technologies

SARL,

5.75%,

05/15/28

(b)

....................

USD

1,842

1,624,883

Newfold

Digital

Holdings

Group,

Inc.,

11.75%,

10/15/28

(b)

....................

609

655,132

Northwest

Fiber

LLC,

4.75%,

04/30/27

(b)

...

3,617

3,454,235

Presidio

Holdings,

Inc.,

4.88%,

02/01/27

(b)

..

281

275,464

Twilio,

Inc.

3.63%,

03/15/29

.................

2,491

2,272,506

3.88%,

03/15/31

.................

1,525

1,358,020

United

Group

BV

(c)

(3-mo.

EURIBOR

+

3.25%),

7.25%,

02/15/26

(a)

...................

EUR

501

551,292

4.00%,

11/15/27

.................

643

669,301

4.63%,

08/15/28

.................

142

148,139

43,072,457

Leisure

Products

—

0.0%

Acushnet

Co.,

7.38%,

10/15/28

(b)

.......

USD

441

460,091

Mattel,

Inc.

6.20%,

10/01/40

.................

875

846,363

5.45%,

11/01/41

.................

1,181

1,063,605

2,370,059

Life

Sciences

Tools

&

Services

—

0.1%

Charles

River

Laboratories

International,

Inc.

(b)

4.25%,

05/01/28

.................

157

149,443

4.00%,

03/15/31

.................

521

470,663

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

(b)

..

1,037

1,064,970

Star

Parent,

Inc.,

9.00%,

10/01/30

(b)

......

4,853

5,114,349

Thermo

Fisher

Scientific,

Inc.,

2.00%,

10/15/31

790

665,621

7,465,046

Machinery

—

0.4%

Amsted

Industries,

Inc.,

5.63%,

07/01/27

(b)

.

360

358,710

ATS

Corp.,

4.13%,

12/15/28

(b)

.........

814

748,657

Boels

Topholding

BV,

6.25%,

02/15/29

(c)

...

EUR

1,209

1,391,511

Chart

Industries,

Inc.

(b)

7.50%,

01/01/30

.................

USD

3,588

3,750,346

9.50%,

01/01/31

.................

703

763,578

Enpro,

Inc.,

5.75%,

10/15/26

..........

559

553,308

GrafTech

Global

Enterprises,

Inc.,

9.88%,

12/15/28

(b)

....................

707

545,274

Husky

III

Holding

Ltd.,

13.00%,

(13.00%

Cash

or

13.75%

PIK),

02/15/25

(b)(j)

.........

2,542

2,530,861

IMA

Industria

Macchine

Automatiche

SpA

(c)

3.75%,

01/15/28

.................

EUR

118

121,250

(3-mo.

EURIBOR

at

4.00%

Floor

+

4.00%),

7.97%,

01/15/28

(a)

..............

790

870,952

Loxam

SAS

(c)

6.38%,

05/15/28

.................

996

1,143,406

6.38%,

05/31/29

.................

1,413

1,614,477

Madison

IAQ

LLC,

5.88%,

06/30/29

(b)

.....

USD

3,533

3,112,869

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

(b)

533

485,562

Novafives

SAS,

5.00%,

06/15/25

(c)

......

EUR

742

804,681

OT

Merger

Corp.,

7.88%,

10/15/29

(b)

.....

USD

877

525,323

Otis

Worldwide

Corp.

2.29%,

04/05/27

.................

168

156,564

2.57%,

02/15/30

.................

174

154,723

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

73

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

Renk

AG,

5.75%,

07/15/25

(c)

..........

EUR

2,227

$

2,440,186

Terex

Corp.,

5.00%,

05/15/29

(b)

........

USD

1,025

966,063

Titan

Acquisition

Ltd.,

7.75%,

04/15/26

(b)

...

4,793

4,823,196

Titan

International,

Inc.,

7.00%,

04/30/28

..

371

371,156

TK

Elevator

Holdco

GmbH

6.63%,

07/15/28

(c)

................

EUR

810

822,724

7.63%,

07/15/28

(b)

................

USD

2,847

2,796,583

TK

Elevator

Midco

GmbH

4.38%,

07/15/27

(c)

................

EUR

1,648

1,758,909

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

(b)

USD

7,676

7,540,572

Wabash

National

Corp.,

4.50%,

10/15/28

(b)

.

2,282

2,059,086

43,210,527

Marine

Transportation

—

0.0%

Danaos

Corp.,

8.50%,

03/01/28

(b)

.......

1,991

2,020,865

Media

—

1.1%

Altice

Financing

SA

2.25%,

01/15/25

(c)

................

EUR

285

305,225

3.00%,

01/15/28

(c)

................

100

98,251

5.00%,

01/15/28

(b)

................

USD

2,630

2,383,994

4.25%,

08/15/29

(c)

................

EUR

1,312

1,282,543

5.75%,

08/15/29

(b)

................

USD

4,109

3,646,361

AMC

Networks,

Inc.,

4.75%,

08/01/25

....

1,332

1,297,116

Banijay

Entertainment

SASU

7.00%,

05/01/29

(c)

................

EUR

1,263

1,467,489

8.13%,

05/01/29

(b)

................

USD

465

478,734

Cable

One,

Inc.

0.00%,

03/15/26

(m)(o)

..............

665

564,253

4.00%,

11/15/30

(b)

................

3,562

2,883,931

Charter

Communications

Operating

LLC

6.15%,

11/10/26

.................

2,265

2,315,575

2.25%,

01/15/29

.................

1,640

1,422,975

2.80%,

04/01/31

.................

1,617

1,363,879

Clear

Channel

International

BV,

6.63%,

08/01/25

(b)

....................

2,119

2,129,218

Clear

Channel

Outdoor

Holdings,

Inc.

(b)

5.13%,

08/15/27

.................

1,539

1,469,109

7.75%,

04/15/28

.................

1,827

1,575,247

9.00%,

09/15/28

.................

8,300

8,660,760

7.50%,

06/01/29

.................

2,341

1,946,472

CMG

Media

Corp.,

8.88%,

12/15/27

(b)

....

1,674

1,327,700

Comcast

Corp.

4.15%,

10/15/28

.................

827

815,481

2.65%,

02/01/30

.................

562

505,926

1.50%,

02/15/31

.................

774

634,315

CSC

Holdings

LLC

(b)

5.50%,

04/15/27

.................

1,664

1,538,030

5.38%,

02/01/28

.................

400

353,333

11.25%,

05/15/28

................

10,519

10,838,357

6.50%,

02/01/29

.................

257

226,828

4.13%,

12/01/30

.................

821

624,576

4.50%,

11/15/31

.................

1,228

928,461

DirecTV

Financing

LLC,

5.88%,

08/15/27

(b)

.

2,486

2,335,788

DISH

DBS

Corp.

5.25%,

12/01/26

(b)

................

2,993

2,564,253

5.75%,

12/01/28

(b)

................

131

104,486

5.13%,

06/01/29

.................

1,478

761,746

DISH

Network

Corp.,

11.75%,

11/15/27

(b)

..

6,016

6,279,844

Eutelsat

SA,

1.50%,

10/13/28

(c)

........

EUR

2,400

1,987,110

GCI

LLC,

4.75%,

10/15/28

(b)

..........

USD

829

760,598

Gray

Television,

Inc.

(b)

5.88%,

07/15/26

.................

822

799,568

7.00%,

05/15/27

.................

526

499,963

Grupo

Televisa

SAB,

8.50%,

03/11/32

....

30

35,053

Security

Par

(000)

Par

(000)

Value

Media

(continued)

Hughes

Satellite

Systems

Corp.,

5.25%,

08/01/26

.....................

USD

585

$

514,784

Interpublic

Group

of

Cos.,

Inc.

(The),

2.40%,

03/01/31

.....................

661

558,477

Lamar

Media

Corp.,

4.00%,

02/15/30

.....

306

280,445

LCPR

Senior

Secured

Financing

DAC,

6.75%,

10/15/27

(b)

....................

3,009

2,947,195

Midcontinent

Communications,

5.38%,

08/15/27

(b)

....................

554

539,989

Nexstar

Media,

Inc.,

5.63%,

07/15/27

(b)

....

401

387,747

Outfront

Media

Capital

LLC

(b)

5.00%,

08/15/27

.................

1,551

1,499,192

4.25%,

01/15/29

.................

1,904

1,718,112

4.63%,

03/15/30

.................

493

439,507

7.38%,

02/15/31

.................

1,485

1,559,458

Paramount

Global,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.00%),

6.38%,

03/30/62

(a)

..........

5,523

4,970,700

Radiate

Holdco

LLC

(b)

4.50%,

09/15/26

.................

2,242

1,709,980

6.50%,

09/15/28

.................

3,422

1,676,727

SES

SA

(a)(c)(k)

(5-Year

EUR

Swap

Annual

+

5.40%),

5.63%

EUR

1,026

1,130,931

(5-Year

EUR

Swap

Annual

+

3.19%),

2.88%

560

561,129

Sinclair

Television

Group,

Inc.,

4.13%,

12/01/30

(b)

....................

USD

312

219,960

Sirius

XM

Radio,

Inc.

(b)

3.13%,

09/01/26

.................

3,506

3,294,483

5.00%,

08/01/27

.................

1,301

1,256,758

4.00%,

07/15/28

.................

495

457,797

Stagwell

Global

LLC,

5.63%,

08/15/29

(b)

...

1,577

1,450,473

Summer

BC

Holdco

B

SARL,

5.75%,

10/31/26

(c)

....................

EUR

1,519

1,605,018

Summer

BidCo

BV

(c)(j)

9.00%,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

(a)

...................

1,245

1,342,641

9.00%,

(9.00%

Cash

or

9.75%

PIK),

11/15/25

....................

1,620

1,751,271

TEGNA,

Inc.,

4.75%,

03/15/26

(b)

........

USD

261

253,860

Tele

Columbus

AG,

3.88%,

05/02/25

(c)

....

EUR

2,968

2,074,039

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(b)

...............

USD

1,000

935,000

United

Group

BV,

3.13%,

02/15/26

(c)

.....

EUR

381

402,670

Univision

Communications,

Inc.

(b)

8.00%,

08/15/28

.................

USD

2,817

2,906,074

7.38%,

06/30/30

.................

919

916,364

UPC

Broadband

Finco

BV,

4.88%,

07/15/31

(b)

3,401

2,993,254

Videotron

Ltd.,

3.63%,

06/15/29

(b)

.......

435

394,779

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%,

07/15/28

(c)

...............

GBP

1,652

1,934,864

Virgin

Media

Vendor

Financing

Notes

IV

DAC,

5.00%,

07/15/28

(b)

...............

USD

579

543,797

VZ

Secured

Financing

BV,

3.50%,

01/15/32

(c)

EUR

1,508

1,466,018

VZ

Vendor

Financing

II

BV,

2.88%,

01/15/29

(c)

596

576,532

Warnermedia

Holdings,

Inc.

5.14%,

03/15/52

.................

USD

2,083

1,787,955

5.39%,

03/15/62

.................

1,379

1,180,963

Ziggo

Bond

Co.

BV

(b)

6.00%,

01/15/27

.................

1,091

1,061,828

5.13%,

02/28/30

.................

1,334

1,115,711

Ziggo

BV

2.88%,

01/15/30

(c)

................

EUR

1,933

1,895,763

4.88%,

01/15/30

(b)

................

USD

924

824,195

124,348,988

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

74

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

—

0.5%

AngloGold

Ashanti

Holdings

plc,

3.75%,

10/01/30

.....................

USD

1,878

$

1,629,752

Antofagasta

plc,

2.38%,

10/14/30

(b)

......

1,540

1,258,469

Arsenal

AIC

Parent

LLC,

8.00%,

10/01/30

(b)

.

944

984,932

ATI,

Inc.

5.88%,

12/01/27

.................

1,108

1,091,877

4.88%,

10/01/29

.................

769

716,677

7.25%,

08/15/30

.................

1,905

1,981,946

5.13%,

10/01/31

.................

1,978

1,834,613

BHP

Billiton

Finance

USA

Ltd.

4.88%,

02/27/26

.................

27

27,133

5.25%,

09/08/30

.................

58

60,088

5.25%,

09/08/33

.................

94

97,480

Big

River

Steel

LLC,

6.63%,

01/31/29

(b)

...

6,023

6,140,930

Carpenter

Technology

Corp.

6.38%,

07/15/28

.................

226

225,152

7.63%,

03/15/30

.................

1,739

1,793,224

Constellium

SE

(b)

5.88%,

02/15/26

.................

503

499,874

5.63%,

06/15/28

.................

1,000

975,923

3.75%,

04/15/29

.................

3,544

3,215,686

CSN

Resources

SA,

8.88%,

12/05/30

(b)

...

2,711

2,813,747

ERO

Copper

Corp.,

6.50%,

02/15/30

(b)

....

1,690

1,491,020

First

Quantum

Minerals

Ltd.,

8.63%,

06/01/31

(b)

1,961

1,650,809

Freeport

Indonesia

PT,

4.76%,

04/14/27

(c)

..

1,366

1,345,660

Freeport-McMoRan,

Inc.,

5.40%,

11/14/34

..

97

97,637

Fresnillo

plc,

4.25%,

10/02/50

(b)

........

1,417

1,076,034

Glencore

Funding

LLC

(b)

5.70%,

05/08/33

.................

86

89,227

6.50%,

10/06/33

.................

1,623

1,769,424

Kaiser

Aluminum

Corp.,

4.50%,

06/01/31

(b)

.

4,890

4,215,314

Mineral

Resources

Ltd.,

9.25%,

10/01/28

(b)

.

160

170,203

New

Gold,

Inc.,

7.50%,

07/15/27

(b)

......

2,953

2,979,199

Newmont

Corp.,

2.25%,

10/01/30

.......

288

248,573

Novelis

Corp.

(b)

3.25%,

11/15/26

.................

3,046

2,867,500

4.75%,

01/30/30

.................

4,233

3,980,919

3.88%,

08/15/31

.................

3,301

2,908,954

POSCO

(b)

5.63%,

01/17/26

.................

1,032

1,040,431

5.75%,

01/17/28

.................

615

629,459

5.88%,

01/17/33

.................

299

312,285

Rio

Tinto

Finance

USA

plc,

5.00%,

03/09/33

457

474,592

Steel

Dynamics,

Inc.

5.00%,

12/15/26

.................

358

360,203

1.65%,

10/15/27

.................

601

534,822

3.25%,

01/15/31

.................

139

125,238

Teck

Resources

Ltd.

3.90%,

07/15/30

.................

800

742,380

5.20%,

03/01/42

.................

145

134,175

54,591,561

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

(b)

Ladder

Capital

Finance

Holdings

LLLP

5.25%,

10/01/25

.................

258

254,509

4.25%,

02/01/27

.................

1,275

1,201,333

4.75%,

06/15/29

.................

1,068

962,999

Starwood

Property

Trust,

Inc.,

4.38%,

01/15/27

403

379,800

2,798,641

Multi-Utilities

—

0.1%

Abu

Dhabi

National

Energy

Co.

PJSC,

4.70%,

04/24/33

(b)

....................

728

735,040

Berkshire

Hathaway

Energy

Co.,

1.65%,

05/15/31

.....................

668

535,706

Consumers

Energy

Co.,

4.90%,

02/15/29

..

1,725

1,755,116

Security

Par

(000)

Par

(000)

Value

Multi-Utilities

(continued)

Dominion

Energy,

Inc.,

Series

C,

2.25%,

08/15/31

.....................

USD

190

$

157,358

NiSource,

Inc.

5.25%,

03/30/28

.................

257

262,041

5.40%,

06/30/33

.................

547

564,000

San

Diego

Gas

&

Electric

Co.,

4.95%,

08/15/28

2,011

2,052,217

Sempra

5.40%,

08/01/26

.................

1,355

1,372,741

3.25%,

06/15/27

.................

475

450,191

3.70%,

04/01/29

.................

919

875,542

WEC

Energy

Group,

Inc.,

5.60%,

09/12/26

.

493

501,748

9,261,700

Office

REITs

—

0.0%

Alexandria

Real

Estate

Equities,

Inc.

4.50%,

07/30/29

.................

364

353,418

4.90%,

12/15/30

.................

775

775,926

3.38%,

08/15/31

.................

120

108,132

1.88%,

02/01/33

.................

948

737,987

Kilroy

Realty

LP,

3.05%,

02/15/30

.......

286

243,114

2,218,577

Oil,

Gas

&

Consumable

Fuels

—

1.8%

Aethon

United

BR

LP,

8.25%,

02/15/26

(b)

...

2,926

2,940,630

Antero

Midstream

Partners

LP

(b)

5.75%,

03/01/27

.................

1,634

1,621,315

5.75%,

01/15/28

.................

732

724,704

Apache

Corp.,

5.35%,

07/01/49

........

1,016

844,755

Ascent

Resources

Utica

Holdings

LLC

(b)

9.00%,

11/01/27

.................

2,298

2,895,480

8.25%,

12/31/28

.................

2,157

2,169,534

5.88%,

06/30/29

.................

3,487

3,244,142

Baytex

Energy

Corp.,

8.50%,

04/30/30

(b)

...

911

942,803

BP

Capital

Markets

America,

Inc.

3.54%,

04/06/27

.................

529

514,326

3.59%,

04/14/27

.................

834

808,558

4.23%,

11/06/28

.................

1,519

1,509,710

1.75%,

08/10/30

.................

805

681,676

Buckeye

Partners

LP

5.85%,

11/15/43

.................

645

522,515

5.60%,

10/15/44

.................

503

387,021

Callon

Petroleum

Co.

6.38%,

07/01/26

.................

1,286

1,279,894

8.00%,

08/01/28

(b)

................

3,024

3,088,330

7.50%,

06/15/30

(b)

................

3,507

3,536,883

Cenovus

Energy,

Inc.,

2.65%,

01/15/32

...

102

84,525

Cheniere

Corpus

Christi

Holdings

LLC

5.88%,

03/31/25

.................

92

92,196

5.13%,

06/30/27

.................

556

558,700

3.70%,

11/15/29

.................

326

307,898

Cheniere

Energy

Partners

LP

3.25%,

01/31/32

.................

1,221

1,040,331

5.95%,

06/30/33

(b)

................

112

114,995

Chesapeake

Energy

Corp.

(b)

5.88%,

02/01/29

.................

71

69,577

6.75%,

04/15/29

.................

716

722,661

CITGO

Petroleum

Corp.

(b)

7.00%,

06/15/25

.................

1,719

1,716,202

6.38%,

06/15/26

.................

636

633,900

8.38%,

01/15/29

.................

2,592

2,665,431

Civitas

Resources,

Inc.

(b)

8.38%,

07/01/28

.................

3,423

3,573,424

8.63%,

11/01/30

.................

2,094

2,221,152

8.75%,

07/01/31

.................

4,030

4,290,124

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(b)

1,102

989,577

CNX

Resources

Corp.,

7.38%,

01/15/31

(b)

..

520

523,609

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

75

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Comstock

Resources,

Inc.

(b)

6.75%,

03/01/29

.................

USD

2,693

$

2,462,768

5.88%,

01/15/30

.................

2,522

2,187,332

ConocoPhillips

Co.,

6.95%,

04/15/29

.....

814

906,789

Continuum

Energy

Levanter

Pte.

Ltd.,

4.50%,

02/09/27

(b)

....................

693

652,682

Coterra

Energy,

Inc.

3.90%,

05/15/27

.................

24

23,220

4.38%,

03/15/29

.................

49

47,547

CQP

Holdco

LP,

5.50%,

06/15/31

(b)

......

4,344

4,116,394

Crescent

Energy

Finance

LLC

(b)

7.25%,

05/01/26

.................

3,369

3,389,771

9.25%,

02/15/28

.................

3,674

3,812,032

CrownRock

LP,

5.00%,

05/01/29

(b)

......

147

143,325

Cullinan

Holdco

Scsp,

4.63%,

10/15/26

(c)

..

EUR

1,012

868,621

Devon

Energy

Corp.

4.50%,

01/15/30

.................

USD

226

216,987

7.88%,

09/30/31

.................

20

23,282

Diamond

Foreign

Asset

Co.,

8.50%,

10/01/30

(b)

1,126

1,151,450

Diamondback

Energy,

Inc.

3.50%,

12/01/29

.................

400

371,488

3.13%,

03/24/31

.................

1,292

1,148,360

6.25%,

03/15/33

.................

843

900,764

DT

Midstream,

Inc.

(b)

4.13%,

06/15/29

.................

1,516

1,394,695

4.38%,

06/15/31

.................

1,138

1,026,515

EIG

Pearl

Holdings

SARL

(b)

3.55%,

08/31/36

.................

2,394

2,080,536

4.39%,

11/30/46

.................

2,558

2,047,199

Enbridge

Energy

Partners

LP

5.88%,

10/15/25

.................

328

331,420

Series

B,

7.50%,

04/15/38

..........

84

97,632

Enbridge,

Inc.

5.90%,

11/15/26

.................

748

767,980

5.70%,

03/08/33

.................

1,529

1,589,238

Series

16-A,

(3-mo.

CME

Term

SOFR

+

4.15%),

6.00%,

01/15/77

(a)

........

12,370

11,742,650

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.43%),

8.50%,

01/15/84

(a)

...................

998

1,061,519

Energian

Israel

Finance

Ltd.,

8.50%,

09/30/33

(b)

(c)

.........................

1,177

1,118,051

Energy

Transfer

LP

6.10%,

12/01/28

.................

4,591

4,831,552

6.00%,

02/01/29

(b)

................

390

393,504

6.40%,

12/01/30

.................

1,513

1,617,698

7.38%,

02/01/31

(b)

................

715

751,419

6.55%,

12/01/33

.................

34

36,900

EnLink

Midstream

LLC

(b)

5.63%,

01/15/28

.................

2,689

2,658,567

6.50%,

09/01/30

.................

855

872,930

EnLink

Midstream

Partners

LP

4.85%,

07/15/26

.................

898

879,767

5.60%,

04/01/44

.................

1,065

926,894

EnQuest

plc,

11.63%,

11/01/27

(b)

.......

305

290,634

Enterprise

Products

Operating

LLC,

4.15%,

10/16/28

.....................

1,900

1,875,908

EOG

Resources,

Inc.,

4.38%,

04/15/30

...

91

90,632

EQM

Midstream

Partners

LP

4.13%,

12/01/26

.................

178

171,927

6.50%,

07/01/27

(b)

................

1,623

1,652,591

4.50%,

01/15/29

(b)

................

138

130,372

7.50%,

06/01/30

(b)

................

681

732,088

4.75%,

01/15/31

(b)

................

875

814,318

EQT

Corp.,

3.90%,

10/01/27

..........

309

295,604

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

FTAI

Infra

Escrow

Holdings

LLC,

10.50%,

06/01/27

(b)

....................

USD

544

$

564,314

Galaxy

Pipeline

Assets

Bidco

Ltd.,

2.94%,

09/30/40

(c)

....................

1,472

1,210,334

Genesis

Energy

LP

7.75%,

02/01/28

.................

344

345,199

8.25%,

01/15/29

.................

887

912,763

8.88%,

04/15/30

.................

641

662,793

GNL

Quintero

SA,

4.63%,

07/31/29

(c)

.....

1,267

1,237,568

Gulfport

Energy

Corp.,

8.00%,

05/17/26

(b)

..

333

336,108

Harbour

Energy

plc,

5.50%,

10/15/26

(b)

....

524

512,210

Harvest

Midstream

I

LP,

7.50%,

09/01/28

(b)

.

569

565,631

Hess

Corp.,

4.30%,

04/01/27

..........

3,508

3,470,833

Hess

Midstream

Operations

LP,

4.25%,

02/15/30

(b)

....................

1,086

999,120

Hilcorp

Energy

I

LP

(b)

6.25%,

11/01/28

.................

608

605,658

5.75%,

02/01/29

.................

1,517

1,464,960

8.38%,

11/01/33

.................

2,970

3,146,537

ITT

Holdings

LLC,

6.50%,

08/01/29

(b)

.....

2,707

2,394,720

KazMunayGas

National

Co.

JSC,

3.50%,

04/14/33

(b)

....................

941

781,324

Kinder

Morgan,

Inc.

4.30%,

06/01/25

.................

3,575

3,529,624

4.30%,

03/01/28

.................

243

239,592

Kinetik

Holdings

LP

(b)

6.63%,

12/15/28

.................

451

459,484

5.88%,

06/15/30

.................

1,162

1,139,982

Leviathan

Bond

Ltd.,

6.75%,

06/30/30

(b)(c)

..

463

422,627

Magnolia

Oil

&

Gas

Operating

LLC,

6.00%,

08/01/26

(b)

....................

268

261,300

Marathon

Oil

Corp.,

4.40%,

07/15/27

.....

175

170,677

Marathon

Petroleum

Corp.,

4.70%,

05/01/25

346

343,655

Matador

Resources

Co.

5.88%,

09/15/26

.................

1,590

1,576,800

6.88%,

04/15/28

(b)

................

1,710

1,734,480

Medco

Maple

Tree

Pte.

Ltd.,

8.96%,

04/27/29

(b)

778

792,588

MPLX

LP

4.88%,

06/01/25

.................

203

201,666

1.75%,

03/01/26

.................

431

403,172

4.95%,

09/01/32

.................

185

181,020

5.00%,

03/01/33

.................

919

900,247

Murphy

Oil

Corp.,

5.88%,

12/01/42

(d)

.....

150

132,527

Neptune

Energy

Bondco

plc,

6.63%,

05/15/25

(b)

1,284

1,272,425

New

Fortress

Energy,

Inc.,

6.75%,

09/15/25

(b)

2,648

2,626,872

NGL

Energy

Operating

LLC,

7.50%,

02/01/26

(b)

2,563

2,588,653

Northern

Oil

&

Gas,

Inc.

(b)

8.13%,

03/01/28

.................

4,485

4,541,063

8.75%,

06/15/31

.................

1,811

1,886,333

NuStar

Logistics

LP

5.75%,

10/01/25

.................

752

747,251

6.38%,

10/01/30

.................

47

47,083

Occidental

Petroleum

Corp.,

7.50%,

05/01/31

1,264

1,417,380

ONEOK,

Inc.,

6.05%,

09/01/33

.........

355

376,129

Ovintiv

,

Inc.

5.38%,

01/01/26

.................

706

706,013

5.65%,

05/15/28

.................

1,743

1,778,454

PBF

Holding

Co.

LLC,

7.88%,

09/15/30

(b)

..

952

969,517

Pioneer

Natural

Resources

Co.

1.13%,

01/15/26

.................

337

312,812

5.10%,

03/29/26

.................

233

234,698

1.90%,

08/15/30

.................

570

483,935

2.15%,

01/15/31

.................

347

294,793

Puma

International

Financing

SA,

5.00%,

01/24/26

(c)

....................

4,288

4,045,460

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

76

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Repsol

International

Finance

BV

(a)(c)(k)

(5-Year

EUR

Swap

Annual

+

4.00%),

3.75%

EUR

100

$

107,911

(5-Year

EUR

Swap

Annual

+

4.41%),

4.25%

1,416

1,524,020

Rockcliff

Energy

II

LLC,

5.50%,

10/15/29

(b)

.

USD

2,818

2,663,329

Rockies

Express

Pipeline

LLC,

4.95%,

07/15/29

(b)

....................

420

401,594

Sabine

Pass

Liquefaction

LLC

5.88%,

06/30/26

.................

1,196

1,217,523

4.50%,

05/15/30

.................

462

451,497

Sitio

Royalties

Operating

Partnership

LP,

7.88%,

11/01/28

(b)

...............

1,984

2,055,860

SM

Energy

Co.

6.75%,

09/15/26

.................

234

233,390

6.63%,

01/15/27

.................

245

243,614

6.50%,

07/15/28

.................

1,741

1,741,801

Southwestern

Energy

Co.,

5.38%,

02/01/29

.

1,240

1,210,108

Spectra

Energy

Partners

LP,

3.50%,

03/15/25

203

198,388

Sunoco

LP

5.88%,

03/15/28

.................

911

909,787

7.00%,

09/15/28

(b)

................

977

1,008,040

Tallgrass

Energy

Partners

LP

(b)

6.00%,

03/01/27

.................

482

471,338

5.50%,

01/15/28

.................

260

245,702

6.00%,

12/31/30

.................

655

608,850

6.00%,

09/01/31

.................

353

326,501

Targa

Resources

Corp.,

6.50%,

03/30/34

..

421

454,372

Var

Energi

ASA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.77%),

7.86%,

11/15/83

(a)(c)

....

EUR

529

621,090

Venture

Global

Calcasieu

Pass

LLC

(b)

3.88%,

08/15/29

.................

USD

3,721

3,376,062

4.13%,

08/15/31

.................

1,692

1,490,662

3.88%,

11/01/33

.................

1,176

996,599

Vermilion

Energy,

Inc.,

6.88%,

05/01/30

(b)

..

551

528,984

Viper

Energy,

Inc.,

7.38%,

11/01/31

(b)

.....

1,215

1,257,525

Vital

Energy,

Inc.

10.13%,

01/15/28

................

1,376

1,413,921

9.75%,

10/15/30

.................

1,639

1,699,104

Western

Midstream

Operating

LP

3.95%,

06/01/25

.................

1,324

1,290,900

6.35%,

01/15/29

.................

22

22,977

5.45%,

04/01/44

.................

1,263

1,143,399

5.30%,

03/01/48

.................

389

338,518

5.50%,

08/15/48

.................

856

763,385

5.25%,

02/01/50

(d)

................

1,741

1,560,912

Williams

Cos.,

Inc.

(The)

4.00%,

09/15/25

.................

185

181,572

5.40%,

03/02/26

.................

74

74,739

3.75%,

06/15/27

.................

998

961,912

5.30%,

08/15/28

.................

1,321

1,352,112

203,196,512

Paper

&

Forest

Products

—

0.0%

Ahlstrom

Holding

3

Oy,

3.63%,

02/04/28

(c)

..

EUR

1,100

1,095,946

Suzano

Austria

GmbH

2.50%,

09/15/28

.................

USD

156

136,451

Series

DM3N,

3.13%,

01/15/32

.......

2,435

2,011,919

3,244,316

Passenger

Airlines

—

0.2%

Air

Canada,

3.88%,

08/15/26

(b)

.........

1,462

1,396,780

Air

France-KLM

(c)

1.88%,

01/16/25

.................

EUR

500

537,016

8.13%,

05/31/28

.................

400

500,027

American

Airlines,

Inc.

(b)

5.75%,

04/20/29

.................

USD

2,726

2,657,599

8.50%,

05/15/29

.................

2,241

2,366,494

Security

Par

(000)

Par

(000)

Value

Passenger

Airlines

(continued)

Avianca

Midco

2

plc,

9.00%,

12/01/28

(b)

...

USD

3,031

$

2,652,300

Azul

Secured

Finance

LLP,

11.93%,

08/28/28

(b)

1,328

1,371,160

Deutsche

Lufthansa

AG

(c)

2.88%,

05/16/27

.................

EUR

200

212,087

3.50%,

07/14/29

.................

800

858,659

International

Consolidated

Airlines

Group

SA,

3.75%,

03/25/29

(c)

...............

600

640,843

Spirit

Loyalty

Cayman

Ltd.

8.00%,

09/20/25

(b)

................

USD

1,327

954,128

United

Airlines

Pass-Through

Trust

Series

2020-1,

Class

B,

4.88%,

01/15/26

237

229,682

Series

2020-1,

Class

A,

5.88%,

10/15/27

—

(p)

1

United

Airlines,

Inc.,

4.63%,

04/15/29

(b)

....

2,908

2,719,665

VistaJet

Malta

Finance

plc

(b)

7.88%,

05/01/27

.................

273

234,804

6.38%,

02/01/30

.................

2,393

1,671,203

19,002,448

Personal

Care

Products

—

0.0%

Coty,

Inc.

3.88%,

04/15/26

(c)

................

EUR

682

749,962

5.75%,

09/15/28

(c)

................

596

691,510

4.75%,

01/15/29

(b)

................

USD

141

134,487

6.63%,

07/15/30

(b)

................

1,331

1,367,350

2,943,309

Pharmaceuticals

—

0.5%

1375209

BC

Ltd.,

9.00%,

01/30/28

(b)

.....

1,163

1,134,041

Bayer

AG

(a)(c)

(5-Year

EUR

Swap

Annual

+

3.75%),

4.50%,

03/25/82

...............

EUR

2,000

2,097,505

Series

NC5,

(5-Year

EUR

Swap

Annual

+

3.43%),

6.63%,

09/25/83

.........

700

785,322

(5-Year

EUR

Swap

Annual

+

3.90%),

7.00%,

09/25/83

...............

900

1,024,604

Bayer

US

Finance

II

LLC,

4.25%,

12/15/25

(b)

USD

3,217

3,134,846

Bayer

US

Finance

LLC

(b)

6.13%,

11/21/26

.................

4,932

5,014,264

6.50%,

11/21/33

.................

2,335

2,413,027

Bristol-Myers

Squibb

Co.,

5.90%,

11/15/33

.

478

520,795

Catalent

Pharma

Solutions,

Inc.

5.00%,

07/15/27

(b)

................

2,554

2,467,604

2.38%,

03/01/28

(c)

................

EUR

1,715

1,644,782

3.13%,

02/15/29

(b)

................

USD

1,519

1,329,307

3.50%,

04/01/30

(b)

................

1,434

1,247,492

Cheplapharm

Arzneimittel

GmbH

4.38%,

01/15/28

(c)

................

EUR

692

743,071

5.50%,

01/15/28

(b)

................

USD

1,550

1,465,537

7.50%,

05/15/30

(c)

................

EUR

1,248

1,465,306

Gruenenthal

GmbH

(c)

3.63%,

11/15/26

.................

205

222,972

4.13%,

05/15/28

.................

835

910,076

6.75%,

05/15/30

.................

1,612

1,884,117

Jazz

Securities

DAC,

4.38%,

01/15/29

(b)

...

USD

1,600

1,490,264

Merck

&

Co.,

Inc.

2.15%,

12/10/31

.................

730

623,236

4.50%,

05/17/33

.................

527

530,895

Organon

&

Co.

2.88%,

04/30/28

(c)

................

EUR

982

994,319

4.13%,

04/30/28

(b)

................

USD

1,919

1,766,366

5.13%,

04/30/31

(b)

................

1,000

854,845

Pfizer

Investment

Enterprises

Pte.

Ltd.

4.65%,

05/19/30

.................

1,557

1,567,959

4.75%,

05/19/33

.................

1,798

1,802,036

Rossini

SARL,

6.75%,

10/30/25

(c)

.......

EUR

1,312

1,448,382

Royalty

Pharma

plc,

1.20%,

09/02/25

....

USD

839

782,806

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

77

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Takeda

Pharmaceutical

Co.

Ltd.,

5.00%,

11/26/28

.....................

USD

665

$

674,883

Teva

Pharmaceutical

Finance

Netherlands

II

BV

4.50%,

03/01/25

.................

EUR

191

210,650

3.75%,

05/09/27

.................

440

467,935

7.38%,

09/15/29

.................

2,901

3,497,867

4.38%,

05/09/30

.................

377

390,111

7.88%,

09/15/31

.................

524

654,180

Teva

Pharmaceutical

Finance

Netherlands

III

BV

7.13%,

01/31/25

.................

USD

400

401,780

3.15%,

10/01/26

.................

4,153

3,838,929

4.75%,

05/09/27

.................

736

705,979

6.75%,

03/01/28

.................

200

203,580

7.88%,

09/15/29

.................

1,799

1,930,471

8.13%,

09/15/31

.................

814

884,639

55,226,780

Professional

Services

—

0.1%

AMN

Healthcare,

Inc.,

4.00%,

04/15/29

(b)

..

696

627,732

CoreLogic,

Inc.,

4.50%,

05/01/28

(b)

......

5,199

4,554,376

Dun

&

Bradstreet

Corp.

(The),

5.00%,

12/15/29

(b)

....................

4,036

3,764,862

KBR,

Inc.,

4.75%,

09/30/28

(b)

..........

527

488,398

Korn

Ferry,

4.63%,

12/15/27

(b)

.........

1,665

1,604,533

La

Financiere

Atalian

SASU

(c)

5.13%,

05/15/25

.................

EUR

1,932

1,561,233

6.63%,

05/15/25

.................

GBP

150

139,558

Science

Applications

International

Corp.,

4.88%,

04/01/28

(b)

...............

USD

1,231

1,172,527

13,913,219

Real

Estate

Management

&

Development

—

0.2%

Adler

Financing

SARL,

12.50%,

(12.50%

Cash

or

12.50%

PIK),

06/30/25

(j)

..........

EUR

925

1,008,148

ADLER

Group

SA,

21.00%,

(21.00%

Cash

or

21.00%

PIK),

07/31/25

(j)(o)

..........

900

969,382

Anywhere

Real

Estate

Group

LLC

Series

AI,

7.00%,

04/15/30

..........

USD

2,332

2,150,547

7.00%,

04/15/30

(b)

................

484

446,357

Aroundtown

SA

(c)

(5-Year

GBP

Swap

+

4.38%),

4.75%

(a)(k)

.

GBP

329

181,792

(5-Year

EUR

Swap

Annual

+

3.98%),

3.38%

(a)(k)

....................

EUR

1,100

490,654

0.00%,

07/16/26

.................

400

369,865

0.38%,

04/15/27

.................

700

620,507

ATF

Netherlands

BV,

(5-Year

EUR

Swap

Annual

+

4.38%),

7.08%

(a)(c)(k)

........

2,000

949,397

BRANICKS

Group

AG,

2.25%,

09/22/26

(c)

..

900

339,885

Cushman

&

Wakefield

US

Borrower

LLC

(b)

6.75%,

05/15/28

.................

USD

2,667

2,653,665

8.88%,

09/01/31

.................

767

812,844

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

1.88%,

10/15/24

(c)

...............

EUR

1,600

1,057,633

Fantasia

Holdings

Group

Co.

Ltd.

(c)(f)(l)

15.00%,

12/18/21

................

USD

1,735

39,037

11.75%,

04/17/22

................

2,039

45,877

7.95%,

07/05/22

.................

1,650

37,125

12.25%,

10/18/22

................

3,269

73,553

10.88%,

01/09/23

................

1,345

30,263

11.88%,

06/01/23

................

1,500

33,750

9.25%,

07/28/23

.................

3,540

79,650

9.88%,

10/19/23

.................

2,640

59,400

Fastighets

AB

Balder

(c)

1.88%,

03/14/25

.................

EUR

373

393,239

1.13%,

01/29/27

.................

444

418,567

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

(5-Year

EUR

Swap

Annual

+

3.19%),

2.87%,

06/02/81

(a)

..............

EUR

397

$

329,797

Heimstaden

Bostad

AB

(c)

(5-Year

EUR

Swap

Annual

+

3.91%),

3.38%

(a)(k)

....................

400

181,048

1.13%,

01/21/26

.................

220

207,291

(5-Year

EUR

Swap

Annual

+

3.15%),

2.63%

(a)(k)

....................

1,725

638,897

Heimstaden

Bostad

Treasury

BV

0.63%,

07/24/25

(c)

................

216

211,081

1.38%,

03/03/27

.................

203

177,043

1.00%,

04/13/28

(c)

................

422

333,359

Howard

Hughes

Corp.

(The)

(b)

5.38%,

08/01/28

.................

USD

523

502,668

4.13%,

02/01/29

.................

1,028

916,678

4.38%,

02/01/31

.................

270

234,158

JGC

Ventures

Pte

.

Ltd.

(j)

3.00%,

(3.00%

Cash

or

3.00%

PIK),

06/30/25

....................

118

39,945

3.00%,

(3.00%

Cash

or

3.00%

PIK),

06/30/25

(c)(f)(l)

..................

1,502

164,713

MAF

Global

Securities

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.54%),

6.38%

(a)(c)(k)

.......

2,389

2,345,699

Modernland

Overseas

Pte.

Ltd.

(c)

5.00%,

(5.00%

Cash

or

3.00%

PIK),

04/30/27

(f)(j)(l)

..................

1,450

253,352

Series

2,

5.00%,

04/30/27

..........

83

7,873

SBB

Treasury

OYJ

(c)

0.75%,

12/14/28

.................

EUR

2,263

1,485,872

1.13%,

11/26/29

.................

560

362,516

Sunac

China

Holdings

Ltd.

(c)(j)

5.00%,

(5.00%

Cash

or

6.00%

PIK),

09/30/25

....................

USD

128

15,315

5.25%,

(5.25%

Cash

or

6.25%

PIK),

09/30/26

....................

128

13,082

5.50%,

(5.50%

Cash

or

6.50%

PIK),

09/30/27

....................

255

22,335

5.75%,

(5.75%

Cash

or

6.75%

PIK),

09/30/28

....................

383

29,673

6.00%,

(6.00%

Cash

or

7.00%

PIK),

09/30/29

....................

383

27,759

6.25%,

(6.25%

Cash

or

7.25%

PIK),

09/30/30

....................

180

12,140

1.00%,

(1.00%

Cash

or

2.00%

PIK),

09/30/32

(m)

...................

158

11,832

21,785,263

Residential

REITs

—

0.0%

AvalonBay

Communities,

Inc.,

5.00%,

02/15/33

928

943,731

Camden

Property

Trust

3.15%,

07/01/29

.................

25

23,031

2.80%,

05/15/30

.................

620

554,421

UDR,

Inc.

3.00%,

08/15/31

.................

98

86,573

2.10%,

08/01/32

.................

190

148,894

1,756,650

Retail

REITs

—

0.1%

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(b)

....................

1,671

1,503,900

Kimco

Realty

OP

LLC

4.60%,

02/01/33

.................

244

235,370

6.40%,

03/01/34

.................

1,151

1,262,007

Realty

Income

Corp.

4.70%,

12/15/28

.................

2,254

2,270,605

4.85%,

03/15/30

.................

231

232,013

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

78

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Retail

REITs

(continued)

3.25%,

01/15/31

.................

USD

520

$

472,452

5.63%,

10/13/32

.................

40

42,079

Regency

Centers

LP,

3.70%,

06/15/30

....

1,930

1,794,478

7,812,904

Semiconductors

&

Semiconductor

Equipment

—

0.3%

ams

-OSRAM

AG

(c)

0.00%,

03/05/25

(m)(o)

..............

EUR

1,000

1,021,500

2.13%,

11/03/27

(m)

................

900

781,183

10.50%,

03/30/29

................

962

1,152,004

Analog

Devices,

Inc.,

1.70%,

10/01/28

....

USD

375

332,563

Broadcom,

Inc.

3.15%,

11/15/25

.................

209

202,437

4.00%,

04/15/29

(b)

................

1,448

1,397,695

4.15%,

11/15/30

.................

262

250,257

Entegris

Escrow

Corp.,

4.75%,

04/15/29

(b)

..

11,502

11,081,186

Entegris,

Inc.,

4.38%,

04/15/28

(b)

.......

595

566,238

Intel

Corp.,

4.88%,

02/10/28

..........

850

864,177

KLA

Corp.,

4.10%,

03/15/29

..........

2,256

2,243,803

Lam

Research

Corp.,

4.00%,

03/15/29

....

90

88,801

NVIDIA

Corp.

1.55%,

06/15/28

.................

289

258,768

2.00%,

06/15/31

.................

203

173,996

NXP

BV

5.35%,

03/01/26

.................

735

738,469

2.50%,

05/11/31

.................

2,469

2,091,860

QUALCOMM,

Inc.,

3.25%,

05/20/27

.....

1,168

1,130,640

SK

Hynix,

Inc.,

6.50%,

01/17/33

(b)

.......

1,346

1,418,186

Synaptics,

Inc.,

4.00%,

06/15/29

(b)

.......

1,764

1,582,283

TSMC

Global

Ltd.,

1.25%,

04/23/26

(b)

.....

1,161

1,072,590

28,448,636

Software

—

0.9%

Alteryx,

Inc.,

8.75%,

03/15/28

(b)

........

1,418

1,509,281

Autodesk,

Inc.

3.50%,

06/15/27

.................

995

965,797

2.40%,

12/15/31

.................

1,155

988,198

Boxer

Parent

Co.,

Inc.

6.50%,

10/02/25

(c)

................

EUR

2,080

2,287,477

7.13%,

10/02/25

(b)

................

USD

1,612

1,620,640

9.13%,

03/01/26

(b)

................

5,258

5,246,446

Camelot

Finance

SA,

4.50%,

11/01/26

(b)

...

3,293

3,215,352

Capstone

Borrower,

Inc.,

8.00%,

06/15/30

(b)

.

1,840

1,914,262

Central

Parent,

Inc.,

7.25%,

06/15/29

(b)

....

3,949

4,027,421

Clarivate

Science

Holdings

Corp.

(b)

3.88%,

07/01/28

.................

4,662

4,395,773

4.88%,

07/01/29

.................

5,666

5,316,601

Cloud

Software

Group,

Inc.

(b)

6.50%,

03/31/29

.................

21,149

20,143,168

9.00%,

09/30/29

.................

8,562

8,137,778

Consensus

Cloud

Solutions,

Inc.

(b)

6.00%,

10/15/26

.................

937

890,946

6.50%,

10/15/28

.................

623

565,096

Crowdstrike

Holdings,

Inc.,

3.00%,

02/15/29

300

271,118

Elastic

NV,

4.13%,

07/15/29

(b)

.........

2,711

2,489,367

Fair

Isaac

Corp.,

4.00%,

06/15/28

(b)

......

2,076

1,964,644

Helios

Software

Holdings,

Inc.,

4.63%,

05/01/28

(b)

....................

648

591,145

McAfee

Corp.,

7.38%,

02/15/30

(b)

.......

4,705

4,296,848

MicroStrategy,

Inc.,

6.13%,

06/15/28

(b)

....

3,587

3,479,892

Open

Text

Corp.,

6.90%,

12/01/27

(b)

.....

4,397

4,571,345

Oracle

Corp.

6.15%,

11/09/29

.................

3,334

3,586,560

2.88%,

03/25/31

.................

27

23,918

3.90%,

05/15/35

.................

883

787,341

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Roper

Technologies,

Inc.

3.80%,

12/15/26

.................

USD

517

$

505,594

4.20%,

09/15/28

.................

787

773,230

Sabre

GLBL,

Inc.,

8.63%,

06/01/27

(b)

.....

2,368

2,154,925

SS&C

Technologies,

Inc.,

5.50%,

09/30/27

(b)

4,158

4,098,677

Veritas

US,

Inc.,

7.50%,

09/01/25

(b)

......

800

660,456

VMware

LLC

4.50%,

05/15/25

.................

207

204,921

4.65%,

05/15/27

.................

644

638,488

2.20%,

08/15/31

.................

1,438

1,191,545

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

(b)

4,965

4,503,230

98,017,480

Specialized

REITs

—

0.1%

American

Tower

Corp.

1.30%,

09/15/25

.................

212

198,354

4.40%,

02/15/26

.................

2,150

2,122,499

5.80%,

11/15/28

.................

773

803,005

2.30%,

09/15/31

.................

83

68,627

Crown

Castle,

Inc.

4.80%,

09/01/28

.................

41

40,454

2.50%,

07/15/31

.................

79

65,864

5.10%,

05/01/33

.................

26

25,737

Equinix,

Inc.

1.25%,

07/15/25

.................

1,338

1,258,652

1.00%,

09/15/25

.................

1,245

1,161,406

2.15%,

07/15/30

.................

159

134,709

2.50%,

05/15/31

.................

250

212,206

Iron

Mountain,

Inc.

(b)

7.00%,

02/15/29

.................

2,366

2,431,959

5.63%,

07/15/32

.................

635

601,136

SBA

Communications

Corp.

3.88%,

02/15/27

.................

2,245

2,155,905

3.13%,

02/01/29

.................

2,438

2,190,535

13,471,048

Specialty

Retail

—

0.2%

Arko

Corp.,

5.13%,

11/15/29

(b)

.........

805

696,530

Asbury

Automotive

Group,

Inc.

4.50%,

03/01/28

.................

320

303,920

4.75%,

03/01/30

.................

231

215,633

5.00%,

02/15/32

(b)

................

517

469,851

AutoZone,

Inc.

3.75%,

04/18/29

.................

29

27,688

1.65%,

01/15/31

.................

78

63,272

6.55%,

11/01/33

.................

83

92,211

Constellation

Automotive

Financing

plc,

4.88%,

07/15/27

(c)

....................

GBP

714

744,007

eG

Global

Finance

plc,

12.00%,

11/30/28

(b)

.

USD

1,782

1,897,883

Goldstory

SAS,

5.38%,

03/01/26

(c)

......

EUR

761

837,082

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(b)

..

USD

1,389

1,268,023

Home

Depot,

Inc.

(The),

1.88%,

09/15/31

..

648

542,115

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(b)

711

672,884

Lowe's

Cos.,

Inc.

3.65%,

04/05/29

.................

2,182

2,103,111

5.00%,

04/15/33

.................

1,343

1,371,575

5.15%,

07/01/33

.................

30

30,824

Murphy

Oil

USA,

Inc.,

4.75%,

09/15/29

....

1,353

1,281,968

Penske

Automotive

Group,

Inc.,

3.50%,

09/01/25

.....................

987

957,546

PetSmart,

Inc.,

7.75%,

02/15/29

(b)

.......

4,305

4,187,981

Specialty

Building

Products

Holdings

LLC,

6.38%,

09/30/26

(b)

...............

873

856,203

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(b)

..

7,830

7,579,532

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

79

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

White

Cap

Parent

LLC,

8.25%,

(8.25%

Cash

or

9.00%

PIK),

03/15/26

(b)(j)

...........

USD

1,766

$

1,757,793

27,957,632

Technology

Hardware,

Storage

&

Peripherals

—

0.1%

Dell

International

LLC

6.02%,

06/15/26

.................

446

456,530

6.10%,

07/15/27

.................

514

534,245

3.45%,

12/15/51

.................

69

49,870

Seagate

HDD

Cayman

(b)

8.25%,

12/15/29

.................

2,535

2,734,066

8.50%,

07/15/31

.................

2,537

2,753,416

6,528,127

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

Crocs,

Inc.

(b)

4.25%,

03/15/29

.................

1,677

1,502,146

4.13%,

08/15/31

.................

40

33,848

European

TopSoho

SARL,

Series

SMCP,

4.00%,

09/21/21

(c)(f)(l)(m)

............

EUR

1,300

618,935

Hanesbrands,

Inc.,

4.88%,

05/15/26

(b)

....

USD

750

723,460

Kontoor

Brands,

Inc.,

4.13%,

11/15/29

(b)

...

747

673,978

Tapestry,

Inc.

7.05%,

11/27/25

.................

901

920,826

7.00%,

11/27/26

.................

1,256

1,302,073

5,775,266

Tobacco

—

0.1%

Altria

Group,

Inc.

4.40%,

02/14/26

.................

466

461,643

6.20%,

11/01/28

.................

586

614,568

5.80%,

02/14/39

.................

414

421,697

BAT

Capital

Corp.

4.70%,

04/02/27

.................

2,045

2,024,158

3.46%,

09/06/29

.................

124

114,226

6.42%,

08/02/33

.................

726

759,608

BAT

International

Finance

plc,

5.93%,

02/02/29

1,212

1,259,287

Philip

Morris

International,

Inc.,

5.50%,

09/07/30

.....................

1,358

1,407,411

7,062,598

Trading

Companies

&

Distributors

—

0.4%

Air

Lease

Corp.

2.88%,

01/15/26

.................

1,449

1,380,408

1.88%,

08/15/26

.................

98

90,141

3.63%,

04/01/27

.................

441

417,031

Aircastle

Ltd.,

6.50%,

07/18/28

(b)

........

697

710,742

Aviation

Capital

Group

LLC

(b)

1.95%,

09/20/26

.................

1,471

1,334,728

3.50%,

11/01/27

.................

26

23,950

6.75%,

10/25/28

.................

2,446

2,553,454

Beacon

Roofing

Supply,

Inc.

(b)

4.13%,

05/15/29

.................

1,313

1,197,004

6.50%,

08/01/30

.................

1,568

1,603,236

Fortress

Transportation

&

Infrastructure

Investors

LLC

(b)

9.75%,

08/01/27

.................

2,116

2,200,640

5.50%,

05/01/28

.................

3,802

3,656,169

7.88%,

12/01/30

.................

3,561

3,709,778

Foundation

Building

Materials,

Inc.,

6.00%,

03/01/29

(b)

....................

548

492,723

GATX

Corp.,

3.25%,

03/30/25

.........

1,733

1,686,804

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

(b)

....................

326

296,437

Herc

Holdings,

Inc.,

5.50%,

07/15/27

(b)

....

2,574

2,541,354

Imola

Merger

Corp.,

4.75%,

05/15/29

(b)

....

2,102

1,997,118

SRS

Distribution,

Inc.

(b)

4.63%,

07/01/28

.................

3,500

3,320,436

Security

Par

(000)

Par

(000)

Value

Trading

Companies

&

Distributors

(continued)

6.13%,

07/01/29

.................

USD

2,677

$

2,537,876

6.00%,

12/01/29

.................

3,490

3,254,099

United

Rentals

North

America,

Inc.,

6.00%,

12/15/29

(b)

....................

8,207

8,332,305

WESCO

Distribution,

Inc.

(b)

7.13%,

06/15/25

.................

1,308

1,317,551

7.25%,

06/15/28

.................

2,908

2,988,915

47,642,899

Transportation

Infrastructure

—

0.0%

(c)

Abertis

Infraestructuras

Finance

BV

(a)(k)

(5-Year

EUR

Swap

Annual

+

3.69%),

3.25%

EUR

600

634,097

(5-Year

EUR

Swap

Annual

+

3.69%),

3.25%

2,100

2,219,341

Mundys

SpA

1.63%,

02/03/25

.................

134

143,529

1.88%,

02/12/28

.................

809

817,236

3,814,203

Wireless

Telecommunication

Services

—

0.5%

America

Movil

SAB

de

CV

3.63%,

04/22/29

.................

USD

1,285

1,210,711

2.88%,

05/07/30

.................

452

401,602

Cellnex

Finance

Co.

SA

(c)

1.00%,

09/15/27

.................

EUR

200

202,067

1.50%,

06/08/28

.................

1,600

1,617,999

2.00%,

09/15/32

.................

1,300

1,227,092

2.00%,

02/15/33

.................

1,800

1,691,766

Connect

Finco

SARL,

6.75%,

10/01/26

(b)

...

USD

5,375

5,342,803

Kenbourne

Invest

SA,

4.70%,

01/22/28

(c)

..

787

415,142

Liberty

Costa

Rica

Senior

Secured

Finance,

10.88%,

01/15/31

(b)

..............

882

904,465

Millicom

International

Cellular

SA

(b)

5.13%,

01/15/28

.................

1,120

1,041,284

4.50%,

04/27/31

.................

1,727

1,433,289

Rogers

Communications,

Inc.,

3.80%,

03/15/32

4,313

3,968,923

SoftBank

Group

Corp.

(c)

2.13%,

07/06/24

.................

EUR

1,370

1,482,163

4.50%,

04/20/25

.................

553

605,537

4.75%,

07/30/25

.................

1,083

1,199,676

3.13%,

09/19/25

.................

1,130

1,203,698

5.00%,

04/15/28

.................

247

269,229

4.00%,

09/19/29

.................

1,549

1,557,074

3.88%,

07/06/32

.................

1,445

1,360,473

Telefonica

Europe

BV

(a)(c)(k)

(8-Year

EUR

Swap

Annual

+

2.97%),

3.88%

1,600

1,707,661

(6-Year

EUR

Swap

Annual

+

4.32%),

7.13%

900

1,071,559

(7-Year

EUR

Swap

Annual

+

3.35%),

6.14%

3,300

3,743,218

(8-Year

EUR

Swap

Annual

+

3.62%),

6.75%

300

353,255

T-Mobile

USA,

Inc.

2.25%,

02/15/26

.................

USD

1,751

1,659,213

4.80%,

07/15/28

.................

3,449

3,477,855

2.40%,

03/15/29

.................

58

52,052

3.88%,

04/15/30

.................

70

66,381

2.55%,

02/15/31

.................

199

171,402

2.25%,

11/15/31

.................

867

721,864

Vmed

O2

UK

Financing

I

plc

4.00%,

01/31/29

(c)

................

GBP

1,259

1,418,228

4.25%,

01/31/31

(b)

................

USD

493

430,509

4.50%,

07/15/31

(c)

................

GBP

2,642

2,904,200

4.75%,

07/15/31

(b)

................

USD

1,166

1,040,779

Vodafone

Group

plc

4.13%,

05/30/25

.................

49

48,338

4.38%,

05/30/28

.................

55

54,856

7.88%,

02/15/30

.................

99

113,554

6.25%,

11/30/32

.................

67

72,735

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

80

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

(5-Year

EUR

Swap

Annual

+

3.43%),

4.20%,

10/03/78

(a)(c)

.............

EUR

439

$

471,985

(5-Year

GBP

Swap

+

3.27%),

4.88%,

10/03/78

(a)(c)

..................

GBP

2,384

2,951,751

(5-Year

EUR

Swap

Annual

+

3.00%),

2.63%,

08/27/80

(a)(c)

.............

EUR

785

823,000

(5-Year

EUR

Swap

Annual

+

3.49%),

6.50%,

08/30/84

(a)(c)

.............

1,614

1,903,959

52,393,347

Total

Corporate

Bonds

—

26.7%

(Cost:

$3,113,903,547)

...........................

3,060,358,133

Equity-Linked

Notes

Aerospace

&

Defense

—

0.1%

Barclays

Bank

plc

(L3Harris

Technologies,

Inc.),

15.26%, 01/25/24

.............

USD

38

7,343,189

SGA

Societe

Generale

Acceptance

NV

(RTX

Corp.),

12.84%, 01/05/24

...........

78

6,579,762

13,922,951

Automobile

Components

—

0.0%

BMO

Capital

Markets

Corp.

(

Aptiv

plc),

21.48%, 01/29/24

................

19

1,591,138

Mizuho

Markets

Cayman

LP

(Lear

Corp.),

26.22%, 02/08/24

................

19

2,536,056

4,127,194

Automobiles

—

0.1%

BNP

Paribas

SA

(General

Motors

Co.),

17.24%, 01/31/24

(b)

...............

120

4,105,978

Goldman

Sachs

International

(General

Motors

Co.),

28.07%, 01/19/24

.............

109

3,142,655

7,248,633

Banks

—

0.7%

Barclays

Bank

plc

(Citizens

Financial

Group,

Inc.),

20.33%, 02/23/24

.............

48

1,600,003

BMO

Capital

Markets

Corp.

(Citigroup,

Inc.),

17.08%, 02/05/24

................

147

7,300,947

BNP

Paribas

SA

(First

Horizon

Corp.),

28.42%, 01/18/24

(b)

...............

267

3,520,355

Citigroup,

Inc.

(Wells

Fargo

&

Co.),

19.97%, 02/23/24

................

158

7,809,716

HSBC

Bank

plc

(Banco

Santander

SA),

18.60%, 02/01/24

................

EUR

65

6,183,866

JPMorgan

Structured

Products

BV

(Citigroup,

Inc.),

12.78%, 01/12/24

.............

USD

101

4,709,489

JPMorgan

Structured

Products

BV

(Wells

Fargo

&

Co.),

10.96%, 01/12/24

.......

183

8,253,887

Nomura

Holdings,

Inc.

(Bank

of

America

Corp.),

17.99%, 01/12/24

................

222

7,014,674

Royal

Bank

of

Canada

(

Bawag

Group

AG),

13.36%, 01/08/24

(b)

...............

33

3,349,303

Royal

Bank

of

Canada

(Fifth

Third

Bancorp),

24.69%, 01/19/24

(b)

...............

131

4,203,539

Royal

Bank

of

Canada

(First

Citizens

BancShares

,

Inc.),

22.17%, 02/05/24

(b)

..

4

4,983,145

UBS

AG

(JPMorgan

Chase

&

Co.),

9.35%, 01/12/24

.................

110

17,601,979

76,530,903

Beverages

—

0.4%

Barclays

Bank

plc

(Molson

Coors

Beverage

Co.),

11.56%, 02/21/24

.............

116

6,911,315

BNP

Paribas

SA

(Monster

Beverage

Corp.),

10.11%, 02/28/24

(b)

...............

79

4,514,087

Security

Par

(000)

Par

(000)

Value

Beverages

(continued)

Royal

Bank

of

Canada

(Anheuser-Busch

InBev

SA),

9.14%, 01/10/24

..............

EUR

185

$

11,876,455

Royal

Bank

of

Canada

(PepsiCo,

Inc.),

5.31%, 02/09/24

(b)

................

USD

44

7,404,880

SGA

Societe

Generale

Acceptance

NV

(Coca-

Cola

Co.

(The)),

5.54%, 02/14/24

......

251

14,700,433

45,407,170

Broadline

Retail

—

0.4%

BNP

Paribas

SA

(

Etsy

,

Inc.),

23.16%, 02/22/24

(b)

...............

44

3,019,260

BNP

Paribas

SA

(

MercadoLibre

,

Inc.),

22.13%, 02/22/24

(b)

...............

3

4,439,668

Citigroup,

Inc.

(Amazon.com,

Inc.),

18.18%, 02/02/24

................

216

29,463,687

Mizuho

Markets

Cayman

LP

(Macy's,

Inc.),

32.37%, 01/11/24

................

212

3,104,394

40,027,009

Building

Products

—

0.0%

Barclays

Bank

plc

(Allegion

plc),

12.94%, 01/19/24

................

17

1,930,614

Royal

Bank

of

Canada

(

Cie

de

Saint-Gobain

SA),

14.10%, 01/10/24

(b)

............

EUR

57

3,668,246

5,598,860

Capital

Markets

—

0.4%

Barclays

Bank

plc

(Intercontinental

Exchange,

Inc.),

9.54%, 02/02/24

.............

USD

42

4,655,707

Barclays

Bank

plc

(LPL

Financial

Holdings,

Inc.),

18.38%, 02/02/24

.............

10

2,249,481

Barclays

Bank

plc

(Morgan

Stanley),

12.93%, 01/17/24

................

70

5,876,094

BMO

Capital

Markets

Corp.

(Raymond

James

Financial,

Inc.),

20.20%, 02/23/24

......

30

3,384,219

BNP

Paribas

SA

(Brookfield

Corp.),

8.04%, 01/22/24

(b)

................

EUR

11

738,941

BNP

Paribas

SA

(Carlyle

Group,

Inc.

(The)),

16.62%, 01/29/24

(b)

...............

USD

142

5,339,280

JPMorgan

Structured

Products

BV

(Goldman

Sachs

Group,

Inc.

(The)),

14.63%, 01/16/24

5

1,707,536

Mizuho

Markets

Cayman

LP

(Charles

Schwab

Corp.

(The)),

22.75%, 02/08/24

.......

95

5,954,384

Nomura

Holdings,

Inc.

(

Cboe

Global

Markets,

Inc.),

7.19%, 01/08/24

.............

32

5,799,827

Nomura

Holdings,

Inc.

(Goldman

Sachs

Group,

Inc.

(The)),

8.43%, 01/17/24

.........

13

4,682,687

UBS

AG

(CME

Group,

Inc.),

19.90%, 02/08/24

16

3,402,626

UBS

AG

(Moody's

Corp.),

8.20%, 01/31/24

.

11

4,052,763

47,843,545

Chemicals

—

0.2%

Citigroup,

Inc.

(LyondellBasell

Industries

NV),

17.16%, 02/02/24

................

24

2,282,882

JPMorgan

Structured

Products

BV

(Axalta

Coating

Systems

Ltd.),

10.46%, 01/25/24

109

3,522,799

JPMorgan

Structured

Products

BV

(Dow,

Inc.),

9.45%, 01/25/24

.................

66

3,522,008

JPMorgan

Structured

Products

BV

(International

Flavors

&

Fragrances,

Inc.),

21.47%, 01/16/24

................

37

2,765,723

JPMorgan

Structured

Products

BV

(PPG

Industries,

Inc.),

9.60%, 01/19/24

......

17

2,334,069

Royal

Bank

of

Canada

(Ecolab,

Inc.),

12.38%, 02/14/24

(b)

...............

27

4,713,402

Royal

Bank

of

Canada

(PPG

Industries,

Inc.),

7.90%, 01/19/24

(b)

................

55

8,116,878

27,257,761

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

81

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

—

0.0%

Barclays

Bank

plc

(Republic

Services,

Inc.),

9.61%, 02/15/24

.................

USD

26

$

4,023,895

Communications

Equipment

—

0.2%

BNP

Paribas

SA

(Nokia

Oyj

),

21.92%, 01/29/24

(b)

...............

407

1,321,049

Citigroup,

Inc.

(Arista

Networks,

Inc.),

19.45%, 02/13/24

................

28

5,916,932

Mizuho

Markets

Cayman

LP

(Cisco

Systems,

Inc.),

18.12%, 02/08/24

.............

90

4,382,193

Royal

Bank

of

Canada

(

Ciena

Corp.),

16.50%, 02/09/24

(b)

...............

97

4,423,864

UBS

AG

(Juniper

Networks,

Inc.),

13.90%, 01/31/24

................

103

2,915,791

18,959,829

Construction

&

Engineering

—

0.1%

Citigroup,

Inc.

(Vinci

SA),

19.25%, 02/09/24

.

34

4,556,122

Nomura

Holdings,

Inc.

(Vinci

SA),

28.73%, 02/15/24

................

46

6,084,013

10,640,135

Construction

Materials

—

0.1%

JPMorgan

Structured

Products

BV

(Martin

Marietta

Materials,

Inc.),

14.12%, 02/15/24

11

5,234,194

Nomura

Holdings,

Inc.

(Vulcan

Materials

Co.),

9.92%, 02/16/24

.................

20

4,598,381

9,832,575

Consumer

Finance

—

0.1%

Citigroup,

Inc.

(Capital

One

Financial

Corp.),

20.08%, 01/24/24

................

23

2,377,722

Nomura

Holdings,

Inc.

(Ally

Financial,

Inc.),

21.85%, 01/19/24

................

237

7,110,239

Royal

Bank

of

Canada

(American

Express

Co.),

11.75%, 01/26/24

(b)

...............

39

6,985,880

16,473,841

Consumer

Staples

Distribution

&

Retail

—

0.3%

Citigroup,

Inc.

(Performance

Food

Group

Co.),

15.28%, 01/09/24

................

46

2,922,837

Citigroup,

Inc.

(Target

Corp.),

14.25%, 01/11/24

87

11,818,808

Citigroup,

Inc.

(US

Foods

Holding

Corp.),

12.50%, 01/09/24

................

66

2,919,843

JPMorgan

Structured

Products

BV

(Tesco

plc),

7.84%, 01/10/24

.................

GBP

970

3,565,365

Royal

Bank

of

Canada

(Kroger

Co.

(The)),

10.23%, 02/29/24

(b)

...............

USD

76

3,458,163

Royal

Bank

of

Canada

(Sysco

Corp.),

12.79%, 01/31/24

(b)

...............

66

4,646,630

29,331,646

Containers

&

Packaging

—

0.1%

Barclays

Bank

plc

(Sealed

Air

Corp.),

19.86%, 02/23/24

................

136

4,955,112

UBS

AG

(International

Paper

Co.),

16.80%, 01/31/24

................

83

2,880,613

7,835,725

Distributors

—

0.0%

Nomura

Holdings,

Inc.

(Genuine

Parts

Co.),

12.92%, 01/05/24

................

29

4,038,836

Diversified

Telecommunication

Services

—

0.2%

Barclays

Bank

plc

(Verizon

Communications,

Inc.),

19.53%, 02/23/24

.............

178

6,673,427

Nomura

Holdings,

Inc.

(AT&T,

Inc.),

19.93%, 01/11/24

................

155

2,499,891

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Royal

Bank

of

Canada

(AT&T,

Inc.),

19.05%, 01/25/24

(b)

...............

USD

682

$

11,324,161

20,497,479

Electric

Utilities

—

0.2%

Barclays

Bank

plc

(NextEra

Energy,

Inc.),

17.46%, 01/25/24

................

16

943,099

Barclays

Bank

plc

(PG&E

Corp.),

16.29%, 01/25/24

................

141

2,517,213

JPMorgan

Structured

Products

BV

(NextEra

Energy,

Inc.),

18.25%, 01/25/24

.......

175

10,398,295

Mizuho

Markets

Cayman

LP

(American

Electric

Power

Co.,

Inc.)

18.32%,

02/08/24

................

44

3,511,433

15.12%,

02/23/24

................

56

4,497,068

Nomura

Holdings,

Inc.

(Exelon

Corp.),

15.06%, 01/11/24

................

78

2,826,291

24,693,399

Electrical

Equipment

—

0.1%

Barclays

Bank

plc

(Eaton

Corp.

plc),

13.16%, 02/08/24

................

27

5,848,015

SGA

Societe

Generale

Acceptance

NV

(Schneider

Electric

SE),

19.21%, 02/05/24

98

3,010,469

8,858,484

Electronic

Equipment,

Instruments

&

Components

—

0.2%

BMO

Capital

Markets

Corp.

(Zebra

Technologies

Corp.),

20.31%, 01/16/24

..

8

1,778,330

Citigroup,

Inc.

(Flex

Ltd.),

12.16%, 01/25/24

.

477

13,158,629

Royal

Bank

of

Canada

(Flex

Ltd.),

11.28%, 01/08/24

(b)

...............

110

2,990,521

17,927,480

Energy

Equipment

&

Services

—

0.1%

Citigroup,

Inc.

(Baker

Hughes

Co.),

18.01%, 01/23/24

................

110

3,796,804

Royal

Bank

of

Canada

(Schlumberger

NV),

19.88%, 01/19/24

(b)

...............

43

2,240,726

6,037,530

Entertainment

—

0.2%

Barclays

Bank

plc

(Walt

Disney

Co.

(The)),

9.70%, 01/08/24

.................

63

5,681,275

JPMorgan

Structured

Products

BV

(Netflix,

Inc.),

13.21%, 01/19/24

.............

30

14,085,860

Mizuho

Markets

Cayman

LP

(Live

Nation

Entertainment,

Inc.),

16.53%, 02/23/24

..

39

3,472,894

23,240,029

Financial

Services

—

0.3%

BNP

Paribas

SA

(Block,

Inc.),

22.98%, 02/23/24

(b)

...............

68

3,749,508

BNP

Paribas

SA

(

Fidelity

National

Information

Services,

Inc.),

19.53%, 01/09/24

......

65

3,566,461

BNP

Paribas

SA

(

Fiserv

,

Inc.),

5.67%, 02/07/24

(b)

................

122

16,061,340

Mizuho

Markets

Cayman

LP

(Fidelity

National

Information

Services,

Inc.),

24.42%, 01/05/24

(b)

...............

93

4,900,370

Mizuho

Markets

Cayman

LP

(Visa,

Inc.),

13.55%, 01/25/24

................

13

3,327,753

Nomura

Holdings,

Inc.

(Equitable

Holdings,

Inc.),

17.52%, 01/29/24

.............

109

3,553,799

35,159,231

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

82

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Food

Products

—

0.2%

BNP

Paribas

SA

(

Conagra

Brands,

Inc.),

10.27%, 01/05/24

(b)

...............

USD

142

$

4,049,174

BNP

Paribas

SA

(Mondelez

International,

Inc.),

9.03%, 01/31/24

.................

81

5,741,289

Goldman

Sachs

International

(Kraft

Heinz

Co.

(The)),

14.47%, 01/25/24

...........

209

7,307,137

JPMorgan

Structured

Products

BV

(Kraft

Heinz

Co.

(The)),

12.17%, 02/15/24

.........

153

5,254,835

22,352,435

Ground

Transportation

—

0.1%

JPMorgan

Structured

Products

BV

(Union

Pacific

Corp.),

11.26%, 01/16/24

......

8

1,659,059

Mizuho

Markets

Cayman

LP

(Ryder

System,

Inc.),

13.13%, 02/14/24

.............

32

3,495,581

Royal

Bank

of

Canada

(CSX

Corp.),

8.39%, 01/25/24

(b)

................

136

4,646,607

Royal

Bank

of

Canada

(Uber

Technologies,

Inc.),

16.01%, 01/08/24

(b)

...........

57

3,095,998

12,897,245

Health

Care

Equipment

&

Supplies

—

0.4%

Barclays

Bank

plc

(Stryker

Corp.),

11.85%, 01/31/24

................

16

4,666,925

Barclays

Bank

plc

(Zimmer

Biomet

Holdings,

Inc.),

13.73%, 01/19/24

.............

50

5,769,132

BNP

Paribas

SA

(Baxter

International,

Inc.),

16.85%, 01/29/24

(b)

...............

150

5,653,855

Citigroup,

Inc.

(Boston

Scientific

Corp.),

12.41%, 02/01/24

................

143

7,515,857

Citigroup,

Inc.

(Dexcom,

Inc.),

25.45%, 02/09/24

................

49

4,818,484

HSBC

Bank

plc

(

Koninklijke

Philips

NV),

22.90%, 02/01/24

................

EUR

125

2,737,534

JPMorgan

Structured

Products

BV

(Medtronic

plc),

16.94%, 01/19/24

.............

USD

77

6,026,443

Nomura

Holdings,

Inc.

(Boston

Scientific

Corp.),

8.30%, 02/02/24

............

186

10,598,039

47,786,269

Health

Care

Providers

&

Services

—

1.0%

Barclays

Bank

plc

(Cigna

Group

(The)),

11.38%, 02/02/24

................

21

6,362,204

Barclays

Bank

plc

(CVS

Health

Corp.),

16.33%, 02/08/24

................

106

7,625,207

BMO

Capital

Markets

Corp.

(

Amplifon

SpA

),

8.92%, 01/25/24

.................

6

2,335,893

BMO

Capital

Markets

Corp.

(Cardinal

Health,

Inc.),

12.96%, 01/29/24

.............

51

5,198,004

BMO

Capital

Markets

Corp.

(Humana,

Inc.),

12.34%, 01/11/24

................

2

1,103,372

BNP

Paribas

SA

(

Elevance

Health,

Inc.),

11.80%, 01/25/24

(b)

...............

48

22,612,189

Citigroup,

Inc.

(Laboratory

Corp.

of

America

Holdings),

11.64%, 02/16/24

.........

19

4,036,749

JPMorgan

Structured

Products

BV

(

Elevance

Health,

Inc.),

12.40%, 01/19/24

.......

11

5,174,372

JPMorgan

Structured

Products

BV

(UnitedHealth

Group,

Inc.),

7.41%, 01/12/24

73

38,358,813

Mizuho

Markets

Cayman

LP

(McKesson

Corp.),

10.00%, 02/01/24

................

12

5,627,292

Nomura

Holdings,

Inc.

(Cigna

Group

(The)),

13.58%, 01/11/24

................

19

5,744,424

Nomura

Holdings,

Inc.

(Laboratory

Corp.

of

America

Holdings),

11.08%, 01/11/24

...

25

5,371,329

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Royal

Bank

of

Canada

(Humana,

Inc.),

12.49%, 02/02/24

(b)

...............

USD

10

$

4,591,437

114,141,285

Hotels,

Restaurants

&

Leisure

—

0.6%

BNP

Paribas

SA

(Booking

Holdings,

Inc.),

13.22%, 02/22/24

(b)

...............

1

3,528,186

BNP

Paribas

SA

(

Darden

Restaurants,

Inc.),

10.82%, 01/09/24

................

19

2,944,404

BNP

Paribas

SA

(Expedia

Group,

Inc.),

13.49%, 02/09/24

(b)

...............

40

4,840,519

Citigroup,

Inc.

(Chipotle

Mexican

Grill,

Inc.),

11.88%, 02/07/24

................

2

3,978,556

Citigroup,

Inc.

(McDonald's

Corp.),

5.84%, 01/31/24

.................

53

15,477,200

JPMorgan

Structured

Products

BV

(Flight

Centre

Travel

Group

Ltd.),

11.08%, 02/08/24

10

2,344,709

Mizuho

Markets

Cayman

LP

(Airbnb,

Inc.),

18.72%, 02/14/24

................

33

4,135,482

Mizuho

Markets

Cayman

LP

(Hilton

Worldwide

Holdings,

Inc.),

10.82%, 02/09/24

......

40

6,998,710

Mizuho

Markets

Cayman

LP

(Las

Vegas

Sands

Corp.),

19.17%, 01/25/24

...........

99

4,689,346

Mizuho

Markets

Cayman

LP

(Starbucks

Corp.),

9.57%, 02/02/24

.................

82

7,922,217

Royal

Bank

of

Canada

(MGM

Resorts

International),

17.61%, 01/08/24

(b)

.....

149

6,047,005

UBS

AG

(Wyndham

Hotels

&

Resorts,

Inc.),

11.60%, 02/15/24

................

38

2,868,404

UBS

AG

(

Yum

!

Brands,

Inc.),

9.30%, 02/08/24

41

5,181,158

70,955,896

Household

Durables

—

0.1%

BMO

Capital

Markets

Corp.

(Sony

Group

Corp.),

19.27%, 02/23/24

...........

37

3,470,319

BNP

Paribas

SA

(DR

Horton,

Inc.),

16.66%, 01/24/24

(b)

...............

19

2,886,933

BNP

Paribas

SA

(Newell

Brands,

Inc.),

32.27%, 01/29/24

................

184

1,568,811

Citigroup,

Inc.

(Mohawk

Industries,

Inc.),

20.51%, 02/09/24

................

22

1,788,101

JPMorgan

Structured

Products

BV

(PulteGroup,

Inc.),

18.39%, 01/31/24

.............

37

3,563,528

13,277,692

Household

Products

—

0.2%

JPMorgan

Structured

Products

BV

(Reckitt

Benckiser

Group

plc),

8.05%, 01/08/24

..

GBP

21

1,446,013

Nomura

Holdings,

Inc.

(Procter

&

Gamble

Co.

(The)),

8.42%, 01/24/24

............

USD

93

13,663,184

Royal

Bank

of

Canada

(Church

&

Dwight

Co.,

Inc.),

8.59%, 01/08/24

(b)

............

38

3,557,877

Royal

Bank

of

Canada

(Henkel

AG

&

Co.

KGaA

),

6.17%, 01/10/24

(b)

...........

EUR

43

3,498,606

22,165,680

Industrial

Conglomerates

—

0.2%

BNP

Paribas

SA

(Siemens

AG),

12.34%, 01/08/24

(b)

...............

9

1,406,864

JPMorgan

Structured

Products

BV

(General

Electric

Co.),

12.20%, 01/24/24

.......

USD

33

4,058,505

Royal

Bank

of

Canada

(Siemens

AG),

13.26%, 01/10/24

(b)

...............

EUR

46

7,312,351

UBS

AG

(Honeywell

International,

Inc.),

11.69%, 02/02/24

................

USD

44

8,177,232

20,954,952

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

83

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Insurance

—

0.5%

Barclays

Bank

plc

(Willis

Towers

Watson

plc),

13.64%, 01/25/24

................

USD

16

$

3,873,577

BNP

Paribas

SA

(

Admiral

Group

plc

),

12.88%, 01/05/24

(b)

...............

63

4,526,995

BNP

Paribas

SA

(

MetLife

,

Inc.),

15.30%, 02/01/24

(b)

...............

74

4,669,595

BNP

Paribas

SA

(Prudential

Financial,

Inc.),

18.16%, 01/22/24

(b)

...............

GBP

354

4,035,780

BNP

Paribas

SA

(W

R

Berkley

Corp.),

7.45%, 01/05/24

(b)

................

USD

58

4,052,708

Goldman

Sachs

International

(Marsh

&

McLennan

Cos.,

Inc.),

4.91%, 01/26/24

..

20

3,750,128

JPMorgan

Structured

Products

BV

(Chubb

Ltd.),

7.64%, 01/31/24

.............

25

5,670,847

Mizuho

Markets

Cayman

LP

(Progressive

Corp.

(The)),

11.91%, 01/25/24

...........

28

4,414,982

Nomura

Holdings,

Inc.

(American

International

Group,

Inc.),

11.14%, 02/15/24

........

106

7,120,364

Nomura

Holdings,

Inc.

(Everest

Group

Ltd.),

16.15%, 02/08/24

................

9

3,362,490

Royal

Bank

of

Canada

(Fidelity

National

Financial,

Inc.),

13.66%, 02/15/24

(b)

....

138

6,905,080

52,382,546

Interactive

Media

&

Services

—

0.4%

Barclays

Bank

plc

(CAR

Group

Ltd.),

19.60%, 01/08/24

................

9

1,606,013

BMO

Capital

Markets

Corp.

(Meta

Platforms,

Inc.),

15.57%, 02/01/24

.............

25

8,623,454

Citigroup,

Inc.

(Meta

Platforms,

Inc.),

18.76%, 02/02/24

................

29

9,017,509

Mizuho

Markets

Cayman

LP

(Alphabet,

Inc.)

13.92%,

01/05/24

(b)

...............

4

558,393

13.71%,

02/01/24

................

168

23,080,222

Mizuho

Markets

Cayman

LP

(CAR

Group

Ltd.),

20.20%, 02/14/24

................

15

2,598,478

SGA

Societe

Generale

Acceptance

NV

(Meta

Platforms

,

Inc.),

13.99%, 01/05/24

.....

2

530,673

46,014,742

IT

Services

—

0.2%

Citigroup,

Inc.

(Gartner,

Inc.),

10.00%, 02/07/24

11

4,673,216

Mizuho

Markets

Cayman

LP

(

Akamai

Technologies,

Inc.),

8.47%, 02/15/24

....

20

2,292,949

Mizuho

Markets

Cayman

LP

(Cognizant

Technology

Solutions

Corp.),

19.00%, 02/08/24

................

80

5,717,176

Mizuho

Markets

Cayman

LP

(VeriSign,

Inc.),

7.37%, 02/09/24

.................

22

4,444,340

Nomura

Holdings,

Inc.

(

Akamai

Technologies,

Inc.),

8.44%, 01/05/24

.............

41

4,705,762

Nomura

Holdings,

Inc.

(Snowflake,

Inc.),

19.25%, 03/01/24

................

24

4,721,429

26,554,872

Life

Sciences

Tools

&

Services

—

0.1%

Goldman

Sachs

International

(

Fortrea

Holdings,

Inc.),

20.42%, 01/16/24

.............

54

1,787,429

JPMorgan

Structured

Products

BV

(Danaher

Corp.),

13.69%, 01/24/24

...........

26

5,862,817

Nomura

Holdings,

Inc.

(Bruker

Corp.),

18.91%, 02/09/24

................

54

3,984,427

11,634,673

Security

Par

(000)

Par

(000)

Value

Machinery

—

0.3%

Barclays

Bank

plc

(Stanley

Black

&

Decker,

Inc.),

20.26%, 02/02/24

.............

USD

33

$

2,961,050

BNP

Paribas

SA

(Ingersoll

Rand,

Inc.),

13.09%, 01/23/24

................

59

4,083,134

BNP

Paribas

SA

(Oshkosh

Corp.),

15.96%, 01/31/24

(b)

...............

42

4,596,904

Citigroup,

Inc.

(Pentair

plc),

12.66%, 01/08/24

65

4,175,101

JPMorgan

Structured

Products

BV

(PACCAR,

Inc.),

9.07%, 01/24/24

(b)(c)

...........

72

7,048,537

Mizuho

Markets

Cayman

LP

(Parker-Hannifin

Corp.),

14.12%, 02/01/24

...........

11

4,733,858

Nomura

Holdings,

Inc.

(Flowserve

Corp.),

17.96%, 02/22/24

................

114

4,667,064

Nomura

Holdings,

Inc.

(Otis

Worldwide

Corp.),

6.83%, 02/02/24

.................

59

5,214,219

37,479,867

Media

—

0.1%

(b)

Mizuho

Markets

Cayman

LP

(Fox

Corp.),

14.72%, 01/05/24

................

80

2,366,279

Royal

Bank

of

Canada

(Comcast

Corp.),

19.17%, 02/05/24

................

111

4,786,241

7,152,520

Metals

&

Mining

—

0.1%

Barclays

Bank

plc

(Freeport-McMoRan,

Inc.),

24.07%, 01/25/24

................

120

4,751,847

Barclays

Bank

plc

(Nucor

Corp.),

15.77%, 01/26/24

................

20

3,501,316

8,253,163

Multi-Utilities

—

0.0%

JPMorgan

Structured

Products

BV

(Public

Service

Enterprise

Group,

Inc.),

16.21%, 01/19/24

................

12

752,349

Nomura

Holdings,

Inc.

(Sempra),

13.27%, 02/15/24

................

38

2,832,407

3,584,756

Oil,

Gas

&

Consumable

Fuels

—

0.4%

BNP

Paribas

SA

(APA

Corp.),

20.15%, 02/22/24

(b)

...............

70

2,561,983

BNP

Paribas

SA

(BP

plc

),

12.81%, 01/22/24

(b)

GBP

1,223

7,313,499

BNP

Paribas

SA

(Marathon

Oil

Corp.),

19.19%, 02/15/24

(b)

...............

USD

139

3,431,772

JPMorgan

Structured

Products

BV

(Shell

plc),

17.68%, 01/08/24

................

GBP

254

8,354,163

Nomura

Holdings,

Inc.

(Devon

Energy

Corp.),

27.22%, 01/05/24

................

USD

77

3,474,839

Nomura

Holdings,

Inc.

(

Kosmos

Energy

Ltd.),

31.34%, 02/15/24

................

392

2,620,243

Nomura

Holdings,

Inc.

(Occidental

Petroleum

Corp.),

15.44%, 01/05/24

...........

64

3,827,230

Nomura

Holdings,

Inc.

(Williams

Cos.,

Inc.

(The)),

17.24%, 01/11/24

...........

45

1,570,366

Royal

Bank

of

Canada

(BP

plc),

13.27%, 01/10/24

(b)

...............

313

11,106,879

Royal

Bank

of

Canada

(Crescent

Point

Energy

Corp.),

8.00%, 01/10/24

............

GBP

130

3,552,151

SGA

Societe

Generale

Acceptance

NV

(ConocoPhillips),

16.47%, 02/05/24

....

USD

12

1,367,521

49,180,646

Passenger

Airlines

—

0.0%

Royal

Bank

of

Canada

(Delta

Air

Lines,

Inc.),

15.35%, 01/12/24

(b)

...............

77

2,984,280

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

84

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Personal

Care

Products

—

0.2%

(b)

Royal

Bank

of

Canada

(Beiersdorf

AG),

6.82%, 01/10/24

.................

EUR

25

$

3,584,423

Royal

Bank

of

Canada

(Estee

Lauder

Cos.,

Inc.

(The)),

8.08%, 01/10/24

............

23

4,692,796

Royal

Bank

of

Canada

(

L'Oreal

SA),

10.12%, 01/10/24

................

25

11,961,754

Royal

Bank

of

Canada

(Unilever

plc),

11.47%, 02/15/24

................

USD

39

1,887,749

22,126,722

Pharmaceuticals

—

0.1%

Barclays

Bank

plc

(Elanco

Animal

Health,

Inc.),

28.10%, 01/09/24

................

263

3,024,757

BMO

Capital

Markets

Corp.

(Eli

Lilly

&

Co.),

17.55%, 02/05/24

................

3

1,743,414

BNP

Paribas

SA

(AstraZeneca

plc),

15.89%, 01/08/24

(b)

...............

GBP

15

2,006,247

BNP

Paribas

SA

(Novo

Nordisk

A/S),

23.25%, 01/11/24

(b)

...............

USD

6

640,697

Citigroup,

Inc.

(Pfizer,

Inc.),

21.59%, 01/31/24

91

2,637,154

Royal

Bank

of

Canada

(Bayer

AG),

28.51%, 02/01/24

................

EUR

81

2,812,377

12,864,646

Professional

Services

—

0.2%

Barclays

Bank

plc

(Dun

&

Bradstreet

Holdings,

Inc.),

19.98%, 01/25/24

.............

USD

349

3,654,641

Barclays

Bank

plc

(Robert

Half,

Inc.),

18.43%, 01/25/24

................

10

811,328

BNP

Paribas

SA

(SS&C

Technologies

Holdings,

Inc.),

13.08%, 01/05/24

(b)

...........

119

6,323,319

BNP

Paribas

SA

(Verisk

Analytics,

Inc.),

9.34%, 01/05/24

(b)

................

17

3,985,509

Mizuho

Markets

Cayman

LP

(Automatic

Data

Processing,

Inc.),

10.17%, 01/25/24

....

20

4,573,562

Mizuho

Markets

Cayman

LP

(Leidos

Holdings,

Inc.),

15.17%, 01/05/24

(b)

...........

72

7,340,136

26,688,495

Semiconductors

&

Semiconductor

Equipment

—

0.1%

BMO

Capital

Markets

Corp.

(Intel

Corp.),

25.07%, 02/08/24

................

31

1,389,459

Citigroup,

Inc.

(Intel

Corp.),

19.24%, 01/26/24

124

4,786,303

Goldman

Sachs

International

(NXP

Semiconductors

NV),

15.30%, 01/31/24

.

19

4,156,107

10,331,869

Software

—

1.3%

BNP

Paribas

SA

(

Crowdstrike

Holdings,

Inc.),

18.39%, 03/07/24

(b)

...............

19

4,683,943

BNP

Paribas

SA

(

Intuit

,

Inc.),

13.25%, 02/23/24

10

5,766,344

BNP

Paribas

SA

(Palo

Alto

Networks,

Inc.),

18.67%, 01/11/24

(b)

...............

9

2,365,539

Citigroup,

Inc.

(Fair

Isaac

Corp.),

12.76%, 01/08/24

................

3

3,002,108

Mizuho

Markets

Cayman

LP

(BILL

Holdings,

Inc.),

30.52%, 02/01/24

.............

62

4,326,354

Mizuho

Markets

Cayman

LP

(Microsoft

Corp.),

9.36%, 01/25/24

.................

60

22,672,503

Nomura

Holdings,

Inc.

(Salesforce,

Inc.),

9.97%, 03/01/24

.................

35

8,911,671

Nomura

Holdings,

Inc.

(Workday,

Inc.),

11.44%, 02/27/24

................

17

4,563,959

Royal

Bank

of

Canada

(C3.ai,

Inc.),

6.46%, 01/10/24

(b)

................

EUR

31

5,947,974

Royal

Bank

of

Canada

(Microsoft

Corp.),

14.53%, 02/05/24

(b)

...............

USD

10

3,708,720

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Royal

Bank

of

Canada

(SAP

SE),

9.28%, 01/10/24

(b)

................

EUR

76

$

11,747,051

Royal

Bank

of

Canada

(Synopsys,

Inc.),

9.97%, 02/15/24

(b)

................

USD

16

8,193,110

UBS

AG

(Microsoft

Corp.),

11.50%, 01/24/24

107

40,144,639

UBS

AG

(Roper

Technologies,

Inc.),

5.70%, 01/26/24

.................

11

5,745,883

UBS

AG

(ServiceNow,

Inc.),

16.90%, 01/25/24

32

18,862,183

150,641,981

Specialized

REITs

—

0.0%

Barclays

Bank

plc

(Crown

Castle,

Inc.),

20.58%, 01/19/24

................

8

858,030

BMO

Capital

Markets

Corp.

(American

Tower

Corp.),

18.13%, 01/16/24

...........

4

788,963

1,646,993

Specialty

Retail

—

0.3%

Citigroup,

Inc.

(AutoNation,

Inc.),

20.32%, 02/16/24

................

34

4,665,059

JPMorgan

Structured

Products

BV

(O'Reilly

Automotive,

Inc.),

10.67%, 02/08/24

....

8

7,824,706

JPMorgan

Structured

Products

BV

(Ross

Stores,

Inc.),

9.33%, 02/28/24

........

35

4,640,601

JPMorgan

Structured

Products

BV

(TJX

Cos.,

Inc.

(The)),

7.82%, 01/11/24

.........

64

5,847,616

Mizuho

Markets

Cayman

LP

(Williams-Sonoma,

Inc.),

15.72%, 01/11/24

.............

23

4,189,483

Royal

Bank

of

Canada

(O'Reilly

Automotive,

Inc.),

8.32%, 01/08/24

(b)

............

3

2,752,760

Royal

Bank

of

Canada

(

Ulta

Beauty,

Inc.),

8.01%, 01/18/24

(b)

................

10

4,677,858

34,598,083

Technology

Hardware,

Storage

&

Peripherals

—

0.5%

BNP

Paribas

SA

(Apple,

Inc.),

9.51%, 02/02/24

(b)

................

191

35,141,525

BNP

Paribas

SA

(Hewlett

Packard

Enterprise

Co.),

13.45%, 02/29/24

(b)

............

204

3,417,489

Goldman

Sachs

International

(HP,

Inc.),

22.64%, 01/11/24

................

53

1,503,508

Mizuho

Markets

Cayman

LP

(Apple,

Inc.),

8.56%, 02/01/24

.................

59

11,407,404

51,469,926

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

Goldman

Sachs

International

(

Skechers

USA,

Inc.),

16.91%, 02/02/24

.............

47

2,326,476

JPMorgan

Structured

Products

BV

(Skechers

USA,

Inc.),

14.33%, 02/01/24

.........

43

2,368,014

Royal

Bank

of

Canada

(adidas

AG),

19.36%, 01/10/24

(b)

...............

EUR

18

3,596,967

Royal

Bank

of

Canada

(Ralph

Lauren

Corp.),

21.62%, 01/29/24

(b)

...............

USD

11

1,554,976

Royal

Bank

of

Canada

(Tapestry,

Inc.),

20.51%, 01/08/24

(b)

...............

160

4,889,970

14,736,403

Tobacco

—

0.2%

JPMorgan

Structured

Products

BV

(British

American

Tobacco

plc),

23.09%, 02/01/24

GBP

192

5,727,316

Royal

Bank

of

Canada

(Philip

Morris

International,

Inc.),

12.35%, 02/09/24

(b)

..

USD

122

11,486,055

17,213,371

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

85

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Trading

Companies

&

Distributors

—

0.1%

Barclays

Bank

plc

(Ferguson

plc),

15.38%, 01/05/24

................

USD

25

$

4,148,579

JPMorgan

Structured

Products

BV

(United

Rentals,

Inc.),

20.65%, 01/25/24

......

11

4,844,532

8,993,111

Wireless

Telecommunication

Services

—

0.1%

BNP

Paribas

SA

(Vodafone

Group

plc

),

41.53%, 01/22/24

(b)

...............

GBP

4,382

3,917,486

UBS

AG

(T-Mobile

US,

Inc.),

8.40%, 02/02/24

USD

47

7,521,482

11,438,968

Total

Equity-Linked

Notes

—

12.6%

(Cost:

$1,402,350,313)

...........................

1,438,018,227

Fixed

Rate

Loan

Interests

Financial

Services

—

0.1%

CML

ST

Regis

Aspen,

Term

Loan,

8.26%

,

 02/09/27

(e)

................

13,038

13,037,932

Total

Fixed

Rate

Loan

Interests

—

0.1%

(Cost:

$13,023,125)

..............................

13,037,932

Floating

Rate

Loan

Interests

Aerospace

&

Defense

—

0.2%

(a)

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.25%),

9.90%

,

 05/25/28

...........

3,205

2,975,142

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

C,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.25%),

9.90%

,

 05/25/28

...........

591

548,172

Bleriot

U.S.

Bidco

,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

4.00%),

9.61%

,

 10/30/28

..

541

542,998

Cobham

Ultra

SeniorCo

SARL,

Facility

Term

Loan

B,

(6-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

9.36%

,

 08/03/29

.......

946

930,359

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

+

4.00%),

9.36%

,

 08/24/28

.................

3,437

3,443,402

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

+

4.00%),

9.36%

,

 08/24/28

.................

1,473

1,475,744

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.75%),

9.21%

,

 02/01/28

.................

2,365

2,368,261

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

7.75%),

13.22%

,

 02/01/29

................

963

956,148

TransDigm

Inc.,

Term

Loan

J,

(1-mo.

LIBOR

USD

+

3.25%),

8.60%

,

 02/14/31

......

778

780,918

TransDigm

,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

3.25%),

8.60%

,

 08/24/28

.....

2,125

2,133,291

TransDigm

,

Inc.,

Term

Loan

H,

(3-mo.

CME

Term

SOFR

+

3.25%),

8.60%

,

 02/22/27

..

930

932,958

17,087,393

Automobile

Components

—

0.0%

(a)

Adient

US

LLC,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

+

3.25%),

8.72%

,

 04/10/28

..

649

651,120

Clarios

Global

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.75%),

9.11%

,

 05/06/30

.................

2,375

2,378,016

Security

Par

(000)

Par

(000)

Value

Automobile

Components

(continued)

Tenneco,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

10.45%

-

10.47%

,

 11/17/28

..........

USD

1,285

$

1,130,080

4,159,216

Automobiles

—

0.0%

Dealer

Tire

Financial

LLC,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.50%),

9.86%

,

 12/14/27

(a)

..........

1,716

1,719,392

Beverages

—

0.1%

(a)

Naked

Juice

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.70%

,

 01/24/29

.................

4,734

4,568,134

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.01%

Cap

+

6.00%),

11.45%

,

 01/24/30

................

1,951

1,560,499

6,128,633

Broadline

Retail

—

0.1%

(a)

Fanatics

Commerce

Intermediate

Holdco

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.72%

,

 11/24/28

(e)

.

753

748,757

New

SK

Holdco

Sub

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

6.75%),

12.21%

,

 06/30/27

................

1,679

1,658,268

Pug

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

3.50%),

8.97%

,

 02/12/27

.....

3,319

3,259,162

Pug

LLC,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.25%),

9.72%

,

 02/12/27

(e)

................

427

422,896

Sally

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.25%),

7.61%

,

 02/28/30

..

625

627,032

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.75%),

9.36%

,

 12/21/27

.................

477

384,836

7,100,951

Building

Products

—

0.1%

(a)

AZZ,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.75%),

9.11%

,

 05/13/29

600

601,956

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.71%

,

 04/12/28

...........

339

337,885

CP

Atlas

Buyer,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

3.75%),

4.25%

-

9.21%

,

 11/23/27

.................

1,362

1,336,812

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.75%),

9.21%

,

 10/02/28

...........

307

306,588

Jeld-Wen

,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.25%),

7.72%

,

 07/28/28

.....

888

889,596

Wilsonart

LLC,

Term

Loan

E,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

3.25%),

8.70%

,

 12/31/26

.................

2,731

2,734,046

6,206,883

Capital

Markets

—

0.1%

(a)

Aretec

Group,

Inc.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

+

4.50%),

9.96%

,

 08/09/30

..

572

570,329

Ascensus

Group

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.97%

,

 08/02/28

.......

1,965

1,957,947

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

86

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Ascensus

Group

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.50%),

7.00%

,

 08/02/29

......

USD

556

$

533,055

Axalta

Coating

Systems

Dutch

Holding

B

BV,

Facility

Term

Loan

B5,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.50%),

7.85%

,

 12/20/29

.................

1,433

1,436,344

Azalea

TopCo

,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

+

3.50%),

8.97%, 07/24/26

...............

1,398

1,381,448

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.75%),

9.22%, 07/24/26

.........

774

761,965

Castlelake

Aviation

One

DAC,

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.42%, 10/22/26

.........

1,888

1,889,930

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.50%),

8.13%, 10/22/27

.........

696

696,409

Focus

Financial

Partners

LLC,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.50%),

7.86%

,

 06/30/28

...........

1,366

1,364,888

Focus

Financial

Partners

LLC,

Term

Loan

B6,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.86%

,

 06/30/28

...........

863

863,916

ION

Trading

Finance

Ltd.,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

4.75%),

10.20%

,

 04/01/28

................

710

709,360

Learning

Care

Group

US

No.

2,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.75%),

10.10%

-

10.14%

,

 08/11/28

239

240,477

Osaic

Holdings,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

+

4.50%),

9.86%

,

 08/17/28

.................

1,840

1,844,073

14,250,141

Chemicals

—

0.2%

(a)

ARC

Falcon

I,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.96%

,

 09/30/28

.................

1,144

1,129,853

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.00%),

9.46%

,

 11/24/27

.......

854

840,774

Ascend

Performance

Materials

Operations

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.75%),

10.32%

,

 08/27/26

.

900

863,339

Chemours

Co.

(The),

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.86%

,

 08/18/28

.................

1,194

1,190,426

CPC

Acquisition

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.75%),

9.36%

,

 12/29/27

...........

641

513,511

Derby

Buyer

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.60%

,

 11/01/30

(e)

................

1,933

1,933,000

Discovery

Purchaser

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.38%),

9.77%

,

 10/04/29

.......

913

898,504

Ecovyst

Catalyst

Technologies

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.50%),

7.98%

,

 06/09/28

...........

1,429

1,429,319

Element

Solutions,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

+

2.00%),

7.36%

,

 12/18/30

(e)

................

1,956

1,961,259

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

H.B.

Fuller

Co.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.25%),

7.61%

,

 02/15/30

.................

USD

321

$

321,058

Herens

Holdco

SARL,

Facility

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.93%),

9.37%

,

 07/03/28

...........

1,207

1,090,049

Ineos

US

Finance

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.50%),

8.96%

,

 02/18/30

.................

635

634,810

LSF11

A5

Holdco

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.97%, 10/15/28

.........

2,111

2,111,911

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.25%),

9.71%, 10/15/28

.........

305

305,975

Lummus

Technology

Holdings

V

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

3.50%),

8.97%

,

 06/30/27

.................

322

322,151

Momentive

Performance

Materials,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

4.50%),

9.86%

,

 03/29/28

.................

2,194

2,116,090

Nouryon

Finance

B.V.,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

4.00%),

9.47%

,

 04/03/28

..

975

977,296

Olympus

Water

US

Holding

Corp.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

10.35%

,

 11/09/28

...........

979

982,217

Oxea

Holding

Vier

GmbH,

Term

Loan

B2,

(3-mo.

CME

Term

SOFR

+

3.50%),

8.93%

,

 10/14/24

.................

1,550

1,495,941

Sparta

US

HoldCo

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.72%

,

 08/02/28

...........

1,483

1,478,156

WR

Grace

Holdings

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.75%),

9.36%

,

 09/22/28

.................

1,525

1,527,045

24,122,684

Commercial

Services

&

Supplies

—

0.2%

(a)

Action

Environmental

Group,

Inc.,

(The),

Delayed

Draw

Term

Loan,

10/24/30

(e)(q)

..

87

87,207

Action

Environmental

Group,

Inc.,

(The),

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.50%),

9.88%

,

 10/24/30

(e)

......

586

587,442

Allied

Universal

Holdco

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.75%),

9.21%, 05/12/28

.........

3,023

3,007,118

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.75%),

10.11%, 05/12/28

.........

364

363,574

Amentum

Government

Services

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.00%),

9.36%

,

 02/15/29

.................

1,252

1,249,749

Aramark

Intermediate

HoldCo

Corp.,

Term

Loan

B6,

(1-mo.

CME

Term

SOFR

+

2.50%),

7.97%

,

 06/22/30

.................

1,421

1,422,100

Asplundh

Tree

Expert

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

1.75%),

7.21%

,

 09/07/27

.................

2,013

2,014,651

Covanta

Holding

Corp.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.50%),

7.86%

,

 11/30/28

.................

1,709

1,707,343

Covanta

Holding

Corp.,

Term

Loan

C,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.86%

,

 11/30/28

.................

130

130,169

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

87

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

GFL

Environmental,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.50%),

7.91%

,

 05/31/27

.................

USD

718

$

719,428

LABL,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

5.00%),

10.46%

,

 10/29/28

................

972

929,833

NEP

Group,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.25%),

8.71%

,

 10/20/25

.................

1,352

1,273,790

PECF

USS

Intermediate

Holding

III

Corp.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.25%),

9.89%

,

 12/15/28

.......

1,167

904,285

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

+

2.50%),

7.83%

,

 10/13/30

...........

840

841,966

Tempo

Acquisition

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.75%),

8.11%

,

 08/31/28

.................

5,056

5,073,871

TruGreen

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.00%),

9.46%

,

 11/02/27

.................

1,913

1,843,799

Viad

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

5.00%),

10.47%

,

 07/30/28

................

1,041

1,034,784

23,191,109

Communications

Equipment

—

0.0%

(a)

Ciena

Corp.

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.00%),

7.36%

,

 10/24/30

.....

1,580

1,582,448

ViaSat,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.50%),

9.86%, 03/02/29

.........

1,219

1,193,448

9.96%, 05/30/30

.................

746

730,275

3,506,171

Construction

&

Engineering

—

0.2%

(a)

Brand

Industrial

Services,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

5.50%),

10.88%

,

 08/01/30

...........

3,584

3,558,427

Hilton

Washington

Dupont

Hotel,

Term

Loan,

(1-mo.

LIBOR

USD

at

1.00%

Floor

+

0.00%),

7.94%

,

 04/01/24

(e)

..........

14,250

14,044,381

Legence

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.50%),

8.96%

,

 12/16/27

.................

248

247,681

Pike

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.00%),

8.47%

,

 01/21/28

.....

1,191

1,193,674

USIC

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.50%),

9.11%

,

 05/12/28

............

1,499

1,484,816

20,528,979

Construction

Materials

—

0.1%

(a)

New

AMI

I

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

6.00%),

11.36%

,

 03/08/29

................

740

636,814

Oscar

AcquisitionCo

LLC,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.50%),

9.95%

,

 04/29/29

.................

1,538

1,521,017

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.75%),

8.22%

,

 03/19/29

.................

642

643,339

Smyrna

Ready

Mix

Concrete

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.50%),

8.86%

,

 04/02/29

.................

528

528,498

Security

Par

(000)

Par

(000)

Value

Construction

Materials

(continued)

Standard

Building

Solutions,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.25%),

7.72%

,

 09/22/28

...........

USD

1,115

$

1,116,772

Summit

Materials

LLC,

Term

Loan

B,

11/30/28

(q)

699

701,188

5,147,628

Consumer

Staples

Distribution

&

Retail

—

0.1%

(a)

CML

Project

Horizons,

Term

Loan,

(3-mo.

LIBOR

GBP

+

3.75%),

8.96%

,

 04/12/26

(e)

GBP

10,046

12,750,602

US

Foods,

Inc.,

Term

Loan

B

(1-mo.

CME

Term

SOFR

+

2.00%),

7.47%, 09/13/26

...............

USD

1,288

1,289,333

(1-mo.

CME

Term

SOFR

+

2.50%),

7.97%, 11/22/28

...............

958

961,544

15,001,479

Containers

&

Packaging

—

0.1%

(a)

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.75%),

9.22%

,

 12/01/27

.......

3,924

3,937,039

Mauser

Packaging

Solutions

Holding

Co.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

4.00%),

9.35%

,

 08/14/26

.................

1,226

1,229,304

Pactiv

Evergreen,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

+

3.25%),

8.72%

,

 02/05/26

.................

561

562,643

Pregis

TopCo

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.75%),

9.11%

,

 07/31/26

.................

327

327,903

Trident

TPI

Holdings,

Inc.,

Term

Loan

B3,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.00%),

9.61%

,

 09/15/28

...........

1,187

1,181,220

7,238,109

Distributors

—

0.0%

(a)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.00%),

7.46%

,

 01/15/27

...........

1,775

1,778,281

PAI

Holdco,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.75%),

9.39%

,

 10/28/27

.................

1,638

1,523,945

3,302,226

Diversified

Consumer

Services

—

0.1%

(a)

Ascend

Learning

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.96%

,

 12/11/28

............

432

423,741

Ascend

Learning

LLC,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

5.75%),

11.21%

,

 12/10/29

...........

1,191

1,017,454

Bright

Horizons

Family

Solutions

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.25%),

7.72%

,

 11/24/28

.......

1,483

1,480,683

Kuehg

Corp.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

5.00%),

10.35%

,

 06/12/30

................

1,364

1,367,919

Sotheby's,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.50%),

10.16%

,

 01/15/27

2,437

2,401,837

Spring

Education

Group,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

4.50%),

9.85%

,

 09/29/30

...........

1,542

1,545,406

Veritas

US,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

1.00%

Cap

+

5.00%),

10.47%

,

 09/01/25

................

2,095

1,735,779

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

88

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

Consumer

Services

(continued)

Wand

Newco

3,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

+

2.75%),

8.22%

,

 02/05/26

.................

USD

2,663

$

2,669,000

WCG

Purchaser

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Cap

+

4.00%),

9.47%

,

 01/08/27

...........

1,189

1,189,910

13,831,729

Diversified

REITs

—

0.0%

RHP

Hotel

Properties,

LP,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

2.75%),

8.11%

,

 05/18/30

(a)

................

909

909,394

Diversified

Telecommunication

Services

—

0.2%

(a)

Altice

Financing

SA,

Term

Loan

(3-mo.

LIBOR

USD

+

2.75%),

8.41%, 07/15/25

...............

842

833,975

(3-mo.

LIBOR

USD

+

2.75%),

8.41%, 01/31/26

(e)

..............

458

451,397

Altice

France

SA,

Term

Loan

B14,

(3-mo.

CME

Term

SOFR

+

5.50%),

10.89%

,

 08/15/28

.

1,582

1,416,265

Connect

Finco

SARL,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Cap

+

3.50%),

8.86%

,

 12/11/26

.................

5,469

5,465,665

Consolidated

Communications,

Inc.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.50%),

8.97%

,

 10/02/27

..........

1,218

1,129,180

Iridium

Satellite

LLC,

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

2.50%),

7.86%

,

 09/20/30

.................

3,012

3,016,959

Level

3

Financing,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

1.75%),

7.22%

,

 03/01/27

.................

1,385

1,315,750

Lumen

Technologies,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

2.25%),

7.72%

,

 03/15/27

.................

1,871

1,271,958

Orbcomm

,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

9.72%

-

9.90%

,

 09/01/28

...........

1,005

951,419

Radiate

Holdco

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.25%),

8.72%

,

 09/25/26

.................

2,869

2,286,991

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

Q,

(1-mo.

CME

Term

SOFR

+

3.25%),

8.73%

,

 01/31/29

.................

795

792,377

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.00%),

8.47%

,

 03/09/27

.................

4,624

3,958,072

22,890,008

Electrical

Equipment

—

0.0%

Arcline

FM

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.75%),

10.36%

,

 06/23/28

(a)

..........

1,492

1,488,774

Electronic

Equipment,

Instruments

&

Components

—

0.0%

Coherent

Corp.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.75%),

8.22%

,

 07/02/29

(a)

................

1,037

1,038,306

Energy

Equipment

&

Services

—

0.0%

Lealand

Finance

Co.

BV,

Term

Loan

(a)

(1-mo.

CME

Term

SOFR

+

3.00%),

8.47%, 06/28/24

(e)

..............

41

27,518

Security

Par

(000)

Par

(000)

Value

Energy

Equipment

&

Services

(continued)

(1-mo.

CME

Term

SOFR

+

1.00%),

6.47%, 06/30/25

...............

USD

414

$

162,133

189,651

Entertainment

—

0.2%

(a)

AMC

Entertainment

Holdings,

Inc.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

+

3.00%),

8.47%

,

 04/22/26

.................

1,558

1,298,231

Cirque

du

Soleil

Canada,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.25%),

9.60%

,

 03/08/30

...........

1,035

1,030,002

City

Football

Group

Ltd.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.00%),

8.47%

,

 07/21/28

.................

1,840

1,826,569

Creative

Artists

Agency

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

3.50%),

8.86%

,

 11/27/28

.................

2,575

2,583,958

Formula

One

Management

Ltd.,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.25%),

7.60%

,

 01/15/30

1,928

1,931,625

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

+

1.75%),

7.21%

,

 10/19/26

.................

4,031

4,021,943

NASCAR

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.50%),

7.97%

,

 10/19/26

.................

251

251,346

Playtika

Holding

Corp.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

+

2.75%),

8.22%

,

 03/13/28

.................

1,722

1,718,025

SMG

US

Midco

2,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

2.50%),

8.14%

,

 01/23/25

.................

1,484

1,483,730

UFC

Holdings

LLC,

1st

Lien

Term

Loan

B3,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

2.75%),

8.40%

,

 04/29/26

...........

1,414

1,417,914

William

Morris

Endeavor

Entertainment

LLC,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

+

2.75%),

8.22%

,

 05/18/25

.....

3,192

3,198,411

WMG

Acquisition

Corp.,

Term

Loan

G,

(1-mo.

CME

Term

SOFR

+

2.13%),

7.60%

,

 01/20/28

.................

2,918

2,916,989

23,678,743

Financial

Services

—

1.1%

(a)

ABG

Intermediate

Holdings

2

LLC,

1st

Lien

Term

Loan

B1,

8.96%

,

 12/21/28

.......

1,184

1,188,091

Belron

Finance

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

2.25%),

7.90%

,

 10/30/26

..

1,180

1,181,088

Belron

Finance

US

LLC,

Term

Loan

 04/13/28

(e)(q)

....................

1,373

1,376,384

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.50%),

8.00%, 04/18/29

.........

471

471,223

Belron

Group

SA,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.43%),

8.07%

,

 04/13/28

.................

650

650,760

CML

Hyatt

Lost

Pines,

Term

Loan,

(1-mo.

LIBOR

USD

at

1.00%

Floor

+

0.00%),

8.87%

,

 09/09/24

(e)

................

10,600

10,421,619

CML

La

Quinta

Resort,

Term

Loan,

(1-

mo.

LIBOR

USD

+

0.00%),

0.00%

-

8.44%

,

 09/09/24

(e)

................

9,074

8,834,821

CML

Terranea

Resort,

Term

Loan,

(1-mo.

LIBOR

USD

+

0.00%),

9.67%

,

 01/01/27

(e)

5,600

5,599,480

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

89

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Cogeco

Communications

Finance

LP,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.50%),

7.97%

,

 09/01/28

.................

USD

1,608

$

1,578,491

Colorado

Plaza,

Term

Loan,

(1-mo.

LIBOR

USD

+

0.00%),

0.00%

,

 11/15/24

(e)(f)(l)

....

7,906

1,572,025

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

3.75%),

9.10%

,

 04/09/27

.......

4,796

4,744,483

Deerfield

Dakota

Holding

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

6.75%),

12.36%

,

 04/07/28

......

1,890

1,797,862

GIP

Pilot

Acquisition

Partners

LP,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

3.00%),

8.33%

,

 10/04/30

.................

280

279,768

GTCR

W

Merger

Sub

LLC,

Term

Loan

B,

09/20/30

(q)

.....................

1,558

1,563,842

Houston

Center,

Term

Loan,

(1-mo.

LIBOR

USD

+

0.00%),

7.55%

,

 09/09/24

(e)

.....

42,968

26,478,876

Lions

Gate

Capital

Holdings

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

2.25%),

7.71%

,

 03/24/25

.................

2,183

2,175,345

Park

Avenue

Tower,

Term

Loan,

(1-mo.

LIBOR

USD

+

0.00%),

0.00%

-

8.20%

,

 03/09/24

(e)

31,844

29,881,431

Sheraton

Austin,

Term

Loan,

(1-mo.

LIBOR

USD

at

0.25%

Floor

+

3.48%),

8.94%

,

 06/01/24

(e)

................

10,645

10,410,318

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

2.75%),

8.39%

,

 12/11/26

.................

2,457

2,452,897

Travelport

Finance

(Luxembourg)

SARL,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.00%),

12.65%

,

 02/28/25

.....

1,404

585,040

UPC

Financing

Partnership,

Facility

Term

Loan

AX,

(1-mo.

CME

Term

SOFR

+

3.00%),

8.48%

,

 01/31/29

.................

846

842,431

Vinoy

St.

Petersburg

(The),

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.67%),

0.00%

-

7.99%

,

 06/09/26

(e)

..........

11,528

11,119,644

WEX,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

2.25%),

7.72%

,

 03/31/28

.....

882

883,799

White

Cap

Supply

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.75%),

9.11%

,

 10/19/27

............

1,958

1,961,551

128,051,269

Food

Products

—

0.2%

(a)

8th

Avenue

Food

&

Provisions,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.75%),

9.22%

,

 10/01/25

...........

2,208

2,112,186

B&G

Foods,

Inc.,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

+

2.50%),

7.86%

,

 10/10/26

..

172

170,252

Chobani

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

at

1.00%

Cap

+

3.50%),

8.97%, 10/25/27

.........

4,319

4,320,680

(1-mo.

CME

Term

SOFR

+

3.75%),

9.11%, 10/25/27

...............

714

714,593

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

+

2.25%),

7.71%

,

 01/29/27

.................

4,210

4,211,792

H-Food

Holdings

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

3.69%),

9.34%

,

 05/23/25

..

604

480,885

Nomad

Foods

Ltd.,

Term

Loan

B4,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.47%

,

 11/13/29

.................

790

791,073

Security

Par

(000)

Par

(000)

Value

Food

Products

(continued)

Sovos

Brands

Intermediate,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.50%),

9.14%

,

 06/08/28

.......

USD

2,378

$

2,384,419

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.86%

,

 03/31/28

...........

1,201

1,188,728

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

3.00%),

8.64%

,

 01/20/28

.................

3,015

3,014,649

19,389,257

Ground

Transportation

—

0.0%

(a)

AIT

Worldwide

Logistics

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.75%),

10.21%

,

 04/06/28

.

499

493,540

Avis

Budget

Car

Rental

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

1.75%),

7.22%

,

 08/06/27

.................

1,008

1,004,832

Uber

Technologies,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

2.75%),

8.13%

,

 03/03/30

.................

1,889

1,893,246

3,391,618

Health

Care

Equipment

&

Supplies

—

0.1%

(a)

Bausch

+

Lomb

Corp.,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.71%, 05/10/27

.........

2,460

2,427,650

(1-mo.

CME

Term

SOFR

+

4.00%),

9.36%, 09/29/28

...............

944

940,097

Chariot

Buyer

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.71%

,

 11/03/28

.................

2,379

2,371,238

Femur

Buyer,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

4.50%),

10.11%

,

 03/05/26

................

840

753,752

Insulet

Corp.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.72%

,

 05/04/28

.................

880

882,151

Medline

Borrower

LP,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.00%),

8.47%

,

 10/23/28

.................

4,732

4,750,985

12,125,873

Health

Care

Providers

&

Services

—

0.1%

(a)

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.72%, 09/29/28

.........

1,422

1,421,699

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.10%, 09/29/28

.........

315

315,198

CNT

Holding

I

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.50%),

8.93%

,

 11/08/27

............

1,715

1,717,274

Electron

Bidco

,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.00%),

8.47%

,

 11/01/28

.................

2,070

2,072,955

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

+

3.75%),

9.39%, 02/18/27

...............

1,323

640,124

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.75%),

9.39%, 11/15/28

..........

412

197,172

EyeCare

Partners

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

6.75%),

12.39%

,

 11/15/29

...........

611

163,460

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

90

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

MED

ParentCo

.

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

4.25%),

9.72%

,

 08/31/26

.................

USD

311

$

306,973

Medical

Solutions

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.71%

,

 11/01/28

.......

913

849,794

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

7.00%),

12.46%

,

 11/01/29

......

404

338,855

Option

Care

Health,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.75%),

8.22%

,

 10/27/28

...........

1,418

1,422,682

Surgery

Center

Holdings,

Inc.,

Term

Loan,

8.86%

,

 12/19/30

.................

1,271

1,274,681

Vizient,

Inc.,

Term

Loan

B7,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.25%),

7.71%

,

 05/16/29

.................

346

346,229

11,067,096

Health

Care

Technology

—

0.1%

(a)

Athenahealth

Group,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.61%

,

 02/15/29

.................

3,179

3,161,080

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.45%

,

 10/01/27

...........

3,068

2,976,438

IQVIA,

Inc.,

Term

Loan

B4,

(3-mo.

CME

Term

SOFR

+

2.00%),

7.35%

,

 01/02/31

.....

1,227

1,230,509

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.00%),

9.47%

,

 06/02/28

.................

4,662

4,592,879

Verscend

Holding

Corp.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

+

4.00%),

9.47%

,

 08/27/25

.................

3,028

3,030,430

14,991,336

Hotels,

Restaurants

&

Leisure

—

0.4%

(a)

1011778

BC

Unlimited

Liability

Co.,

Term

Loan

B5,

(1-mo.

CME

Term

SOFR

+

2.25%),

7.61%

,

 09/23/30

.................

2,684

2,682,562

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.75%),

9.22%

,

 02/02/26

.................

2,030

1,883,799

Alterra

Mountain

Co.,

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

+

3.75%),

9.21%

,

 05/31/30

(e)

................

167

167,996

Bally's

Corp.,

Facility

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.93%

,

 10/02/28

.................

990

936,398

Caesars

Entertainment,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.71%

,

 02/06/30

...........

1,123

1,124,845

Carnival

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.00%),

8.36%

,

 08/09/27

.................

949

950,018

Churchill

Downs,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

2.00%),

7.46%

,

 03/17/28

.................

1,475

1,473,557

CML

Lake

Tahoe

Resort

Hotel,

Term

Loan,

(1-mo.

LIBOR

USD

+

0.00%),

0.00%

-

8.34%

,

 12/09/24

(e)

................

7,475

7,188,331

Equinox

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(3-mo.

LIBOR

USD

at

1.00%

Floor

+

3.00%),

8.61%

,

 03/08/24

...........

3,609

3,522,723

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Fertitta

Entertainment

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.00%),

9.36%

,

 01/27/29

...........

USD

3,976

$

3,975,001

Flutter

Entertainment

plc,

Term

Loan

B

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.90%, 07/22/28

.........

812

813,315

(3-mo.

CME

Term

SOFR

+

2.25%),

7.70%, 11/10/30

...............

2,438

2,440,023

Four

Seasons

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.50%),

7.96%

,

 11/30/29

.......

3,302

3,311,434

Hilton

Domestic

Operating

Co.,

Inc.,

Term

Loan

B4,

7.46%

,

 11/08/30

...............

2,953

2,961,912

IRB

Holding

Corp.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.00%),

8.46%

,

 12/15/27

.................

2,660

2,661,531

Light

&

Wonder

International,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.00%),

8.46%

,

 04/14/29

...........

1,236

1,237,795

Packers

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.25%),

8.71%

,

 03/09/28

..

1,111

694,683

Penn

Entertainment,

Inc.,

Facility

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.75%),

8.20%

,

 05/03/29

...........

1,780

1,781,631

Playa

Resorts

Holding

BV,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.61%

,

 01/05/29

.................

650

649,538

Seaworld

Parks

&

Entertainment,

Inc.,

Term

Loan,

(1-mo.

LIBOR

USD

at

0.50%

Cap

+

3.00%),

8.47%

,

 08/25/28

...........

1,006

1,006,477

Station

Casinos

LLC,

Facility

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.25%

Cap

+

2.25%),

7.71%

,

 02/08/27

...........

2,130

2,132,209

Whatabrands

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.00%),

8.47%

,

 08/03/28

.................

2,313

2,314,011

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

2.25%),

7.71%

,

 05/24/30

.................

909

910,816

46,820,605

Household

Durables

—

0.1%

(a)

ACProducts

Holdings,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.25%),

9.86%

,

 05/17/28

.................

1,465

1,281,634

Hunter

Douglas

Holding

BV,

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.88%

,

 02/26/29

...........

2,955

2,939,573

Serta

Simmons

Bedding

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

7.50%),

12.96%

,

 06/29/28

...........

658

624,396

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.00%),

9.47%

,

 10/06/28

...........

2,537

2,269,378

Weber-Stephen

Products

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.25%),

8.72%

,

 10/30/27

...........

3,223

2,807,817

9,922,798

Household

Products

—

0.0%

Energizer

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.25%),

7.72%

,

 12/22/27

(a)

................

563

562,215

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

91

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

(a)

Calpine

Construction

Finance

Co.

LP,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.25%),

7.61%

,

 07/31/30

.................

USD

1,185

$

1,184,132

Constellation

Renewables

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

2.50%),

8.15%

,

 12/15/27

...........

1,253

1,251,018

2,435,150

Industrial

Conglomerates

—

0.0%

(a)

EMRLD

Borrower

LP,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

3.00%),

8.36%

,

 05/31/30

.................

893

895,334

JFL-Tiger

Acquisition

Co.,

Inc.

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

5.00%),

10.40%

,

 10/17/30

...........

539

539,000

Minimax

Viking

GmbH,

Facility

Term

Loan

B1,

07/31/28

(q)

.....................

197

197,380

1,631,714

Insurance

—

0.2%

(a)

Alliant

Holdings

Intermediate

LLC,

Term

Loan

B6,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.87%

,

 11/06/30

..........

5,560

5,577,980

AmWINS

Group,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

2.75%),

8.22%, 02/19/28

.........

477

478,001

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

2.25%),

7.72%, 02/19/28

.........

2,074

2,074,276

AssuredPartners

,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

+

3.50%),

8.97%, 02/12/27

...............

3,372

3,376,642

Baldwin

Risk

Partners

LLC,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.97%

,

 10/14/27

...........

462

461,056

Hub

International

Ltd.,

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.00%),

9.37%, 11/10/29

..........

652

654,478

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.25%),

9.66%, 06/20/30

.........

3,888

3,902,675

Jones

DesLauriers

Insurance

Management,

Inc.,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

+

4.25%),

9.62%

,

 03/15/30

.....

1,136

1,139,317

Ryan

Specialty

Group

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.00%),

8.46%

,

 09/01/27

.................

2,366

2,360,547

USI,

Inc.,

Term

Loan

(3-mo.

CME

Term

SOFR

+

3.00%),

8.35%, 11/22/29

...............

3,218

3,220,917

(3-mo.

CME

Term

SOFR

+

3.25%),

8.60%, 09/27/30

...............

1,105

1,105,496

24,351,385

Interactive

Media

&

Services

—

0.1%

(a)

Adevinta

ASA,

Facility

Term

Loan

B2,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

8.46%

,

 06/26/28

.................

815

815,102

Camelot

US

Acquisition

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

at

1.00%

Cap

+

3.00%),

8.47%, 10/30/26

.........

3,090

3,091,896

Grab

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Cap

+

4.50%),

9.97%

,

 01/29/26

.................

929

931,058

4,838,056

Security

Par

(000)

Par

(000)

Value

IT

Services

—

0.1%

(a)

Asurion

LLC,

2nd

Lien

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

+

5.25%),

10.72%

,

 01/31/28

................

USD

1,054

$

1,002,175

Asurion

LLC,

2nd

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

+

5.25%),

10.72%

,

 01/20/29

................

618

581,111

Asurion

LLC,

Term

Loan

B11,

(1-mo.

CME

Term

SOFR

+

4.25%),

9.71%

,

 08/19/28

.....

664

660,935

Asurion

LLC,

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

+

3.25%),

8.72%

,

 12/23/26

.....

2,164

2,157,141

Central

Parent

LLC.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

4.00%),

9.35%

,

 07/06/29

.................

2,995

3,006,705

Go

Daddy

Operating

Co.

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.50%),

7.86%

,

 11/09/29

.................

1,450

1,453,440

Go

Daddy

Operating

Co.

LLC,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

+

2.00%),

7.47%

,

 08/10/27

.................

1,246

1,247,592

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.75%),

9.11%

,

 02/24/28

............

3,725

3,733,489

Venga

Finance

SARL,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.75%),

10.40%

,

 06/28/29

................

1,016

1,006,237

14,848,825

Leisure

Products

—

0.0%

(a)

Fender

Musical

Instruments

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.00%),

9.46%

,

 12/01/28

(e)

..........

663

648,003

Topgolf

Callaway

Brands

Corp.,

Term

Loan,

8.96%

,

 03/15/30

.................

1,006

1,005,025

1,653,028

Life

Sciences

Tools

&

Services

—

0.1%

(a)

Avantor

Funding,

Inc.,

Term

Loan

B5,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.25%),

7.71%

,

 11/08/27

.................

1,052

1,053,459

Curia

Global,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

3.75%),

9.23%

,

 08/30/26

.................

199

177,089

eResearchTechnology

,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Cap

+

4.50%),

9.96%

,

 02/04/27

.......

895

892,337

Fortrea

Holdings,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.75%),

9.11%

,

 07/01/30

.................

455

453,956

ICON

plc,

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.25%),

7.86%, 07/03/28

.........

2,285

2,291,441

Maravai

Intermediate

Holdings

LLC,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.00%),

8.40%

,

 10/19/27

...........

1,894

1,840,378

Parexel

International,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.72%

,

 11/15/28

............

2,895

2,910,477

Star

Parent,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

4.00%),

9.35%

,

 09/27/30

.....

832

821,250

10,440,387

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

92

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Machinery

—

0.3%

(a)

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan,

07/31/28

(q)

.....................

USD

1,413

$

1,417,861

Albion

Financing

3

SARL,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

5.25%),

10.92%

,

 08/17/26

................

1,778

1,785,078

Barnes

Group,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.00%),

8.46%

,

 09/03/30

..

724

725,633

Columbus

McKinnon

Corp.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.75%),

8.39%

,

 05/14/28

.................

335

335,747

Filtration

Group

Corp.,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.97%, 10/21/28

.........

1,614

1,614,401

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.25%),

9.72%, 10/21/28

.........

1,589

1,593,996

Gardner

Denver,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

+

1.75%),

7.21%

,

 03/01/27

.................

1,298

1,300,793

Gates

Global

LLC,

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

2.50%),

7.96%

,

 03/31/27

.................

2,135

2,136,581

Generac

Power

Systems,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

1.75%),

7.20%

,

 12/13/26

.................

325

324,594

Husky

Injection

Molding

Systems

Ltd.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.00%),

8.47%

,

 03/28/25

.................

2,904

2,898,444

Ingersoll-Rand

Services

Co.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Cap

+

1.75%),

7.21%

,

 03/01/27

...........

547

547,629

Madison

IAQ

LLC,

Term

Loan,

(1-mo.

LIBOR

USD

at

0.50%

Cap

+

3.25%),

8.72%

,

 06/21/28

.................

2,083

2,073,564

Roper

Industrial

Products

Investment

Co.

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.00%),

9.35%

,

 11/22/29

.................

2,549

2,552,497

SPX

Flow,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.50%),

9.96%

,

 04/05/29

.................

1,958

1,962,260

TK

Elevator

Midco

GmbH,

Facility

Term

Loan

B1,

(6-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

9.38%

,

 07/30/27

..........

3,663

3,667,745

Vertiv

Group

Corp.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

+

2.50%),

7.97%

,

 03/02/27

..

2,679

2,686,498

27,623,321

Media

—

0.1%

(a)

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

+

3.25%),

8.71%

,

 03/03/25

.................

1,235

1,206,734

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

(3-mo.

LIBOR

USD

+

15.00%),

15.00%

,

 10/15/26

................

1,067

1,082,600

Charter

Communications

Operating

LLC,

Term

Loan

B4,

(3-mo.

CME

Term

SOFR

+

2.00%),

7.33%

,

 12/07/30

.................

1,213

1,207,537

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

+

3.50%),

9.14%

,

 08/21/26

.................

1,227

1,213,048

CSC

Holdings

LLC,

Term

Loan,

(1-mo.

LIBOR

USD

+

2.50%),

7.98%

,

 04/15/27

......

1,618

1,529,108

Security

Par

(000)

Par

(000)

Value

Media

(continued)

DirecTV

Financing

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

5.00%),

10.65%

,

 08/02/27

................

USD

1,937

$

1,935,130

ECL

Entertainment

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.11%

,

 09/03/30

................

532

532,066

Learfield

Communications

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

2.00%

Cap

+

5.50%),

10.86% 06/30/28

.......

903

869,334

Midcontinent

Communications,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

1.75%),

7.11%

,

 08/15/26

(e)

................

1,009

1,009,496

Sinclair

Television

Group,

Inc.,

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

+

3.00%),

8.47%

,

 04/01/28

.................

669

549,071

Voyage

Digital

Ltd.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.00%),

9.37%

,

 05/11/29

(e)

................

1,246

1,242,606

Ziggo

Financing

Partnership,

Facility

Term

Loan

I,

(1-mo.

CME

Term

SOFR

+

2.50%),

7.98%

,

 04/30/28

.................

1,087

1,082,728

13,459,458

Oil,

Gas

&

Consumable

Fuels

—

0.1%

(a)

Ecopetrol

SA,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

0.00%),

10.14%

,

 09/06/30

.....

3,000

2,977,500

Freeport

LNG

investments

LLLP,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

9.18%

,

 12/21/28

...........

3,816

3,807,727

M6

ETX

Holdings

II

Midco

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.50%),

9.96%

,

 09/19/29

...........

317

317,286

Medallion

Midland

Acquisition,

LP,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

3.50%),

8.86%

,

 10/18/28

.................

2,361

2,367,716

Murphy

Oil

USA,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

7.22%

,

 01/31/28

.................

763

765,341

New

Fortress

Energy

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

5.00%),

10.39%

,

 10/30/28

................

1,792

1,760,640

Oryx

Midstream

Services

Permian

Basin

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.71%

,

 10/05/28

..

2,660

2,664,088

14,660,298

Passenger

Airlines

—

0.1%

(a)

AAdvantage

Loyalty

IP

Ltd.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.75%),

10.43%

,

 04/20/28

................

1,786

1,832,231

Air

Canada,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.50%),

9.14%

,

 08/11/28

.................

2,067

2,070,226

American

Airlines,

Inc.,

Term

Loan

(6-mo.

CME

Term

SOFR

+

1.75%),

7.32%, 01/29/27

...............

1,865

1,846,392

(6-mo.

CME

Term

SOFR

+

2.75%),

8.60%, 02/15/28

...............

2,210

2,205,630

(3-mo.

CME

Term

SOFR

+

3.50%),

8.87%, 06/04/29

...............

1,563

1,564,954

Mileage

Plus

Holdings

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

5.25%),

10.77%

,

 06/21/27

................

2,053

2,120,131

United

AirLines

,

Inc.,

Term

Loan

B,

9.22%

,

 04/21/28

.................

1,773

1,776,815

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

93

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Passenger

Airlines

(continued)

WestJet

Airlines

Ltd.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Cap

+

3.00%),

8.46%

,

 12/11/26

.................

USD

1,259

$

1,255,408

14,671,787

Personal

Care

Products

—

0.1%

Sunshine

Luxembourg

VII

SARL,

Facility

Term

Loan

B3,

(3-mo.

CME

Term

SOFR

+

3.50%),

8.95%

,

 10/01/26

(a)

................

6,076

6,102,004

Pharmaceuticals

—

0.1%

(a)

Amneal

Pharmaceuticals

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

5.50%),

10.86%

,

 05/04/28

................

1,219

1,195,802

Amynta

Agency

Borrower,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

4.25%),

9.61%

,

 02/28/28

.................

1,404

1,403,588

Bausch

Health

Cos.,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

5.25%),

10.71%

,

 02/01/27

................

987

801,144

Catalent

Pharma

Solutions,

Inc.,

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.47%

,

 02/22/28

...........

1,991

1,949,157

Elanco

Animal

Health,

Inc.,

Term

Loan,

7.20%

,

 08/01/27

.................

1,970

1,956,409

Jazz

Pharmaceuticals

plc,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.97%

,

 05/05/28

.................

2,364

2,374,367

Organon

&

Co.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.00%),

8.47%

,

 06/02/28

.................

1,604

1,605,453

Perrigo

Co.

plc,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.71%

,

 04/20/29

.................

947

943,054

Precision

Medicine

Group

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.00%),

8.45%

,

 11/18/27

............

1,199

1,180,941

13,409,915

Professional

Services

—

0.2%

(a)

AlixPartners

LLP,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.75%),

8.22%

,

 02/04/28

.................

1,719

1,722,687

ASGN,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.25%),

7.61%

,

 08/30/30

.....

439

440,436

CoreLogic,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.97%

,

 06/02/28

.................

4,296

4,170,263

Dun

&

Bradstreet

Corp.

(The),

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.75%),

8.21%

,

 02/06/26

.................

4,066

4,071,943

Dun

&

Bradstreet

Corp.

(The),

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

+

3.00%),

8.36%

,

 01/18/29

.................

1,471

1,472,950

Element

Materials

Technology

Group

US

Holdings,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan

B,

9.70%

,

 07/06/29

...........

646

638,675

Element

Materials

Technology

Group

US

Holdings,

Inc.,

Term

Loan

B,

9.70%

,

 07/06/29

.................

1,400

1,383,796

FleetCor

Technologies

Operating

Co.

LLC,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

+

1.75%),

7.21%

,

 04/28/28

...........

946

946,526

Security

Par

(000)

Par

(000)

Value

Professional

Services

(continued)

Galaxy

US

Opco,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.75%),

10.13%

,

 04/29/29

(e)

..........

USD

1,661

$

1,362,197

Maximus,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

0.00%

-

7.46%

,

 05/28/28

.................

637

637,427

Trans

Union

LLC,

Term

Loan

B5,

(1-mo.

CME

Term

SOFR

+

1.75%),

7.21%

,

 11/16/26

..

1,123

1,123,747

Trans

Union

LLC,

Term

Loan

B6,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.25%),

7.72%

,

 12/01/28

.................

1,603

1,606,782

VS

Buyer

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.25%),

8.71%

,

 02/28/27

.....

2,019

2,021,855

21,599,284

Real

Estate

Management

&

Development

—

0.0%

Cushman

&

Wakefield

U.S.

Borrower

LLC,

Term

Loan

(a)

(1-mo.

CME

Term

SOFR

+

2.75%),

8.22%, 08/21/25

(e)

..............

139

138,336

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.71%, 01/31/30

.........

1,113

1,102,056

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.00%),

9.36%, 01/31/30

(e)

........

963

960,593

2,200,985

Semiconductors

&

Semiconductor

Equipment

—

0.0%

(a)

MKS

Instruments,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.85%

,

 08/17/29

.................

1,727

1,728,780

Synaptics

,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.25%),

7.87%

,

 12/02/28

.................

717

712,020

2,440,800

Software

—

0.5%

(a)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.50%),

9.85%

,

 09/18/26

...........

1,061

1,064,952

Applied

Systems,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

6.75%),

12.10%

,

 09/17/27

...........

715

718,067

Barracuda

Parent

LLC,

1st

Lien

Term

Loan,

9.88%

,

 08/15/29

.................

895

871,751

CCC

Intelligent

Solutions,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.25%),

7.72%

,

 09/21/28

...........

2,009

2,007,873

Cloud

Software

Group,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.95%

-

9.99%

,

 03/30/29

......

6,579

6,413,840

Cloudera,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.21%

,

 10/08/28

.................

542

535,445

Cloudera,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

6.00%),

11.46%

,

 10/08/29

................

1,397

1,331,802

Delta

Topco,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Cap

+

7.25%),

12.62%

,

 12/01/28

................

394

393,902

Epicor

Software

Corp.,

Term

Loan

C,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.72%

,

 07/30/27

.................

886

888,552

Gen

Digital,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.00%),

7.46%

,

 09/12/29

.................

1,564

1,564,882

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

94

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Genesys

Cloud

Services

Holdings

I

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.00%),

9.47%

,

 12/01/27

.......

USD

3,018

$

3,027,447

Helios

Software

Holdings,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

4.25%),

9.70%

,

 07/18/30

.................

1,104

1,101,240

Informatica

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.75%),

8.22%

,

 10/27/28

.....

2,839

2,842,073

Magenta

Buyer

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.64%

,

 07/27/28

...........

1,190

836,201

Magenta

Buyer

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

8.25%),

13.89%

,

 07/27/29

...........

2,926

1,111,690

McAfee

Corp.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.20%

,

 03/01/29

.................

2,395

2,378,934

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.61%

,

 05/03/28

.................

4,905

4,814,439

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

6.25%),

11.61%

,

 02/23/29

................

2,119

1,967,237

Proofpoint,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.72%

,

 08/31/28

.................

4,392

4,386,961

RealPage,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.00%),

8.47%

,

 04/24/28

.................

4,817

4,773,229

Severin

Acquisition

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

3.25%),

8.63%

,

 08/01/27

.................

1,204

1,207,395

Sophia

LP,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.96%

,

 10/07/27

.................

2,301

2,303,316

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

+

1.75%),

7.22%

,

 04/16/25

.................

793

794,150

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

+

1.75%),

7.22%

,

 04/16/25

.................

749

749,827

UKG,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.68%, 05/04/26

.........

660

661,494

(3-mo.

CME

Term

SOFR

+

3.75%),

9.23%, 05/04/26

...............

1,124

1,125,526

UKG,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

10.68%

,

 05/03/27

................

1,433

1,433,689

Voyage

Australia

Pty

Ltd.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

9.18%

,

 07/20/28

...........

288

286,989

51,592,903

Specialty

Retail

—

0.1%

(a)

EG

Group

Ltd.,

Facility

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

4.25%),

9.83%

,

 03/31/26

(e)

................

613

609,992

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

4.00%),

9.47%

,

 05/04/28

..

2,487

2,488,151

PetSmart

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.75%),

9.21%

,

 02/11/28

.................

2,314

2,285,386

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

Pilot

Travel

Centers

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

2.00%),

7.46%

,

 08/04/28

.................

USD

1,484

$

1,487,103

Restoration

Hardware,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.50%),

7.97%, 10/20/28

.........

545

529,014

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.25%),

8.71%, 10/20/28

.........

588

572,139

RVR

Dealership

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.75%),

9.21%

,

 02/08/28

...........

200

171,804

8,143,589

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

(a)

Crocs,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.00%),

8.50%

,

 02/20/29

.................

643

644,790

Hanesbrands,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.75%),

9.11%

,

 03/08/30

(e)

................

429

428,280

1,073,070

Trading

Companies

&

Distributors

—

0.1%

(a)

Core

&

Main

LP,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

+

2.50%),

7.96%

-

8.06%

,

 07/27/28

.................

3,505

3,500,719

SRS

Distribution,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.96%, 06/02/28

.........

675

674,221

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.97%, 06/02/28

.........

3,340

3,341,190

TMK

Hawk

Parent

Corp.,

Term

Loan

A,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

7.50%),

13.14%

,

 05/30/24

(e)

...............

860

850,919

TMK

Hawk

Parent

Corp.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

1.00%

Cap

+

3.50%),

9.14%

-

9.17%

,

 08/28/24

(e)

..........

2,012

1,247,691

9,614,740

Transportation

Infrastructure

—

0.0%

(a)

Apple

Bidco

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

2.75%),

8.22%, 09/22/28

.........

1,205

1,202,730

(1-mo.

CME

Term

SOFR

at

0.50%

Cap

+

3.50%),

8.86%, 09/22/28

.........

931

933,683

OLA

Netherlands

BV,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

6.25%),

11.71%

,

 12/15/26

(e)

...............

1,262

1,252,151

Rand

Parent

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

+

4.25%),

9.60%

,

 03/17/30

.................

699

694,943

4,083,507

Wireless

Telecommunication

Services

—

0.0%

(a)

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan

B,

(3-mo.

LIBOR

USD

+

2.25%),

10.75%

,

 05/28/24

................

902

835,859

Digicel

International

Work

Fee,

Term

Loan,

01/01/38

(q)

.....................

39

36,226

Gogo

Intermediate

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Cap

+

3.75%),

9.22%

,

 04/30/28

...........

706

706,975

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

95

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

SBA

Senior

Finance

II

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

1.75%),

7.21%

,

 04/11/25

.................

USD

1,474

$

1,475,309

3,054,369

Total

Floating

Rate

Loan

Interests

—

6.3%

(Cost:

$752,184,024)

.............................

722,968,241

Foreign

Agency

Obligations

Brazil

—

0.0%

Centrais

Eletricas

Brasileiras

SA,

3.63%

,

02/04/25

(c)

.....................

1,417

1,372,209

Chile

—

0.1%

Banco

del

Estado

de

Chile,

2.70%

,

01/09/25

(c)

2,726

2,638,550

Corp.

Nacional

del

Cobre

de

Chile

3.63%,

08/01/27

(c)

................

1,201

1,137,197

3.75%,

01/15/31

(b)

................

1,175

1,062,273

Empresa

Nacional

del

Petroleo

,

6.15%

,

05/10/33

(b)

.....................

1,515

1,515,924

6,353,944

Colombia

—

0.1%

Ecopetrol

SA

5.38%,

06/26/26

.................

3,847

3,764,049

8.88%,

01/13/33

.................

2,184

2,367,593

6,131,642

Finland

—

0.0%

Finnair

OYJ,

4.25%

,

05/19/25

(c)

.........

EUR

500

535,416

France

—

0.1%

Electricite

de

France

SA

(a)(k)

(6-Year

EUR

Swap

Annual

+

3.44%),

4.00%

(c)

.....................

900

985,060

(12-Year

EUR

Swap

Annual

+

3.79%),

5.38%

(c)

.....................

1,200

1,326,805

(13-Year

GBP

Swap

Semi

+

4.23%),

6.00%

(c)

.....................

GBP

200

247,477

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.37%),

2.88%

(c)

...............

EUR

600

612,896

(5-Year

EUR

Swap

Annual

+

3.20%),

3.00%

(c)

.....................

1,000

1,004,595

(5-Year

EUR

Swap

Annual

+

3.97%),

3.38%

(c)

.....................

3,800

3,675,676

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.41%),

9.13%

(b)

.....................

USD

500

558,206

8,410,715

Hungary

—

0.0%

Magyar

Export-Import

Bank

Zrt

.,

6.13%

,

12/04/27

(b)

.....................

2,633

2,678,682

Indonesia

—

0.0%

Pertamina

Persero

PT,

3.10%

,

08/27/30

(c)

..

2,816

2,525,600

Ireland

—

0.2%

AIB

Group

plc

(a)

(5-Year

EUR

Swap

Annual

+

5.70%),

5.25%

(c)(k)

....................

EUR

6,679

7,271,354

(3-mo.

LIBOR

USD

+

1.87%),

4.26%,

04/10/25

(b)

...................

USD

2,900

2,884,553

(5-Year

EUR

Swap

Annual

+

6.63%),

6.25%

(c)(k)

....................

EUR

5,653

6,179,684

Security

Par

(000)

Par

(000)

Value

Ireland

(continued)

(5-Year

EUR

Swap

Annual

+

2.15%),

1.88%,

11/19/29

(c)

..............

EUR

726

$

778,890

17,114,481

Italy

—

0.0%

(c)

Banca

Monte

dei

Paschi

di

Siena

SpA

3.63%,

09/24/24

.................

694

759,856

(3-mo.

EURIBOR

+

3.21%),

6.75%,

03/02/26

(a)

...................

2,106

2,375,788

Poste

Italiane

SpA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.68%),

2.63%

(a)(k)

.......

1,275

1,155,858

4,291,502

Mexico

—

0.1%

Comision

Federal

de

Electricidad,

4.69%

,

05/15/29

(b)

.....................

USD

1,647

1,548,694

Petroleos

Mexicanos

3.75%,

02/21/24

(c)

................

EUR

1,400

1,536,643

6.88%,

08/04/26

.................

USD

1,957

1,891,245

8.75%,

06/02/29

.................

1,547

1,490,534

5.95%,

01/28/31

.................

4,561

3,619,154

6.70%,

02/16/32

.................

3,158

2,613,245

6.75%,

09/21/47

.................

667

436,385

13,135,900

Morocco

—

0.0%

OCP

SA,

3.75%

,

06/23/31

(c)

............

3,271

2,808,971

Panama

—

0.1%

(b)

Aeropuerto

Internacional

de

Tocumen

SA

4.00%,

08/11/41

.................

2,704

2,036,653

5.13%,

08/11/61

.................

1,725

1,293,870

Banco

Latinoamericano

de

Comercio

Exterior

SA,

2.38%

,

09/14/25

..............

1,412

1,323,129

4,653,652

Poland

—

0.0%

Bank

Gospodarstwa

Krajowego

(b)

6.25%,

10/31/28

.................

1,134

1,196,143

5.38%,

05/22/33

.................

1,696

1,717,455

2,913,598

Total

Foreign

Agency

Obligations

—

0.7%

(Cost:

$75,916,018)

..............................

72,926,312

Foreign

Government

Obligations

Bahrain

—

0.0%

Kingdom

of

Bahrain

(c)

7.38%,

05/14/30

.................

1,445

1,504,154

5.45%,

09/16/32

.................

1,150

1,054,047

7.50%,

09/20/47

.................

1,474

1,384,639

3,942,840

Chile

—

0.0%

Republic

of

Chile,

3.10%

,

05/07/41

.......

4,211

3,189,833

Colombia

—

0.1%

Republic

of

Colombia

4.50%,

01/28/26

.................

2,034

1,993,320

3.88%,

03/22/26

.................

EUR

436

475,238

3.88%,

04/25/27

.................

USD

2,562

2,441,106

3.25%,

04/22/32

.................

1,997

1,586,991

8.00%,

04/20/33

.................

2,498

2,726,723

8.00%,

11/14/35

.................

1,070

1,169,309

4.13%,

05/15/51

.................

1,110

735,722

8.75%,

11/14/53

.................

495

568,477

11,696,886

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

96

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Costa

Rica

—

0.0%

Republic

of

Costa

Rica,

6.55%

,

04/03/34

(c)

..

USD

1,308

$

1,354,434

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond

5.95%,

01/25/27

(c)

................

1,828

1,831,802

5.50%,

02/22/29

(b)

................

1,410

1,378,134

5.50%,

02/22/29

(c)

................

1,425

1,392,795

7.05%,

02/03/31

(b)

................

1,510

1,583,914

4.88%,

09/23/32

(b)

................

1,268

1,152,790

5.30%,

01/21/41

(c)

................

1,898

1,641,770

8,981,205

Egypt

—

0.0%

Arab

Republic

of

Egypt,

6.38%

,

04/11/31

(b)

..

EUR

1,052

742,905

Guatemala

—

0.1%

Republic

of

Guatemala

5.25%,

08/10/29

(b)

................

USD

1,535

1,502,765

5.25%,

08/10/29

(c)

................

1,020

998,580

7.05%,

10/04/32

(b)

................

2,470

2,624,375

3.70%,

10/07/33

(c)

................

958

797,056

6.60%,

06/13/36

(b)

................

1,270

1,304,925

4.65%,

10/07/41

(b)

................

2,213

1,803,595

9,031,296

Hungary

—

0.0%

Hungary

Government

Bond

5.38%,

03/25/24

.................

578

577,855

5.25%,

06/16/29

(b)

................

3,711

3,731,522

4,309,377

Indonesia

—

0.0%

Perusahaan

Penerbit

SBSN

Indonesia

III,

4.40%

,

06/06/27

(b)

................

1,103

1,096,106

Republic

of

Indonesia,

4.75%

,

02/11/29

....

1,527

1,538,621

2,634,727

Ivory

Coast

—

0.1%

Republic

of

Cote

d'Ivoire

(c)

6.38%,

03/03/28

.................

4,130

4,048,691

5.88%,

10/17/31

.................

EUR

882

870,838

4,919,529

Mexico

—

0.1%

United

Mexican

States

3.75%,

01/11/28

.................

USD

1,400

1,348,813

4.50%,

04/22/29

.................

2,587

2,544,961

6.35%,

02/09/35

.................

770

805,372

4.75%,

03/08/44

.................

2,402

2,058,964

6.34%,

05/04/53

.................

2,125

2,163,516

8,921,626

Morocco

—

0.0%

Kingdom

of

Morocco

2.38%,

12/15/27

(c)

................

1,325

1,185,047

5.95%,

03/08/28

(b)

................

812

831,792

2,016,839

Nigeria

—

0.0%

Federal

Republic

of

Nigeria

8.38%,

03/24/29

(b)

................

1,616

1,547,825

7.63%,

11/28/47

(c)

................

1,611

1,273,995

2,821,820

North

Macedonia

—

0.0%

Republic

of

North

Macedonia,

6.96%

,

03/13/27

(c)

.....................

EUR

1,183

1,361,255

Security

Par

(000)

Par

(000)

Value

Oman

—

0.1%

(c)

Oman

Government

Bond,

6.50%

,

03/08/47

.

USD

4,178

$

4,256,337

Oman

Sovereign

Sukuk

SAOC,

4.40%

,

06/01/24

......................

1,365

1,354,336

5,610,673

Panama

—

0.1%

Republic

of

Panama

2.25%,

09/29/32

.................

2,723

1,986,939

3.30%,

01/19/33

.................

1,360

1,075,250

4.50%,

05/15/47

.................

2,537

1,797,306

6.85%,

03/28/54

.................

2,670

2,493,113

7,352,608

Paraguay

—

0.0%

Republic

of

Paraguay

(c)

5.00%,

04/15/26

.................

1,088

1,075,858

2.74%,

01/29/33

.................

1,246

1,021,720

5.60%,

03/13/48

.................

831

759,534

2,857,112

Peru

—

0.1%

Republic

of

Peru

7.35%,

07/21/25

.................

2,094

2,159,438

2.78%,

01/23/31

.................

1,703

1,480,013

3.00%,

01/15/34

.................

3,334

2,806,811

6,446,262

Philippines

—

0.0%

Republic

of

Philippines

3.70%,

03/01/41

.................

1,449

1,241,612

2.95%,

05/05/45

.................

1,619

1,210,202

2,451,814

Poland

—

0.0%

Republic

of

Poland

5.75%,

11/16/32

.................

1,910

2,061,214

4.25%,

02/14/43

(c)

................

EUR

1,002

1,162,561

5.50%,

04/04/53

.................

USD

1,241

1,291,149

4,514,924

Romania

—

0.1%

Romania

Government

Bond

5.25%,

11/25/27

(b)

................

1,530

1,516,092

2.88%,

03/11/29

(c)

................

EUR

3,100

3,093,778

2.50%,

02/08/30

(c)

................

2,698

2,577,944

2.12%,

07/16/31

(c)

................

2,704

2,372,930

7.63%,

01/17/53

(b)

................

USD

552

616,761

10,177,505

Saudi

Arabia

—

0.1%

Kingdom

of

Saudi

Arabia

4.38%,

04/16/29

(b)

................

1,619

1,611,411

3.25%,

11/17/51

(c)

................

3,975

2,811,071

5.00%,

01/18/53

(b)

................

3,324

3,123,521

7,546,003

South

Africa

—

0.1%

Republic

of

South

Africa

4.85%,

09/30/29

.................

1,866

1,747,042

5.88%,

04/20/32

.................

2,049

1,940,813

5.00%,

10/12/46

.................

5,156

3,796,105

7,483,960

Trinidad

and

Tobago

—

0.0%

Republic

of

Trinidad

&

Tobago,

5.95%

,

01/14/31

(b)

.....................

1,185

1,223,513

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

97

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ukraine

—

0.0%

Ukraine

Government

Bond

(f)(l)

8.99%,

02/01/26

(c)

................

USD

1,689

$

494,877

7.25%,

03/15/35

(b)

................

1,548

359,136

854,013

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

5.75%

,

10/28/34

2,705

2,927,663

Uzbekistan

—

0.0%

Republic

of

Uzbekistan

International

Bond,

7.85%

,

10/12/28

(b)

................

1,301

1,358,732

Total

Foreign

Government

Obligations

—

1.1%

(Cost:

$130,039,106)

.............................

126,729,354

Shares

Shares

Investment

Companies

(r)

iShares

Core

Dividend

Growth

ETF

......

5,755,819

309,778,179

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(

i

)

.........................

2,987,634

231,212,995

Total

Investment

Companies

—

4.7%

(Cost:

$515,522,374)

.............................

540,991,174

Par

(000)

Par

(000)

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

2.1%

Adjustable

Rate

Mortgage

Trust

(a)

Series

2005-8,

Class

2A1,

4.28%,

11/25/35

1,218

1,019,149

Series

2005-8,

Class

7A2,

(1-mo.

CME

Term

SOFR

at

0.56%

Floor

and

11.00%

Cap

+

0.67%),

6.03%,

11/25/35

..........

450

432,878

Series

2005-9,

Class

5A1,

(1-mo.

CME

Term

SOFR

at

0.54%

Floor

and

11.00%

Cap

+

0.65%),

6.01%,

11/25/35

..........

225

222,117

Alternative

Loan

Trust

Series

2005-16,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.65%

Floor

+

1.65%),

6.66%,

06/25/35

(a)

...................

373

322,771

Series

2005-36,

Class

2A1A,

(1-mo.

CME

Term

SOFR

at

0.62%

Floor

and

11.00%

Cap

+

0.73%),

6.09%,

08/25/35

(a)

....

907

797,016

Series

2005-61,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

5.99%,

12/25/35

(a)

..............

163

142,677

Series

2005-63,

Class

3A3,

4.73%,

11/25/35

(a)

...................

1,541

1,350,812

Series

2005-63,

Class

5A1,

4.55%,

12/25/35

(a)

...................

34

30,709

Series

2005-64CB,

Class

1A1,

5.50%,

12/25/35

....................

43

37,336

Series

2005-76,

Class

2A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.00%

Floor

+

1.00%),

6.01%,

02/25/36

(a)

........

3,395

3,045,908

Series

2006-11CB,

Class

1A5,

6.00%,

05/25/36

....................

606

343,277

Series

2006-15CB,

Class

A1,

6.50%,

06/25/36

....................

967

455,875

Series

2006-20CB,

Class

A9,

6.00%,

07/25/36

....................

441

192,194

Series

2006-2CB,

Class

A6,

5.50%,

03/25/36

....................

677

278,914

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2006-45T1,

Class

1A10,

6.00%,

02/25/37

....................

USD

2,644

$

1,116,371

Series

2006-45T1,

Class

2A2,

6.00%,

02/25/37

....................

1,708

936,456

Series

2006-7CB,

Class

1A6,

6.00%,

05/25/36

....................

770

428,919

Series

2006-9T1,

Class

A7,

6.00%,

05/25/36

309

126,657

Series

2006-J7,

Class

2A1,

(1-mo.

LIBOR

USD

at

1.50%

Floor

+

1.50%),

6.96%,

11/20/46

(a)

...................

2,949

2,220,381

Series

2006-J8,

Class

A5,

6.00%,

02/25/37

1,193

518,333

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%),

6.74%,

11/25/46

(a)

4,682

3,598,527

Series

2006-OA14,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

5.85%,

11/25/46

(a)

..............

2,106

1,860,930

Series

2006-OA14,

Class

3A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.85%

Floor

+

0.85%),

5.86%,

11/25/46

(a)

........

6,330

5,251,344

Series

2006-OA16,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

5.85%,

10/25/46

(a)

..............

267

240,295

Series

2006-OA2,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

5.89%,

05/20/46

(a)

..............

1,169

980,377

Series

2006-OA3,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

5.89%,

05/25/36

(a)

..............

6,020

5,117,507

Series

2006-OA8,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

5.85%,

07/25/46

(a)

..............

7,878

6,653,739

Series

2007-12T1,

Class

A22,

5.75%,

06/25/37

....................

1,729

782,119

Series

2007-12T1,

Class

A5,

6.00%,

06/25/37

....................

384

180,596

Series

2007-15CB,

Class

A7,

6.00%,

07/25/37

....................

231

139,826

Series

2007-18CB,

Class

2A25,

6.00%,

08/25/37

....................

211

134,208

Series

2007-19,

Class

1A4,

6.00%,

08/25/37

1,143

586,282

Series

2007-19,

Class

1A8,

6.00%,

08/25/37

556

285,250

Series

2007-25,

Class

1A3,

6.50%,

11/25/37

3,035

1,422,354

Series

2007-9T1,

Class

1A1,

6.00%,

05/25/37

....................

442

218,658

Series

2007-9T1,

Class

2A1,

6.00%,

05/25/37

....................

3,145

1,448,103

Series

2007-9T1,

Class

2A2,

6.00%,

05/25/37

....................

540

248,571

Series

2007-AL1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

+

0.36%),

5.72%,

06/25/37

(a)

..............

5,102

4,053,407

Series

2007-J1,

Class

2A5,

6.00%,

03/25/37

1,533

576,106

Series

2007-OA11,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.38%

Floor

+

1.38%),

6.39%,

11/25/47

(a)

........

1,272

1,028,385

Series

2007-OA3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.75%,

04/25/47

(a)

..............

7,715

6,750,083

Series

2007-OA4,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.81%,

05/25/47

(a)

..............

2,999

2,539,776

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

98

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2007-OA8,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.83%,

06/25/47

(a)

..............

USD

6,158

$

4,657,252

Alternative

Loan

Trust

Resecuritization

,

Series

2006-22R,

Class

1A6,

6.00%,

05/25/36

..

946

536,713

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%),

5.98%,

10/25/46

(a)

...................

7,978

6,566,676

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.94%

Floor

+

0.94%),

5.95%,

10/25/46

(a)

........

4,319

2,918,831

Series

2007-3,

Class

22A1,

6.75%,

06/25/37

(d)

...................

505

428,644

Banc

of

America

Funding

Trust

(a)

Series

2006-7,

Class

T2A3,

5.69%,

10/25/36

268

228,778

Series

2006-D,

Class

6A1,

3.45%,

05/20/36

251

203,350

Series

2007-D,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

5.89%,

06/20/47

...............

958

748,632

Bayview

Commercial

Asset

Trust,

Series

2007-

4A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.68%

Floor

+

0.79%),

6.15%,

09/25/37

(a)(b)

680

623,080

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%),

5.91%,

04/25/36

(a)

.....................

3,549

3,115,278

Bear

Stearns

Asset-Backed

Securities

I

Trust

(d)

Series

2005-AC9,

Class

A5,

6.25%,

12/25/35

....................

604

517,510

Series

2006-AC1,

Class

1A2,

6.25%,

02/25/36

....................

631

465,655

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%),

5.81%,

03/25/37

.....

943

867,168

Series

2007-AR3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

and

10.50%

Cap

+

0.25%),

5.61%,

03/25/37

.....

1,439

1,214,736

Series

2007-AR4,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

and

10.50%

Cap

+

0.51%),

5.87%,

09/25/47

.....

1,638

1,466,319

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%),

5.74%,

04/25/35

(a)

....

733

664,478

Series

2005-9,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

6.07%,

05/25/35

(a)

...................

2,320

1,863,056

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.96%

Floor

+

0.96%),

5.97%,

04/25/46

(a)

........

2,560

779,391

Series

2007-21,

Class

1A1,

6.25%,

02/25/38

137

66,591

Series

2007-J2,

Class

2A6,

6.00%,

07/25/37

616

224,690

Series

2007-J2,

Class

2A8,

6.00%,

07/25/37

941

343,104

CHNGE

Mortgage

Trust

(a)(b)

Series

2022-2,

Class

A1,

3.76%,

03/25/67

8,018

7,541,441

Series

2022-3,

Class

A1,

5.00%,

05/25/67

8,396

8,278,177

CitiMortgage

Alternative

Loan

Trust,

Series

2007-A1,

Class

1A5,

6.00%,

01/25/37

...

58

50,646

COLT

Mortgage

Loan

Trust,

Series

2022-5,

Class

A1,

4.55%,

04/25/67

(a)(b)

........

3,931

3,853,299

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

CSMC

Trust

(b)

Series

2008-2R,

Class

1A1,

6.00%,

07/25/37

....................

USD

286

$

239,469

Series

2011-4R,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.61%),

6.93%,

09/27/37

(a)

..............

4,205

3,399,528

Series

2022-ATH2,

Class

A1,

4.55%,

05/25/67

(a)

...................

1,447

1,414,880

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

5.85%,

08/25/47

(a)

................

10,098

8,096,422

Ellington

Financial

Mortgage

Trust,

Series

2021-2,

Class

A1,

0.93%,

06/25/66

(a)(b)

..

1,998

1,592,081

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2006-AA8,

Class

1A1,

5.16%,

02/25/37

(a)

.....................

864

497,973

GCAT

Trust,

Series

2022-NQM3,

Class

A1,

4.35%,

04/25/67

(a)(b)

...............

14,188

13,684,602

GMACM

Mortgage

Loan

Trust,

Series

2005-

AR2,

Class

4A,

3.53%,

05/25/35

(a)

.....

19

15,416

GreenPoint

Mortgage

Funding

Trust

(a)

Series

2006-AR1,

Class

GA1B,

(1-mo.

CME

Term

SOFR

at

0.17%

Floor

+

0.28%),

5.64%,

02/25/36

...............

1,981

1,719,913

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%),

7.01%,

03/25/36

947

830,137

Impac

CMB

Trust,

Series

2005-6,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

and

11.00%

Cap

+

0.61%),

5.97%,

10/25/35

(a)

1,131

983,191

IndyMac

IMSC

Mortgage

Loan

Trust

Series

2007-F2,

Class

1A4,

6.00%,

07/25/37

559

399,807

Series

2007-F2,

Class

2A1,

6.50%,

07/25/37

2,223

697,864

IndyMac

INDX

Mortgage

Loan

Trust

(a)

Series

2007-AR15,

Class

1A1,

3.87%,

08/25/37

....................

92

68,568

Series

2007-AR15,

Class

2A1,

3.32%,

08/25/37

....................

474

352,348

Merrill

Lynch

Mortgage

Investors

Trust

(a)

Series

2005-A9,

Class

2A1E,

5.63%,

12/25/35

....................

292

267,547

Series

2006-1,

Class

2A1,

4.90%,

02/25/36

249

243,017

MFA

Trust,

Series

2023-NQM2,

Class

A1,

4.40%,

03/25/68

(b)(d)

...............

12,665

12,236,938

MFRA

Trust,

Series

2022-CHM1,

Class

M1,

4.57%,

09/25/56

(a)(b)

...............

4,000

3,407,982

Mill

City

Mortgage

Loan

Trust,

Series

2023-

NQM1,

Class

A1,

6.05%,

10/25/67

(b)(d)

...

4,856

4,886,834

Prima

Capital

CRE

Securitization

Ltd.,

Series

2016-6A,

Class

C,

4.00%,

08/24/40

(b)

...

16,500

14,851,451

Prime

Mortgage

Trust,

Series

2006-DR1,

Class

2A1,

5.50%,

05/25/35

(b)

.............

280

240,941

RALI

Trust,

Series

2007-QS4,

Class

3A2,

6.00%,

03/25/37

.................

137

113,119

Ready

Capital

Mortgage

Financing

LLC,

Series

2022-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.55%

Floor

+

2.55%),

7.91%,

10/25/39

(a)(b)

....................

4,970

4,963,936

Residential

Asset

Securitization

Trust,

Series

2006-A15,

Class

A12,

6.25%,

01/25/37

..

308

111,335

RFMSI

Trust,

Series

2007-S7,

Class

A20,

6.00%,

07/25/37

.................

32

24,291

Spruce

Hill

Mortgage

Loan

Trust,

Series

2022-

SH1,

Class

A1A,

4.10%,

07/25/57

(b)(d)

...

14,904

14,312,693

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

99

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2007-3,

Class

3A1,

4.24%,

04/25/47

(a)

.....................

USD

184

$

85,952

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%),

5.93%,

02/25/36

.....

448

378,316

Series

2006-AR4,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

and

10.50%

Cap

+

0.49%),

5.85%,

06/25/36

.....

6,944

5,858,017

Series

2006-AR6,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

and

10.50%

Cap

+

0.49%),

5.85%,

07/25/46

.....

8,692

6,041,060

Series

2007-AR4,

Class

GA4B,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.83%,

09/25/47

...............

1,612

1,439,474

Verus

Securitization

Trust,

Series

2022-3,

Class

A1,

4.13%,

02/25/67

(b)(d)

............

10,116

9,414,177

Vista

Point

Securitization

Trust,

Series

2020-1,

Class

B1,

5.38%,

03/25/65

(a)(b)

........

2,800

2,731,637

WaMu

Mortgage

Pass-Through

Certificates

Trust

(a)

Series

2007-OA5,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.75%

Floor

+

0.75%),

5.76%,

06/25/47

.........

4,917

3,931,646

Series

2007-OA6,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.81%

Floor

+

0.81%),

5.82%,

07/25/47

.........

2,690

2,126,080

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

Series

2006-8,

Class

A5,

4.16%,

10/25/36

(d)

1,024

353,130

Series

2006-AR5,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.98%

Floor

+

0.98%),

5.99%,

06/25/46

(a)

........

3,055

2,105,744

Series

2006-AR8,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.85%

Floor

+

0.85%),

5.86%,

10/25/46

(a)

........

4,342

3,425,478

Series

2007-OA1,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.72%

Floor

+

0.72%),

5.73%,

12/25/46

(a)

........

3,784

2,888,442

Series

2007-OA5,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.84%

Floor

+

0.84%),

5.85%,

05/25/47

(a)

........

2,206

1,805,025

238,575,149

Commercial

Mortgage-Backed

Securities

—

3.3%

280

Park

Avenue

Mortgage

Trust,

Series

2017-

280P,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.37%

Floor

+

2.42%),

7.78%,

09/15/34

(a)(b)

10,568

9,495,256

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.23%

Floor

+

2.27%),

7.63%,

04/15/35

(a)(b)

....

3,467

3,318,989

Atrium

Hotel

Portfolio

Trust,

Series

2017-ATRM,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.25%),

7.61%,

12/15/36

(a)(b)

....

3,624

3,144,885

BAMLL

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2017-SCH,

Class

CL,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.55%),

6.91%,

11/15/32

...............

3,225

2,698,981

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2017-SCH,

Class

DL,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.05%),

7.41%,

11/15/32

...............

USD

3,965

$

3,179,858

Series

2018-DSNY,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.00%),

7.36%,

09/15/34

...............

11,982

11,803,336

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-2A,

Class

A1,

(1-mo.

CME

Term

SOFR

+

0.58%),

5.94%,

08/25/35

...

2,228

2,047,562

Series

2005-3A,

Class

A1,

(1-mo.

CME

Term

SOFR

+

0.59%),

5.79%,

11/25/35

....

542

497,210

Series

2007-1,

Class

A1,

(1-mo.

CME

Term

SOFR

+

0.44%),

5.80%,

03/25/37

...

1,727

1,580,789

Series

2007-3,

Class

A2,

(1-mo.

CME

Term

SOFR

+

0.55%),

5.91%,

07/25/37

...

2,852

2,558,812

Series

2007-6A,

Class

A4A,

(1-mo.

CME

Term

SOFR

+

1.61%),

6.97%,

12/25/37

1,607

1,371,325

BBCMS

Mortgage

Trust,

Series

2018-CHRS,

Class

E,

4.27%,

08/05/38

(a)(b)

.........

1,750

1,178,760

BB-UBS

Trust,

Series

2012-SHOW,

Class

E,

4.03%,

11/05/36

(a)(b)

...............

2,672

2,282,909

BDS

LLC,

Series

2022-FL12,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.14%

Floor

+

2.14%),

7.49%,

08/19/38

(a)(b)

...............

2,860

2,844,912

BFLD

Trust,

Series

2020-EYP,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.81%),

9.18%,

10/15/35

(a)(b)

...............

2,433

246,472

BPR

Trust,

Series

2021-TY,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.60%

Floor

+

3.71%),

9.08%,

09/15/38

(a)(b)

...............

4,495

4,289,961

BWAY

Mortgage

Trust

(b)

Series

2013-1515,

Class

D,

3.63%,

03/10/33

3,600

3,169,015

Series

2013-1515,

Class

E,

3.72%,

03/10/33

2,000

1,733,312

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2019-XL,

Class

G,

(1-mo.

CME

Term

SOFR

at

2.30%

Floor

+

2.41%),

7.78%,

10/15/36

....................

6,375

6,277,770

Series

2019-XL,

Class

J,

(1-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.76%),

8.13%,

10/15/36

....................

5,100

5,016,756

Series

2021-NWM,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.91%

Floor

+

1.02%),

6.39%,

02/15/33

...............

12,383

12,092,085

Series

2021-NWM,

Class

B,

(1-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.26%),

7.63%,

02/15/33

...............

7,261

7,137,885

Series

2021-NWM,

Class

C,

(1-mo.

CME

Term

SOFR

at

4.25%

Floor

+

4.36%),

9.73%,

02/15/33

...............

4,795

4,703,231

Series

2021-SOAR,

Class

G,

(1-mo.

CME

Term

SOFR

at

2.80%

Floor

+

2.91%),

8.28%,

06/15/38

...............

4,576

4,369,866

Series

2021-VINO,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.92%

Floor

+

2.92%),

8.28%,

05/15/38

...............

7,804

7,392,171

Series

2021-XL2,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.24%

Floor

+

2.36%),

7.72%,

10/15/38

....................

7,037

6,710,525

Series

2022-CSMO,

Class

C,

(1-mo.

CME

Term

SOFR

at

3.89%

Floor

+

3.89%),

9.25%,

06/15/27

...............

3,670

3,672,299

BX

Trust

(a)(b)

Series

2021-ARIA,

Class

G,

(1-mo.

CME

Term

SOFR

at

3.14%

Floor

+

3.26%),

8.62%,

10/15/36

...............

1,121

1,049,719

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

100

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2021-LBA,

Class

GJV,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.48%,

02/15/36

...............

USD

1,765

$

1,644,769

Series

2021-LBA,

Class

GV,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.48%,

02/15/36

...............

5,638

5,254,725

Series

2021-MFM1,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

7.73%,

01/15/34

...............

3,586

3,460,592

Series

2021-MFM1,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.48%,

01/15/34

...............

5,548

5,371,610

Series

2021-VIEW,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.60%

Floor

+

3.71%),

9.08%,

06/15/36

...............

7,366

6,707,220

Series

2022-GPA,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.17%

Floor

+

2.17%),

7.53%,

08/15/39

...............

14,750

14,763,866

Series

2022-GPA,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.06%

Floor

+

4.06%),

9.42%,

08/15/43

...............

5,000

5,004,699

Series

2022-VAMF,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.85%

Floor

+

0.85%),

6.21%,

01/15/39

...............

2,180

2,133,543

Series

2023-DELC,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.69%

Floor

+

2.69%),

8.05%,

05/15/38

...............

8,500

8,515,972

BXP

Trust

(a)(b)

Series

2017-CC,

Class

D,

(1-mo.

LIBOR

USD

+

0.00%),

3.55%,

08/13/37

....

6,800

5,046,113

Series

2017-CC,

Class

E,

(1-mo.

LIBOR

USD

+

0.00%),

3.55%,

08/13/37

....

10,985

7,467,593

Series

2021-601L,

Class

D,

2.78%,

01/15/44

3,863

2,379,011

Citigroup

Commercial

Mortgage

Trust

(a)

Series

2014-GC19,

Class

C,

5.04%,

03/11/47

....................

2,278

2,192,644

Series

2016-C1,

Class

C,

4.94%,

05/10/49

2,870

2,640,134

Series

2016-GC37,

Class

C,

4.91%,

04/10/49

....................

2,640

2,334,549

COAST

Commercial

Mortgage

Trust,

Series

2023-2HTL,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.44%

Floor

+

4.44%),

9.80%,

08/15/36

(a)(b)

....................

8,900

8,913,339

Commercial

Mortgage

Trust

(a)

Series

2013-300P,

Class

D,

4.39%,

08/10/30

(b)

...................

2,245

1,748,051

Series

2015-CR23,

Class

B,

4.18%,

05/10/48

....................

9,520

9,035,870

Series

2016-667M,

Class

D,

3.18%,

10/10/36

(b)

...................

3,200

2,523,044

CSMC

Trust

(a)(b)

Series

2020-FACT,

Class

E,

(1-mo.

CME

Term

SOFR

at

4.86%

Floor

+

5.23%),

10.59%,

10/15/37

..............

3,644

3,259,412

Series

2021-980M,

Class

E,

3.54%,

07/15/31

....................

1,450

1,213,716

Series

2021-BHAR,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.50%

Floor

+

3.61%),

8.98%,

11/15/38

...............

1,338

1,298,988

Series

2022-LION,  (1-day

SOFR

+

3.50%),

8.80%,

02/15/27

(e)

..............

8,800

7,930,521

Series

2022-NWPT,

Class

A,

(1-mo.

CME

Term

SOFR

at

3.14%

Floor

+

3.14%),

8.50%,

09/09/24

...............

9,400

9,500,128

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

DBUBS

Mortgage

Trust

(a)(b)

Series

2017-BRBK,

Class

E,

(1-mo.

LIBOR

USD

+

0.00%),

3.53%,

10/10/34

....

USD

9,073

$

6,735,964

Series

2017-BRBK,

Class

F,

3.53%,

10/10/34

....................

1,910

1,340,868

Extended

Stay

America

Trust

(a)(b)

Series

2021-ESH,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

7.73%,

07/15/38

...............

2,801

2,751,997

Series

2021-ESH,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.96%),

8.33%,

07/15/38

...............

6,133

6,017,168

GS

Mortgage

Securities

Corp.

II

(b)

Series

2005-ROCK,

Class

J,

5.86%,

05/03/32

....................

1,500

1,374,054

Series

2023-SHIP,

Class

E,

7.43%,

09/10/38

(a)

...................

8,600

8,407,235

GS

Mortgage

Securities

Corp.

Trust

(a)

Series

2015-GC32,

Class

C,

4.40%,

07/10/48

....................

1,075

972,016

Series

2022-AGSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.79%

Floor

+

2.69%),

8.05%,

11/15/27

(b)

..............

5,070

5,073,533

Harvest

Commercial

Capital

Loan

Trust

(a)(b)

Series

2019-1,

Class

M4,

4.64%,

09/25/46

3,150

2,795,659

Series

2019-1,

Class

M5,

5.73%,

09/25/46

2,000

1,723,816

HONO

Mortgage

Trust

(a)(b)

Series

2021-LULU,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.46%),

8.83%,

10/15/36

...............

3,330

3,086,117

Series

2021-LULU,

Class

F,

(1-mo.

CME

Term

SOFR

at

4.40%

Floor

+

4.51%),

9.88%,

10/15/36

...............

1,177

1,073,026

ILPT

Commercial

Mortgage

Trust,

Series

2022-

LPF2,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.61%,

10/15/39

(a)(b)

6,200

6,177,712

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust

(a)(b)

Series

2016-NINE,

Class

B,

(1-mo.

LIBOR

USD

+

0.00%),

2.85%,

09/06/38

....

4,787

4,231,680

Series

2022-NLP,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.54%

Floor

+

3.54%),

8.90%,

04/15/37

....................

10,358

7,049,104

Series

2022-OPO,

Class

D,

3.45%,

01/05/39

2,909

1,701,763

LUXE

Trust,

Series

2021-TRIP,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.75%

Floor

+

2.86%),

8.23%,

10/15/38

(a)(b)

...............

920

897,043

MAD

Mortgage

Trust,

Series

2017-330M,

Class

D,

3.98%,

08/15/34

(a)(b)

.............

3,305

2,440,337

Med

Trust

(a)(b)

Series

2021-MDLN,

Class

F,

(1-mo.

CME

Term

SOFR

at

4.00%

Floor

+

4.11%),

9.48%,

11/15/38

...............

8,758

8,498,169

Series

2021-MDLN,

Class

G,

(1-mo.

CME

Term

SOFR

at

5.25%

Floor

+

5.36%),

10.73%,

11/15/38

..............

9,868

9,439,312

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-W10,

Class

G,

(1-mo.

CME

Term

SOFR

at

4.22%

Floor

+

4.22%),

9.58%,

12/15/34

(a)(b)

...............

3,940

3,652,932

MHP

Commercial

Mortgage

Trust,

Series

2021-

STOR,

Class

J,

(1-mo.

CME

Term

SOFR

at

3.95%

Floor

+

4.06%),

9.43%,

07/15/38

(a)(b)

1,277

1,215,845

Morgan

Stanley

Capital

I

Trust

(a)

Series

2018-H3,

Class

C,

4.85%,

07/15/51

2,880

2,353,299

Series

2018-MP,

Class

E,

4.28%,

07/11/40

(b)

2,112

1,261,583

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

101

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2018-SUN,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.80%

Floor

+

2.85%),

8.21%,

07/15/35

(b)

..............

USD

3,060

$

2,939,113

MTN

Commercial

Mortgage

Trust,

Series

2022-

LPFL,

Class

F,

(1-mo.

CME

Term

SOFR

at

5.29%

Floor

+

5.29%),

10.66%,

03/15/39

(a)(b)

6,622

6,148,724

Olympic

Tower

Mortgage

Trust,

Series

2017-

OT,

Class

E,

3.95%,

05/10/39

(a)(b)

......

8,300

5,141,460

PFP

Ltd.,

Series

2022-9,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.27%

Floor

+

2.27%),

7.64%,

08/19/35

(a)(b)

...............

8,590

8,558,475

PKHL

Commercial

Mortgage

Trust,

Series

2021-MF,

Class

G,

(1-mo.

CME

Term

SOFR

at

4.35%

Floor

+

4.46%),

9.83%,

07/15/38

(a)

(b)

...........................

1,400

286,142

Taubman

Centers

Commercial

Mortgage

Trust,

Series

2022-DPM,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.19%

Floor

+

2.19%),

7.55%,

05/15/37

(a)(b)

...............

4,250

4,224,642

Velocity

Commercial

Capital

Loan

Trust

(a)(b)

Series

2022-1,

Class

M4,

5.20%,

02/25/52

5,721

4,227,939

Series

2023-3,

Class

M2,

8.27%,

08/25/53

1,240

1,267,223

Series

2023-3,

Class

M3,

9.32%,

08/25/53

1,240

1,268,065

Wells

Fargo

Commercial

Mortgage

Trust

(a)

Series

2015-NXS3,

Class

B,

4.50%,

09/15/57

....................

1,600

1,513,490

Series

2016-C37,

Class

C,

4.47%,

12/15/49

2,803

2,448,180

Series

2016-LC25,

Class

C,

4.33%,

12/15/59

....................

8,320

7,161,483

Series

2016-NXS5,

Class

B,

4.94%,

01/15/59

....................

1,875

1,714,140

WMRK

Commercial

Mortgage

Trust,

Series

2022-WMRK,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.79%

Floor

+

2.79%),

8.15%,

11/15/27

(a)(b)

....................

8,005

8,004,930

381,378,998

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.1%

(a)

BBCMS

Trust

(b)

Series

2015-SRCH,

Class

XA,

0.89%,

08/10/35

....................

70,482

1,723,714

Series

2015-SRCH,

Class

XB,

0.19%,

08/10/35

....................

35,000

237,685

BX

Trust,

Series

2022-GPA,

Class

XCP,

0.00%,

08/15/23

(b)

.....................

375,000

10,987

Commercial

Mortgage

Trust

Series

2014-UBS5,

Class

XB2,

0.73%,

09/10/47

(b)

...................

12,675

63,822

Series

2015-CR25,

Class

XA,

0.79%,

08/10/48

....................

11,448

111,994

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C22,

Class

XA,

0.78%,

09/15/47

......................

5,348

10,429

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(b)

.....................

40,477

707,340

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

X,

0.82%,

03/10/50

(b)

....

32,081

529,804

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

(b)

Series

2014-C15,

Class

XB,

0.45%,

04/15/47

....................

24,843

527

Series

2015-C26,

Class

XD,

1.31%,

10/15/48

....................

12,675

265,414

Morgan

Stanley

Capital

I

Trust,

Series

2016-

UBS9,

Class

XD,

1.59%,

03/15/49

(b)

....

13,600

410,125

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

(continued)

Natixis

Commercial

Mortgage

Securities

Trust

(b)

Series

2017-75B,

Class

XA,

0.20%,

04/10/37

....................

USD

40,610

$

280,416

Series

2017-75B,

Class

XB,

0.03%,

04/10/37

....................

27,000

47,720

Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-BNK1,

Class

XD,

1.25%,

08/15/49

(b)

...................

11,784

313,142

Series

2016-LC25,

Class

XA,

0.82%,

12/15/59

....................

18,415

354,729

WFRBS

Commercial

Mortgage

Trust

Series

2014-C20,

Class

XB,

0.58%,

05/15/47

....................

57,079

57,923

Series

2014-LC14,

Class

XA,

1.13%,

03/15/47

....................

4,955

290

5,126,061

Total

Non-Agency

Mortgage-Backed

Securities

—

5.5%

(Cost:

$675,186,830)

.............................

625,080,208

Preferred

Securities

Capital

Trusts

—

1.4%

Banks

—

0.2%

(a)(k)

Banco

Bilbao

Vizcaya

Argentaria

SA,

(5-Year

EUR

Swap

Annual

+

6.46%),

6.00%

(c)

...

EUR

4,800

5,258,582

Citigroup,

Inc.,

Series

Y,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.00%),

4.15%

..................

USD

15

12,874

HSBC

Holdings

plc,

(5-Year

USD

Swap

Rate

+

3.71%),

6.38%

..................

1,200

1,188,548

PNC

Financial

Services

Group,

Inc.

(The)

Series

T,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.60%),

3.40%

......................

12,250

9,799,076

Series

V,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.24%),

6.20%

......................

1,800

1,750,028

Series

W,

(7-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.81%),

6.25%

......................

1,614

1,504,519

US

Bancorp,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.54%),

3.70%

........................

15,530

12,191,432

31,705,059

Capital

Markets

—

0.3%

(a)(k)

Bank

of

New

York

Mellon

Corp.

(The),

Series

H,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.35%),

3.70%

.

21,025

19,694,330

Charles

Schwab

Corp.

(The)

Series

I,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.17%),

4.00%

......................

1,698

1,496,752

Series

H,

(10-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.08%),

4.00%

......................

12,456

9,837,871

31,028,953

Consumer

Finance

—

0.2%

(a)(k)

Ally

Financial,

Inc.,

Series

B,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.87%),

4.70%

...........

13,375

10,032,075

Capital

One

Financial

Corp.,

Series

M,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.16%),

3.95%

.....

6,300

5,049,064

Discover

Financial

Services,

Series

C,

(3-mo.

CME

Term

SOFR

+

3.34%),

5.50%

.....

20,150

16,190,525

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

102

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

General

Motors

Financial

Co.,

Inc.,

Series

C,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.00%),

5.70%

.

USD

1,220

$

1,126,659

32,398,323

Electric

Utilities

—

0.2%

(a)(k)

Edison

International

Series

A,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.70%),

5.38%

......................

15,783

14,927,543

Series

B,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.90%),

5.00%

......................

2,271

2,114,536

NRG

Energy,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.92%),

10.25%

(b)

................

2,747

2,859,863

19,901,942

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)

.....................

1,923

1,894,155

Insurance

—

0.1%

MetLife,

Inc.,

Series

G,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.58%),

3.85%

(a)(k)

................

9,275

8,779,699

Multi-Utilities

—

0.1%

Dominion

Energy,

Inc.,

Series

C,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.20%),

4.35%

(a)(k)

.........

10,005

8,871,588

Oil,

Gas

&

Consumable

Fuels

—

0.3%

Energy

Transfer

LP

(a)(k)

Series

H,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.69%),

6.50%

......................

2,611

2,481,181

Series

G,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.31%),

7.13%

......................

29,150

26,861,100

29,342,281

Total

Capital

Trusts

—

1.4%

(Cost:

$183,200,776)

.............................

163,922,000

Shares

Shares

Preferred

Stocks

—

0.3%

Banks

—

0.1%

Banco

Bradesco

SA

(Preference)

........

2,293,742

7,979,992

Household

Products

—

0.0%

Henkel

AG

&

Co.

KGaA

(Preference)

......

32,610

2,623,215

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

Samsung

Electronics

Co.

Ltd.

(Preference)

.

457,249

22,033,233

Total

Preferred

Stocks

—

0.3%

(Cost:

$23,238,704)

..............................

32,636,440

Trust

Preferreds

—

0.2%

Commercial

Services

&

Supplies

—

0.1%

ILFC

E-Capital

Trust

I

,

(3-mo.

CME

Term

SOFR

at

14.50%

Cap

+

1.81%),

7.19%, 12/21/65

(a)

(b)

...........................

16,872,000

12,516,999

Security

Shares

Shares

Value

Consumer

Finance

—

0.1%

ILFC

E-Capital

Trust

II

,

(3-mo.

CME

Term

SOFR

at

14.50%

Cap

+

2.06%),

7.44%, 12/21/65

(a)(b)

...............

11,944,000

$

9,243,624

Total

Trust

Preferreds

—

0.2%

(Cost:

$27,894,930)

..............................

21,760,623

Total

Preferred

Securities

—

1.9%

(Cost:

$234,334,410)

.............................

218,319,063

Rights

Banks

—

0.0%

Mega

Financial

Holding

Co.

Ltd.

(Expires

01/24/24,

Strike

Price

TWD

33.00)

(f)

....

245

49

Total

Rights

—

0.0%

(Cost:

$—)

....................................

49

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

Commercial

Mortgage-Backed

Securities

—

0.1%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes,

Series

2018-W5FX,

Class

CFX,

(1-mo.

LIBOR

USD

+

0.00%),

3.66%, 04/25/28

(a)(b)

...............

USD

4,627

3,965,230

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.1%

(Cost:

$4,517,910)

..............................

3,965,230

Shares

Shares

Warrants

Diversified

Consumer

Services

—

0.0%

Service

King

Midas

International

(Issued/

Exercisable

07/14/22,

1

Share

for

1

Warrant,

Expires

06/30/27,

Strike

Price

USD

10.00)

(e)

(f)

............................

1,841

—

Oil,

Gas

&

Consumable

Fuels

—

0.0%

California

Resources

Corp.

(Issued/Exercisable

10/23/20,

1

Share

for

1

Warrant,

Expires

10/27/24,

Strike

Price

USD

36.00)

(f)

....

1,489

28,857

Total

Warrants

—

0.0%

(Cost:

$—)

....................................

28,857

Total

Long-Term

Investments

—

97.8%

(Cost:

$10,992,503,682)

...........................

11,190,625,522

Short-Term

Securities

Money

Market

Funds

—

1.3%

(r)(s)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.26%

...................

117,395,905

117,395,905

SL

Liquidity

Series,

LLC,

Money

Market

Series,

5.58%

(t)

.......................

33,206,670

33,219,952

Total

Money

Market

Funds

—

1.3%

(Cost:

$150,615,132)

.............................

150,615,857

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

103

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Pa

r

(

000)

Value

U.S.

Treasury

Obligations

—

0.0%

U.S.

Treasury

Bills

,

5.34%, 05/09/24

(u)

.....

USD

2,090

$

2,051,818

Total

U.S.

Treasury

Obligations

—

0.0%

(Cost:

$2,051,008)

..............................

2,051,818

Total

Short-Term

Securities

—

1.3%

(Cost:

$152,666,140)

.............................

152,667,675

Total

Investments

—

99.1%

(Cost:

$11,145,169,822

)

...........................

11,343,293,197

Other

Assets

Less

Liabilities

—

0.9%

...................

106,009,884

Net

Assets

—

100.0%

..............................

$

11,449,303,081

(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)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(f)

Non-income

producing

security.

(g)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$7,583,333,

representing

0.07%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$7,316,829.

(h)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(i)

All

or

a

portion

of

this

security

is

on

loan.

(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)

When-issued

security.

(o)

Zero-coupon

bond.

(p)

Rounds

to

less

than

1,000.

(q)

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.

(r)

Affiliate

of

the

Fund.

(s)

Annualized

7-day

yield

as

of

period

end.

(t)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

(u)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

104

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

December

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

07/31/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/23

Shares

Held

at

12/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

518,724,542

$

—

$

(401,328,637)

(a)

$

—

$

—

$

117,395,905

117,395,905

$

6,016,913

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

.........

39,735,483

—

(8,924,883)

(a)

2,438,026

(28,674)

33,219,952

33,206,670

196,203

(b)

—

iShares

Core

Dividend

Growth

ETF

................

98,838,363

618,165,281

(441,139,068)

26,654,797

7,258,806

309,778,179

5,755,819

2,405,135

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

....

38,971,137

230,225,881

(38,862,611)

(2,543,887)

3,422,475

231,212,995

2,987,634

184,700

—

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

(c)

..............

165,612,087

—

(161,330,001)

(4,158,933)

(123,153)

—

—

1,429,961

—

iShares

MBS

ETF

(c)

.......

368,351,420

—

(366,656,109)

(5,402,685)

3,707,374

—

—

6,047,271

—

$

16,987,318

$

14,236,828

$

691,607,031

$

16,280,183

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

105

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

MSCI

Emerging

Markets

E-Mini

Index

............................................

182

03/15/24

$

9,407

$

416,399

S&P

500

E-Mini

Index

.......................................................

1,463

03/15/24

352,583

8,297,960

U.S.

Treasury

10-Year

Note

...................................................

13,550

03/19/24

1,529,668

49,575,765

U.S.

Treasury

10-Year

Ultra

Note

...............................................

2,395

03/19/24

282,647

12,551,098

U.S.

Treasury

5-Year

Note

....................................................

15,552

03/28/24

1,691,645

36,312,725

107,153,947

Short

Contracts

EURO

STOXX

50

Index

.....................................................

1,165

03/15/24

58,533

159,659

EUR

Currency

............................................................

1,454

03/18/24

201,288

(3,856,546)

GBP

Currency

............................................................

3,647

03/18/24

290,643

(4,157,516)

JPY

Currency

............................................................

347

03/18/24

31,126

(779,594)

U.S.

Treasury

10-Year

Note

...................................................

153

03/19/24

17,272

(558,977)

U.S.

Treasury

Long

Bond

.....................................................

59

03/19/24

7,371

(535,235)

U.S.

Treasury

Ultra

Bond

.....................................................

17

03/19/24

2,271

(204,013)

U.S.

Treasury

2-Year

Note

....................................................

4

03/28/24

824

(7,913)

(9,940,135)

$

97,213,812

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

970,000

USD

1,047,982

HSBC

Bank

plc

01/12/24

$

23,233

EUR

950,000

USD

1,026,235

Standard

Chartered

Bank

01/12/24

22,893

GBP

2,610,000

USD

3,319,145

Deutsche

Bank

AG

01/12/24

7,860

AUD

1,039,000

USD

660,482

Bank

of

New

York

Mellon

01/16/24

47,860

AUD

6,746,000

USD

4,524,747

Deutsche

Bank

AG

01/16/24

74,360

AUD

2,400,000

USD

1,579,730

Westpac

Banking

Corp.

01/16/24

56,478

CAD

6,870,000

USD

5,035,423

Bank

of

New

York

Mellon

01/16/24

150,312

CAD

3,027,000

USD

2,241,342

Deutsche

Bank

AG

01/16/24

43,552

CAD

1,914,000

USD

1,412,398

UBS

AG

01/16/24

32,362

CAD

918,000

USD

670,425

Westpac

Banking

Corp.

01/16/24

22,516

CHF

719,000

USD

826,864

Barclays

Bank

plc

01/16/24

29,226

CHF

181,000

USD

206,099

UBS

AG

01/16/24

9,412

CHF

217,000

USD

247,104

Westpac

Banking

Corp.

01/16/24

11,271

EUR

296,000

USD

322,716

Bank

of

New

York

Mellon

01/16/24

4,228

EUR

2,313,000

USD

2,540,335

Deutsche

Bank

AG

01/16/24

14,470

EUR

2,466,000

USD

2,665,889

UBS

AG

01/16/24

57,911

EUR

2,709,000

USD

2,970,584

Westpac

Banking

Corp.

01/16/24

21,620

GBP

929,000

USD

1,160,957

Bank

of

New

York

Mellon

01/16/24

23,282

GBP

1,446,000

USD

1,825,445

Barclays

Bank

plc

01/16/24

17,837

GBP

44,000

USD

55,898

Deutsche

Bank

AG

01/16/24

191

GBP

1,165,000

USD

1,470,484

UBS

AG

01/16/24

14,595

HKD

2,448,000

USD

313,423

Barclays

Bank

plc

01/16/24

170

JPY

759,349,000

USD

5,159,716

Bank

of

New

York

Mellon

01/16/24

236,984

JPY

1,046,000

USD

7,196

Deutsche

Bank

AG

01/16/24

238

JPY

57,102,000

USD

394,677

UBS

AG

01/16/24

11,148

KRW

1,042,586,000

USD

779,370

Citibank

NA

01/16/24

25,308

NZD

167,000

USD

103,596

UBS

AG

01/16/24

1,977

NZD

11,392,000

USD

6,789,475

Westpac

Banking

Corp.

01/16/24

412,266

SGD

435,000

USD

319,219

Deutsche

Bank

AG

01/16/24

10,600

USD

2,361,107

AED

8,669,000

UBS

AG

01/16/24

502

USD

106,235

CHF

89,000

Barclays

Bank

plc

01/16/24

266

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

106

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

338,557

HKD

2,638,000

UBS

AG

01/16/24

$

624

1,385,552

USD

458,829

EUR

420,000

Bank

of

New

York

Mellon

01/12/24

(4,996)

USD

1,428,227

EUR

1,300,000

Barclays

Bank

plc

01/12/24

(7,422)

USD

438,193,804

EUR

405,820,000

BNP

Paribas

SA

01/12/24

(9,971,590)

USD

2,097,724

EUR

1,920,000

Morgan

Stanley

&

Co.

International

plc

01/12/24

(22,619)

USD

802,297

GBP

640,000

Nomura

International

plc

01/12/24

(13,520)

USD

95,777,583

GBP

76,230,000

UBS

AG

01/12/24

(1,393,908)

AED

1,175,000

USD

320,062

Bank

of

America

NA

01/16/24

(105)

AED

510,000

USD

138,901

Citibank

NA

01/16/24

(26)

EUR

243,000

USD

269,616

Westpac

Banking

Corp.

01/16/24

(1,212)

HKD

3,092,000

USD

396,128

Bank

of

New

York

Mellon

01/16/24

(37)

HKD

1,589,000

USD

203,842

Deutsche

Bank

AG

01/16/24

(288)

USD

5,163,788

AUD

7,794,000

Bank

of

New

York

Mellon

01/16/24

(149,797)

USD

875,456

AUD

1,333,000

UBS

AG

01/16/24

(33,321)

USD

3,903,730

CAD

5,265,000

Bank

of

New

York

Mellon

01/16/24

(70,490)

USD

932,661

CAD

1,279,000

Barclays

Bank

plc

01/16/24

(32,777)

USD

1,794,931

CAD

2,441,000

Deutsche

Bank

AG

01/16/24

(47,628)

USD

89,449

CAD

122,000

UBS

AG

01/16/24

(2,641)

USD

625,620

CAD

864,000

Westpac

Banking

Corp.

01/16/24

(26,560)

USD

697,685

CHF

609,000

Bank

of

America

NA

01/16/24

(27,431)

USD

452,655

CHF

398,000

Bank

of

New

York

Mellon

01/16/24

(21,231)

USD

1,795,110

CHF

1,611,000

Deutsche

Bank

AG

01/16/24

(123,055)

USD

8,473

EUR

8,000

Bank

of

America

NA

01/16/24

(363)

USD

7,168,887

EUR

6,578,000

Bank

of

New

York

Mellon

01/16/24

(96,788)

USD

2,563,541

EUR

2,374,000

Barclays

Bank

plc

01/16/24

(58,642)

USD

3,861,479

EUR

3,644,000

Deutsche

Bank

AG

01/16/24

(163,472)

USD

82,734

EUR

77,000

UBS

AG

01/16/24

(2,316)

USD

56,670

EUR

52,000

Westpac

Banking

Corp.

01/16/24

(766)

USD

387,884

GBP

310,000

Bank

of

America

NA

01/16/24

(7,287)

USD

3,216,798

GBP

2,570,000

Bank

of

New

York

Mellon

01/16/24

(59,298)

USD

6,225,469

GBP

5,094,000

UBS

AG

01/16/24

(268,087)

USD

772,771

HKD

6,036,000

Bank

of

America

NA

01/16/24

(455)

USD

416,485

HKD

3,252,000

Bank

of

New

York

Mellon

01/16/24

(103)

USD

599,267

JPY

86,477,000

Bank

of

America

NA

01/16/24

(15,326)

USD

204,725

JPY

30,239,000

UBS

AG

01/16/24

(10,184)

USD

1,753,373

NZD

2,844,000

Bank

of

New

York

Mellon

01/16/24

(44,534)

USD

13,447,210

EUR

12,447,895

Westpac

Banking

Corp.

03/14/24

(334,029)

USD

933,761

EUR

851,000

Barclays

Bank

plc

03/20/24

(8,628)

USD

6,897,005

EUR

6,286,000

Nomura

International

plc

03/20/24

(64,053)

USD

217,853

EUR

198,820

Toronto

Dominion

Bank

03/20/24

(2,318)

USD

1,519,888

GBP

1,199,000

Barclays

Bank

plc

03/20/24

(9,001)

USD

12,115,946

GBP

9,559,000

BNP

Paribas

SA

03/20/24

(73,089)

USD

592,422

GBP

465,980

Toronto

Dominion

Bank

03/20/24

(1,766)

(13,171,159)

$

(11,785,607)

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

High

Yield

Index

Series

41.V2

.....................

5.00

%

Quarterly

12/20/28

USD

2,792

$

(166,731)

$

(104,015)

$

(62,716)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

107

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)

Markit

CDX

North

American

Investment

Grade

Index

Series

41.V1

.......

1.00

%

Quarterly

12/20/28

BBB+

USD

6,577

$

129,404

$

123,695

$

5,709

(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

Credit

Default

Swap

s

—

Buy

Protection

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Conagra

Brands,

Inc.

.......

1.00

%

Quarterly

Bank

of

America

NA

12/20/28

USD

850

$

(14,117)

$

(13,229)

$

(888)

CVS

Health

Corp.

.........

1.00

Quarterly

Bank

of

America

NA

12/20/28

USD

1,520

(34,585)

(34,103)

(482)

Dow

Chemical

Co.

(The)

.....

1.00

Quarterly

Bank

of

America

NA

12/20/28

USD

1,520

(24,891)

(23,658)

(1,233)

DR

Horton,

Inc.

...........

1.00

Quarterly

Bank

of

America

NA

12/20/28

USD

1,520

(33,479)

(34,004)

525

Picard

Bondco

SA

.........

5.00

Quarterly

Deutsche

Bank

AG

12/20/28

EUR

374

(18,581)

(4,629)

(13,952)

Tyson

Foods,

Inc.

.........

1.00

Quarterly

Bank

of

America

NA

12/20/28

USD

333

(4,517)

(4,012)

(505)

Tyson

Foods,

Inc.

.........

1.00

Quarterly

Bank

of

America

NA

12/20/28

USD

834

(11,292)

(10,726)

(566)

$

–

$

–

$

–

$

(141,462)

$

(124,361)

$

(17,101)

$

–

$

–

$

–

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

$

27,936

$

21,778

$

6,158

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Bank

of

America

NA

06/20/26

BB

EUR

272

22,567

(5,906)

28,473

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Bank

of

America

NA

12/20/26

BB

EUR

320

27,735

(8,446)

36,181

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Barclays

Bank

plc

12/20/26

BB

EUR

244

21,118

6,543

14,575

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/26

BB

EUR

362

31,361

55,281

(23,920)

Jaguar

Land

Rover

Automotive

plc

.....

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/26

BB

EUR

125

10,834

3,922

6,912

TK

Elevator

Holdco

GmbH

5.00

Quarterly

Goldman

Sachs

International

12/20/26

CCC+

EUR

476

18,905

11,501

7,404

CMA

CGM

SA

........

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

NR

EUR

1,090

140,667

193,147

(52,480)

Ladbrokes

Group

Finance

plc

.............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

NR

EUR

529

(4,803)

(65,183)

60,380

Ladbrokes

Group

Finance

plc

.............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

NR

EUR

227

(2,056)

(17,460)

15,404

Ladbrokes

Group

Finance

plc

.............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/27

NR

EUR

75

(680)

(5,777)

5,097

ADLER

Real

Estate

AG

.

5.00

Quarterly

Bank

of

America

NA

12/20/27

CCC+

EUR

304

(59,383)

(55,711)

(3,672)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Barclays

Bank

plc

12/20/27

CCC+

EUR

183

(35,694)

(32,715)

(2,979)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Barclays

Bank

plc

12/20/27

CCC+

EUR

513

(100,328)

(91,956)

(8,372)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Citibank

NA

12/20/27

CCC+

EUR

149

(29,112)

(27,468)

(1,644)

ADLER

Real

Estate

AG

.

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

CCC+

EUR

312

(60,925)

(56,656)

(4,269)

ADLER

Real

Estate

AG

.

5.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

CCC+

EUR

226

(44,174)

(41,032)

(3,142)

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

108

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

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)

United

Group

BV

......

5.00

%

Quarterly

Bank

of

America

NA

12/20/27

B

EUR

546

$

24,483

$

(67,763)

$

92,246

United

Group

BV

......

5.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

B

EUR

22

972

(2,883)

3,855

Ladbrokes

Group

Finance

plc

.............

1.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/28

NR

EUR

54

(1,232)

(3,364)

2,132

United

Group

BV

......

5.00

Quarterly

Deutsche

Bank

AG

06/20/28

B

EUR

109

3,371

(9,404)

12,775

Bank

of

America

Corp.

..

1.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/28

A-

USD

3,670

51,860

20,792

31,068

$

43,422

$

(178,760)

$

222,182

(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

BNP

Paribas

SA

03/20/24

USD

6,031

$

93,993

$

(51,664)

$

145,657

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

HSBC

Bank

plc

(b)

02/10/28

$

1,149,905

$

(30,619)

(c)

$

1,124,132

0.0

%

(b)

Range:

90

basis

points

Benchmarks:

USD

-

1D

Overnight

Bank

Funding

Rate

(OBFR01)

(b)

HSBC

(c)

Amount

includes

$(4,846)

of

net

dividends

and

financing

fees.

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

109

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

The

following

table

represents

the

individual

long

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

HSBC

Bank

plc,

as

of

period

end,

termination

date

February

10,

2028:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

Vietnam

Vietnam

Dairy

Products

JSC

..

403,800

$

1,124,132

100.0

%

Net

Value

of

Reference

Entity

—

HSBC

Bank

plc

$

1,124,132

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

5.34

%

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

....................................

$

—

$

1,614,663,153

$

2,000,200

$

1,616,663,353

Common

Stocks

Aerospace

&

Defense

....................................

41,246,101

4,584,470

—

45,830,571

Air

Freight

&

Logistics

....................................

17,672,724

1,500,562

—

19,173,286

Automobile

Components

..................................

7,856,400

2,206,618

—

10,063,018

Automobiles

..........................................

9,115,526

7,192,870

—

16,308,396

Banks

...............................................

92,252,687

116,590,053

98

208,842,838

Beverages

...........................................

4,808,583

21,773,380

—

26,581,963

Biotechnology

.........................................

20,489,450

2,645,894

—

23,135,344

Broadline

Retail

........................................

13,973,682

11,500,836

—

25,474,518

Building

Products

.......................................

33,292,525

11,300,521

—

44,593,046

Capital

Markets

........................................

37,318,331

16,058,213

—

53,376,544

Chemicals

............................................

8,936,992

36,951,535

—

45,888,527

Commercial

Services

&

Supplies

.............................

14,394,994

—

—

14,394,994

Communications

Equipment

................................

10,823,897

4,954,562

—

15,778,459

Construction

&

Engineering

................................

482,020

13,144,702

—

13,626,722

Construction

Materials

....................................

—

7,960,420

—

7,960,420

Consumer

Finance

......................................

25,228,550

3,402,407

—

28,630,957

Consumer

Staples

Distribution

&

Retail

........................

28,511,807

11,419,665

1,839

39,933,311

Containers

&

Packaging

..................................

11,546,638

—

—

11,546,638

Diversified

REITs

.......................................

11,559,264

3,865,526

—

15,424,790

Diversified

Telecommunication

Services

........................

36,777,303

40,138,449

—

76,915,752

Electric

Utilities

........................................

128,627,737

18,263,649

—

146,891,386

Electrical

Equipment

.....................................

3,912,674

10,453,004

—

14,365,678

Electronic

Equipment,

Instruments

&

Components

.................

16,770,472

22,313,964

—

39,084,436

Energy

Equipment

&

Services

..............................

15,275,282

—

—

15,275,282

Entertainment

.........................................

—

106,445

—

106,445

Financial

Services

......................................

25,665,645

265,929

—

25,931,574

Food

Products

.........................................

37,414,320

44,590,677

—

82,004,997

Gas

Utilities

...........................................

167,373

6,011,096

—

6,178,469

Ground

Transportation

...................................

50,197,128

1,754,239

—

51,951,367

Health

Care

Equipment

&

Supplies

...........................

45,537,135

23,920,814

—

69,457,949

Health

Care

Providers

&

Services

............................

63,560,143

13,103,217

280,343

76,943,703

Health

Care

REITs

......................................

49,641,459

6,717,617

—

56,359,076

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

110

Level

1

Level

2

Level

3

Total

Hotels,

Restaurants

&

Leisure

..............................

$

5,214,137

$

5,220,502

$

—

$

10,434,639

Household

Durables

.....................................

9,049,987

18,903,221

—

27,953,208

Household

Products

.....................................

230,137

917,124

—

1,147,261

Independent

Power

and

Renewable

Electricity

Producers

............

2,187,247

6,861,354

—

9,048,601

Industrial

Conglomerates

..................................

—

16,013,072

—

16,013,072

Industrial

REITs

........................................

25,382,034

30,019,742

—

55,401,776

Insurance

............................................

41,192,637

69,074,958

—

110,267,595

Interactive

Media

&

Services

...............................

—

2,525,801

—

2,525,801

IT

Services

...........................................

33,200,747

26,743,252

—

59,943,999

Leisure

Products

.......................................

4,466,218

—

—

4,466,218

Life

Sciences

Tools

&

Services

..............................

3,452,797

3,381,841

—

6,834,638

Machinery

............................................

21,383,189

21,474,347

—

42,857,536

Marine

Transportation

....................................

—

918,187

—

918,187

Media

...............................................

13,111,663

2,071,193

543,320

15,726,176

Metals

&

Mining

........................................

5,268,880

10,024,506

68

15,293,454

Multi-Utilities

..........................................

31,458,084

16,514,074

—

47,972,158

Office

REITs

..........................................

19,370,865

—

—

19,370,865

Oil,

Gas

&

Consumable

Fuels

...............................

94,548,248

71,611,300

47

166,159,595

Paper

&

Forest

Products

..................................

—

3,074,841

—

3,074,841

Personal

Care

Products

..................................

3,461,618

12,422,516

—

15,884,134

Pharmaceuticals

.......................................

7,495,139

117,637,689

—

125,132,828

Professional

Services

....................................

49,762,637

25,564,440

—

75,327,077

Real

Estate

Management

&

Development

.......................

4,518,904

25,795,784

—

30,314,688

Residential

REITs

.......................................

28,287,524

—

—

28,287,524

Retail

REITs

..........................................

—

18,535,296

—

18,535,296

Semiconductors

&

Semiconductor

Equipment

....................

6,631,247

93,373,312

—

100,004,559

Software

.............................................

56,807,761

4,866,548

—

61,674,309

Specialized

REITs

......................................

100,280,683

—

—

100,280,683

Specialty

Retail

........................................

575,614

16,821,147

—

17,396,761

Technology

Hardware,

Storage

&

Peripherals

....................

28,511,870

25,911,552

—

54,423,422

Textiles,

Apparel

&

Luxury

Goods

............................

7,478,218

17,359,085

—

24,837,303

Tobacco

.............................................

18,490,818

10,829,371

—

29,320,189

Trading

Companies

&

Distributors

............................

—

8,690,427

—

8,690,427

Transportation

Infrastructure

...............................

16,616,093

66,811,202

—

83,427,295

Water

Utilities

.........................................

—

3,034,566

—

3,034,566

Wireless

Telecommunication

Services

.........................

8,199,467

23,328,782

3

31,528,252

Corporate

Bonds

Aerospace

&

Defense

....................................

—

73,344,947

—

73,344,947

Air

Freight

&

Logistics

....................................

—

2,137,178

—

2,137,178

Automobile

Components

..................................

—

48,245,002

—

48,245,002

Automobiles

..........................................

—

16,728,669

—

16,728,669

Banks

...............................................

—

484,712,139

—

484,712,139

Beverages

...........................................

—

2,673,429

—

2,673,429

Biotechnology

.........................................

—

22,878,166

—

22,878,166

Broadline

Retail

........................................

—

9,626,749

—

9,626,749

Building

Products

.......................................

—

16,595,302

—

16,595,302

Capital

Markets

........................................

—

157,557,237

—

157,557,237

Chemicals

............................................

—

65,003,032

—

65,003,032

Commercial

Services

&

Supplies

.............................

—

86,095,058

—

86,095,058

Communications

Equipment

................................

—

9,848,176

—

9,848,176

Construction

&

Engineering

................................

—

20,867,046

—

20,867,046

Construction

Materials

....................................

—

8,235,480

—

8,235,480

Consumer

Finance

......................................

—

49,136,505

—

49,136,505

Consumer

Staples

Distribution

&

Retail

........................

—

26,748,905

—

26,748,905

Containers

&

Packaging

..................................

—

68,822,933

—

68,822,933

Distributors

...........................................

—

3,977,111

—

3,977,111

Diversified

Consumer

Services

..............................

—

15,034,501

—

15,034,501

Diversified

REITs

.......................................

—

23,624,150

—

23,624,150

Diversified

Telecommunication

Services

........................

—

146,620,632

—

146,620,632

Electric

Utilities

........................................

—

98,257,471

—

98,257,471

Electrical

Equipment

.....................................

—

10,018,101

—

10,018,101

Electronic

Equipment,

Instruments

&

Components

.................

—

4,076,849

—

4,076,849

Energy

Equipment

&

Services

..............................

—

86,720,665

—

86,720,665

Entertainment

.........................................

—

10,819,504

—

10,819,504

Fair

Value

Hierarchy

as

of Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

111

Level

1

Level

2

Level

3

Total

Financial

Services

......................................

$

—

$

89,763,377

$

7,040,013

$

96,803,390

Food

Products

.........................................

—

26,651,454

—

26,651,454

Gas

Utilities

...........................................

—

10,072,917

—

10,072,917

Ground

Transportation

...................................

—

25,446,655

—

25,446,655

Health

Care

Equipment

&

Supplies

...........................

—

26,684,442

—

26,684,442

Health

Care

Providers

&

Services

............................

—

58,385,312

—

58,385,312

Health

Care

REITs

......................................

—

2,224,820

—

2,224,820

Health

Care

Technology

..................................

—

15,998,791

—

15,998,791

Hotel

&

Resort

REITs

....................................

—

12,415,648

—

12,415,648

Hotels,

Restaurants

&

Leisure

..............................

—

157,758,105

—

157,758,105

Household

Durables

.....................................

—

14,132,803

—

14,132,803

Household

Products

.....................................

—

4,060,156

—

4,060,156

Independent

Power

and

Renewable

Electricity

Producers

............

—

12,200,371

—

12,200,371

Industrial

Conglomerates

..................................

—

18,374,723

—

18,374,723

Insurance

............................................

—

98,278,204

—

98,278,204

Interactive

Media

&

Services

...............................

—

1,114,347

—

1,114,347

IT

Services

...........................................

—

43,072,457

—

43,072,457

Leisure

Products

.......................................

—

2,370,059

—

2,370,059

Life

Sciences

Tools

&

Services

..............................

—

7,465,046

—

7,465,046

Machinery

............................................

—

43,210,527

—

43,210,527

Marine

Transportation

....................................

—

2,020,865

—

2,020,865

Media

...............................................

—

124,348,988

—

124,348,988

Metals

&

Mining

........................................

—

54,591,561

—

54,591,561

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

—

2,798,641

—

2,798,641

Multi-Utilities

..........................................

—

9,261,700

—

9,261,700

Office

REITs

..........................................

—

2,218,577

—

2,218,577

Oil,

Gas

&

Consumable

Fuels

...............................

—

203,196,512

—

203,196,512

Paper

&

Forest

Products

..................................

—

3,244,316

—

3,244,316

Passenger

Airlines

......................................

—

19,002,448

—

19,002,448

Personal

Care

Products

..................................

—

2,943,309

—

2,943,309

Pharmaceuticals

.......................................

—

55,226,780

—

55,226,780

Professional

Services

....................................

—

13,913,219

—

13,913,219

Real

Estate

Management

&

Development

.......................

—

21,785,263

—

21,785,263

Residential

REITs

.......................................

—

1,756,650

—

1,756,650

Retail

REITs

..........................................

—

7,812,904

—

7,812,904

Semiconductors

&

Semiconductor

Equipment

....................

—

28,448,636

—

28,448,636

Software

.............................................

—

98,017,480

—

98,017,480

Specialized

REITs

......................................

—

13,471,048

—

13,471,048

Specialty

Retail

........................................

—

27,957,632

—

27,957,632

Technology

Hardware,

Storage

&

Peripherals

....................

—

6,528,127

—

6,528,127

Textiles,

Apparel

&

Luxury

Goods

............................

—

5,775,266

—

5,775,266

Tobacco

.............................................

—

7,062,598

—

7,062,598

Trading

Companies

&

Distributors

............................

—

47,642,899

—

47,642,899

Transportation

Infrastructure

...............................

—

3,814,203

—

3,814,203

Wireless

Telecommunication

Services

.........................

—

52,393,347

—

52,393,347

Equity-Linked

Notes

......................................

—

1,438,018,227

—

1,438,018,227

Fixed

Rate

Loan

Interests

..................................

—

—

13,037,932

13,037,932

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

17,087,393

—

17,087,393

Automobile

Components

..................................

—

4,159,216

—

4,159,216

Automobiles

..........................................

—

1,719,392

—

1,719,392

Beverages

...........................................

—

6,128,633

—

6,128,633

Broadline

Retail

........................................

—

5,929,298

1,171,653

7,100,951

Building

Products

.......................................

—

6,206,883

—

6,206,883

Capital

Markets

........................................

—

14,250,141

—

14,250,141

Chemicals

............................................

—

20,228,425

3,894,259

24,122,684

Commercial

Services

&

Supplies

.............................

—

22,516,460

674,649

23,191,109

Communications

Equipment

................................

—

3,506,171

—

3,506,171

Construction

&

Engineering

................................

—

6,484,598

14,044,381

20,528,979

Construction

Materials

....................................

—

5,147,628

—

5,147,628

Consumer

Staples

Distribution

&

Retail

........................

—

2,250,877

12,750,602

15,001,479

Containers

&

Packaging

..................................

—

7,238,109

—

7,238,109

Distributors

...........................................

—

3,302,226

—

3,302,226

Diversified

Consumer

Services

..............................

—

13,831,729

—

13,831,729

Fair

Value

Hierarchy

as

of Period

End

(continued)

2023

BlackRock

Annual

Report

To

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

112

Level

1

Level

2

Level

3

Total

Diversified

REITs

.......................................

$

—

$

909,394

$

—

$

909,394

Diversified

Telecommunication

Services

........................

—

22,438,611

451,397

22,890,008

Electrical

Equipment

.....................................

—

1,488,774

—

1,488,774

Electronic

Equipment,

Instruments

&

Components

.................

—

1,038,306

—

1,038,306

Energy

Equipment

&

Services

..............................

—

162,133

27,518

189,651

Entertainment

.........................................

—

23,678,743

—

23,678,743

Financial

Services

......................................

—

22,356,671

105,694,598

128,051,269

Food

Products

.........................................

—

19,389,257

—

19,389,257

Ground

Transportation

...................................

—

3,391,618

—

3,391,618

Health

Care

Equipment

&

Supplies

...........................

—

12,125,873

—

12,125,873

Health

Care

Providers

&

Services

............................

—

11,067,096

—

11,067,096

Health

Care

Technology

..................................

—

14,991,336

—

14,991,336

Hotels,

Restaurants

&

Leisure

..............................

—

39,464,278

7,356,327

46,820,605

Household

Durables

.....................................

—

9,922,798

—

9,922,798

Household

Products

.....................................

—

562,215

—

562,215

Independent

Power

and

Renewable

Electricity

Producers

............

—

2,435,150

—

2,435,150

Industrial

Conglomerates

..................................

—

1,631,714

—

1,631,714

Insurance

............................................

—

24,351,385

—

24,351,385

Interactive

Media

&

Services

...............................

—

4,838,056

—

4,838,056

IT

Services

...........................................

—

14,848,825

—

14,848,825

Leisure

Products

.......................................

—

1,005,025

648,003

1,653,028

Life

Sciences

Tools

&

Services

..............................

—

10,440,387

—

10,440,387

Machinery

............................................

—

27,623,321

—

27,623,321

Media

...............................................

—

11,207,356

2,252,102

13,459,458

Oil,

Gas

&

Consumable

Fuels

...............................

—

14,660,298

—

14,660,298

Passenger

Airlines

......................................

—

14,671,787

—

14,671,787

Personal

Care

Products

..................................

—

6,102,004

—

6,102,004

Pharmaceuticals

.......................................

—

13,409,915

—

13,409,915

Professional

Services

....................................

—

20,237,087

1,362,197

21,599,284

Real

Estate

Management

&

Development

.......................

—

1,102,056

1,098,929

2,200,985

Semiconductors

&

Semiconductor

Equipment

....................

—

2,440,800

—

2,440,800

Software

.............................................

—

51,592,903

—

51,592,903

Specialty

Retail

........................................

—

7,533,597

609,992

8,143,589

Textiles,

Apparel

&

Luxury

Goods

............................

—

644,790

428,280

1,073,070

Trading

Companies

&

Distributors

............................

—

7,516,130

2,098,610

9,614,740

Transportation

Infrastructure

...............................

—

2,831,356

1,252,151

4,083,507

Wireless

Telecommunication

Services

.........................

—

3,054,369

—

3,054,369

Foreign

Agency

Obligations

.................................

—

72,926,312

—

72,926,312

Foreign

Government

Obligations

..............................

—

126,729,354

—

126,729,354

Investment

Companies

....................................

540,991,174

—

—

540,991,174

Non-Agency

Mortgage-Backed

Securities

........................

—

617,149,687

7,930,521

625,080,208

Preferred

Securities

.......................................

—

218,319,063

—

218,319,063

Rights

................................................

—

49

—

49

U.S.

Government

Sponsored

Agency

Securities

....................

—

3,965,230

—

3,965,230

Warrants

..............................................

28,857

—

—

28,857

Short-Term

Securities

Money

Market

Funds

......................................

117,395,905

—

—

117,395,905

U.S.

Treasury

Obligations

...................................

—

2,051,818

—

2,051,818

Liabilities

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

—

(102,396)

(102,396)

$

2,168,107,241

$

8,955,315,972

$

186,547,636

$

11,309,970,849

Investments

valued

at

NAV

(b)

......................................

33,219,952

$

11,343,190,801

Derivative

Financial

Instruments

(c)

Assets

Credit

contracts

...........................................

$

—

$

328,894

$

—

$

328,894

Equity

contracts

...........................................

8,714,359

159,659

—

8,874,018

Foreign

currency

exchange

contracts

............................

—

1,385,552

—

1,385,552

Interest

rate

contracts

.......................................

98,439,588

145,657

—

98,585,245

Liabilities

Credit

contracts

...........................................

—

(180,820)

—

(180,820)

Equity

contracts

...........................................

—

(30,619)

—

(30,619)

Fair

Value

Hierarchy

as

of Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

December

31,

2023

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

113

Level

1

Level

2

Level

3

Total

Foreign

currency

exchange

contracts

............................

$

(8,793,656)

$

(13,171,159)

$

—

$

(21,964,815)

Interest

rate

contracts

.......................................

(1,306,138)

—

—

(1,306,138)

$

97,054,153

$

(11,362,836)

$

—

$

85,691,317

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

as

a

practical

expedient

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(c)

Derivative

financial

instruments

are

swaps,

futures

contracts

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:

Asset-

Backed

Securities

Common

Stocks

Corporate

Bonds

Fixed

Rate

Loan

Interests

Floating

Rate

Loan

Interests

Non-Agency

Mortgage-

Backed

Securities

Unfunded

Floating

Rate

Loan

Interest

Total

Investments

Assets/Liabilities

Opening

balance,

as

of

July

31,

2023

..........................

$

2,509,652

$

2,686,089

$

1

$

—

$

184,131,906

$

7,891,292

$

(268,124)

$

196,950,816

Transfers

into

Level

3

....................................

—

—

—

—

8,407,849

—

—

8,407,849

Transfers

out

of

Level

3

...................................

(2,509,652)

—

—

—

(8,131,697)

—

—

(10,641,349)

Other

(a)

.............................................

—

—

—

12,226,360

(12,226,360)

—

—

—

Accrued

discounts/premiums

................................

—

—

25,298

6,212

55,009

(46,348)

—

40,171

Net

realized

gain

(loss)

...................................

—

(13,811,117)

(8,557,252)

—

6,700

—

—

(22,361,669)

Net

change

in

unrealized

appreciation

(depreciation)

(b)(c)

..............

200

17,379,895

9,725,988

469,071

(9,908,902)

85,576

165,728

17,917,556

Purchases

............................................

2,000,000

462,858

7,143,908

336,289

9,573,401

8,668,001

—

28,184,457

Sales

...............................................

—

(5,892,007)

(1,297,930)

—

(16,092,258)

(8,668,000)

—

(31,950,195)

Closing

balance,

as

of

December

31,

2023

.......................

$

2,000,200

$

825,718

$

7,040,013

$

13,037,932

$

155,815,648

$

7,930,521

$

(102,396)

$

186,547,636

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

December

31,

2023

(c)

.................................

$

200

$

8,629,355

$

(131,410)

$

469,071

$

(10,215,874)

$

(782,939)

$

165,728

$

(1,865,869)

(a)

Certain

Level

3

investments

were

re-classified

between

Fixed

Rate

Loan

Interests

and

Floating

Rate

Loan

Interests.

(b)

Included

in

the

related

net

change

in

unrealized

appreciation

(depreciation)

in

the

Statements

of

Operations.

(c)

Any

difference

between

net

change

in

unrealized

appreciation

(depreciation)

and

net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

December

31,

2023

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Currency

Abbreviation

AED

United

Arab

Emirates

Dirham

AUD

Australian

Dollar

CAD

Canadian

Dollar

CHF

Swiss

Franc

CNY

Chinese

Yuan

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

JPY

Japanese

Yen

KRW

South

Korean

Won

NZD

New

Zealand

Dollar

SGD

Singapore

Dollar

USD

United

States

Dollar

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

CLO

Collateralized

Loan

Obligation

CMT

Constant

Maturity

Treasury

CSMC

Credit

Suisse

Mortgage

Capital

DAC

Designated

Activity

Company

ESG

Environmental,

Social

And

Governance

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GDR

Global

Depositary

Receipts

JSC

Joint

Stock

Company

LIBOR

London

Interbank

Offered

Rate

MBS

Mortgage-Backed

Securities

MSCI

Morgan

Stanley

Capital

International

NVDR

Non-Voting

Depository

Receipts

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

PJSC

Public

Joint

Stock

Company

REIT

Real

Estate

Investment

Trust

SCA

Svenska

Cellulosa

Aktiebolaget

SOFR

Secured

Overnight

Financing

Rate

Fair

Value

Hierarchy

as

of Period

End

(continued)

Statement

of

Assets

and

Liabilities

(unaudited)

December

31,

2023

2023

BlackRock

Annual

Report

To

Shareholders

114

See

notes

to

financial

statements.

BlackRock

Multi-Asset

Income

Portfolio

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

10,651,686,166‌

Investments,

at

value

—

affiliated

(c)

..........................................................................................

691,607,031‌

Cash

.............................................................................................................

7,731,982‌

Cash

pledged:

Collateral

—

OTC

derivatives

............................................................................................

163,000‌

Futures

contracts

....................................................................................................

90,620,000‌

Centrally

cleared

swaps

................................................................................................

143,000‌

Foreign

currency,

at

value

(d)

...............................................................................................

8,692,439‌

Receivables:

–‌

Investment

s

sold

....................................................................................................

11,658,450‌

Securities

lending

income

—

affiliated

......................................................................................

16,145‌

Capital

shares

sold

...................................................................................................

11,971,488‌

Dividends

—

unaffiliated

...............................................................................................

7,701,227‌

Dividends

—

affiliated

.................................................................................................

898,643‌

Interest

—

unaffiliated

.................................................................................................

91,080,592‌

From

the

Manager

...................................................................................................

122,643‌

Due

from

broker

.....................................................................................................

310,000‌

Variation

margin

on

futures

contracts

.......................................................................................

1,845,725‌

Variation

margin

on

centrally

cleared

swaps

..................................................................................

316‌

Swap

premiums

paid

...................................................................................................

312,964‌

Unrealized

appreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

1,385,552‌

OTC

swaps

........................................................................................................

468,842‌

Prepaid

e

xpenses

.....................................................................................................

83,354‌

Total

a

ssets

.........................................................................................................

11,578,499,559‌

LIABILITIES

Cash

received:

Collateral

—

OTC

derivatives

............................................................................................

10,000‌

Collateral

on

securities

loaned

.............................................................................................

33,514,891‌

Payables:

–‌

Investments

purchased

................................................................................................

17,150,574‌

Swaps  

..........................................................................................................

337,347‌

Accounting

services

fees

...............................................................................................

325,828‌

Administration

fees

...................................................................................................

329,046‌

Capital

shares

redeemed

...............................................................................................

41,913,072‌

Custodian

fees

......................................................................................................

429,187‌

Deferred

foreign

capital

gain

tax

..........................................................................................

2,308,419‌

Income

dividend

distributions

............................................................................................

7,597,159‌

Investment

advisory

fees

...............................................................................................

4,246,884‌

Trustees'

and

Officer's

fees

.............................................................................................

70,926‌

Other

affiliate

fees

...................................................................................................

16,173‌

Professional

fees

....................................................................................................

336,717‌

Registration

fees

....................................................................................................

757,432‌

Service

and

distribution

fees

.............................................................................................

1,285,713‌

Transfer

agent

fees

..................................................................................................

2,625,844‌

Other

accrued

expenses

...............................................................................................

99,515‌

Variation

margin

on

futures

contracts

.......................................................................................

1,751,724‌

Swap

premiums

received

................................................................................................

667,749‌

Unrealized

depreciation

on:

–‌

Forward

foreign

currency

exchange

contracts

.................................................................................

13,171,159‌

OTC

swaps

........................................................................................................

148,723‌

Unfunded

floating

rate

loan

interests

.......................................................................................

102,396‌

Total

li

abilities

........................................................................................................

129,196,478‌

Commitments

and

contingent

liabilities

—‌

NET

ASSETS

........................................................................................................

$

11,449,303,081‌

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

December

31,

2023

115

Financial

Statements

BlackRock

Multi-Asset

Income

Portfolio

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

$

13,489,989,224‌

Accumulated

loss

.....................................................................................................

(

2,040,686,143‌

)

NET

ASSETS

........................................................................................................

$

11,449,303,081‌

(a)

  Investments,

at

cost

—

unaffiliated

.................................................................................

$

10,479,032,316‌

(b)

  Securities

loaned,

at

value

......................................................................................

$

32,370,181‌

(c)

  Investments,

at

cost

—

affiliated

...................................................................................

$

666,137,506‌

(d)

  Foreign

currency,

at

cost

.......................................................................................

$

9,061,229‌

See

notes

to

financial

statements.

Statement

of

Assets

and

Liabilities

(unaudited)

(continued)

December

31,

2023

2023

BlackRock

Annual

Report

To

Shareholders

116

See

notes

to

financial

statements.

BlackRock

Multi-

Asset

Income

Portfolio

NET

ASSET

VALUE

Institutional

Net

assets

.........................................................................................................

$

6,304,619,677‌

Shares

outstanding

..................................................................................................

631,238,870‌

Net

asset

value

.....................................................................................................

$

9.99‌

Shares

authorized

...................................................................................................

Unlimited

Par

value

.........................................................................................................

$

0.001‌

Investor

A

Net

assets

.........................................................................................................

$

3,916,571,593‌

Shares

outstanding

..................................................................................................

392,599,683‌

Net

asset

value

.....................................................................................................

$

9.98‌

Shares

authorized

...................................................................................................

Unlimited

Par

value

.........................................................................................................

$

0.001‌

Investor

C

Net

assets

.........................................................................................................

$

559,239,979‌

Shares

outstanding

..................................................................................................

56,126,650‌

Net

asset

value

.....................................................................................................

$

9.96‌

Shares

authorized

...................................................................................................

Unlimited

Par

value

.........................................................................................................

$

0.001‌

Class

K

Net

assets

.........................................................................................................

$

668,871,832‌

Shares

outstanding

..................................................................................................

67,005,507‌

Net

asset

value

.....................................................................................................

$

9.98‌

Shares

authorized

...................................................................................................

Unlimited

Par

value

.........................................................................................................

$

0.001‌

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Funds

unless

preceded

or

accompanied

by

the

Funds’

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

RETINC-12/23-AR

Item 2 – Code of Ethics – The

registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes.  During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Retirement Income 2030 Fund	$24,139	$23,000	$0	$0	$0	$0	$0	$0
BlackRock Retirement Income 2040 Fund	$24,139	$23,000	$0	$0	$0	$0	$0	$0

The following table presents fees billed by PwC that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”)and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to each Fund (“Affiliated Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$0	$0

1

The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

2

The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

3

Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by PwC with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

          The Committee has adopted policies and procedures with regard to the pre-approval of services.  Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the registrant’s Committee.  The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant.  Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”).  The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period.  Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project.  For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

                        Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the registrant’s Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services).  The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.  At this meeting, an analysis of such services is presented to the Committee for ratification.  The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g)  The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were: 

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Retirement Income 2030 Fund	$0	$0
BlackRock Retirement Income 2040 Fund	$0	$0

                  

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

               (i) – Not Applicable

               (j) – Not Applicable

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

 
(a) The registrant’s Schedule of Investments are included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 –  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 –   Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 –  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 – Exhibits attached hereto

              (a)(1) Code of Ethics – See Item 2

              (a)(2) Section 302 Certifications are attached

<<section302>>

(a)(3)

Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4)

Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

<<section906>>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds II

By:    

/s/ John M. Perlowski

_

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds II

Date:

February 22, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:    

/s/ John M. Perlowski

_

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds II

Date:

February 22, 2024

By:    

/s/ Trent Walker

_

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds II

Date:

February 22, 2024