UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22061

Name of Fund:  BlackRock Funds II

                                    BlackRock Dynamic High Income Portfolio

BlackRock Multi-Asset Income Portfolio

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 07/31/2024

Date of reporting period: 07/31/2024

Item 1 – Reports to Stockholders

(a)     The Reports to Shareholders are attached herewith.

BlackRock Dynamic High Income Portfolio

Institutional Shares | BDHIX

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about BlackRock Dynamic High Income Portfolio (the “Fund”) for the period of August 1, 2023 to July 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$69	0.65%

How did the Fund perform last year?

• Global equities delivered solid gains amid resilient growth data and signs of slowing inflation.

• The fixed-income markets produced positive returns during the reporting period, with income making a sizable contribution. Securities with lower interest rate risk generally outperformed as investors lowered their expectations for the number of interest rate cuts the U.S. Federal Reserve was likely to enact in 2024. 

What contributed to performance?

Global equities were the largest contributor, followed by covered calls, collateralized loan obligations, and high yield bonds. Smaller positions in bank loans, mortgage-backed securities, and preferred stock also contributed meaningfully. Other areas that contributed, although to a lesser extent, included cash and currency management, global real estate investment trusts, emerging market debt, and infrastructure equities. The Fund’s cash position had no material impact on performance.

What detracted from performance?

The Fund’s duration management strategies modestly weighed on returns. (Duration is a measure of interest rate sensitivity.)

The Fund utilized derivatives as part of its investment strategy. In addition to using U.S. Treasury futures to manage duration positioning, the Fund held equity futures, equity options and currency futures to adjust its risk profile. Additionally, it used equity covered calls to provide an alternative source of income. The effect of holding Treasury futures and currency futures detracted, while equity futures, equity options, and covered calls were beneficial.

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 performance

Cumulative performance: November 3, 2014 through July 31, 2024

Initial investment of $10,000 

	Institutional Shares	MSCI World Index	Bloomberg U.S. Aggregate Bond Index	70% MSCI World Index/ 30% Bloomberg U.S. Aggregate Bond Index	50% MSCI World High Dividend Index/50% Bloomberg U.S. High Yield 2% Issuer Capped Index
Nov 14	10,157	10,254	10,078	10,201	10,064
Dec 14	10,026	10,089	10,087	10,089	9,859
Jan 15	10,080	9,906	10,299	10,025	9,831
Feb 15	10,462	10,487	10,202	10,407	10,154
Mar 15	10,489	10,322	10,249	10,308	9,995
Apr 15	10,460	10,564	10,213	10,466	10,233
May 15	10,523	10,601	10,188	10,484	10,208
Jun 15	10,242	10,354	10,077	10,279	9,953
Jul 15	10,367	10,540	10,147	10,429	10,008
Aug 15	9,905	9,843	10,132	9,942	9,619
Sep 15	9,620	9,480	10,201	9,705	9,373
Oct 15	10,066	10,231	10,203	10,244	9,864
Nov 15	10,060	10,180	10,176	10,200	9,681
Dec 15	9,875	10,001	10,143	10,065	9,490
Jan 16	9,457	9,403	10,282	9,685	9,249
Feb 16	9,325	9,333	10,355	9,655	9,308
Mar 16	9,790	9,966	10,450	10,140	9,829
Apr 16	9,964	10,124	10,491	10,264	10,121
May 16	10,109	10,181	10,493	10,305	10,153
Jun 16	10,028	10,067	10,682	10,280	10,247
Jul 16	10,408	10,492	10,749	10,604	10,510
Aug 16	10,513	10,501	10,737	10,606	10,591
Sep 16	10,532	10,556	10,731	10,644	10,664
Oct 16	10,449	10,352	10,649	10,475	10,526
Nov 16	10,465	10,501	10,397	10,506	10,493
Dec 16	10,707	10,752	10,411	10,687	10,742
Jan 17	10,915	11,012	10,432	10,874	10,892
Feb 17	11,128	11,317	10,502	11,107	11,137
Mar 17	11,203	11,438	10,496	11,188	11,204
Apr 17	11,355	11,607	10,577	11,330	11,304
May 17	11,442	11,853	10,659	11,524	11,509
Jun 17	11,513	11,898	10,648	11,551	11,505
Jul 17	11,698	12,183	10,694	11,760	11,664
Aug 17	11,694	12,200	10,790	11,803	11,671
Sep 17	11,860	12,474	10,738	11,971	11,873
Oct 17	11,998	12,710	10,745	12,132	11,919
Nov 17	12,112	12,985	10,731	12,311	12,037
Dec 17	12,256	13,161	10,780	12,445	12,108
Jan 18	12,569	13,856	10,656	12,862	12,370
Feb 18	12,158	13,282	10,555	12,452	12,010
Mar 18	12,030	12,992	10,623	12,286	11,869
Apr 18	12,109	13,141	10,544	12,357	11,952
May 18	12,166	13,224	10,619	12,438	11,877
Jun 18	12,123	13,217	10,606	12,429	11,917
Jul 18	12,430	13,630	10,608	12,702	12,202
Aug 18	12,501	13,799	10,677	12,836	12,251
Sep 18	12,513	13,876	10,608	12,862	12,345
Oct 18	11,977	12,857	10,524	12,170	11,964
Nov 18	12,045	13,003	10,587	12,289	12,064
Dec 18	11,402	12,014	10,781	11,702	11,531
Jan 19	12,193	12,949	10,896	12,377	12,119
Feb 19	12,374	13,338	10,890	12,635	12,407
Mar 19	12,567	13,514	11,099	12,824	12,545
Apr 19	12,819	13,993	11,101	13,144	12,735
May 19	12,565	13,185	11,299	12,683	12,364
Jun 19	13,022	14,054	11,440	13,316	12,901
Jul 19	13,081	14,124	11,466	13,370	12,896
Aug 19	13,037	13,835	11,763	13,283	12,818
Sep 19	13,184	14,129	11,700	13,460	13,059
Oct 19	13,274	14,489	11,735	13,712	13,235
Nov 19	13,399	14,892	11,729	13,977	13,354
Dec 19	13,682	15,339	11,721	14,267	13,691
Jan 20	13,682	15,245	11,947	14,289	13,504
Feb 20	13,070	13,957	12,162	13,520	12,793
Mar 20	11,063	12,110	12,090	12,244	11,323
Apr 20	11,904	13,432	12,305	13,245	12,037
May 20	12,361	14,081	12,362	13,712	12,425
Jun 20	12,502	14,454	12,440	13,992	12,525
Jul 20	12,960	15,145	12,626	14,523	12,972
Aug 20	13,244	16,157	12,524	15,167	13,247
Sep 20	13,079	15,600	12,517	14,798	13,010
Oct 20	12,919	15,121	12,461	14,461	12,834
Nov 20	13,851	17,055	12,584	15,798	13,841
Dec 20	14,296	17,778	12,601	16,273	14,194
Jan 21	14,266	17,601	12,511	16,125	14,125
Feb 21	14,410	18,052	12,330	16,344	14,241
Mar 21	14,663	18,653	12,176	16,663	14,691
Apr 21	15,094	19,521	12,272	17,246	14,926
May 21	15,231	19,802	12,312	17,437	15,162
Jun 21	15,375	20,097	12,399	17,655	15,198
Jul 21	15,451	20,457	12,537	17,936	15,309
Aug 21	15,718	20,966	12,514	18,238	15,432
Sep 21	15,269	20,096	12,405	17,661	15,112
Oct 21	15,614	21,234	12,402	18,359	15,292
Nov 21	15,362	20,769	12,439	18,094	14,983
Dec 21	15,835	21,656	12,407	18,622	15,694
Jan 22	15,278	20,511	12,139	17,812	15,425
Feb 22	14,861	19,992	12,004	17,437	15,244
Mar 22	14,945	20,540	11,670	17,626	15,332
Apr 22	14,100	18,834	11,228	16,401	14,801
May 22	13,957	18,848	11,300	16,441	14,898
Jun 22	12,983	17,216	11,123	15,367	13,909
Jul 22	13,745	18,583	11,395	16,333	14,500
Aug 22	13,327	17,806	11,073	15,717	14,042
Sep 22	12,305	16,150	10,594	14,490	13,232
Oct 22	12,748	17,310	10,457	15,163	13,898
Nov 22	13,407	18,514	10,841	16,068	14,604
Dec 22	13,084	17,728	10,793	15,568	14,454
Jan 23	13,851	18,982	11,125	16,483	14,930
Feb 23	13,513	18,526	10,837	16,078	14,588
Mar 23	13,607	19,098	11,112	16,548	14,833
Apr 23	13,815	19,433	11,180	16,781	15,044
May 23	13,597	19,239	11,058	16,609	14,639
Jun 23	14,003	20,402	11,018	17,295	15,120
Jul 23	14,319	21,088	11,011	17,698	15,491
Aug 23	14,126	20,584	10,940	17,368	15,334
Sep 23	13,773	19,696	10,662	16,711	15,028
Oct 23	13,556	19,125	10,494	16,293	14,665
Nov 23	14,390	20,918	10,969	17,583	15,474
Dec 23	14,956	21,944	11,389	18,389	16,093
Jan 24	15,037	22,208	11,358	18,529	16,136
Feb 24	15,268	23,149	11,198	19,000	16,227
Mar 24	15,638	23,893	11,301	19,480	16,655
Apr 24	15,278	23,006	11,015	18,826	16,339
May 24	15,624	24,033	11,202	19,510	16,670
Jun 24	15,796	24,522	11,308	19,843	16,623
Jul 24	16,093	24,954	11,572	20,227	17,191

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	Since Fund Inception
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.39%	4.23%	5.01%
MSCI World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.34	12.06	9.84
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.10	0.19	1.51
70% MSCI World Index/ 30% Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.29	8.63	7.50
50% MSCI World High Dividend Index/50% Bloomberg U.S. High Yield 2% Issuer Capped Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.98	5.92	5.72

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,088,211,542
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,762
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$5,154,077
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	109%

Beginning March 31, 2024, the Fund started to compare its performance to a blended benchmark comprised of 50% MSCI World High Dividend Index and 50% Bloomberg U.S. High Yield 2% Issuer Capped Index. Fund management believes that the new benchmark is more representative of the types of investments held within the Fund.

The Fund commenced operations on November 3, 2014.

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of July 31, 2024) 

Ten largest holdings

Portfolio composition

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.0%
iShares International Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
BlackRock Floating Rate Income Portfolio, Class K Shares........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
Barclays Bank plc (Microsoft Corp.), 12.57%, 09/13/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Wells Fargo & Co. (Apple, Inc.), 11.53%, 08/01/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
BNP Paribas SA (Amazon.com, Inc.), 15.37%, 08/05/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Barclays Bank plc (Alphabet, Inc.), 15.19%, 09/06/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
U.S. Treasury Inflation Linked Notes, 0.25%, 01/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
U.S. Treasury Inflation Linked Bonds, 2.38%, 01/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Nomura Holdings, Inc. (NVIDIA Corp.), 39.84%, 08/23/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.0%
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.7
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.1
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.4
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.9
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Ten largest investment types are presented. Additional investment types are found in Other.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Dynamic High Income Portfolio

Institutional Shares | BDHIX

Annual Shareholder Report — July 31, 2024

BDHIX-07/24-AR

BlackRock Dynamic High Income Portfolio

Investor A Shares | BDHAX

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about BlackRock Dynamic High Income Portfolio (the “Fund”) for the period of August 1, 2023 to July 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$96	0.90%

How did the Fund perform last year?

• Global equities delivered solid gains amid resilient growth data and signs of slowing inflation.

• The fixed-income markets produced positive returns during the reporting period, with income making a sizable contribution. Securities with lower interest rate risk generally outperformed as investors lowered their expectations for the number of interest rate cuts the U.S. Federal Reserve was likely to enact in 2024. 

What contributed to performance?

Global equities were the largest contributor, followed by covered calls, collateralized loan obligations, and high yield bonds. Smaller positions in bank loans, mortgage-backed securities, and preferred stock also contributed meaningfully. Other areas that contributed, although to a lesser extent, included cash and currency management, global real estate investment trusts, emerging market debt, and infrastructure equities. The Fund’s cash position had no material impact on performance.

What detracted from performance?

The Fund’s duration management strategies modestly weighed on returns. (Duration is a measure of interest rate sensitivity.)

The Fund utilized derivatives as part of its investment strategy. In addition to using U.S. Treasury futures to manage duration positioning, the Fund held equity futures, equity options and currency futures to adjust its risk profile. Additionally, it used equity covered calls to provide an alternative source of income. The effect of holding Treasury futures and currency futures detracted, while equity futures, equity options, and covered calls were beneficial.

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 performance

Cumulative performance: November 3, 2014 through July 31, 2024

Initial investment of $10,000 

	Investor A Shares	MSCI World Index	Bloomberg U.S. Aggregate Bond Index	70% MSCI World Index/ 30% Bloomberg U.S. Aggregate Bond Index	50% MSCI World High Dividend Index/50% Bloomberg U.S. High Yield 2% Issuer Capped Index
Nov 14	9,623	10,254	10,078	10,201	10,064
Dec 14	9,496	10,089	10,087	10,089	9,859
Jan 15	9,537	9,906	10,299	10,025	9,831
Feb 15	9,906	10,487	10,202	10,407	10,154
Mar 15	9,928	10,322	10,249	10,308	9,995
Apr 15	9,908	10,564	10,213	10,466	10,233
May 15	9,957	10,601	10,188	10,484	10,208
Jun 15	9,699	10,354	10,077	10,279	9,953
Jul 15	9,804	10,540	10,147	10,429	10,008
Aug 15	9,376	9,843	10,132	9,942	9,619
Sep 15	9,094	9,480	10,201	9,705	9,373
Oct 15	9,513	10,231	10,203	10,244	9,864
Nov 15	9,506	10,180	10,176	10,200	9,681
Dec 15	9,329	10,001	10,143	10,065	9,490
Jan 16	8,932	9,403	10,282	9,685	9,249
Feb 16	8,806	9,333	10,355	9,655	9,308
Mar 16	9,254	9,966	10,450	10,140	9,829
Apr 16	9,406	10,124	10,491	10,264	10,121
May 16	9,541	10,181	10,493	10,305	10,153
Jun 16	9,473	10,067	10,682	10,280	10,247
Jul 16	9,829	10,492	10,749	10,604	10,510
Aug 16	9,915	10,501	10,737	10,606	10,591
Sep 16	9,932	10,556	10,731	10,644	10,664
Oct 16	9,851	10,352	10,649	10,475	10,526
Nov 16	9,875	10,501	10,397	10,506	10,493
Dec 16	10,090	10,752	10,411	10,687	10,742
Jan 17	10,284	11,012	10,432	10,874	10,892
Feb 17	10,483	11,317	10,502	11,107	11,137
Mar 17	10,563	11,438	10,496	11,188	11,204
Apr 17	10,703	11,607	10,577	11,330	11,304
May 17	10,772	11,853	10,659	11,524	11,509
Jun 17	10,837	11,898	10,648	11,551	11,505
Jul 17	11,008	12,183	10,694	11,760	11,664
Aug 17	11,013	12,200	10,790	11,803	11,671
Sep 17	11,167	12,474	10,738	11,971	11,873
Oct 17	11,295	12,710	10,745	12,132	11,919
Nov 17	11,388	12,985	10,731	12,311	12,037
Dec 17	11,532	13,161	10,780	12,445	12,108
Jan 18	11,813	13,856	10,656	12,862	12,370
Feb 18	11,424	13,282	10,555	12,452	12,010
Mar 18	11,313	12,992	10,623	12,286	11,869
Apr 18	11,373	13,141	10,544	12,357	11,952
May 18	11,425	13,224	10,619	12,438	11,877
Jun 18	11,382	13,217	10,606	12,429	11,917
Jul 18	11,668	13,630	10,608	12,702	12,202
Aug 18	11,732	13,799	10,677	12,836	12,251
Sep 18	11,741	13,876	10,608	12,862	12,345
Oct 18	11,236	12,857	10,524	12,170	11,964
Nov 18	11,296	13,003	10,587	12,289	12,064
Dec 18	10,703	12,014	10,781	11,702	11,531
Jan 19	11,431	12,949	10,896	12,377	12,119
Feb 19	11,610	13,338	10,890	12,635	12,407
Mar 19	11,777	13,514	11,099	12,824	12,545
Apr 19	12,023	13,993	11,101	13,144	12,735
May 19	11,769	13,185	11,299	12,683	12,364
Jun 19	12,195	14,054	11,440	13,316	12,901
Jul 19	12,248	14,124	11,466	13,370	12,896
Aug 19	12,204	13,835	11,763	13,283	12,818
Sep 19	12,339	14,129	11,700	13,460	13,059
Oct 19	12,421	14,489	11,735	13,712	13,235
Nov 19	12,535	14,892	11,729	13,977	13,354
Dec 19	12,797	15,339	11,721	14,267	13,691
Jan 20	12,794	15,245	11,947	14,289	13,504
Feb 20	12,233	13,957	12,162	13,520	12,793
Mar 20	10,341	12,110	12,090	12,244	11,323
Apr 20	11,138	13,432	12,305	13,245	12,037
May 20	11,550	14,081	12,362	13,712	12,425
Jun 20	11,678	14,454	12,440	13,992	12,525
Jul 20	12,104	15,145	12,626	14,523	12,972
Aug 20	12,367	16,157	12,524	15,167	13,247
Sep 20	12,210	15,600	12,517	14,798	13,010
Oct 20	12,058	15,121	12,461	14,461	12,834
Nov 20	12,926	17,055	12,584	15,798	13,841
Dec 20	13,338	17,778	12,601	16,273	14,194
Jan 21	13,321	17,601	12,511	16,125	14,125
Feb 21	13,439	18,052	12,330	16,344	14,241
Mar 21	13,672	18,653	12,176	16,663	14,691
Apr 21	14,071	19,521	12,272	17,246	14,926
May 21	14,195	19,802	12,312	17,437	15,162
Jun 21	14,326	20,097	12,399	17,655	15,198
Jul 21	14,408	20,457	12,537	17,936	15,309
Aug 21	14,654	20,966	12,514	18,238	15,432
Sep 21	14,219	20,096	12,405	17,661	15,112
Oct 21	14,551	21,234	12,402	18,359	15,292
Nov 21	14,314	20,769	12,439	18,094	14,983
Dec 21	14,737	21,656	12,407	18,622	15,694
Jan 22	14,229	20,511	12,139	17,812	15,425
Feb 22	13,839	19,992	12,004	17,437	15,244
Mar 22	13,899	20,540	11,670	17,626	15,332
Apr 22	13,111	18,834	11,228	16,401	14,801
May 22	12,990	18,848	11,300	16,441	14,898
Jun 22	12,067	17,216	11,123	15,367	13,909
Jul 22	12,772	18,583	11,395	16,333	14,500
Aug 22	12,381	17,806	11,073	15,717	14,042
Sep 22	11,429	16,150	10,594	14,490	13,232
Oct 22	11,854	17,310	10,457	15,163	13,898
Nov 22	12,448	18,514	10,841	16,068	14,604
Dec 22	12,161	17,728	10,793	15,568	14,454
Jan 23	12,855	18,982	11,125	16,483	14,930
Feb 23	12,538	18,526	10,837	16,078	14,588
Mar 23	12,623	19,098	11,112	16,548	14,833
Apr 23	12,813	19,433	11,180	16,781	15,044
May 23	12,608	19,239	11,058	16,609	14,639
Jun 23	12,982	20,402	11,018	17,295	15,120
Jul 23	13,288	21,088	11,011	17,698	15,491
Aug 23	13,091	20,584	10,940	17,368	15,334
Sep 23	12,777	19,696	10,662	16,711	15,028
Oct 23	12,557	19,125	10,494	16,293	14,665
Nov 23	13,328	20,918	10,969	17,583	15,474
Dec 23	13,849	21,944	11,389	18,389	16,093
Jan 24	13,921	22,208	11,358	18,529	16,136
Feb 24	14,148	23,149	11,198	19,000	16,227
Mar 24	14,471	23,893	11,301	19,480	16,655
Apr 24	14,135	23,006	11,015	18,826	16,339
May 24	14,469	24,033	11,202	19,510	16,670
Jun 24	14,608	24,522	11,308	19,843	16,623
Jul 24	14,897	24,954	11,572	20,227	17,191

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	Since Fund Inception
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.10%	3.99%	4.76%
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.22	2.88	4.18
MSCI World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.34	12.06	9.84
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.10	0.19	1.51
70% MSCI World Index/ 30% Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.29	8.63	7.50
50% MSCI World High Dividend Index/50% Bloomberg U.S. High Yield 2% Issuer Capped Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.98	5.92	5.72

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,088,211,542
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,762
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$5,154,077
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	109%

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

Beginning March 31, 2024, the Fund started to compare its performance to a blended benchmark comprised of 50% MSCI World High Dividend Index and 50% Bloomberg U.S. High Yield 2% Issuer Capped Index. Fund management believes that the new benchmark is more representative of the types of investments held within the Fund.

The Fund commenced operations on November 3, 2014.

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of July 31, 2024) 

Ten largest holdings

Portfolio composition

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.0%
iShares International Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
BlackRock Floating Rate Income Portfolio, Class K Shares........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
Barclays Bank plc (Microsoft Corp.), 12.57%, 09/13/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Wells Fargo & Co. (Apple, Inc.), 11.53%, 08/01/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
BNP Paribas SA (Amazon.com, Inc.), 15.37%, 08/05/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Barclays Bank plc (Alphabet, Inc.), 15.19%, 09/06/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
U.S. Treasury Inflation Linked Notes, 0.25%, 01/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
U.S. Treasury Inflation Linked Bonds, 2.38%, 01/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Nomura Holdings, Inc. (NVIDIA Corp.), 39.84%, 08/23/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.0%
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.7
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.1
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.4
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.9
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Ten largest investment types are presented. Additional investment types are found in Other.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Dynamic High Income Portfolio

Investor A Shares | BDHAX

Annual Shareholder Report — July 31, 2024

BDHAX-07/24-AR

BlackRock Dynamic High Income Portfolio

Investor C Shares | BDHCX

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about BlackRock Dynamic High Income Portfolio (the “Fund”) for the period of August 1, 2023 to July 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$175	1.65%

How did the Fund perform last year?

• Global equities delivered solid gains amid resilient growth data and signs of slowing inflation.

• The fixed-income markets produced positive returns during the reporting period, with income making a sizable contribution. Securities with lower interest rate risk generally outperformed as investors lowered their expectations for the number of interest rate cuts the U.S. Federal Reserve was likely to enact in 2024. 

What contributed to performance?

Global equities were the largest contributor, followed by covered calls, collateralized loan obligations, and high yield bonds. Smaller positions in bank loans, mortgage-backed securities, and preferred stock also contributed meaningfully. Other areas that contributed, although to a lesser extent, included cash and currency management, global real estate investment trusts, emerging market debt, and infrastructure equities. The Fund’s cash position had no material impact on performance.

What detracted from performance?

The Fund’s duration management strategies modestly weighed on returns. (Duration is a measure of interest rate sensitivity.)

The Fund utilized derivatives as part of its investment strategy. In addition to using U.S. Treasury futures to manage duration positioning, the Fund held equity futures, equity options and currency futures to adjust its risk profile. Additionally, it used equity covered calls to provide an alternative source of income. The effect of holding Treasury futures and currency futures detracted, while equity futures, equity options, and covered calls were beneficial.

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 performance

Cumulative performance: November 3, 2014 through July 31, 2024

Initial investment of $10,000 

	Investor C Shares	MSCI World Index	Bloomberg U.S. Aggregate Bond Index	70% MSCI World Index/ 30% Bloomberg U.S. Aggregate Bond Index	50% MSCI World High Dividend Index/50% Bloomberg U.S. High Yield 2% Issuer Capped Index
Nov 14	10,155	10,254	10,078	10,201	10,064
Dec 14	10,006	10,089	10,087	10,089	9,859
Jan 15	10,052	9,906	10,299	10,025	9,831
Feb 15	10,424	10,487	10,202	10,407	10,154
Mar 15	10,441	10,322	10,249	10,308	9,995
Apr 15	10,413	10,564	10,213	10,466	10,233
May 15	10,458	10,601	10,188	10,484	10,208
Jun 15	10,180	10,354	10,077	10,279	9,953
Jul 15	10,284	10,540	10,147	10,429	10,008
Aug 15	9,827	9,843	10,132	9,942	9,619
Sep 15	9,525	9,480	10,201	9,705	9,373
Oct 15	9,959	10,231	10,203	10,244	9,864
Nov 15	9,945	10,180	10,176	10,200	9,681
Dec 15	9,754	10,001	10,143	10,065	9,490
Jan 16	9,332	9,403	10,282	9,685	9,249
Feb 16	9,195	9,333	10,355	9,655	9,308
Mar 16	9,657	9,966	10,450	10,140	9,829
Apr 16	9,809	10,124	10,491	10,264	10,121
May 16	9,944	10,181	10,493	10,305	10,153
Jun 16	9,867	10,067	10,682	10,280	10,247
Jul 16	10,233	10,492	10,749	10,604	10,510
Aug 16	10,315	10,501	10,737	10,606	10,591
Sep 16	10,326	10,556	10,731	10,644	10,664
Oct 16	10,235	10,352	10,649	10,475	10,526
Nov 16	10,255	10,501	10,397	10,506	10,493
Dec 16	10,471	10,752	10,411	10,687	10,742
Jan 17	10,666	11,012	10,432	10,874	10,892
Feb 17	10,866	11,317	10,502	11,107	11,137
Mar 17	10,930	11,438	10,496	11,188	11,204
Apr 17	11,080	11,607	10,577	11,330	11,304
May 17	11,144	11,853	10,659	11,524	11,509
Jun 17	11,205	11,898	10,648	11,551	11,505
Jul 17	11,375	12,183	10,694	11,760	11,664
Aug 17	11,373	12,200	10,790	11,803	11,671
Sep 17	11,525	12,474	10,738	11,971	11,873
Oct 17	11,649	12,710	10,745	12,132	11,919
Nov 17	11,738	12,985	10,731	12,311	12,037
Dec 17	11,880	13,161	10,780	12,445	12,108
Jan 18	12,162	13,856	10,656	12,862	12,370
Feb 18	11,754	13,282	10,555	12,452	12,010
Mar 18	11,620	12,992	10,623	12,286	11,869
Apr 18	11,687	13,141	10,544	12,357	11,952
May 18	11,733	13,224	10,619	12,438	11,877
Jun 18	11,681	13,217	10,606	12,429	11,917
Jul 18	11,968	13,630	10,608	12,702	12,202
Aug 18	12,026	13,799	10,677	12,836	12,251
Sep 18	12,027	13,876	10,608	12,862	12,345
Oct 18	11,502	12,857	10,524	12,170	11,964
Nov 18	11,557	13,003	10,587	12,289	12,064
Dec 18	10,943	12,014	10,781	11,702	11,531
Jan 19	11,680	12,949	10,896	12,377	12,119
Feb 19	11,857	13,338	10,890	12,635	12,407
Mar 19	12,019	13,514	11,099	12,824	12,545
Apr 19	12,264	13,993	11,101	13,144	12,735
May 19	11,997	13,185	11,299	12,683	12,364
Jun 19	12,424	14,054	11,440	13,316	12,901
Jul 19	12,469	14,124	11,466	13,370	12,896
Aug 19	12,417	13,835	11,763	13,283	12,818
Sep 19	12,548	14,129	11,700	13,460	13,059
Oct 19	12,623	14,489	11,735	13,712	13,235
Nov 19	12,732	14,892	11,729	13,977	13,354
Dec 19	12,989	15,339	11,721	14,267	13,691
Jan 20	12,979	15,245	11,947	14,289	13,504
Feb 20	12,387	13,957	12,162	13,520	12,793
Mar 20	10,474	12,110	12,090	12,244	11,323
Apr 20	11,275	13,432	12,305	13,245	12,037
May 20	11,686	14,081	12,362	13,712	12,425
Jun 20	11,809	14,454	12,440	13,992	12,525
Jul 20	12,231	15,145	12,626	14,523	12,972
Aug 20	12,490	16,157	12,524	15,167	13,247
Sep 20	12,323	15,600	12,517	14,798	13,010
Oct 20	12,163	15,121	12,461	14,461	12,834
Nov 20	13,030	17,055	12,584	15,798	13,841
Dec 20	13,438	17,778	12,601	16,273	14,194
Jan 21	13,399	17,601	12,511	16,125	14,125
Feb 21	13,523	18,052	12,330	16,344	14,241
Mar 21	13,749	18,653	12,176	16,663	14,691
Apr 21	14,143	19,521	12,272	17,246	14,926
May 21	14,259	19,802	12,312	17,437	15,162
Jun 21	14,382	20,097	12,399	17,655	15,198
Jul 21	14,441	20,457	12,537	17,936	15,309
Aug 21	14,693	20,966	12,514	18,238	15,432
Sep 21	14,247	20,096	12,405	17,661	15,112
Oct 21	14,557	21,234	12,402	18,359	15,292
Nov 21	14,324	20,769	12,439	18,094	14,983
Dec 21	14,738	21,656	12,407	18,622	15,694
Jan 22	14,207	20,511	12,139	17,812	15,425
Feb 22	13,808	19,992	12,004	17,437	15,244
Mar 22	13,874	20,540	11,670	17,626	15,332
Apr 22	13,078	18,834	11,228	16,401	14,801
May 22	12,949	18,848	11,300	16,441	14,898
Jun 22	12,021	17,216	11,123	15,367	13,909
Jul 22	12,717	18,583	11,395	16,333	14,500
Aug 22	12,318	17,806	11,073	15,717	14,042
Sep 22	11,363	16,150	10,594	14,490	13,232
Oct 22	11,778	17,310	10,457	15,163	13,898
Nov 22	12,367	18,514	10,841	16,068	14,604
Dec 22	12,082	17,728	10,793	15,568	14,454
Jan 23	12,772	18,982	11,125	16,483	14,930
Feb 23	12,457	18,526	10,837	16,078	14,588
Mar 23	12,541	19,098	11,112	16,548	14,833
Apr 23	12,730	19,433	11,180	16,781	15,044
May 23	12,527	19,239	11,058	16,609	14,639
Jun 23	12,898	20,402	11,018	17,295	15,120
Jul 23	13,202	21,088	11,011	17,698	15,491
Aug 23	13,006	20,584	10,940	17,368	15,334
Sep 23	12,694	19,696	10,662	16,711	15,028
Oct 23	12,476	19,125	10,494	16,293	14,665
Nov 23	13,241	20,918	10,969	17,583	15,474
Dec 23	13,759	21,944	11,389	18,389	16,093
Jan 24	13,831	22,208	11,358	18,529	16,136
Feb 24	14,056	23,149	11,198	19,000	16,227
Mar 24	14,377	23,893	11,301	19,480	16,655
Apr 24	14,044	23,006	11,015	18,826	16,339
May 24	14,376	24,033	11,202	19,510	16,670
Jun 24	14,514	24,522	11,308	19,843	16,623
Jul 24	14,800	24,954	11,572	20,227	17,191

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	Since Fund Inception
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.29%	3.23%	4.11%
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.29	3.23	4.11
MSCI World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.34	12.06	9.84
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.10	0.19	1.51
70% MSCI World Index/ 30% Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.29	8.63	7.50
50% MSCI World High Dividend Index/50% Bloomberg U.S. High Yield 2% Issuer Capped Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.98	5.92	5.72

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,088,211,542
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,762
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$5,154,077
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	109%

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.

Beginning March 31, 2024, the Fund started to compare its performance to a blended benchmark comprised of 50% MSCI World High Dividend Index and 50% Bloomberg U.S. High Yield 2% Issuer Capped Index. Fund management believes that the new benchmark is more representative of the types of investments held within the Fund.

The Fund commenced operations on November 3, 2014.

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of July 31, 2024) 

Ten largest holdings

Portfolio composition

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.0%
iShares International Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
BlackRock Floating Rate Income Portfolio, Class K Shares........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
Barclays Bank plc (Microsoft Corp.), 12.57%, 09/13/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Wells Fargo & Co. (Apple, Inc.), 11.53%, 08/01/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
BNP Paribas SA (Amazon.com, Inc.), 15.37%, 08/05/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Barclays Bank plc (Alphabet, Inc.), 15.19%, 09/06/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
U.S. Treasury Inflation Linked Notes, 0.25%, 01/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
U.S. Treasury Inflation Linked Bonds, 2.38%, 01/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Nomura Holdings, Inc. (NVIDIA Corp.), 39.84%, 08/23/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.0%
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.7
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.1
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.4
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.9
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Ten largest investment types are presented. Additional investment types are found in Other.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Dynamic High Income Portfolio

Investor C Shares | BDHCX

Annual Shareholder Report — July 31, 2024

BDHCX-07/24-AR

BlackRock Dynamic High Income Portfolio

Class K Shares | BDHKX

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about BlackRock Dynamic High Income Portfolio (the “Fund”) for the period of August 1, 2023 to July 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$64	0.60%

How did the Fund perform last year?

• Global equities delivered solid gains amid resilient growth data and signs of slowing inflation.

• The fixed-income markets produced positive returns during the reporting period, with income making a sizable contribution. Securities with lower interest rate risk generally outperformed as investors lowered their expectations for the number of interest rate cuts the U.S. Federal Reserve was likely to enact in 2024. 

What contributed to performance?

Global equities were the largest contributor, followed by covered calls, collateralized loan obligations, and high yield bonds. Smaller positions in bank loans, mortgage-backed securities, and preferred stock also contributed meaningfully. Other areas that contributed, although to a lesser extent, included cash and currency management, global real estate investment trusts, emerging market debt, and infrastructure equities. The Fund’s cash position had no material impact on performance.

What detracted from performance?

The Fund’s duration management strategies modestly weighed on returns. (Duration is a measure of interest rate sensitivity.)

The Fund utilized derivatives as part of its investment strategy. In addition to using U.S. Treasury futures to manage duration positioning, the Fund held equity futures, equity options and currency futures to adjust its risk profile. Additionally, it used equity covered calls to provide an alternative source of income. The effect of holding Treasury futures and currency futures detracted, while equity futures, equity options, and covered calls were beneficial.

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 performance

Cumulative performance: November 3, 2014 through July 31, 2024

Initial investment of $10,000 

	Class K Shares	MSCI World Index	Bloomberg U.S. Aggregate Bond Index	70% MSCI World Index/ 30% Bloomberg U.S. Aggregate Bond Index	50% MSCI World High Dividend Index/50% Bloomberg U.S. High Yield 2% Issuer Capped Index
Nov 14	10,157	10,254	10,078	10,201	10,064
Dec 14	10,026	10,089	10,087	10,089	9,859
Jan 15	10,080	9,906	10,299	10,025	9,831
Feb 15	10,462	10,487	10,202	10,407	10,154
Mar 15	10,489	10,322	10,249	10,308	9,995
Apr 15	10,460	10,564	10,213	10,466	10,233
May 15	10,523	10,601	10,188	10,484	10,208
Jun 15	10,242	10,354	10,077	10,279	9,953
Jul 15	10,367	10,540	10,147	10,429	10,008
Aug 15	9,905	9,843	10,132	9,942	9,619
Sep 15	9,620	9,480	10,201	9,705	9,373
Oct 15	10,066	10,231	10,203	10,244	9,864
Nov 15	10,060	10,180	10,176	10,200	9,681
Dec 15	9,875	10,001	10,143	10,065	9,490
Jan 16	9,457	9,403	10,282	9,685	9,249
Feb 16	9,325	9,333	10,355	9,655	9,308
Mar 16	9,801	9,966	10,450	10,140	9,829
Apr 16	9,965	10,124	10,491	10,264	10,121
May 16	10,110	10,181	10,493	10,305	10,153
Jun 16	10,041	10,067	10,682	10,280	10,247
Jul 16	10,421	10,492	10,749	10,604	10,510
Aug 16	10,515	10,501	10,737	10,606	10,591
Sep 16	10,535	10,556	10,731	10,644	10,664
Oct 16	10,452	10,352	10,649	10,475	10,526
Nov 16	10,480	10,501	10,397	10,506	10,493
Dec 16	10,711	10,752	10,411	10,687	10,742
Jan 17	10,919	11,012	10,432	10,874	10,892
Feb 17	11,145	11,317	10,502	11,107	11,137
Mar 17	11,221	11,438	10,496	11,188	11,204
Apr 17	11,373	11,607	10,577	11,330	11,304
May 17	11,448	11,853	10,659	11,524	11,509
Jun 17	11,520	11,898	10,648	11,551	11,505
Jul 17	11,705	12,183	10,694	11,760	11,664
Aug 17	11,714	12,200	10,790	11,803	11,671
Sep 17	11,881	12,474	10,738	11,971	11,873
Oct 17	12,019	12,710	10,745	12,132	11,919
Nov 17	12,121	12,985	10,731	12,311	12,037
Dec 17	12,278	13,161	10,780	12,445	12,108
Jan 18	12,581	13,856	10,656	12,862	12,370
Feb 18	12,169	13,282	10,555	12,452	12,010
Mar 18	12,054	12,992	10,623	12,286	11,869
Apr 18	12,121	13,141	10,544	12,357	11,952
May 18	12,192	13,224	10,619	12,438	11,877
Jun 18	12,148	13,217	10,606	12,429	11,917
Jul 18	12,457	13,630	10,608	12,702	12,202
Aug 18	12,529	13,799	10,677	12,836	12,251
Sep 18	12,541	13,876	10,608	12,862	12,345
Oct 18	11,992	12,857	10,524	12,170	11,964
Nov 18	12,073	13,003	10,587	12,289	12,064
Dec 18	11,430	12,014	10,781	11,702	11,531
Jan 19	12,210	12,949	10,896	12,377	12,119
Feb 19	12,404	13,338	10,890	12,635	12,407
Mar 19	12,585	13,514	11,099	12,824	12,545
Apr 19	12,852	13,993	11,101	13,144	12,735
May 19	12,584	13,185	11,299	12,683	12,364
Jun 19	13,056	14,054	11,440	13,316	12,901
Jul 19	13,115	14,124	11,466	13,370	12,896
Aug 19	13,058	13,835	11,763	13,283	12,818
Sep 19	13,206	14,129	11,700	13,460	13,059
Oct 19	13,297	14,489	11,735	13,712	13,235
Nov 19	13,423	14,892	11,729	13,977	13,354
Dec 19	13,706	15,339	11,721	14,267	13,691
Jan 20	13,707	15,245	11,947	14,289	13,504
Feb 20	13,109	13,957	12,162	13,520	12,793
Mar 20	11,085	12,110	12,090	12,244	11,323
Apr 20	11,941	13,432	12,305	13,245	12,037
May 20	12,386	14,081	12,362	13,712	12,425
Jun 20	12,527	14,454	12,440	13,992	12,525
Jul 20	13,001	15,145	12,626	14,523	12,972
Aug 20	13,272	16,157	12,524	15,167	13,247
Sep 20	13,107	15,600	12,517	14,798	13,010
Oct 20	12,948	15,121	12,461	14,461	12,834
Nov 20	13,897	17,055	12,584	15,798	13,841
Dec 20	14,329	17,778	12,601	16,273	14,194
Jan 21	14,314	17,601	12,511	16,125	14,125
Feb 21	14,459	18,052	12,330	16,344	14,241
Mar 21	14,698	18,653	12,176	16,663	14,691
Apr 21	15,131	19,521	12,272	17,246	14,926
May 21	15,284	19,802	12,312	17,437	15,162
Jun 21	15,413	20,097	12,399	17,655	15,198
Jul 21	15,506	20,457	12,537	17,936	15,309
Aug 21	15,774	20,966	12,514	18,238	15,432
Sep 21	15,309	20,096	12,405	17,661	15,112
Oct 21	15,671	21,234	12,402	18,359	15,292
Nov 21	15,419	20,769	12,439	18,094	14,983
Dec 21	15,879	21,656	12,407	18,622	15,694
Jan 22	15,336	20,511	12,139	17,812	15,425
Feb 22	14,919	19,992	12,004	17,437	15,244
Mar 22	14,988	20,540	11,670	17,626	15,332
Apr 22	14,157	18,834	11,228	16,401	14,801
May 22	14,014	18,848	11,300	16,441	14,898
Jun 22	13,022	17,216	11,123	15,367	13,909
Jul 22	13,786	18,583	11,395	16,333	14,500
Aug 22	13,367	17,806	11,073	15,717	14,042
Sep 22	12,343	16,150	10,594	14,490	13,232
Oct 22	12,804	17,310	10,457	15,163	13,898
Nov 22	13,449	18,514	10,841	16,068	14,604
Dec 22	13,143	17,728	10,793	15,568	14,454
Jan 23	13,896	18,982	11,125	16,483	14,930
Feb 23	13,557	18,526	10,837	16,078	14,588
Mar 23	13,652	19,098	11,112	16,548	14,833
Apr 23	13,878	19,433	11,180	16,781	15,044
May 23	13,643	19,239	11,058	16,609	14,639
Jun 23	14,051	20,402	11,018	17,295	15,120
Jul 23	14,386	21,088	11,011	17,698	15,491
Aug 23	14,176	20,584	10,940	17,368	15,334
Sep 23	13,839	19,696	10,662	16,711	15,028
Oct 23	13,605	19,125	10,494	16,293	14,665
Nov 23	14,443	20,918	10,969	17,583	15,474
Dec 23	15,029	21,944	11,389	18,389	16,093
Jan 24	15,093	22,208	11,358	18,529	16,136
Feb 24	15,343	23,149	11,198	19,000	16,227
Mar 24	15,697	23,893	11,301	19,480	16,655
Apr 24	15,355	23,006	11,015	18,826	16,339
May 24	15,703	24,033	11,202	19,510	16,670
Jun 24	15,876	24,522	11,308	19,843	16,623
Jul 24	16,175	24,954	11,572	20,227	17,191

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	Since Fund Inception
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.43%	4.28%	5.06%
MSCI World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.34	12.06	9.84
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.10	0.19	1.51
70% MSCI World Index/ 30% Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.29	8.63	7.50
50% MSCI World High Dividend Index/50% Bloomberg U.S. High Yield 2% Issuer Capped Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.98	5.92	5.72

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,088,211,542
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1,762
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$5,154,077
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	109%

Beginning March 31, 2024, the Fund started to compare its performance to a blended benchmark comprised of 50% MSCI World High Dividend Index and 50% Bloomberg U.S. High Yield 2% Issuer Capped Index. Fund management believes that the new benchmark is more representative of the types of investments held within the Fund.

The Fund commenced operations on November 3, 2014.

Performance shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. The performance of Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares. 

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of July 31, 2024) 

Ten largest holdings

Portfolio composition

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.0%
iShares International Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
BlackRock Floating Rate Income Portfolio, Class K Shares........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
Barclays Bank plc (Microsoft Corp.), 12.57%, 09/13/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Wells Fargo & Co. (Apple, Inc.), 11.53%, 08/01/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
BNP Paribas SA (Amazon.com, Inc.), 15.37%, 08/05/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Barclays Bank plc (Alphabet, Inc.), 15.19%, 09/06/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
U.S. Treasury Inflation Linked Notes, 0.25%, 01/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
U.S. Treasury Inflation Linked Bonds, 2.38%, 01/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Nomura Holdings, Inc. (NVIDIA Corp.), 39.84%, 08/23/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.0%
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.7
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.1
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.4
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.9
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.2
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Ten largest investment types are presented. Additional investment types are found in Other.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Dynamic High Income Portfolio

Class K Shares | BDHKX

Annual Shareholder Report — July 31, 2024

BDHKX-07/24-AR

BlackRock Multi-Asset Income Portfolio

Institutional Shares | BIICX

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about BlackRock Multi-Asset Income Portfolio (the “Fund”) for the period of August 1, 2023 to July 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$59	0.56%

How did the Fund perform last year?

• Global equities delivered solid gains amid resilient growth data and signs of slowing inflation.

• The fixed-income markets produced positive returns during the reporting period, with income making a sizable contribution. Securities with lower interest rate risk generally outperformed as investors lowered their expectations for the number of interest rate cuts the U.S. Federal Reserve was likely to enact in 2024. 

What contributed to performance?

Global equities were the largest contributor, followed by high yield bonds, collateralized loan obligations, and covered calls. Smaller positions in mortgage-backed securities, preferred stocks, bank loans, and infrastructure equities also contributed meaningfully. Other areas that contributed, although to a lesser extent, included cash and currency management, global real estate investment trusts, and emerging market debt.

The Fund’s cash position was modestly elevated at the close of the period, as the investment adviser was judicious in managing the Fund’s overall level of risk given attractive cash yields and the long period of strong market performance. The cash position did not have a meaningful impact on results.

What detracted from performance?

The Fund’s duration management strategies modestly weighed on returns. (Duration is a measure of interest rate sensitivity.) After reducing the Fund’s duration to a historic low in 2021, the investment advisor began adding back to duration for ballast as interest rates normalized.

The Fund utilized derivatives as part of its investment strategy. In addition to using U.S. Treasury futures to manage duration positioning, the Fund held equity futures, equity options and currency futures to adjust its risk profile. Additionally, it used equity covered calls to provide an alternative source of income. The effect of holding Treasury futures and currency futures detracted, while equity futures, equity options, and covered calls were beneficial.

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 performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000 

	Institutional Shares	Bloomberg U.S. Aggregate Bond Index	MSCI World Index	50% MSCI World Index/50% Bloomberg U.S. Aggregate Bond Index
Aug 14	10,160	10,110	10,220	10,165
Sep 14	9,979	10,042	9,943	9,993
Oct 14	10,053	10,140	10,007	10,074
Nov 14	10,145	10,212	10,208	10,211
Dec 14	10,055	10,222	10,043	10,133
Jan 15	10,079	10,436	9,861	10,148
Feb 15	10,278	10,338	10,439	10,397
Mar 15	10,231	10,386	10,276	10,340
Apr 15	10,280	10,349	10,517	10,443
May 15	10,295	10,324	10,553	10,448
Jun 15	10,142	10,211	10,307	10,270
Jul 15	10,194	10,282	10,492	10,398
Aug 15	9,946	10,268	9,798	10,046
Sep 15	9,803	10,337	9,437	9,895
Oct 15	10,065	10,339	10,185	10,288
Nov 15	10,021	10,311	10,134	10,249
Dec 15	9,920	10,278	9,956	10,142
Jan 16	9,716	10,420	9,360	9,908
Feb 16	9,674	10,494	9,290	9,907
Mar 16	9,982	10,590	9,921	10,288
Apr 16	10,114	10,630	10,078	10,389
May 16	10,189	10,633	10,135	10,420
Jun 16	10,216	10,824	10,021	10,455
Jul 16	10,448	10,893	10,444	10,709
Aug 16	10,510	10,880	10,453	10,707
Sep 16	10,528	10,874	10,509	10,733
Oct 16	10,475	10,791	10,305	10,588
Nov 16	10,445	10,535	10,453	10,539
Dec 16	10,586	10,550	10,703	10,672
Jan 17	10,725	10,571	10,962	10,812
Feb 17	10,853	10,642	11,266	10,998
Mar 17	10,897	10,636	11,386	11,054
Apr 17	11,023	10,719	11,554	11,178
May 17	11,109	10,801	11,799	11,339
Jun 17	11,162	10,790	11,844	11,355
Jul 17	11,274	10,837	12,128	11,516
Aug 17	11,286	10,934	12,145	11,575
Sep 17	11,351	10,882	12,417	11,678
Oct 17	11,420	10,888	12,652	11,792
Nov 17	11,455	10,874	12,926	11,912
Dec 17	11,541	10,924	13,101	12,020
Jan 18	11,675	10,798	13,793	12,268
Feb 18	11,463	10,696	13,221	11,955
Mar 18	11,385	10,764	12,933	11,863
Apr 18	11,428	10,684	13,082	11,887
May 18	11,433	10,761	13,164	11,967
Jun 18	11,397	10,747	13,158	11,957
Jul 18	11,584	10,750	13,568	12,145
Aug 18	11,635	10,819	13,736	12,259
Sep 18	11,649	10,749	13,813	12,254
Oct 18	11,395	10,664	12,799	11,756
Nov 18	11,413	10,728	12,944	11,858
Dec 18	11,127	10,925	11,960	11,516
Jan 19	11,603	11,041	12,890	12,025
Feb 19	11,740	11,035	13,278	12,202
Mar 19	11,903	11,247	13,452	12,399
Apr 19	12,033	11,250	13,929	12,621
May 19	11,957	11,449	13,126	12,369
Jun 19	12,220	11,593	13,991	12,854
Jul 19	12,270	11,619	14,060	12,900
Aug 19	12,325	11,920	13,772	12,935
Sep 19	12,376	11,856	14,065	13,038
Oct 19	12,425	11,892	14,423	13,224
Nov 19	12,483	11,886	14,825	13,405
Dec 19	12,669	11,878	15,269	13,601
Jan 20	12,721	12,106	15,176	13,690
Feb 20	12,452	12,324	13,893	13,235
Mar 20	11,189	12,251	12,055	12,320
Apr 20	11,818	12,469	13,372	13,102
May 20	12,151	12,527	14,018	13,449
Jun 20	12,253	12,606	14,388	13,670
Jul 20	12,597	12,795	15,077	14,099
Aug 20	12,764	12,691	16,084	14,513
Sep 20	12,676	12,684	15,529	14,259
Oct 20	12,591	12,628	15,053	14,008
Nov 20	13,212	12,752	16,977	14,972
Dec 20	13,503	12,769	17,697	15,300
Jan 21	13,488	12,678	17,521	15,169
Feb 21	13,592	12,495	17,970	15,254
Mar 21	13,788	12,338	18,568	15,412
Apr 21	14,057	12,436	19,432	15,832
May 21	14,169	12,477	19,712	15,972
Jun 21	14,248	12,564	20,006	16,147
Jul 21	14,285	12,705	20,364	16,382
Aug 21	14,455	12,681	20,871	16,570
Sep 21	14,206	12,571	20,005	16,154
Oct 21	14,361	12,567	21,138	16,610
Nov 21	14,168	12,604	20,675	16,452
Dec 21	14,479	12,572	21,558	16,783
Jan 22	14,163	12,301	20,418	16,158
Feb 22	13,861	12,164	19,901	15,864
Mar 22	13,889	11,826	20,447	15,861
Apr 22	13,361	11,377	18,749	14,901
May 22	13,272	11,451	18,763	14,955
Jun 22	12,600	11,271	17,138	14,190
Jul 22	13,138	11,547	18,498	14,927
Aug 22	12,867	11,220	17,725	14,404
Sep 22	12,162	10,735	16,077	13,423
Oct 22	12,429	10,596	17,232	13,818
Nov 22	12,962	10,986	18,430	14,552
Dec 22	12,803	10,937	17,647	14,211
Jan 23	13,420	11,273	18,896	14,932
Feb 23	13,109	10,982	18,442	14,559
Mar 23	13,216	11,260	19,012	14,969
Apr 23	13,418	11,329	19,345	15,146
May 23	13,181	11,205	19,152	14,988
Jun 23	13,403	11,165	20,310	15,414
Jul 23	13,632	11,158	20,992	15,668
Aug 23	13,455	11,086	20,491	15,431
Sep 23	13,161	10,805	19,607	14,902
Oct 23	12,947	10,634	19,038	14,568
Nov 23	13,660	11,116	20,823	15,581
Dec 23	14,220	11,541	21,845	16,261
Jan 24	14,231	11,510	22,107	16,337
Feb 24	14,312	11,347	23,044	16,568
Mar 24	14,591	11,452	23,785	16,910
Apr 24	14,316	11,162	22,901	16,383
May 24	14,598	11,352	23,924	16,887
Jun 24	14,705	11,459	24,411	17,139
Jul 24	15,043	11,727	24,841	17,490

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	10 Years
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.35%	4.16%	4.17%
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.10	0.19	1.61
MSCI World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.34	12.06	9.53
50% MSCI World Index/50% Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.63	6.28	5.75

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$10,945,854,606
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4,040
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$49,598,939
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	83%

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of July 31, 2024) 

Ten largest holdings

Portfolio composition

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3%
iShares iBoxx $ High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
iShares Core S&P 500 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Barclays Bank plc (Microsoft Corp.), 12.57%, 09/13/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
U.S. Treasury Inflation Linked Notes, 0.25%, 01/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Wells Fargo & Co. (Apple, Inc.), 11.53%, 08/01/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
U.S. Treasury Inflation Linked Bonds, 2.38%, 01/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
BNP Paribas SA (Amazon.com, Inc.), 15.37%, 08/05/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Sanofi SA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.6%
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.8
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.8
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.9
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.8
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.1
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Ten largest investment types are presented. Additional investment types are found in Other.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Multi-Asset Income Portfolio

Institutional Shares | BIICX

Annual Shareholder Report — July 31, 2024

BIICX-07/24-AR

BlackRock Multi-Asset Income Portfolio

Investor A Shares | BAICX

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about BlackRock Multi-Asset Income Portfolio (the “Fund”) for the period of August 1, 2023 to July 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$85	0.81%

How did the Fund perform last year?

• Global equities delivered solid gains amid resilient growth data and signs of slowing inflation.

• The fixed-income markets produced positive returns during the reporting period, with income making a sizable contribution. Securities with lower interest rate risk generally outperformed as investors lowered their expectations for the number of interest rate cuts the U.S. Federal Reserve was likely to enact in 2024. 

What contributed to performance?

Global equities were the largest contributor, followed by high yield bonds, collateralized loan obligations, and covered calls. Smaller positions in mortgage-backed securities, preferred stocks, bank loans, and infrastructure equities also contributed meaningfully. Other areas that contributed, although to a lesser extent, included cash and currency management, global real estate investment trusts, and emerging market debt.

The Fund’s cash position was modestly elevated at the close of the period, as the investment adviser was judicious in managing the Fund’s overall level of risk given attractive cash yields and the long period of strong market performance. The cash position did not have a meaningful impact on results.

What detracted from performance?

The Fund’s duration management strategies modestly weighed on returns. (Duration is a measure of interest rate sensitivity.) After reducing the Fund’s duration to a historic low in 2021, the investment advisor began adding back to duration for ballast as interest rates normalized.

The Fund utilized derivatives as part of its investment strategy. In addition to using U.S. Treasury futures to manage duration positioning, the Fund held equity futures, equity options and currency futures to adjust its risk profile. Additionally, it used equity covered calls to provide an alternative source of income. The effect of holding Treasury futures and currency futures detracted, while equity futures, equity options, and covered calls were beneficial.

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 performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000 

	Investor A Shares	Bloomberg U.S. Aggregate Bond Index	MSCI World Index	50% MSCI World Index/50% Bloomberg U.S. Aggregate Bond Index
Aug 14	9,633	10,110	10,220	10,165
Sep 14	9,460	10,042	9,943	9,993
Oct 14	9,527	10,140	10,007	10,074
Nov 14	9,604	10,212	10,208	10,211
Dec 14	9,525	10,222	10,043	10,133
Jan 15	9,546	10,436	9,861	10,148
Feb 15	9,733	10,338	10,439	10,397
Mar 15	9,686	10,386	10,276	10,340
Apr 15	9,731	10,349	10,517	10,443
May 15	9,743	10,324	10,553	10,448
Jun 15	9,587	10,211	10,307	10,270
Jul 15	9,643	10,282	10,492	10,398
Aug 15	9,406	10,268	9,798	10,046
Sep 15	9,269	10,337	9,437	9,895
Oct 15	9,506	10,339	10,185	10,288
Nov 15	9,471	10,311	10,134	10,249
Dec 15	9,373	10,278	9,956	10,142
Jan 16	9,178	10,420	9,360	9,908
Feb 16	9,137	10,494	9,290	9,907
Mar 16	9,426	10,590	9,921	10,288
Apr 16	9,549	10,630	10,078	10,389
May 16	9,618	10,633	10,135	10,420
Jun 16	9,641	10,824	10,021	10,455
Jul 16	9,858	10,893	10,444	10,709
Aug 16	9,914	10,880	10,453	10,707
Sep 16	9,929	10,874	10,509	10,733
Oct 16	9,878	10,791	10,305	10,588
Nov 16	9,846	10,535	10,453	10,539
Dec 16	9,978	10,550	10,703	10,672
Jan 17	10,097	10,571	10,962	10,812
Feb 17	10,216	10,642	11,266	10,998
Mar 17	10,265	10,636	11,386	11,054
Apr 17	10,372	10,719	11,554	11,178
May 17	10,450	10,801	11,799	11,339
Jun 17	10,508	10,790	11,844	11,355
Jul 17	10,602	10,837	12,128	11,516
Aug 17	10,621	10,934	12,145	11,575
Sep 17	10,679	10,882	12,417	11,678
Oct 17	10,742	10,888	12,652	11,792
Nov 17	10,772	10,874	12,926	11,912
Dec 17	10,851	10,924	13,101	12,020
Jan 18	10,976	10,798	13,793	12,268
Feb 18	10,764	10,696	13,221	11,955
Mar 18	10,698	10,764	12,933	11,863
Apr 18	10,736	10,684	13,082	11,887
May 18	10,738	10,761	13,164	11,967
Jun 18	10,702	10,747	13,158	11,957
Jul 18	10,876	10,750	13,568	12,145
Aug 18	10,922	10,819	13,736	12,259
Sep 18	10,932	10,749	13,813	12,254
Oct 18	10,692	10,664	12,799	11,756
Nov 18	10,706	10,728	12,944	11,858
Dec 18	10,435	10,925	11,960	11,516
Jan 19	10,879	11,041	12,890	12,025
Feb 19	10,996	11,035	13,278	12,202
Mar 19	11,157	11,247	13,452	12,399
Apr 19	11,277	11,250	13,929	12,621
May 19	11,203	11,449	13,126	12,369
Jun 19	11,447	11,593	13,991	12,854
Jul 19	11,491	11,619	14,060	12,900
Aug 19	11,530	11,920	13,772	12,935
Sep 19	11,585	11,856	14,065	13,038
Oct 19	11,619	11,892	14,423	13,224
Nov 19	11,681	11,886	14,825	13,405
Dec 19	11,853	11,878	15,269	13,601
Jan 20	11,899	12,106	15,176	13,690
Feb 20	11,644	12,324	13,893	13,235
Mar 20	10,460	12,251	12,055	12,320
Apr 20	11,047	12,469	13,372	13,102
May 20	11,344	12,527	14,018	13,449
Jun 20	11,448	12,606	14,388	13,670
Jul 20	11,768	12,795	15,077	14,099
Aug 20	11,921	12,691	16,084	14,513
Sep 20	11,826	12,684	15,529	14,259
Oct 20	11,744	12,628	15,053	14,008
Nov 20	12,333	12,752	16,977	14,972
Dec 20	12,602	12,769	17,697	15,300
Jan 21	12,574	12,678	17,521	15,169
Feb 21	12,680	12,495	17,970	15,254
Mar 21	12,848	12,338	18,568	15,412
Apr 21	13,108	12,436	19,432	15,832
May 21	13,199	12,477	19,712	15,972
Jun 21	13,270	12,564	20,006	16,147
Jul 21	13,312	12,705	20,364	16,382
Aug 21	13,468	12,681	20,871	16,570
Sep 21	13,222	12,571	20,005	16,154
Oct 21	13,375	12,567	21,138	16,610
Nov 21	13,180	12,604	20,675	16,452
Dec 21	13,467	12,572	21,558	16,783
Jan 22	13,170	12,301	20,418	16,158
Feb 22	12,886	12,164	19,901	15,864
Mar 22	12,910	11,826	20,447	15,861
Apr 22	12,427	11,377	18,749	14,901
May 22	12,342	11,451	18,763	14,955
Jun 22	11,714	11,271	17,138	14,190
Jul 22	12,211	11,547	18,498	14,927
Aug 22	11,957	11,220	17,725	14,404
Sep 22	11,299	10,735	16,077	13,423
Oct 22	11,544	10,596	17,232	13,818
Nov 22	12,037	10,986	18,430	14,552
Dec 22	11,887	10,937	17,647	14,211
Jan 23	12,458	11,273	18,896	14,932
Feb 23	12,166	10,982	18,442	14,559
Mar 23	12,263	11,260	19,012	14,969
Apr 23	12,436	11,329	19,345	15,146
May 23	12,225	11,205	19,152	14,988
Jun 23	12,429	11,165	20,310	15,414
Jul 23	12,639	11,158	20,992	15,668
Aug 23	12,472	11,086	20,491	15,431
Sep 23	12,197	10,805	19,607	14,902
Oct 23	11,996	10,634	19,038	14,568
Nov 23	12,654	11,116	20,823	15,581
Dec 23	13,171	11,541	21,845	16,261
Jan 24	13,178	11,510	22,107	16,337
Feb 24	13,250	11,347	23,044	16,568
Mar 24	13,506	11,452	23,785	16,910
Apr 24	13,248	11,162	22,901	16,383
May 24	13,506	11,352	23,924	16,887
Jun 24	13,603	11,459	24,411	17,139
Jul 24	13,913	11,727	24,841	17,490

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	10 Years
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.08%	3.90%	3.92%
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.30	2.79	3.36
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.10	0.19	1.61
MSCI World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.34	12.06	9.53
50% MSCI World Index/50% Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.63	6.28	5.75

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$10,945,854,606
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4,040
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$49,598,939
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	83%

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of July 31, 2024) 

Ten largest holdings

Portfolio composition

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3%
iShares iBoxx $ High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
iShares Core S&P 500 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Barclays Bank plc (Microsoft Corp.), 12.57%, 09/13/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
U.S. Treasury Inflation Linked Notes, 0.25%, 01/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Wells Fargo & Co. (Apple, Inc.), 11.53%, 08/01/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
U.S. Treasury Inflation Linked Bonds, 2.38%, 01/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
BNP Paribas SA (Amazon.com, Inc.), 15.37%, 08/05/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Sanofi SA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.6%
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.8
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.8
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.9
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.8
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.1
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Ten largest investment types are presented. Additional investment types are found in Other.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Multi-Asset Income Portfolio

Investor A Shares | BAICX

Annual Shareholder Report — July 31, 2024

BAICX-07/24-AR

BlackRock Multi-Asset Income Portfolio

Investor C Shares | BCICX

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about BlackRock Multi-Asset Income Portfolio (the “Fund”) for the period of August 1, 2023 to July 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$163	1.56%

How did the Fund perform last year?

• Global equities delivered solid gains amid resilient growth data and signs of slowing inflation.

• The fixed-income markets produced positive returns during the reporting period, with income making a sizable contribution. Securities with lower interest rate risk generally outperformed as investors lowered their expectations for the number of interest rate cuts the U.S. Federal Reserve was likely to enact in 2024. 

What contributed to performance?

Global equities were the largest contributor, followed by high yield bonds, collateralized loan obligations, and covered calls. Smaller positions in mortgage-backed securities, preferred stocks, bank loans, and infrastructure equities also contributed meaningfully. Other areas that contributed, although to a lesser extent, included cash and currency management, global real estate investment trusts, and emerging market debt.

The Fund’s cash position was modestly elevated at the close of the period, as the investment adviser was judicious in managing the Fund’s overall level of risk given attractive cash yields and the long period of strong market performance. The cash position did not have a meaningful impact on results.

What detracted from performance?

The Fund’s duration management strategies modestly weighed on returns. (Duration is a measure of interest rate sensitivity.) After reducing the Fund’s duration to a historic low in 2021, the investment advisor began adding back to duration for ballast as interest rates normalized.

The Fund utilized derivatives as part of its investment strategy. In addition to using U.S. Treasury futures to manage duration positioning, the Fund held equity futures, equity options and currency futures to adjust its risk profile. Additionally, it used equity covered calls to provide an alternative source of income. The effect of holding Treasury futures and currency futures detracted, while equity futures, equity options, and covered calls were beneficial.

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 performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000 

	Investor C Shares	Bloomberg U.S. Aggregate Bond Index	MSCI World Index	50% MSCI World Index/50% Bloomberg U.S. Aggregate Bond Index
Aug 14	10,152	10,110	10,220	10,165
Sep 14	9,962	10,042	9,943	9,993
Oct 14	10,027	10,140	10,007	10,074
Nov 14	10,111	10,212	10,208	10,211
Dec 14	10,012	10,222	10,043	10,133
Jan 15	10,037	10,436	9,861	10,148
Feb 15	10,228	10,338	10,439	10,397
Mar 15	10,163	10,386	10,276	10,340
Apr 15	10,203	10,349	10,517	10,443
May 15	10,219	10,324	10,553	10,448
Jun 15	10,048	10,211	10,307	10,270
Jul 15	10,101	10,282	10,492	10,398
Aug 15	9,846	10,268	9,798	10,046
Sep 15	9,696	10,337	9,437	9,895
Oct 15	9,938	10,339	10,185	10,288
Nov 15	9,887	10,311	10,134	10,249
Dec 15	9,778	10,278	9,956	10,142
Jan 16	9,568	10,420	9,360	9,908
Feb 16	9,529	10,494	9,290	9,907
Mar 16	9,824	10,590	9,921	10,288
Apr 16	9,946	10,630	10,078	10,389
May 16	10,002	10,633	10,135	10,420
Jun 16	10,030	10,824	10,021	10,455
Jul 16	10,240	10,893	10,444	10,709
Aug 16	10,291	10,880	10,453	10,707
Sep 16	10,311	10,874	10,509	10,733
Oct 16	10,250	10,791	10,305	10,588
Nov 16	10,202	10,535	10,453	10,539
Dec 16	10,331	10,550	10,703	10,672
Jan 17	10,459	10,571	10,962	10,812
Feb 17	10,576	10,642	11,266	10,998
Mar 17	10,620	10,636	11,386	11,054
Apr 17	10,724	10,719	11,554	11,178
May 17	10,798	10,801	11,799	11,339
Jun 17	10,841	10,790	11,844	11,355
Jul 17	10,941	10,837	12,128	11,516
Aug 17	10,944	10,934	12,145	11,575
Sep 17	11,008	10,882	12,417	11,678
Oct 17	11,065	10,888	12,652	11,792
Nov 17	11,090	10,874	12,926	11,912
Dec 17	11,154	10,924	13,101	12,020
Jan 18	11,285	10,798	13,793	12,268
Feb 18	11,061	10,696	13,221	11,955
Mar 18	10,986	10,764	12,933	11,863
Apr 18	11,018	10,684	13,082	11,887
May 18	11,003	10,761	13,164	11,967
Jun 18	10,969	10,747	13,158	11,957
Jul 18	11,141	10,750	13,568	12,145
Aug 18	11,180	10,819	13,736	12,259
Sep 18	11,174	10,749	13,813	12,254
Oct 18	10,931	10,664	12,799	11,756
Nov 18	10,939	10,728	12,944	11,858
Dec 18	10,655	10,925	11,960	11,516
Jan 19	11,102	11,041	12,890	12,025
Feb 19	11,215	11,035	13,278	12,202
Mar 19	11,361	11,247	13,452	12,399
Apr 19	11,487	11,250	13,929	12,621
May 19	11,404	11,449	13,126	12,369
Jun 19	11,646	11,593	13,991	12,854
Jul 19	11,672	11,619	14,060	12,900
Aug 19	11,715	11,920	13,772	12,935
Sep 19	11,764	11,856	14,065	13,038
Oct 19	11,791	11,892	14,423	13,224
Nov 19	11,846	11,886	14,825	13,405
Dec 19	12,014	11,878	15,269	13,601
Jan 20	12,052	12,106	15,176	13,690
Feb 20	11,787	12,324	13,893	13,235
Mar 20	10,581	12,251	12,055	12,320
Apr 20	11,156	12,469	13,372	13,102
May 20	11,462	12,527	14,018	13,449
Jun 20	11,549	12,606	14,388	13,670
Jul 20	11,864	12,795	15,077	14,099
Aug 20	12,011	12,691	16,084	14,513
Sep 20	11,919	12,684	15,529	14,259
Oct 20	11,828	12,628	15,053	14,008
Nov 20	12,415	12,752	16,977	14,972
Dec 20	12,666	12,769	17,697	15,300
Jan 21	12,641	12,678	17,521	15,169
Feb 21	12,729	12,495	17,970	15,254
Mar 21	12,902	12,338	18,568	15,412
Apr 21	13,143	12,436	19,432	15,832
May 21	13,238	12,477	19,712	15,972
Jun 21	13,301	12,564	20,006	16,147
Jul 21	13,323	12,705	20,364	16,382
Aug 21	13,471	12,681	20,871	16,570
Sep 21	13,227	12,571	20,005	16,154
Oct 21	13,361	12,567	21,138	16,610
Nov 21	13,169	12,604	20,675	16,452
Dec 21	13,448	12,572	21,558	16,783
Jan 22	13,143	12,301	20,418	16,158
Feb 22	12,851	12,164	19,901	15,864
Mar 22	12,866	11,826	20,447	15,861
Apr 22	12,377	11,377	18,749	14,901
May 22	12,284	11,451	18,763	14,955
Jun 22	11,651	11,271	17,138	14,190
Jul 22	12,139	11,547	18,498	14,927
Aug 22	11,886	11,220	17,725	14,404
Sep 22	11,232	10,735	16,077	13,423
Oct 22	11,476	10,596	17,232	13,818
Nov 22	11,966	10,986	18,430	14,552
Dec 22	11,817	10,937	17,647	14,211
Jan 23	12,385	11,273	18,896	14,932
Feb 23	12,095	10,982	18,442	14,559
Mar 23	12,191	11,260	19,012	14,969
Apr 23	12,363	11,329	19,345	15,146
May 23	12,153	11,205	19,152	14,988
Jun 23	12,355	11,165	20,310	15,414
Jul 23	12,565	11,158	20,992	15,668
Aug 23	12,399	11,086	20,491	15,431
Sep 23	12,125	10,805	19,607	14,902
Oct 23	11,925	10,634	19,038	14,568
Nov 23	12,580	11,116	20,823	15,581
Dec 23	13,093	11,541	21,845	16,261
Jan 24	13,100	11,510	22,107	16,337
Feb 24	13,172	11,347	23,044	16,568
Mar 24	13,426	11,452	23,785	16,910
Apr 24	13,170	11,162	22,901	16,383
May 24	13,427	11,352	23,924	16,887
Jun 24	13,523	11,459	24,411	17,139
Jul 24	13,831	11,727	24,841	17,490

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	10 Years
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.38%	3.14%	3.30%
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.38	3.14	3.30
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.10	0.19	1.61
MSCI World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.34	12.06	9.53
50% MSCI World Index/50% Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.63	6.28	5.75

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$10,945,854,606
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4,040
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$49,598,939
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	83%

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of July 31, 2024) 

Ten largest holdings

Portfolio composition

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3%
iShares iBoxx $ High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
iShares Core S&P 500 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Barclays Bank plc (Microsoft Corp.), 12.57%, 09/13/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
U.S. Treasury Inflation Linked Notes, 0.25%, 01/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Wells Fargo & Co. (Apple, Inc.), 11.53%, 08/01/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
U.S. Treasury Inflation Linked Bonds, 2.38%, 01/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
BNP Paribas SA (Amazon.com, Inc.), 15.37%, 08/05/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Sanofi SA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.6%
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.8
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.8
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.9
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.8
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.1
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Ten largest investment types are presented. Additional investment types are found in Other.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Multi-Asset Income Portfolio

Investor C Shares | BCICX

Annual Shareholder Report — July 31, 2024

BCICX-07/24-AR

BlackRock Multi-Asset Income Portfolio

Class K Shares | BKMIX

Annual Shareholder Report — July 31, 2024

This annual shareholder report contains important information about BlackRock Multi-Asset Income Portfolio (the “Fund”) for the period of August 1, 2023 to July 31, 2024.You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 441-7762.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$53	0.51%

How did the Fund perform last year?

• Global equities delivered solid gains amid resilient growth data and signs of slowing inflation.

• The fixed-income markets produced positive returns during the reporting period, with income making a sizable contribution. Securities with lower interest rate risk generally outperformed as investors lowered their expectations for the number of interest rate cuts the U.S. Federal Reserve was likely to enact in 2024. 

What contributed to performance?

Global equities were the largest contributor, followed by high yield bonds, collateralized loan obligations, and covered calls. Smaller positions in mortgage-backed securities, preferred stocks, bank loans, and infrastructure equities also contributed meaningfully. Other areas that contributed, although to a lesser extent, included cash and currency management, global real estate investment trusts, and emerging market debt.

The Fund’s cash position was modestly elevated at the close of the period, as the investment adviser was judicious in managing the Fund’s overall level of risk given attractive cash yields and the long period of strong market performance. The cash position did not have a meaningful impact on results.

What detracted from performance?

The Fund’s duration management strategies modestly weighed on returns. (Duration is a measure of interest rate sensitivity.) After reducing the Fund’s duration to a historic low in 2021, the investment advisor began adding back to duration for ballast as interest rates normalized.

The Fund utilized derivatives as part of its investment strategy. In addition to using U.S. Treasury futures to manage duration positioning, the Fund held equity futures, equity options and currency futures to adjust its risk profile. Additionally, it used equity covered calls to provide an alternative source of income. The effect of holding Treasury futures and currency futures detracted, while equity futures, equity options, and covered calls were beneficial.

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 performance

Cumulative performance: August 1, 2014 through July 31, 2024

Initial investment of $10,000 

	Class K Shares	Bloomberg U.S. Aggregate Bond Index	MSCI World Index	50% MSCI World Index/50% Bloomberg U.S. Aggregate Bond Index
Aug 14	10,160	10,110	10,220	10,165
Sep 14	9,979	10,042	9,943	9,993
Oct 14	10,053	10,140	10,007	10,074
Nov 14	10,145	10,212	10,208	10,211
Dec 14	10,055	10,222	10,043	10,133
Jan 15	10,079	10,436	9,861	10,148
Feb 15	10,278	10,338	10,439	10,397
Mar 15	10,231	10,386	10,276	10,340
Apr 15	10,280	10,349	10,517	10,443
May 15	10,295	10,324	10,553	10,448
Jun 15	10,142	10,211	10,307	10,270
Jul 15	10,194	10,282	10,492	10,398
Aug 15	9,946	10,268	9,798	10,046
Sep 15	9,803	10,337	9,437	9,895
Oct 15	10,065	10,339	10,185	10,288
Nov 15	10,021	10,311	10,134	10,249
Dec 15	9,920	10,278	9,956	10,142
Jan 16	9,716	10,420	9,360	9,908
Feb 16	9,674	10,494	9,290	9,907
Mar 16	9,982	10,590	9,921	10,288
Apr 16	10,114	10,630	10,078	10,389
May 16	10,189	10,633	10,135	10,420
Jun 16	10,216	10,824	10,021	10,455
Jul 16	10,448	10,893	10,444	10,709
Aug 16	10,510	10,880	10,453	10,707
Sep 16	10,528	10,874	10,509	10,733
Oct 16	10,475	10,791	10,305	10,588
Nov 16	10,445	10,535	10,453	10,539
Dec 16	10,586	10,550	10,703	10,672
Jan 17	10,725	10,571	10,962	10,812
Feb 17	10,842	10,642	11,266	10,998
Mar 17	10,896	10,636	11,386	11,054
Apr 17	11,013	10,719	11,554	11,178
May 17	11,099	10,801	11,799	11,339
Jun 17	11,152	10,790	11,844	11,355
Jul 17	11,265	10,837	12,128	11,516
Aug 17	11,278	10,934	12,145	11,575
Sep 17	11,353	10,882	12,417	11,678
Oct 17	11,423	10,888	12,652	11,792
Nov 17	11,458	10,874	12,926	11,912
Dec 17	11,534	10,924	13,101	12,020
Jan 18	11,680	10,798	13,793	12,268
Feb 18	11,457	10,696	13,221	11,955
Mar 18	11,391	10,764	12,933	11,863
Apr 18	11,433	10,684	13,082	11,887
May 18	11,428	10,761	13,164	11,967
Jun 18	11,403	10,747	13,158	11,957
Jul 18	11,592	10,750	13,568	12,145
Aug 18	11,643	10,819	13,736	12,259
Sep 18	11,647	10,749	13,813	12,254
Oct 18	11,404	10,664	12,799	11,756
Nov 18	11,422	10,728	12,944	11,858
Dec 18	11,125	10,925	11,960	11,516
Jan 19	11,602	11,041	12,890	12,025
Feb 19	11,740	11,035	13,278	12,202
Mar 19	11,903	11,247	13,452	12,399
Apr 19	12,045	11,250	13,929	12,621
May 19	11,969	11,449	13,126	12,369
Jun 19	12,233	11,593	13,991	12,854
Jul 19	12,272	11,619	14,060	12,900
Aug 19	12,328	11,920	13,772	12,935
Sep 19	12,390	11,856	14,065	13,038
Oct 19	12,429	11,892	14,423	13,224
Nov 19	12,499	11,886	14,825	13,405
Dec 19	12,686	11,878	15,269	13,601
Jan 20	12,738	12,106	15,176	13,690
Feb 20	12,469	12,324	13,893	13,235
Mar 20	11,206	12,251	12,055	12,320
Apr 20	11,824	12,469	13,372	13,102
May 20	12,157	12,527	14,018	13,449
Jun 20	12,260	12,606	14,388	13,670
Jul 20	12,605	12,795	15,077	14,099
Aug 20	12,773	12,691	16,084	14,513
Sep 20	12,686	12,684	15,529	14,259
Oct 20	12,601	12,628	15,053	14,008
Nov 20	13,236	12,752	16,977	14,972
Dec 20	13,516	12,769	17,697	15,300
Jan 21	13,501	12,678	17,521	15,169
Feb 21	13,618	12,495	17,970	15,254
Mar 21	13,802	12,338	18,568	15,412
Apr 21	14,084	12,436	19,432	15,832
May 21	14,186	12,477	19,712	15,972
Jun 21	14,266	12,564	20,006	16,147
Jul 21	14,302	12,705	20,364	16,382
Aug 21	14,474	12,681	20,871	16,570
Sep 21	14,225	12,571	20,005	16,154
Oct 21	14,394	12,567	21,138	16,610
Nov 21	14,188	12,604	20,675	16,452
Dec 21	14,500	12,572	21,558	16,783
Jan 22	14,184	12,301	20,418	16,158
Feb 22	13,882	12,164	19,901	15,864
Mar 22	13,911	11,826	20,447	15,861
Apr 22	13,394	11,377	18,749	14,901
May 22	13,306	11,451	18,763	14,955
Jun 22	12,620	11,271	17,138	14,190
Jul 22	13,172	11,547	18,498	14,927
Aug 22	12,901	11,220	17,725	14,404
Sep 22	12,182	10,735	16,077	13,423
Oct 22	12,450	10,596	17,232	13,818
Nov 22	12,998	10,986	18,430	14,552
Dec 22	12,826	10,937	17,647	14,211
Jan 23	13,459	11,273	18,896	14,932
Feb 23	13,147	10,982	18,442	14,559
Mar 23	13,255	11,260	19,012	14,969
Apr 23	13,445	11,329	19,345	15,146
May 23	13,221	11,205	19,152	14,988
Jun 23	13,444	11,165	20,310	15,414
Jul 23	13,661	11,158	20,992	15,668
Aug 23	13,498	11,086	20,491	15,431
Sep 23	13,204	10,805	19,607	14,902
Oct 23	12,975	10,634	19,038	14,568
Nov 23	13,705	11,116	20,823	15,581
Dec 23	14,253	11,541	21,845	16,261
Jan 24	14,265	11,510	22,107	16,337
Feb 24	14,346	11,347	23,044	16,568
Mar 24	14,627	11,452	23,785	16,910
Apr 24	14,351	11,162	22,901	16,383
May 24	14,635	11,352	23,924	16,887
Jun 24	14,758	11,459	24,411	17,139
Jul 24	15,098	11,727	24,841	17,490

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Average Annual Total Returns	1 Year	5 Years	10 Years
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.52%	4.23%	4.21%
Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.10	0.19	1.61
MSCI World Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.34	12.06	9.53
50% MSCI World Index/50% Bloomberg U.S. Aggregate Bond Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.63	6.28	5.75

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$10,945,854,606
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4,040
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$49,598,939
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	83%

Performance shown prior to the Class K Shares inception date of February 3, 2017 is that of Institutional Shares. The performance of Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.   

What did the Fund invest in?

(as of July 31, 2024) 

Ten largest holdings

Portfolio composition

Security	Percent of Total InvestmentsFootnote Reference(a)
iShares Core Dividend Growth ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.3%
iShares iBoxx $ High Yield Corporate Bond ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
iShares Core S&P 500 ETF........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Barclays Bank plc (Microsoft Corp.), 12.57%, 09/13/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
U.S. Treasury Inflation Linked Notes, 0.25%, 01/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Wells Fargo & Co. (Apple, Inc.), 11.53%, 08/01/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
U.S. Treasury Inflation Linked Bonds, 2.38%, 01/15/25........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
BNP Paribas SA (Amazon.com, Inc.), 15.37%, 08/05/24........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Sanofi SA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3

Investment Type	Percent of Total InvestmentsFootnote Reference(a)
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.6%
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.8
Asset-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.8
Equity-Linked Notes........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.9
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.8
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.1
Non-Agency Mortgage-Backed Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Foreign Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Foreign Government Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.3

Footnote	Description
Footnote(a)	Excludes short-term securities, short investments and options, if any.
Footnote(b)	Ten largest investment types are presented. Additional investment types are found in Other.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, MSCI, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

© 2024 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. 

BlackRock Multi-Asset Income Portfolio

Class K Shares | BKMIX

Annual Shareholder Report — July 31, 2024

BKMIX-07/24-AR

(b)    Not Applicable

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 Pricewaterhouse Coopers (“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 Fees3
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 Dynamic High Income Portfolio	$57,065	$57,065	$0	$0	$22,880	$22,880	$0	$0
BlackRock Multi-Asset Income Portfolio	$79,487	$79,487	$0	$0	$26,880	$26,880	$0	$172

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 the 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 of financial statements not included in Audit Fees.

² The nature of the services includes tax compliance, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, tax distribution and analysis reviews.

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 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 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 Dynamic High Income Portfolio	$22,880	$22,880
BlackRock Multi-Asset Income Portfolio	$26,880	$27,052

              (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 is included as part of the Financial Statement and Financial Highlights for Open-End Management Investment Companies filed under Item 7 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 – Financial Statements and Financial Highlights for Open-End Management Investment Companies –

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

JULY

31,

2024

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2024

Annual

Financial

Statements

BlackRock

Funds

II

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

Table

of

Contents

Page

2

Derivative

Financial

Instruments

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

3

Schedules

of

Investments

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

4

Statements

of

Assets

and

Liabilities

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

123

Statements

of

Operations

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

126

Statements

of

Changes

in

Net

Assets

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

127

Financial

Highlights

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

128

Notes

to

Financial

Statements

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

136

Report

of

Independent

Registered

Public

Accounting

Firm

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

151

Important

Tax

Information

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

152

Additional

Information

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

153

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

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

155

Glossary

of

Terms

Used

in

this

Report

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

159

Derivative

Financial

Instruments

3

Derivative

Financial

Instruments

The

Funds

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

Pursuant

to

Rule

18f-4

under

the

1940

Act,

among

other

things,

the

Funds

must

either

use

derivative

financial

instruments

with

embedded

leverage

in

a

limited

manner

or

comply

with

an

outer

limit

on

fund

leverage

risk

based

on

value-at-risk. The

Funds’

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation a

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Funds’

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

AB

BSL

CLO

4

Ltd.,

Series

2023-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.50%

Floor

+

2.50%),

7.78%,

04/20/36

(a)(b)

..........

USD

2,000

$

2,024,000

AB

Carval

Euro

CLO

II-C

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

0.00%,

02/15/37

(a)(c)

..........

EUR

100

108,225

AGL

CLO

11

Ltd.,

Series

2021-11A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.61%,

04/15/34

(a)(b)

..........

USD

500

500,753

AGL

CLO

17

Ltd.,

Series

2022-17A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.10%),

7.38%,

01/21/35

(a)(b)

..........

1,000

1,000,106

AGL

Core

CLO

27

Ltd.,

Series

2023-27A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.73%

Floor

+

1.73%),

7.01%,

10/21/36

(a)(b)

..........

1,500

1,512,600

AIMCO

CLO

(a)(b)

Series

2015-AA,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.55%,

10/17/34

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

1,000

1,002,155

Series

2015-AA,

Class

DR2,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.60%,

10/17/34

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

1,000

1,002,005

AIMCO

CLO

14

Ltd.,

Series

2021-14A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.44%,

04/20/34

(a)(b)

..........

865

868,023

AMSR

Trust

(b)

Series

2020-SFR2,

Class

I,

5.25%,

07/17/37

600

579,783

Series

2020-SFR3,

Class

H,

6.50%,

09/17/37

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

100

98,628

Apidos

CLO

XL

Ltd.,

Series

2022-40A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

2.90%),

0.00%,

07/15/37

(a)(b)

.....

2,000

2,000,000

Ares

LIII

CLO

Ltd.,

Series

2019-53A,

Class

C,

(3-m

o.

CME

Term

SOFR

at

2.65%

Floor

+

2.91%),

8.19%,

04/24/31

(a)(b)

..........

500

500,498

Ares

XLVII

CLO

Ltd.,

Series

2018-47A,

Class

SUB,

(3-mo.

LIBOR

USD

+

0.00%),

0.00%,

04/15/30

(a)(b)(d)(e)

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

500

105,808

Arini

European

CLO

I

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

6.04%

Floor

+

6.04%),

9.73%,

07/15/36

(a)(c)

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

EUR

100

111,364

Atrium

XIV

LLC,

Series

14A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.50%,

08/23/30

(a)(b)

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

USD

250

250,325

Ballyrock

CLO

14

Ltd.

(a)(b)

Series

2020-14A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

6.68%,

07/20/37

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

1,000

1,000,928

Series

2020-14A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

7.00%,

07/20/37

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

1,000

999,855

Ballyrock

CLO

27

Ltd.

(a)(b)

Series

2024-27A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

0.00%,

10/25/37

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

2,000

2,000,000

Series

2024-27A,

Class

C1,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

2.90%),

0.00%,

10/25/37

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

1,840

1,840,000

Ballyrock

CLO

Ltd.,

Series

2020-2A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.09%,

10/20/31

(a)(b)

..........

1,600

1,601,617

Benefit

Street

Partners

CLO

XXI

Ltd.,

Series

2020-21A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.43%),

6.7

3%,

10/15/34

(a)(b)

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

3,500

3,505,902

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Benefit

Street

Partners

CLO

XXIV

Ltd.,

Series

2021-24A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.61%),

8.89%,

10/20/34

(a)

(b)

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

USD

2,000

$

2,005,461

Birch

Grove

CLO

9

Ltd.

(a)(b)

Series

2024-9A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

0.00%,

10/22/37

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

2,000

2,000,000

Series

2024-9A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

0.00%,

10/22/37

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

1,000

1,000,000

Cairn

CLO

XVI

DAC,

Series

2023-16X,

Class

D,

(3-mo.

EURIBOR

at

5.20%

Floor

+

5.20%),

8.89%,

01/15/37

(a)(c)

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

EUR

100

110,712

Canyon

CLO

Ltd.

(a)(b)

Series

2018-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.46%,

07/15/31

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

USD

1,000

1,000,807

Series

2020-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.71%,

07/15/34

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

500

500,461

Series

2020-3A,

Class

C,

(3-mo.

C

ME

Term

SOFR

at

2.50%

Floor

+

2.76%),

8.06%,

01/15/34

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

500

501,428

CarVal

CLO

I

Ltd.,

Series

2018-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.15%),

8.44%,

07/16/31

(a)(b)

..........

1,000

1,006,108

CarVal

CLO

II

Ltd.,

Series

2019-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.76%

Floor

+

1.76%),

7.04%,

04/20/32

(a)(b)

..........

1,000

1,000,321

CarVal

CLO

VII-C

Ltd.,

Series

2023-1A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.15%),

8.43%,

07/20/37

(a)(b)

.....

1,000

999,967

Catskill

Park

CLO

Ltd.,

Series

2017-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.96%

),

9.24%,

04/20/29

(a)(b)

..........

250

250,205

Cedar

Funding

IX

CLO

Ltd.,

Series

2018-9A,

Class

SUB,

0.00%,

07/20/37

(a)(b)(d)(e)

......

1,000

376,289

CIFC

European

Funding

CLO

I

DAC,

Series

1X,

Class

DR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

6.89%,

07/15/32

(a)(c)

.........

EUR

100

108,914

CIFC

Funding

2017-I

Ltd.,

Series

2017-1A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.70%),

8.98%,

04/21/37

(a)(

b)

USD

1,000

1,018,724

CIFC

Funding

2020-III

Ltd.,

Series

2020-3A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.36%

Floor

+

3.36%),

8.64%,

10/20/34

(a)(b)

.....

1,000

1,002,659

CIFC

Funding

2021-I

Ltd.,

Series

2021-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.10%),

7.44%,

07/25/37

(a)(b)

.....

3,000

3,001,471

CIFC

Funding

2021-IV

Ltd.,

Series

2021-4A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

0.00%,

07/2

3/37

(a)(b)

.....

2,935

2,935,000

CIFC

Funding

Ltd.

(a)(b)

Series

2013-4A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

2.80%

Floor

+

3.06%),

8.33%,

04/27/31

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

500

500,024

Series

2015-3A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.91%),

7.19%,

04/19/29

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

250

250,356

Series

2019-5A,

Class

A1R1,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.40%),

6.70%,

01/15/35

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

2,000

2,002,985

Series

2021-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

2.11%),

7.41%,

07/15/33

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

2,935

2,935,000

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2021-6A,

Class

A,

(3

-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

6.70%,

10/15/34

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

USD

1,750

$

1,752,275

Clover

CLO

LLC

(a)(b)

Series

2018-1A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.45%),

7.77%,

04/20/37

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

500

506,829

Series

2018-1A,

Class

D1RR,

(3-mo.

CME

Term

SOFR

at

3.45%

Floor

+

3.45%),

8.77%,

04/20/37

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

500

506,696

Series

2020-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

6.68%,

07/15/37

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

1,250

1,250,398

Series

2021-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.86%

Floor

+

6.86%),

12.14%,

04/22/34

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

2,000

2,001,677

Series

2021-2A,

Class

B,

(

3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.29%,

07/20/34

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

4,700

4,728,052

Series

2021-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.59%,

07/20/34

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

500

501,034

Contego

CLO

VII

DAC,

Series

7X,

Class

D,

(3-mo.

EURIBOR

at

3.95%

Floor

+

3.95%),

7.65%,

05/14/32

(a)(c)

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

EUR

150

164,676

CVC

Cordatus

Opportunity

Loan

Fund

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

4.00%

Floor

+

4.00%),

7.91%,

08/15/33

(a)(c)

250

273,139

Dryden

75

CLO

Ltd.,

Series

2019-75A,

Class

ER2,

(3-mo.

CME

Term

SOFR

at

6.60%

Floor

+

6.86%),

12.16%,

04/15/34

(a)(b)

....

USD

350

334,916

Eaton

Vance

CLO

Ltd.,

Series

2019-1A,

Class

D1R2,

(3-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.35%),

8.68%,

07/15/37

(a)(b)

.....

1,000

1,013,199

Elmwood

CLO

I

Ltd.,

Series

2019-1A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

3.75%

Floor

+

3.75%),

9.03%,

04/20/37

(a)(b)

.....

2,000

2,034,284

Elmwood

CLO

V

Ltd.,

Series

2020-2A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

8.64%,

10/20/34

(a)(b)

.........

1,855

1,859,881

Elmwood

CLO

VII

Ltd.,

Series

2020-4A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.63%

Floor

+

1.63%),

6.92%,

01/17/34

(a)(b)

.........

2,750

2,757,237

Elmwood

CLO

XI

Ltd.

(a)(b)

Series

2021-4A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.49%,

10/20/34

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

3,400

3,407,245

Series

2021-4A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.00%

Floor

+

6.26%),

11.54%,

10/20/34

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

1,250

1,250,744

Fidelity

Grand

Harbour

CLO

DAC

(a)(c)

Series

2021-1X,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

7.28%,

10/15/34

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

EUR

250

270,628

Series

2023-1X,

Class

D,

(3-mo.

EURIBOR

at

5.90%

Floor

+

5.90%),

9.73%,

08/15/36

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

150

164,721

Flatiron

CLO

19

Ltd.,

Series

2019-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.14%,

11/16/34

(a)(b)

.........

USD

2,400

2,400,694

FS

Rialto

I

ssuer

LLC,

Series

2022-FL7,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.90%

Floor

+

2.90%),

8.23%,

10/19/39

(a)(b)

..........

1,500

1,508,330

Galaxy

XXVI

CLO

Ltd.,

Series

2018-26A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

6.93%,

11/22/31

(a)(b)

.........

2,500

2,499,858

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Generate

CLO

7

Ltd.,

Series

7A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.62%

Floor

+

1.62%),

6.90%,

04/22/37

(a)(b)

..........

USD

1,000

$

1,005,526

Golub

Capital

Partners

CLO

43B

Ltd.,

Series

2019-43A,

Class

C,

(3-mo.

CME

Term

SOFR

at

3.21%

Floor

+

3.21%),

8.49%,

07/20/32

(a)

(b)

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

2,000

2,000,133

Golub

Capital

Partners

CLO

66B

Ltd.,

Series

2023-66A,

Class

C,

(3-mo.

CME

T

erm

SOFR

at

3.30%

Floor

+

3.30%),

8.58%,

04/25/36

(a)

(b)

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

2,000

2,031,148

Golub

Capital

Partners

CLO

72

B

Ltd.,

Series

2024-72A,

Class

D,

(3-mo.

CME

Term

SOFR

at

4.00%

Floor

+

4.00%),

9.30%,

04/25/37

(a)

(b)

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

1,000

1,023,705

Golub

Capital

Partners

CLO

75B

Ltd.,

Series

2024-75A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

2.95%

Floo

r

+

2.95%),

8.23%,

07/25/37

(a)(b)

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

1,000

999,997

Greenwood

Park

CLO

Ltd.,

Series

2018-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.76%),

8.06%,

04/15/31

(a)(b)

.....

650

651,083

Greywolf

CLO

V

Ltd.,

Series

2015-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.55%,

01/27/31

(a)(b)

.........

500

502,431

GSAA

Home

Equity

Trust,

Series

2006-5,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.82%,

03/25/36

(a)

..........

53

15,665

Harvest

CLO

XXXII

DAC,

Series

32X,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

7.30%,

07/25/37

(a)(c)

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

EUR

110

11

9,582

Invesco

CLO

Ltd.

(a)(b)

Series

2022-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.05%),

8.33%,

04/20/35

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

USD

750

750,866

Series

2022-1A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.30%

Floor

+

6.30%),

11.58%,

04/20/35

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

500

479,633

Invitation

Homes

Trust,

Series

2018-SFR4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.21%),

6.55%,

01/17/38

(a)(b)

.....

236

235,876

Madison

Park

Funding

XLV

Ltd.,

Series

2020-

45A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.61%,

07/1

5/34

(a)(b)

2,000

2,002,998

Madison

Park

Funding

XLVI

Ltd.,

Series

2020-

46A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.61%,

10/15/34

(a)(b)

2,480

2,484,767

Madison

Park

Funding

XXVII

Ltd.,

Series

2018-

27A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

2.86%),

8.14%,

04/20/30

(a)(b)

500

501,108

Madison

Park

Funding

XXXIII

Ltd.,

Series

2019-

33A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.10%),

8.40%,

10/15/32

(a)(b)

1,000

1,002,323

Madison

Park

Funding

XXXIV

Ltd.,

Series

2019-

34A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.61%),

8.90%,

04/25/32

(a)(b)

3,000

3,013,739

Madison

Park

Funding

XXXV

Ltd.,

Series

2019-

35A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.66%

),

6.94%,

04/20/32

(a)(b)

750

749,682

Madison

Park

Funding

XXXVI

Ltd.,

Series

2019-

36A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

3.50%

Floor

+

3.50%),

8.80%,

04/15/35

(a)(b)

1,000

1,002,628

Marathon

CLO

Ltd.,

Series

2020-15A,

Class

C1R3,

(3-mo.

CME

Term

SOFR

at

3.20%

Floor

+

3.20%),

8.53%,

08/15/37

(a)(b)(f)

....

2,500

2,500,002

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

MASTR

Asset-Backed

Securities

Trust,

Series

2007-HE1,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5

.74%,

05/25/37

(a)

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

USD

650

$

533,478

Neuberger

Berman

CLO

XVIII

Ltd.,

Series

2014-18A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.26%),

8.54%,

10/21/30

(a)(b)

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

250

250,096

Neuberger

Berman

Loan

Advisers

CLO

34

Ltd.,

Series

2019-34A,

Clas

s

BR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

7.03%,

01/20/35

(a)(b)

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

4,000

3,993,271

Neuberger

Berman

Loan

Advisers

CLO

Ltd.,

Series

2021-44A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.00%

Floor

+

6.26%),

11.55%,

10/16/34

(a)(b)

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

2,000

2,005,678

Octagon

Investment

Partners

33

Ltd.,

Series

2017-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.26%

Fl

oor

+

3.01%),

8.29%,

01/20/31

(a)

(b)

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

500

500,512

Octagon

Investment

Partners

XVI

Ltd.,

Series

2013-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

2.11%),

7.40%,

07/17/30

(a)(b)

250

250,244

OHA

Credit

Funding

13

Ltd.

(a)(b)

Series

2022-13A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

6.63%,

07/20/37

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

3,500

3,500,000

Series

2022-13A,

Class

D2R,

(3-mo.

CME

Term

SOFR

at

4.10%

Floor

+

4.10%),

9.38%,

07/20/37

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

1,000

1,000,000

OHA

Credit

Funding

16

Ltd.,

Series

2023-16A,

Class

D,

(3-mo.

CME

Term

SOFR

at

4.00%

Floor

+

4.00%),

9.28%,

10/20/36

(a)(b)

.....

2,000

2,036,703

OHA

Credit

Funding

3

Ltd.,

Series

2019-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.19%,

07

/02/35

(a)(b)

.....

4,000

4,002,695

OHA

Credit

Funding

5

Ltd.,

Series

2020-5A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.43%),

6.71%,

04/18/33

(a)(b)

.....

500

500,178

OHA

Credit

Partners

VII

Ltd.,

Series

2012-7A,

Class

D1R3,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.49%,

02/20/34

(a)(b)

1,000

1,001,567

OHA

Loan

Funding

Ltd.,

Series

2013-1A,

Class

D1R3,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.30%),

8.62%,

04/23/37

(a)(b)

.....

1,700

1,718,362

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2013-2A,

Class

BR3,

(3-mo.

CME

Term

SOFR

at

2.11%

Floor

+

2.11%),

7.40%,

10/17/31

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

800

801,498

Series

2015-1A,

Class

CR4,

(3-mo.

CME

Term

SOFR

at

3.11%

Floor

+

3.11%),

8.44%,

05/21/34

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

500

501,360

Series

2015-2A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.49%,

07/20/30

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

750

750,804

Series

2015-2A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.75%

Floor

+

3.01%),

8.29%,

07/20/30

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

1,300

1,302,711

Series

2019-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.26%

Floor

+

2.26%),

7.58%,

11/14/34

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

500

501,120

Series

2020-3A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.65%),

7.97%,

11/15/36

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

1,000

1,014,245

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2021-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.21%

Floor

+

2.21%),

7.51%,

01/15/35

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

USD

1,750

$

1,753,179

Series

2021-4A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.43%

Floor

+

1.43%),

6.73%,

10/15/34

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

3,000

3,002,206

Series

2021-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.21%

Floor

+

2.21%),

7.51%,

10/15/34

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

1,400

1,403,937

Series

2021-4A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.21%

Floor

+

3.21%),

8.51%,

10/15/34

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

3,000

3,011,987

Series

2021-4A,

Class

E,

(3-mo

.

CME

Term

SOFR

at

6.31%

Floor

+

6.31%),

11.61%,

10/15/34

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

3,000

3,003,976

Series

2022-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

7.33%,

04/20/35

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

1,500

1,502,538

Series

2022-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.05%),

8.33%,

04/20/35

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

1,000

1,002,187

Series

2024-3A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

0.00%,

07/20/37

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

2,000

2,000,000

Palmer

Square

European

Loan

Funding

DAC,

Series

2024-2X,

Class

D,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

0.00%,

05/15/34

(a)

(c)

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

EUR

100

108,225

Penta

CLO

DAC,

Series

2024-17X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

0.00%,

08/15/38

(a)(c)

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

100

108,225

Providus

CLO

V

DAC,

Series

5X,

Class

D,

(3-mo.

EURIBOR

at

2.95%

Floor

+

2.95%),

6.78%,

02/15/35

(a)(c)

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

100

108,443

Rad

CLO

12

Ltd.,

Series

2021-12A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.57%,

10/30/34

(a)(b)

..........

USD

1,500

1,502,091

Rad

CLO

14

Ltd.,

Series

2021-14A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.56%,

01/15/35

(a)(b)

..........

1,000

1,001,704

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.69%,

04/20/34

(a)(b)

.....

250

251,150

Regatta

XV

Funding

Ltd.,

Series

2018-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.56%),

8.85%,

10/25/31

(a)(b)

.....

250

251,841

Regatta

XVI

Funding

Ltd.,

Series

2019-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.90%

Floor

+

4.16%),

9.46%,

01/15/33

(a)(

b)

.....

2,000

2,004,444

Regatta

XXIII

Funding

Ltd.,

Series

2021-4A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.59%,

01/20/35

(a)(b)

.....

1,000

1,002,155

Rockfield

Park

CLO

DAC,

Series

1X,

Class

C,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

6.18%,

07/16/34

(a)(c)

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

EUR

150

163,550

Rockford

Tower

CLO

Ltd.,

Series

2018-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.74%,

10/20/31

(a)(b)

.....

USD

300

300,442

RRX

4

Ltd.,

Series

2021-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

6.76%,

07/15/34

(a)(b)

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

1,500

1,503,116

Signal

Peak

CLO

5

Ltd.,

Series

2018-5A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

7.48%,

04/25/37

(a)(b)

.........

2,000

2,022,741

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Signal

Peak

CLO

7

Ltd.,

Series

2019-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.52%,

04/30/32

(a

)(b)

..........

USD

500

$

502,201

Sixth

Street

CLO

IX

Ltd.,

Series

2017-9A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

6.66%,

07/21/37

(a)(b)

.........

2,000

2,003,794

Sixth

Street

CLO

XX

Ltd.,

Series

2021-20A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.19%,

10/20/34

(a)(b)

.....

750

751,280

Sycamore

Tree

CLO

Ltd.

(a)(b)

Series

2023-2A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

4.50%

Floor

+

4.50%),

9.78%,

01/20/37

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

2,000

2,058,813

Series

2023-3A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.60%),

7.88%,

04/20/37

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

1,000

1,016,870

Symphony

CLO

XIX

Ltd.,

Series

2018-19A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.01%),

7.30%,

04/16/31

(a)(b)

.....

500

500,444

Tal

lman

Park

CLO

Ltd.,

Series

2021-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.21%

Floor

+

2.21%),

7.49%,

04/20/34

(a)(b)

..........

500

501,138

TCI-Flatiron

CLO

Ltd.,

Series

2018-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

2.75%

Floor

+

3.01%),

8.28%,

01/29/32

(a)(b)

.........

1,000

1,001,574

TICP

CLO

VII

Ltd.,

Series

2017-7A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.71%,

04/15/33

(a)(b)

..........

500

503,349

TICP

CLO

XI

Ltd.,

Series

2018-11A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.70%),

8.99%,

04/25/37

(a)(b)

..........

300

305,500

Tikehau

CLO

XII

DAC,

Series

12X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

0.00%,

10/20/38

(a)(c)

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

EUR

100

108,225

Trimaran

Cavu

Ltd.,

Series

2021-1A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

3.40%

Floor

+

3.40%),

8.68%,

07/23/37

(a)(b)

.....

USD

1,000

999,995

Trimaran

CAVU

Ltd.

(a)(b)

Series

2021-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

6.70%,

07/23/37

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

2,000

2,003,478

Series

2021-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.08%,

07/23/37

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

1,000

999,975

Upland

CLO

Ltd.,

Series

2016-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.16%),

8.44%,

04/20/31

(a)(b)

..........

500

500,582

Warwick

Capital

CLO

4

Ltd.,

Series

2024-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

0.00%,

07/20/37

(a)(b)

.....

3,000

3,000,000

Wellington

Management

CLO

3

Ltd.

(a)(b)

Series

2024-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

0.00%,

07/18/37

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

3,000

3,000,000

Series

2024-3A,

Class

D1,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.00%),

0.00%,

07/18/37

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

1,000

1,000,000

Whitebox

CLO

IV

Ltd.,

Series

2023-4A,

Class

D,

(3-mo.

CME

Term

SOFR

at

5.15%

Floor

+

5.15%),

10.43%,

04/20/36

(a)(b)

.........

1,000

1,020,360

Total

Asset-Backed

Securities

—

16.2%

(Cost:

$175,738,117)

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

176,329,109

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

0.3%

BAE

Systems

plc

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

53,914

$

899,184

L3Harris

Technologies,

Inc.

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

5,491

1,245,853

RTX

Corp.

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

13,998

1,644,625

3,789,662

Air

Freight

&

Logistics

—

0.1%

United

Parcel

Service,

Inc.

,

Class

B

.......

8,723

1,137,218

Automobile

Components

—

0.0%

Aptiv

plc

(e)

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

5,782

401,213

Lear

Corp.

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

1,179

143,885

545,098

Automobiles

—

0.1%

General

Motors

Co.

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

18,286

810,436

Banks

—

1.0%

Banco

Bilbao

Vizcaya

Argentaria

SA

.......

90,076

944,106

Bank

Rakyat

Indonesia

Persero

Tbk

.

PT

....

2,167,600

623,705

Citigroup,

Inc.

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

25,356

1,645,097

Citizens

Financial

Group,

Inc.

...........

41,341

1,764,021

First

Citizens

BancShares,

Inc.

,

Class

A

.....

931

1,943,639

M&T

Bank

Corp.

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

5,865

1,009,777

Sberbank

of

Russia

PJSC

(e)(f)

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

98,136

12

Wells

Fargo

&

Co.

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

42,530

2,523,730

10,454,087

Beverages

—

0.2%

Diageo

plc

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

43,037

1,339,095

Keurig

Dr

Pepper,

Inc.

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

9,432

323,329

Pernod

Ricard

SA

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

2,917

390,316

2,052,740

Biotechnology

—

0.2%

AbbVie,

Inc.

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

9,217

1,708,094

Broadline

Retail

—

0.1%

Alibaba

Group

Holding

Ltd.

,

ADR

.........

8,001

630,879

Building

Products

—

0.2%

Allegion

plc

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

14,307

1,957,341

Johnson

Controls

International

plc

........

8,465

605,586

2,562,927

Capital

Markets

—

0.3%

Charles

Schwab

Corp.

(The)

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

12,058

786,061

Intercontinental

Exchange,

Inc.

..........

9,241

1,400,566

Moody's

Corp.

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

2,192

1,000,604

MSCI,

Inc.

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

564

304,989

State

Street

Corp.

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

3,395

288,473

3,780,693

Chemicals

—

0.3%

Air

Liquide

SA

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

6,957

1,269,364

Air

Products

&

Chemicals,

Inc.

...........

2,512

662,791

International

Flavors

&

Fragrances,

Inc.

.....

5,022

499,589

Sherwin-Williams

Co.

(The)

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

890

312,212

2,743,956

Commercial

Services

&

Supplies

—

0.2%

Cintas

Corp.

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

397

303,284

Republic

Services,

Inc.

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

6,802

1,321,765

Waste

Management,

Inc.

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

660

133,755

1,758,804

Communications

Equipment

—

0.1%

Cisco

Systems,

Inc.

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

23,000

1,114,350

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Construction

&

Engineering

—

0.0%

EMCOR

Group,

Inc.

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

96

$

36,042

Ferrovial

SE

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

1,488

59,172

MasTec,

Inc.

(e)

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

206

22,666

MYR

Group,

Inc.

(e)

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

141

19,808

Quanta

Services,

Inc.

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

182

48,299

185,987

Consumer

Finance

—

0.0%

Capital

One

Financial

Corp.

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

2,090

316,426

Consumer

Staples

Distribution

&

Retail

—

0.2%

Costco

Wholesale

Corp.

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

468

384,696

Dollar

General

Corp.

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

4,605

554,396

Dollar

Tree,

Inc.

(e)

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

2,624

273,788

Wal-Mart

de

Mexico

SAB

de

CV

..........

54,965

182,912

Walmart,

Inc.

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

5,422

372,166

1,767,958

Containers

&

Packaging

—

0.2%

Amcor

plc

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

26,882

283,067

Avery

Dennison

Corp.

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

1,328

287,950

Ball

Corp.

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

3,954

252,384

Sealed

Air

Corp.

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

31,016

1,180,159

2,003,560

Distributors

—

0.0%

Genuine

Parts

Co.

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

69

10,151

LKQ

Corp.

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

2,789

115,743

125,894

Diversified

REITs

—

0.3%

Cromwell

European

REIT

(c)

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

169,503

256,822

Essential

Properties

Realty

Trust,

Inc.

......

17,684

523,270

LondonMetric

Property

plc

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

473,753

1,224,878

Merlin

Properties

Socimi

SA

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

71,871

820,758

2,825,728

Diversified

Telecommunication

Services

—

0.4%

AT&T,

Inc.

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

13,833

266,285

Cellnex

Telecom

SA

(b)(c)

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

31,157

1,086,655

Koninklijke

KPN

NV

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

245,928

969,002

TELUS

Corp.

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

77,309

1,248,121

Verizon

Communications,

Inc.

...........

20,772

841,681

4,411,744

Electric

Utilities

—

0.7%

American

Electric

Power

Co.,

Inc.

.........

7,039

690,667

CK

Infrastructure

Holdings

Ltd.

...........

17,500

116,721

CLP

Holdings

Ltd.

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

5,000

42,913

Duke

Energy

Corp.

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

3,330

363,869

Edison

International

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

6,912

553,029

Entergy

Corp.

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

7,268

842,870

Evergy,

Inc.

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

5,305

307,690

Eversource

Energy

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

2,717

176,360

Exelon

Corp.

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

27,907

1,038,140

FirstEnergy

Corp.

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

1,495

62,655

Kansai

Electric

Power

Co.,

Inc.

(The)

......

12,300

210,524

NextEra

Energy,

Inc.

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

10,151

775,435

PG&E

Corp.

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

49,916

910,967

Pinnacle

West

Capital

Corp.

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

515

44,079

PPL

Corp.

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

9,887

293,842

Southern

Co.

(The)

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

3,301

275,700

Terna

-

Rete

Elettrica

Nazionale

..........

11,022

91,783

Xcel

Energy,

Inc.

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

7,334

427,426

7,224,670

Security

Shares

Shares

Value

Electrical

Equipment

—

0.2%

Eaton

Corp.

plc

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

383

$

116,735

Emerson

Electric

Co.

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

706

82,680

GE

Vernova,

Inc.

(e)

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

277

49,372

Generac

Holdings,

Inc.

(e)

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

167

25,998

Hubbell,

Inc.

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

3,238

1,281,115

nVent

Electric

plc

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

394

28,616

Sensata

Technologies

Holding

plc

.........

12,968

505,622

Vertiv

Holdings

Co.

,

Class

A

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

397

31,244

2,121,382

Electronic

Equipment,

Instruments

&

Components

—

0.1%

Amphenol

Corp.

,

Class

A

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

2,132

137,002

Jabil,

Inc.

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

2,253

253,846

Keysight

Technologies,

Inc.

(e)

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

4,319

602,803

993,651

Energy

Equipment

&

Services

—

0.2%

Baker

Hughes

Co.

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

710

27,491

Baker

Hughes

Co.

,

Class

A

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

47,027

1,820,886

Schlumberger

NV

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

3,186

153,852

2,002,229

Entertainment

—

0.1%

Electronic

Arts,

Inc.

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

5,630

849,792

Financial

Services

—

0.4%

Fidelity

National

Information

Services,

Inc.

...

21,053

1,617,502

Jack

Henry

&

Associates,

Inc.

...........

1,652

283,285

Mastercard,

Inc.

,

Class

A

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

1,382

640,847

Travelport

Finance

SARL

(e)(f)

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

27

72,627

Visa,

Inc.

,

Class

A

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

2,476

657,799

Voya

Financial,

Inc.

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

8,742

635,806

3,907,866

Food

Products

—

0.5%

Kraft

Heinz

Co.

(The)

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

40,614

1,430,019

Mondelez

International,

Inc.

,

Class

A

.......

24,308

1,661,452

Nestle

SA

(Registered)

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

18,152

1,838,664

4,930,135

Gas

Utilities

—

0.0%

Osaka

Gas

Co.

Ltd.

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

3,200

72,429

Ground

Transportation

—

0.2%

Canadian

Pacific

Kansas

City

Ltd.

........

2,905

243,537

CSX

Corp.

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

5,406

189,750

Norfolk

Southern

Corp.

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

505

126,028

Union

Pacific

Corp.

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

7,593

1,873,421

West

Japan

Railway

Co.

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

3,300

64,967

2,497,703

Health

Care

Equipment

&

Supplies

—

0.3%

Baxter

International,

Inc.

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

42,934

1,537,896

Koninklijke

Philips

NV

(e)

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

20,353

571,710

Medtronic

plc

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

11,775

945,768

ResMed,

Inc.

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

969

206,639

3,262,013

Health

Care

Providers

&

Services

—

1.0%

Cardinal

Health,

Inc.

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

16,556

1,669,341

Cencora,

Inc.

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

1,282

304,962

Cigna

Group

(The)

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

2,384

831,229

CVS

Health

Corp.

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

30,730

1,853,941

Elevance

Health,

Inc.

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

1,720

915,092

Envision

Healthcare

Corp.,

(Acquired

11/03/23,

cost

$30,364)

(e)(g)

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

3,755

38,958

HCA

Healthcare,

Inc.

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

798

289,714

Humana,

Inc.

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

1,762

637,157

Labcorp

Holdings,

Inc.

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

6,979

1,503,556

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Providers

&

Services

(continued)

McKesson

Corp.

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

510

$

314,680

UnitedHealth

Group,

Inc.

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

4,046

2,331,143

Universal

Health

Services,

Inc.

,

Class

B

....

1,335

285,370

10,975,143

Health

Care

REITs

—

0.6%

Alexandria

Real

Estate

Equities,

Inc.

.......

6,308

739,865

Assura

plc

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

2,631,323

1,380,884

CareTrust

REIT,

Inc.

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

29,573

797,288

Community

Healthcare

Trust,

Inc.

.........

5,716

124,380

Healthpeak

Properties,

Inc.

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

97,617

2,130,003

Omega

Healthcare

Investors,

Inc.

.........

22,131

805,569

Target

Healthcare

REIT

plc

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

259,292

271,832

Welltower,

Inc.

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

7,553

840,271

7,090,092

Hotels,

Restaurants

&

Leisure

—

0.0%

Domino's

Pizza,

Inc.

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

683

292,802

Yum!

Brands,

Inc.

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

665

88,332

381,134

Household

Durables

—

0.2%

Newell

Brands,

Inc.

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

37,422

321,455

Sony

Group

Corp.

,

ADR

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

7,667

679,220

Taylor

Wimpey

plc

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

508,875

1,043,283

2,043,958

Household

Products

—

0.0%

Reckitt

Benckiser

Group

plc

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

7,458

401,193

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

AES

Corp.

(The)

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

2,310

41,095

Innergex

Renewable

Energy,

Inc.

.........

8,961

61,594

Northland

Power,

Inc.

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

3,291

55,039

157,728

Industrial

Conglomerates

—

0.0%

Siemens

AG

(Registered)

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

1,086

198,843

Industrial

REITs

—

0.7%

EastGroup

Properties,

Inc.

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

4,357

814,716

ESR

Kendall

Square

REIT

Co.

Ltd.

........

90,099

323,751

Goodman

Group

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

24,364

562,470

Lineage,

Inc.

(e)

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

14,323

1,258,705

Prologis,

Inc.

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

10,660

1,343,693

Rexford

Industrial

Realty,

Inc.

...........

16,271

815,340

Segro

plc

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

33,443

393,645

STAG

Industrial,

Inc.

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

21,209

865,539

Warehouses

De

Pauw

CVA

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

35,358

957,819

7,335,678

Insurance

—

0.6%

American

International

Group,

Inc.

........

15,777

1,250,012

Assurant,

Inc.

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

3,894

680,944

Brown

&

Brown,

Inc.

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

2,885

286,855

Fidelity

National

Financial,

Inc.

,

Class

A

.....

18,919

1,048,302

Globe

Life,

Inc.

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

3,128

290,091

Hartford

Financial

Services

Group,

Inc.

(The)

.

2,662

295,269

Prudential

plc

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

68,653

619,551

Willis

Towers

Watson

plc

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

3,003

847,687

Zurich

Insurance

Group

AG

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

1,773

974,743

6,293,454

Interactive

Media

&

Services

—

0.3%

Alphabet,

Inc.

,

Class

A

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

10,455

1,793,450

Meta

Platforms,

Inc.

,

Class

A

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

3,537

1,679,474

3,472,924

Security

Shares

Shares

Value

IT

Services

—

0.4%

Accenture

plc

,

Class

A

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

5,888

$

1,946,691

Cognizant

Technology

Solutions

Corp.

,

Class

A

18,266

1,382,371

NEXTDC

Ltd.

(e)

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

24,378

268,456

SUNeVision

Holdings

Ltd.

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

1,587,000

557,917

4,155,435

Leisure

Products

—

0.1%

Hasbro,

Inc.

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

8,954

577,175

Life

Sciences

Tools

&

Services

—

0.0%

Fortrea

Holdings,

Inc.

(e)

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

15,050

415,229

Machinery

—

0.3%

Caterpillar,

Inc.

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

274

94,859

CNH

Industrial

NV

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

46,590

496,183

Dover

Corp.

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

97

17,873

Komatsu

Ltd.

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

19,300

548,652

Otis

Worldwide

Corp.

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

16,048

1,516,536

Stanley

Black

&

Decker,

Inc.

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

2,251

237,751

2,911,854

Media

—

0.3%

Comcast

Corp.

,

Class

A

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

32,373

1,336,034

Fox

Corp.

,

Class

A

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

14,556

553,710

Learfield

Communications

LLC,

(Acquired

09/06/23,

cost

$13,651)

(e)(f)(g)

..........

1,086

70,590

Omnicom

Group,

Inc.

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

2,951

289,316

WPP

plc

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

91,296

880,649

3,130,299

Metals

&

Mining

—

0.1%

Freeport-McMoRan,

Inc.

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

1,387

62,984

Southern

Copper

Corp.

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

737

78,572

Teck

Resources

Ltd.

,

Class

B

...........

11,758

576,362

United

States

Steel

Corp.

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

8,657

355,716

1,073,634

Multi-Utilities

—

0.3%

CenterPoint

Energy,

Inc.

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

7,593

210,706

CMS

Energy

Corp.

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

3,415

221,292

Consolidated

Edison,

Inc.

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

3,202

312,259

Dominion

Energy,

Inc.

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

7,689

411,054

National

Grid

plc

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

40,829

518,046

NiSource,

Inc.

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

8,207

256,469

Public

Service

Enterprise

Group,

Inc.

......

3,034

242,022

Sempra

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

8,981

719,019

WEC

Energy

Group,

Inc.

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

3,594

309,299

3,200,166

Office

REITs

—

0.1%

BXP,

Inc.

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

18,285

1,303,903

Oil,

Gas

&

Consumable

Fuels

—

0.9%

Antero

Resources

Corp.

(e)

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

616

17,876

BP

plc

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

277,635

1,641,132

Cameco

Corp.

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

1,218

55,407

Cheniere

Energy,

Inc.

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

2,077

379,343

Chesapeake

Energy

Corp.

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

322

24,578

Chevron

Corp.

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

1,746

280,181

Coterra

Energy,

Inc.

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

1,378

35,552

DT

Midstream,

Inc.

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

2,107

158,783

Enbridge,

Inc.

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

3,011

112,685

EQT

Corp.

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

818

28,229

Hess

Corp.

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

2,312

354,707

Kinder

Morgan,

Inc.

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

4,723

99,797

Koninklijke

Vopak

NV

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

3,514

156,981

Kosmos

Energy

Ltd.

(e)

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

156,735

866,744

LUKOIL

PJSC

(e)(f)

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

44,196

5

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Novatek

PJSC

(e)(f)

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

80

$

—

Pembina

Pipeline

Corp.

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

3,850

149,215

Range

Resources

Corp.

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

555

17,333

Shell

plc

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

76,475

2,792,130

Southwestern

Energy

Co.

(e)

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

2,788

17,983

Suncor

Energy,

Inc.

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

18,216

727,183

Targa

Resources

Corp.

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

1,571

212,525

TC

Energy

Corp.

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

12,279

521,241

Uranium

Energy

Corp.

(e)

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

1,938

11,492

Williams

Cos.,

Inc.

(The)

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

32,740

1,405,856

10,066,958

Personal

Care

Products

—

0.1%

L'Oreal

SA

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

2,610

1,128,689

Pharmaceuticals

—

0.8%

AstraZeneca

plc

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

12,096

1,921,702

Bayer

AG

(Registered)

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

19,541

581,358

Bristol-Myers

Squibb

Co.

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

6,350

302,006

Eli

Lilly

&

Co.

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

591

475,324

GSK

plc

,

ADR

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

6,330

245,414

Novo

Nordisk

A/S

,

Class

B

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

13,653

1,808,926

Sanofi

SA

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

26,273

2,708,550

Zoetis,

Inc.

,

Class

A

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

3,752

675,510

8,718,790

Professional

Services

—

0.5%

Dun

&

Bradstreet

Holdings,

Inc.

..........

100,081

1,088,881

Leidos

Holdings,

Inc.

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

8,142

1,175,705

NMG,

Inc.

(e)

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

602

68,628

Paychex,

Inc.

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

2,280

291,885

RELX

plc

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

35,998

1,693,393

SS&C

Technologies

Holdings,

Inc.

........

21,385

1,560,036

5,878,528

Real

Estate

Management

&

Development

—

0.3%

CK

Asset

Holdings

Ltd.

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

319,000

1,218,922

VGP

NV

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

3,212

348,009

Vonovia

SE

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

23,051

706,748

Wharf

Real

Estate

Investment

Co.

Ltd.

.....

218,000

535,936

2,809,615

Residential

REITs

—

0.4%

AvalonBay

Communities,

Inc.

...........

4,715

966,198

Mid-America

Apartment

Communities,

Inc.

...

7,009

979,648

Sun

Communities,

Inc.

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

13,647

1,729,484

UNITE

Group

plc

(The)

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

69,212

848,348

4,523,678

Retail

REITs

—

0.2%

Link

REIT

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

340,600

1,436,999

Region

RE

Ltd.

(h)

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

268,870

400,351

1,837,350

Semiconductors

&

Semiconductor

Equipment

—

0.5%

Applied

Materials,

Inc.

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

5,394

1,144,607

Lam

Research

Corp.

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

67

61,723

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

91,000

2,654,590

Texas

Instruments,

Inc.

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

9,561

1,948,627

5,809,547

Software

—

0.7%

Microsoft

Corp.

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

11,675

4,884,236

Oracle

Corp.

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

6,866

957,464

Salesforce,

Inc.

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

5,255

1,359,994

7,201,694

Security

Shares

Shares

Value

Specialized

REITs

—

1.2%

American

Tower

Corp.

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

6,118

$

1,348,407

Crown

Castle,

Inc.

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

17,855

1,965,478

Digital

Realty

Trust,

Inc.

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

4,193

626,812

EPR

Properties

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

31,856

1,433,520

Equinix,

Inc.

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

2,930

2,315,403

Extra

Space

Storage,

Inc.

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

6,666

1,064,027

Iron

Mountain,

Inc.

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

777

79,689

SBA

Communications

Corp.

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

8,500

1,866,090

VICI

Properties,

Inc.

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

62,069

1,940,277

12,639,703

Specialty

Retail

—

0.2%

Home

Depot,

Inc.

(The)

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

4,643

1,709,367

Lowe's

Cos.,

Inc.

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

1,023

251,157

Tractor

Supply

Co.

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

881

231,985

2,192,509

Technology

Hardware,

Storage

&

Peripherals

—

0.5%

Apple,

Inc.

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

9,080

2,016,486

HP,

Inc.

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

28,806

1,039,609

Samsung

Electronics

Co.

Ltd.

,

GDR

(b)(c)

.....

1,716

2,639,302

5,695,397

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.....

2,182

1,539,101

NIKE,

Inc.

,

Class

B

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

6,130

458,892

Swatch

Group

AG

(The)

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

2,236

460,515

Tapestry,

Inc.

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

5,378

215,604

2,674,112

Tobacco

—

0.3%

British

American

Tobacco

plc

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

50,234

1,782,354

Philip

Morris

International,

Inc.

...........

12,656

1,457,465

3,239,819

Trading

Companies

&

Distributors

—

0.0%

Fastenal

Co.

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

4,175

295,381

Transportation

Infrastructure

—

0.2%

Aena

SME

SA

(b)(c)

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

3,350

636,495

Aeroports

de

Paris

SA

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

553

72,657

Atlas

Arteria

Ltd.

(h)

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

44,286

152,104

Auckland

International

Airport

Ltd.

........

55,542

247,257

Flughafen

Zurich

AG

(Registered)

.........

1,353

313,130

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(e)

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

3,006

152,655

Getlink

SE

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

3,903

69,551

Japan

Airport

Terminal

Co.

Ltd.

..........

3,200

116,814

Salik

Co.

PJSC

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

47,057

43,189

Transurban

Group

(h)

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

74,525

635,981

2,439,833

Water

Utilities

—

0.0%

Severn

Trent

plc

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

3,172

104,865

Wireless

Telecommunication

Services

—

0.0%

Vodafone

Group

plc

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

570,342

533,698

Total

Common

Stocks

—

18.9%

(Cost:

$179,854,385)

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

205,496,119

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Corporate

Bonds

Aerospace

&

Defense

—

0.0%

(b)

Embraer

Netherlands

Finance

BV,

7.00%

,

07/28/30

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

USD

370

$

389,541

Wesco

Aircraft

Holdings,

Inc.,

9.00%

,

11/15/26

(d)

(e)

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

84

33,600

423,141

Automobile

Components

—

0.3%

Clarios

Global

LP

6.75%,

05/15/25

(b)

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

58

58,028

4.38%,

05/15/26

(c)

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

EUR

195

210,684

Dana

Financing

Luxembourg

SARL,

8.50%

,

07/15/31

(c)

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

139

162,972

Forvia

SE

(c)

3.75%,

06/15/28

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

100

105,263

5.50%,

06/15/31

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

355

390,749

Goodyear

Europe

BV,

2.75%

,

08/15/28

(c)

....

116

113,879

IHO

Verwaltungs

GmbH

(c)(i)

3.75%,

(3.75%

Cash

or

4.50%

PIK),

09/15/26

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

116

123,972

8.75%,

(8.75%

Cash

or

9.50%

PIK),

05/15/28

(a)

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

225

260,247

Mahle

GmbH

(c)

2.38%,

05/14/28

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

100

95,249

6.50%,

05/02/31

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

293

322,886

Valeo

SE,

1.00%

,

08/03/28

(c)

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

100

95,721

ZF

Europe

Finance

BV

(c)

2.00%,

02/23/26

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

200

208,528

2.50%,

10/23/27

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

100

101,953

4.75%,

01/31/29

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

500

539,813

6.13%,

03/13/29

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

200

227,870

ZF

Finance

GmbH,

2.00%

,

05/06/27

(c)

......

400

405,086

3,422,900

Automobiles

—

0.1%

Aston

Martin

Capital

Holdings

Ltd.

10.38%,

03/31/29

(c)

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

GBP

286

367,978

RCI

Banque

SA

(a)(c)

(5-Year

EUR

Swap

Annual

+

2.85%),

2.63%,

02/18/30

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

EUR

400

427,878

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.75%),

5.50%,

10/09/34

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

200

220,540

1,016,396

Banks

—

1.6%

Banca

Monte

dei

Paschi

di

Siena

SpA

(a)(c)

(3-mo.

EURIBOR

+

3.28%),

6.75%,

09/05/27

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

148

167,955

(5-Year

EURIBOR

ICE

Swap

Rate

at

0.00%

Floor

+

5.01%),

7.71%,

01/18/28

.....

200

232,430

(3-mo.

EURIBOR

+

2.05%),

4.75%,

03/15/29

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

125

137,709

Banco

Bilbao

Vizcaya

Argentaria

SA

,

(5-Year

EUR

Swap

Annual

+

4.27%),

6.88%

(a)(c)(j)

..

200

216,450

Banco

BPM

SpA

(a)(c)

(5-Year

EUR

Swap

Annual

+

3.17%),

2.88%,

06/29/31

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

300

313,539

(5-Year

EUR

Swap

Annual

+

3.40%),

3.38%,

01/19/32

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

200

210,682

Banco

de

Credito

Social

Cooperativo

SA,

(1-Year

EURIBOR

ICE

Swap

Rate

+

4.27%),

7.50%

,

09/14/29

(a)(c)

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

300

365,519

Banco

de

Sabadell

SA,

(5-Year

EUR

Swap

Annual

+

6.20%),

5.75%

(a)(c)(j)

..........

400

425,865

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Banco

Mercantil

del

Norte

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.64%),

5.88%

(a)(b)(j)

.........

USD

217

$

206,964

Bancolombia

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.94%),

4.63%

,

12/18/29

(a)

...........

298

294,555

Bangkok

Bank

PCL,

5.30%

,

09/21/28

(b)

.....

470

476,679

Bank

of

Cyprus

PCL,

(3-mo.

EURIBOR

+

1.97%),

5.00%

,

05/02/29

(a)(c)

..........

EUR

193

210,447

Bank

of

Ireland

Group

plc

(a)(c)(j)

(5-Year

EUR

Swap

Annual

+

7.92%),

7.50%

200

220,329

(5-Year

EUR

Swap

Annual

+

6.43%),

6.00%

200

216,672

Bankinter

SA

(a)(c)(j)

(5-Year

EUR

Swap

Annual

+

6.71%),

6.25%

200

218,621

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.71%),

7.38%

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

200

225,701

Barclays

plc

(a)(j)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.87%),

6.13%

USD

325

320,842

(BPSWS5

+

5.64%),

9.25%

..........

GBP

262

351,486

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.43%),

8.00%

USD

540

554,606

(USISSO05

+

5.78%),

9.63%

.........

265

289,407

BNP

Paribas

SA

(a)(j)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.35%),

8.50%

(b)

465

487,733

(5-Year

EUR

Swap

Annual

+

4.65%),

6.88%

(c)

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

EUR

200

224,043

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.34%),

4.63%

(b)

USD

525

439,714

CaixaBank

SA

(a)(c)(j)

(5-Year

EUR

Swap

Annual

+

6.35%),

5.88%

EUR

200

215,286

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.30%),

7.50%

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

200

227,901

Commerzbank

AG

(a)(c)

(5-Year

EUR

Swap

Annual

+

6.36%),

6.13%

(j)

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

200

215,942

(5-Year

EUR

Swap

Annual

+

4.39%),

4.25%

(j)

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

200

193,819

(5-Year

EUR

Swap

Annual

+

6.74%),

6.50%

(j)

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

400

430,874

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.13%),

7.88%

(j)

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

200

222,403

(3-mo.

EURIBOR

+

1.25%),

4.00%,

07/16/32

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

100

109,215

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.30%),

6.50%,

12/06/32

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

100

115,320

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.25%),

8.63%,

02/28/33

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

GBP

200

276,587

Cooperatieve

Rabobank

UA,

(5-Year

EUR

Swap

Annual

+

4.68%),

4.38%

(a)(c)(j)

..........

EUR

200

207,942

Danske

Bank

A/S,

(7-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.13%),

7.00%

(a)(c)(j)

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

USD

680

681,000

Eurobank

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.17%),

4.88%

,

04/30/31

(a)(c)

.....

EUR

125

140,192

HSBC

Holdings

plc

(a)(j)

(5-Year

USD

Swap

Rate

+

4.37%),

6.38%

.

USD

418

417,435

(5-Year

USD

Swap

Rate

+

3.75%),

6.00%

.

287

280,954

(5-Year

EUR

Swap

Annual

+

3.84%),

4.75%

(c)

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

EUR

400

410,173

ING

Groep

NV

(a)(j)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.86%),

3.88%

USD

200

172,275

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(USISSO05

+

4.36%),

8.00%

(c)

........

USD

200

$

209,596

Intercorp

Peru

Ltd.,

3.88%

,

08/15/29

(b)

......

317

284,904

Intesa

Sanpaolo

SpA

,

(5-Year

EUR

Swap

Annual

+

5.85%),

5.50%

(a)(c)(j)

..........

EUR

952

1,009,093

KBC

Group

NV,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.93%),

8.00%

(a)(c)(j)

...........

200

232,413

Lloyds

Banking

Group

plc

(a)(j)

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.29%),

4.95%

(c)

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

200

214,471

(5-Year

USD

Swap

Rate

+

4.50%),

7.50%

.

USD

380

381,337

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.82%),

6.75%

285

285,407

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.88%),

8.50%

....

GBP

200

265,852

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.91%),

8.00%

USD

250

259,580

National

Bank

of

Greece

SA

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.15%),

5.88%,

06/28/35

(a)(c)

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

EUR

375

424,274

NatWest

Group

plc,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.75%),

8.13%

(a)(j)

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

USD

510

528,086

Nordea

Bank

Abp

,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.60%),

3.75%

(a)(b)(j)

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

560

473,816

Societe

Generale

SA,

(5-Year

USD

Swap

Rate

+

5.87%),

8.00%

(a)(b)(j)

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

850

853,528

Standard

Chartered

plc,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.14%),

4.30%

(a)(b)(j)

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

575

491,212

17,038,835

Beverages

—

0.0%

Davide

Campari-Milano

NV,

2.38%

,

01/17/29

(c)(k)

EUR

100

107,662

Biotechnology

—

0.0%

Cidron

Aida

Finco

SARL

(c)

5.00%,

04/01/28

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

100

100,344

6.25%,

04/01/28

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

GBP

205

242,534

342,878

Broadline

Retail

—

0.0%

PrestigeBidCo

GmbH,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.46%

,

07/01/29

(a)(c)

EUR

128

139,565

Building

Products

—

0.0%

(c)

HT

Troplast

GmbH,

9.38%

,

07/15/28

.......

175

190,080

PCF

GmbH,

4.75%

,

04/15/26

...........

259

235,223

425,303

Capital

Markets

—

0.3%

ASG

Finance

DAC,

9.75%

,

05/15/29

(b)

......

USD

200

199,000

Deutsche

Bank

AG

(a)(c)(j)

(USISOA05

at

0.00%

Floor

+

4.36%),

4.79%

200

192,000

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.55%),

4.50%

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

EUR

400

393,056

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.26%),

8.13%

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

200

220,535

Jerrold

Finco

plc,

5.25%

,

01/15/27

(c)

.......

GBP

204

255,040

Julius

Baer

Group

Ltd.

,

(5-Year

EUR

Swap

Annual

+

3.85%),

6.63%

(a)(c)(j)

..........

EUR

400

426,965

Opus-Chartered

Issuances

SA,

2.50%

,

07/04/25

(a)(c)

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

110

119,643

UBS

Group

AG

(a)(j)

(5-Year

USD

Swap

Semi

+

4.87%),

7.00%

(c)

USD

402

402,000

(5-Year

USD

Swap

Semi

+

4.59%),

6.88%

(c)

200

199,500

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.31%),

4.38%

(b)

655

547,217

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Vivion

Investments

SARL,

3.00%

,

08/08/24

(c)

.

EUR

100

$

107,700

3,062,656

Chemicals

—

0.4%

Braskem

Idesa

SAPI,

6.99%

,

02/20/32

(b)

....

USD

251

190,258

Chemours

Co.

(The),

4.00%

,

05/15/26

.....

EUR

299

314,935

FIS

Fabbrica

Italiana

Sintetici

SpA

,

5.63%

,

08/01/27

(c)

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

300

318,993

Herens

Holdco

SARL,

4.75%

,

05/15/28

(b)

....

USD

200

173,585

Illuminate

Buyer

LLC,

9.00%

,

07/01/28

(b)

....

6

6,020

INEOS

Finance

plc,

6.38%

,

04/15/29

(c)

.....

EUR

278

309,521

INEOS

Quattro

Finance

2

plc

(c)

2.50%,

01/15/26

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

155

163,062

8.50%,

03/15/29

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

314

361,482

Kronos

International,

Inc.

(c)

9.50%,

03/15/29

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

170

199,161

Series

JUL,

9.50%,

03/15/29

..........

105

123,011

Lune

Holdings

SARL,

5.63%

,

11/15/28

(c)

....

193

184,102

MEGlobal

BV

4.25%,

11/03/26

(c)

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

USD

230

223,979

2.63%,

04/28/28

(b)

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

227

206,002

Nobian

Finance

BV,

3.63%

,

07/15/26

(c)

.....

EUR

227

241,158

Olympus

Water

US

Holding

Corp.

(c)

9.63%,

11/15/28

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

354

411,247

5.38%,

10/01/29

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

135

133,532

Sasol

Financing

USA

LLC,

4.38%

,

09/18/26

..

USD

200

190,600

SCIL

IV

LLC,

9.50%

,

07/15/28

(c)

..........

EUR

300

350,566

4,101,214

Commercial

Services

&

Supplies

—

0.3%

(c)

Allied

Universal

Holdco

LLC

3.63%,

06/01/28

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

100

101,520

4.88%,

06/01/28

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

GBP

383

450,884

Amber

Finco

plc,

6.63%

,

07/15/29

........

EUR

304

340,936

Cedacri

Mergeco

SpA

(a)

(3-mo.

EURIBOR

at

4.63%

Floor

+

4.63%),

8.45%,

05/15/28

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

100

107,941

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.50%),

9.33%,

05/15/28

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

225

244,030

Intrum

AB

3.00%,

09/15/27

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

568

427,229

9.25%,

03/15/28

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

100

74,808

Paprec

Holding

SA,

7.25%

,

11/17/29

.......

114

129,872

Q-Park

Holding

I

BV

2.00%,

03/01/27

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

100

102,745

5.13%,

03/01/29

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

100

110,389

5.13%,

02/15/30

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

227

247,738

Techem

Verwaltungsgesellschaft

674

mbH,

6.00%

,

07/30/26

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

88

95,161

Techem

Verwaltungsgesellschaft

675

mbH,

5.38%

,

07/15/29

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

100

109,333

Verisure

Holding

AB

9.25%,

10/15/27

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

100

114,134

7.13%,

02/01/28

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

200

226,461

2,883,181

Construction

&

Engineering

—

0.1%

(c)

Azzurra

Aeroporti

SpA,

2.63%

,

05/30/27

....

300

309,721

Gatwick

Airport

Finance

plc,

4.38%

,

04/07/26

.

GBP

169

211,349

Heathrow

Finance

plc

3.88%,

03/01/27

(l)

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

175

212,598

4.13%,

09/01/29

(l)

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

100

117,230

6.63%,

03/01/31

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

116

147,849

Kier

Group

plc,

9.00%

,

02/15/29

..........

183

246,430

1,245,177

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

—

0.1%

DAE

Funding

LLC

(c)

1.55%,

08/01/24

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

USD

243

$

243,000

2.63%,

03/20/25

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

200

196,062

Encore

Capital

Group,

Inc.

(c)

5.38%,

02/15/26

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

GBP

100

127,270

4.25%,

06/01/28

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

100

112,897

Global

Aircraft

Leasing

Co.

Ltd.,

6.50%

,

(6.50%

Cash

or

7.25%

PIK),

09/15/24

(b)(i)

.......

USD

134

131,578

Muthoot

Finance

Ltd.,

7.13%

,

02/14/28

(b)

....

200

203,000

Volkswagen

International

Finance

NV

(a)(c)(j)

Series

PNC5,

(5-Year

EUR

Swap

Annual

+

4.29%),

7.50%

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

EUR

100

117,442

(9-Year

EUR

Swap

Annual

+

3.96%),

3.88%

300

303,323

1,434,572

Consumer

Staples

Distribution

&

Retail

—

0.1%

(c)

Bellis

Acquisition

Co.

plc,

8.13%

,

05/14/30

...

GBP

662

842,205

Market

Bidco

Finco

plc,

5.50%

,

11/04/27

....

148

177,900

Picard

Groupe

SAS,

6.38%

,

07/01/29

......

EUR

132

145,845

1,165,950

Containers

&

Packaging

—

0.1%

Ardagh

Metal

Packaging

Finance

USA

LLC,

2.00%

,

09/01/28

(c)

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

200

190,476

Ardagh

Packaging

Finance

plc,

2.13%

,

08/15/26

(c)

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

246

216,984

Crown

European

Holdings

SACA,

4.50%

,

01/15/30

(c)

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

154

167,904

Graham

Packaging

Co.,

Inc.,

7.13%

,

08/15/28

(b)

USD

13

12,671

Kleopatra

Finco

SARL,

4.25%

,

03/01/26

(c)

...

EUR

3

10

300,270

OI

European

Group

BV

(c)

6.25%,

05/15/28

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

100

111,599

5.25%,

06/01/29

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

225

243,518

Titan

Holdings

II

BV,

5.13%

,

07/15/29

(c)

.....

138

151,068

Trivium

Packaging

Finance

BV

,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

7.58%

,

08/15/26

(a)(c)

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

100

108,472

1,502,962

Diversified

Consumer

Services

—

0.1%

(c)

Pachelbel

Bidco

SpA

7.13%,

05/17/31

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

200

224,501

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

8.07%,

05/17/31

(a)

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

200

218,614

TUI

Cruises

GmbH

6.50%,

05/15/26

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

191

208,042

6.25%,

04/15/29

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

100

109,860

761,017

Diversified

REITs

—

0.0%

VICI

Properties

LP,

4.63%

,

06/15/25

(b)

......

USD

16

15,841

Diversified

Telecommunication

Services

—

0.5%

Altice

France

SA

(c)

11.50%,

02/01/27

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

EUR

166

145,905

3.38%,

01/15/28

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

293

224,031

British

Telecommunications

plc

(a)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.54%),

5.13%,

10/03/54

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

125

137,649

(5-Year

EUR

Swap

Annual

+

2.13%),

1.87%,

08/18/80

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

100

105,444

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.82%),

8.38%,

12/20/83

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

GBP

100

137,987

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.82%),

8.38%,

12/20/83

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

100

137,987

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Cellnex

Telecom

SA,

2.13%

,

08/11/30

(c)(k)

....

EUR

300

$

334,545

IHS

Holding

Ltd.,

6.25%

,

11/29/28

(b)

.......

USD

200

178,688

Iliad

Holding

SASU,

6.88%

,

04/15/31

(c)

.....

EUR

379

421,969

Iliad

SA

(c)

5.38%,

02/15/29

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

200

222,388

5.63%,

02/15/30

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

400

447,530

5.38%,

05/02/31

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

100

110,935

Infrastrutture

Wireless

Italiane

SpA

(c)

1.63%,

10/21/28

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

150

151,026

1.75%,

04/19/31

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

290

282,169

Kaixo

Bondco

Telecom

SA,

5.13%

,

09/30/29

(c)

300

323,464

Level

3

Financing,

Inc.,

11.00%

,

11/15/29

(b)

..

USD

37

39,564

Lorca

Telecom

Bondco

SA,

5.75%

,

04/30/29

(c)

EUR

689

771,679

RCS

&

RDS

SA,

3.25%

,

02/05/28

(c)

........

300

308,626

Virgin

Media

Secured

Finance

plc,

4.13%

,

08/15/30

(c)

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

GBP

286

311,598

Zegona

Finance

plc,

6.75%

,

07/15/29

(c)

.....

EUR

306

337,378

5,130,562

Electric

Utilities

—

0.2%

Adani

Green

Energy

UP

Ltd.,

6.70%

,

03/12/42

(b)

USD

200

191,250

Diamond

II

Ltd.,

7.95%

,

07/28/26

(b)

........

200

202,937

EDP

-

Energias

de

Portugal

SA

(a)(c)

(5-Year

EUR

Swap

Annual

+

2.38%),

1.88%,

08/02/81

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

EUR

200

207,251

Series

NC8,

(5-Year

EUR

Swap

Annual

+

2.08%),

1.88%,

03/14/82

..........

400

384,740

EDP

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.05%),

4.75%

,

05/29/54

(a)(c)

..........

200

216,891

Engie

Energia

Chile

SA,

3.40%

,

01/28/30

(c)

..

USD

200

176,875

Naturgy

Finance

Iberia

SA,

(5-Year

EUR

Swap

Annual

+

2.44%),

2.37%

(a)(c)(j)

..........

EUR

300

309,224

Sorik

Marapi

Geothermal

Power

PT,

7.75%

,

08/05/31

(b)

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

USD

263

263,000

Terna

-

Rete

Elettrica

Nazionale,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.14%),

4.75%

(a)(c)(j)

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

EUR

275

296,101

2,248,269

Electrical

Equipment

—

0.0%

Vertiv

Group

Corp.,

4.13%

,

11/15/28

(b)

......

USD

113

107,060

Entertainment

—

0.1%

(c)

CPUK

Finance

Ltd.

3.59%,

08/28/25

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

GBP

239

301,043

7.88%,

08/28/29

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

100

130,483

Deuce

Finco

plc,

5.50%

,

06/15/27

........

120

147,756

Motion

Finco

SARL,

7.38%

,

06/15/30

......

EUR

202

228,134

Pinnacle

Bidco

plc,

10.00%

,

10/11/28

......

GBP

200

275,582

1,082,998

Financial

Services

—

0.3%

Agps

Bondco

plc,

5.00%

,

01/14/29

(c)(d)(e)

.....

EUR

300

103,247

Alpha

Bank

SA

(1-Year

EUR

Swap

Annual

+

2.43%),

5.00%,

05/12/30

(a)(c)

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

321

360,805

Aroundtown

Finance

SARL

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.51%),

7.13%

(a)(c)(j)

....

496

425,709

Banco

Votorantim

SA,

4.50%

,

09/24/24

(c)

....

USD

243

241,887

Citycon

Treasury

BV,

Series

EURO,

2.38%

,

01/15/27

(c)

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

EUR

100

100,757

Garfunkelux

Holdco

3

SA,

6.75%

,

11/01/25

(c)

.

100

68,723

NAK

Naftogaz

Ukraine

,

7.13%

,

07/19/26

(c)(d)(e)

.

163

131,423

Nationwide

Building

Society

,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.63%),

5.75%

(a)(c)(j)

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

GBP

200

244,576

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Nexi

SpA

,

0.00%

,

02/24/28

(c)(k)(m)

..........

EUR

600

$

552,576

Salini

SpA,

4.00%

,

05/30/28

(c)(k)

..........

100

115,345

Thames

Water

Utilities

Finance

plc,

4.00%

,

04/18/27

(c)

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

100

78,906

Worldline

SA,

0.00%

,

07/30/26

(c)(k)(m)

.......

500

508,546

2,932,500

Food

Products

—

0.1%

(c)

Boparan

Finance

plc,

7.63%

,

11/30/25

.....

GBP

100

125,054

MHP

Lux

SA,

6.25%

,

09/19/29

...........

USD

238

170,170

Premier

Foods

Finance

plc,

3.50%

,

10/15/26

.

GBP

100

124,063

Tereos

Finance

Groupe

I

SA,

4.75%

,

04/30/27

EUR

120

129,566

548,853

Gas

Utilities

—

0.0%

UGI

International

LLC,

2.50%

,

12/01/29

(c)

....

125

120,264

Ground

Transportation

—

0.1%

BCP

V

Modular

Services

Finance

II

plc

(c)

4.75%,

11/30/28

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

100

103,005

6.13%,

11/30/28

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

GBP

220

261,927

Mobico

Group

plc

,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(a)(c)(j)

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

244

285,381

Uber

Technologies,

Inc.,

6.25%

,

01/15/28

(b)

..

USD

24

24,212

674,525

Health

Care

Providers

&

Services

—

0.0%

Ephios

Subco

3

SARL,

7.88%

,

01/31/31

(c)

...

EUR

252

293,866

Hotels,

Restaurants

&

Leisure

—

0.4%

Accor

SA,

(5-Year

EUR

Swap

Annual

+

3.25%),

2.63%

(a)(c)(j)

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

200

214,015

Allwyn

Entertainment

Financing

UK

plc,

7.25%

,

04/30/30

(c)

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

275

314,732

Bertrand

Franchise

Finance

SAS

(c)

6.50%,

07/18/30

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

100

109,948

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.49%,

07/18/30

(a)

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

221

240,373

Carnival

Corp.

7.00%,

08/15/29

(b)

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

USD

255

266,505

5.75%,

01/15/30

(c)

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

EUR

126

140,966

Cirsa

Finance

International

SARL,

(3-mo.

EURIBOR

+

4.50%),

8.14%

,

07/31/28

(a)(c)

..

100

109,442

Elior

Group

SA,

3.75%

,

07/15/26

(c)

........

230

243,594

Food

Service

Project

SA,

5.50%

,

01/21/27

(c)

..

100

108,631

Inter

Media

&

Communication

SpA,

6.75%

,

02/09/27

(c)

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

213

228,731

International

Game

Technology

plc,

5.25%

,

01/15/29

(b)

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

USD

215

210,810

Lion/Polaris

Lux

4

SA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.63%),

7.33%

,

07/01/29

(a)(c)

EUR

157

170,844

Lottomatica

SpA

(c)

5.38%,

06/01/30

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

232

255,050

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.79%,

12/15/30

(a)

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

100

109,313

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

7.05%,

06/01/31

(a)

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

100

109,307

Melco

Resorts

Finance

Ltd.,

7.63%

,

04/17/32

(b)

USD

200

199,188

Stonegate

Pub

Co.

Financing

2019

plc

(c)

(3-mo.

EURIBOR

+

0.00%),

10.27%,

07/31/29

(a)

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

EUR

112

121,212

10.75%,

07/31/29

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

GBP

143

183,834

Stonegate

Pub

Co.

Financing

plc,

8.00%

,

07/13/25

(c)

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

100

128,581

TUI

AG

(c)

5.88%,

03/15/29

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

EUR

179

194,102

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

1.95%,

07/26/31

(k)

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

EUR

100

$

107,323

TVL

Finance

plc,

10.25%

,

04/28/28

(c)

......

GBP

131

173,391

3,939,892

Household

Durables

—

0.0%

(b)

Dream

Finders

Homes,

Inc.,

8.25%

,

08/15/28

.

USD

58

60,169

LG

Electronics,

Inc.,

5.63%

,

04/24/27

......

342

346,860

407,029

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

AES

Andes

SA

(b)

6.30%,

03/15/29

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

200

203,312

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.84%),

8.15%,

06/10/55

(a)

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

215

218,225

421,537

Industrial

Conglomerates

—

0.1%

EMRLD

Borrower

LP,

6.38%

,

12/15/30

(c)

....

EUR

302

341,728

Sisecam

UK

plc

(b)

8.25%,

05/02/29

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

USD

275

280,242

8.63%,

05/02/32

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

232

236,524

858,494

Insurance

—

0.2%

Ardonagh

Finco

Ltd.,

6.88%

,

02/15/31

(c)

.....

EUR

368

394,285

AXA

SA

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.84%),

6.38%

(a)(c)(j)

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

204

228,976

Galaxy

Bidco

Ltd.,

6.50%

,

07/31/26

(c)

......

GBP

300

382,773

Intesa

Sanpaolo

Vita

SpA

,

2.38%

,

12/22/30

(c)

.

EUR

250

238,705

Phoenix

Group

Holdings

plc,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.19%),

8.50%

(a)(c)(j)

.........

USD

280

280,350

UnipolSai

Assicurazioni

SpA,

4.90%

,

05/23/34

(c)

EUR

300

329,914

1,855,003

IT

Services

—

0.1%

(c)

Atos

SE

(d)(e)

0.00%,

11/06/24

(k)(m)

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

100

8,117

1.75%,

05/07/25

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

100

8,174

2.50%,

11/07/28

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

100

6,182

1.00%,

11/12/29

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

200

16,296

Global

Switch

Finance

BV,

1.38%

,

10/07/30

..

279

273,217

United

Group

BV,

4.00%

,

11/15/27

........

133

140,672

452,658

Machinery

—

0.2%

Alstom

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.93%),

5.87%

(a)(c)(j)

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

100

112,968

Boels

Topholding

BV

(c)

6.25%,

02/15/29

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

170

190,721

5.75%,

05/15/30

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

200

219,590

IMA

Industria

Macchine

Automatiche

SpA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.44%

,

04/15/29

(a)(c)

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

382

417,889

Loxam

SAS

(c)

6.38%,

05/15/28

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

150

169,277

6.38%,

05/31/29

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

302

341,147

Madison

IAQ

LLC,

5.88%

,

06/30/29

(b)

......

USD

105

98,301

Nova

Alexandre

III

SAS

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.25%),

8.91%,

07/15/29

(a)(c)

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

EUR

225

245,089

OT

Merger

Corp.,

7.88%

,

10/15/29

(b)

.......

USD

94

40,958

TK

Elevator

Holdco

GmbH,

6.63%

,

07/15/28

(c)

EUR

187

197,232

TK

Elevator

Midco

GmbH,

4.38%

,

07/15/27

(c)

.

150

158,602

2,191,774

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

15

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Marine

Transportation

—

0.0%

Danaos

Corp.,

8.50%

,

03/01/28

(b)

.........

USD

160

$

164,698

Media

—

0.4%

Altice

Financing

SA

2.25%,

01/15/25

(c)

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

EUR

100

105,795

5.00%,

01/15/28

(b)

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

USD

200

159,709

5.75%,

08/15/29

(b)

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

300

227,690

Banijay

Entertainment

SAS,

7.00%

,

05/01/29

(c)

EUR

247

280,180

Pinewood

Finco

plc

6.00%,

03/27/30

(c)

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

GBP

415

531,070

Radiate

Holdco

LLC

(b)

4.50%,

09/15/26

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

USD

70

56,018

6.50%,

09/15/28

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

98

53,846

SES

SA,

(5-Year

EUR

Swap

Annual

+

3.19%),

2.88%

(a)(c)(j)

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

EUR

355

365,949

Summer

BC

Holdco

B

SARL,

5.75%

,

10/31/26

(c)

276

297,203

Summer

BidCo

BV,

10.00%

,

(10.00%

Cash

or

10.75%

PIK),

02/15/29

(c)(i)

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

103

111,917

Sunrise

FinCo

.

I

BV,

4.88%

,

07/15/31

(b)

.....

USD

400

363,912

Tele

Columbus

AG,

10.00%

,

(10.00%

Cash

or

10.00%

PIK),

01/01/29

(a)(c)(i)

...........

EUR

510

404,635

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%

,

03/01/28

(b)

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

USD

200

190,680

United

Group

BV

(c)

3.13%,

02/15/26

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

EUR

100

106,602

6.75%,

02/15/31

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

100

113,291

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

8.08%,

02/15/31

(a)

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

100

108,631

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%

,

07/15/28

(c)

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

GBP

130

152,247

VZ

Secured

Financing

BV,

3.50%

,

01/15/32

(c)

.

EUR

100

97,132

VZ

Vendor

Financing

II

BV,

2.88%

,

01/15/29

(c)

152

147,284

Ziggo

BV,

2.88%

,

01/15/30

(c)

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

400

392,660

4,266,451

Metals

&

Mining

—

0.1%

AngloGold

Ashanti

Holdings

plc,

3.75%

,

10/01/30

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

USD

200

177,200

Constellium

SE,

5.38%

,

08/15/32

(c)

........

EUR

214

232,181

Eramet

SA,

6.50%

,

11/30/29

(c)

...........

100

109,524

Eregli

Demir

ve

Celik

Fabrikalari

TAS,

8.38%

,

07/23/29

(b)

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

USD

200

201,380

POSCO,

5.63%

,

01/17/26

(b)

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

200

201,312

Samarco

Mineracao

SA,

9.00%

,

(9.00

%

Cash

or

9.00%

PIK),

06/30/31

(c)(i)

...........

165

151,665

Vale

Overseas

Ltd.,

6.40%

,

06/28/54

......

145

144,479

1,217,741

Multi-Utilities

—

0.1%

(a)(c)

A2A

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.26%),

5.00%

(j)

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

EUR

250

272,592

Centrica

plc

,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

2.51%),

6.50%

,

05/21/55

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

GBP

200

261,198

Engie

SA,

(5-Year

EUR

Swap

Annual

+

1.94%),

4.75%

(j)

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

EUR

100

109,021

642,811

Oil,

Gas

&

Consumable

Fuels

—

0.3%

3R

Lux

SARL

,

9.75%

,

02/05/31

(b)

.........

USD

200

212,312

Cosan

Luxembourg

SA,

7.25%

,

06/27/31

(b)

..

275

279,675

EIG

Pearl

Holdings

SARL,

3.55%

,

08/31/36

(b)

.

311

266,974

Energean

Israel

Finance

Ltd.,

8.50%

,

09/30/33

(b)

(c)

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

180

170,743

Gran

Tierra

Energy,

Inc.,

9.50%

,

10/15/29

(b)

..

243

230,485

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Greensaif

Pipelines

Bidco

SARL

(b)

5.85%,

02/23/36

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

USD

200

$

200,610

6.10%,

08/23/42

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

200

199,750

Kosmos

Energy

Ltd.,

7.50%

,

03/01/28

(c)

.....

200

192,062

Leviathan

Bond

Ltd.,

6.75%

,

06/30/30

(b)(c)

....

71

63,267

MC

Brazil

Downstream

Trading

SARL,

7.25%

,

06/30/31

(c)

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

187

172,888

Occidental

Petroleum

Corp.,

6.63%

,

09/01/30

.

106

113,133

Pluspetrol

Camisea

SA,

6.24%

,

07/03/36

(b)

...

150

152,813

Raizen

Fuels

Finance

SA,

6.45%

,

03/05/34

(b)

.

282

290,672

Repsol

International

Finance

BV,

(5-Year

EUR

Swap

Annual

+

4.41%),

4.25%

(a)(c)(j)

......

EUR

100

107,578

SCC

Power

plc

(b)(i)

8.00%,

(8.00%

Cash

or

8.00%

PIK),

12/31/28

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

USD

412

170,143

4.00%,

(4.00%

Cash

or

4.00%

PIK),

05/17/32

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

224

32,360

Var

Energi

ASA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.77%),

7.86%

,

11/15/83

(a)(c)

.....

EUR

350

414,772

3,270,237

Paper

&

Forest

Products

—

0.1%

Ahlstrom

Holding

3

Oy

3.63%,

02/04/28

(c)

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

100

104,438

4.88%,

02/04/28

(b)

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

USD

400

375,987

Fiber

Bidco

SpA

(c)

10.00%,

06/15/29

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

EUR

100

104,048

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.69%,

01/15/30

(a)

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

209

227,435

6.13%,

06/15/31

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

258

275,859

ProGroup

AG

(c)

5.13%,

04/15/29

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

100

108,152

5.38%,

04/15/31

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

121

130,178

1,326,097

Passenger

Airlines

—

0.0%

Air

France-KLM,

4.63%

,

05/23/29

(c)

........

200

216,498

Personal

Care

Products

—

0.0%

Duomo

Bidco

SpA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.13%),

7.80%

,

07/15/31

(a)(c)

.....

287

315,616

Pharmaceuticals

—

0.3%

Bayer

AG

(a)(c)

(5-Year

EUR

Swap

Annual

+

3.75%),

4.50%,

03/25/82

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

300

316,700

(5-Year

EUR

Swap

Annual

+

4.46%),

5.38%,

03/25/82

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

200

208,874

Series

NC5,

(5-Year

EUR

Swap

Annual

+

3.43%),

6.63%,

09/25/83

..........

200

221,963

(5-Year

EUR

Swap

Annual

+

3.90%),

7.00%,

09/25/83

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

100

112,646

Cheplapharm

Arzneimittel

GmbH

(c)

4.38%,

01/15/28

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

100

104,042

7.50%,

05/15/30

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

240

269,669

Gruenenthal

GmbH

(c)

4.13%,

05/15/28

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

152

160,801

6.75%,

05/15/30

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

100

114,010

Nidda

Healthcare

Holding

GmbH,

7.00%

,

02/21/30

(c)

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

398

439,813

Organon

&

Co.,

2.88%

,

04/30/28

(c)

........

121

124,750

Rossini

SARL

(c)

6.75%,

12/31/29

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

224

250,909

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.88%),

7.55%,

12/31/29

(a)

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

317

347,276

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

16

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Teva

Pharmaceutical

Finance

Netherlands

II

BV,

7.88%

,

09/15/31

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

EUR

218

$

275,449

2,946,902

Professional

Services

—

0.0%

La

Financiere

Atalian,

8.50%

,

(8.50%

Cash

or

5.00%

PIK),

06/30/28

(c)(i)

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

185

117,601

Real

Estate

Management

&

Development

—

0.2%

ADLER

Group

SA,

21.00%

,

(21.00%

Cash

or

21.00%

PIK),

07/31/25

(c)(i)

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

100

127,071

ADLER

Real

Estate

GmbH,

3.00%

,

04/27/26

(c)

300

298,717

Anywhere

Real

Estate

Group

LLC,

5.75%

,

01/15/29

(b)

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

USD

4

2,750

Aroundtown

SA,

0.38%

,

04/15/27

(c)

........

EUR

300

291,384

Balder

Finland

OYJ,

1.00%

,

01/20/29

(c)

.....

200

183,165

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

1.88%

,

10/15/24

(c)

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

200

181,926

Fantasia

Holdings

Group

Co.

Ltd.

(c)(d)(e)

15.00%,

12/18/21

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

USD

400

4,000

11.88%,

06/01/24

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

300

3,750

9.25%,

07/28/24

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

600

7,500

12.25%,

10/18/24

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

400

4,000

10.88%,

01/09/25

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

218

2,725

11.75%,

04/17/25

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

600

6,000

Heimstaden

Bostad

AB,

(5-Year

EUR

Swap

Annual

+

3.91%),

3.38%

(a)(c)(j)

..........

EUR

131

96,719

Heimstaden

Bostad

Treasury

BV

(c)

1.38%,

03/03/27

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

300

290,314

1.00%,

04/13/28

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

100

91,739

JGC

Ventures

Pte.

Ltd.,

5.00%

,

(5.00%

Cash

or

5.00%

PIK),

06/30/25

(c)(i)

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

USD

8

2,326

Modernland

Overseas

Pte.

Ltd.

(c)

5.00%,

(5.00%

Cash

or

3.00%

PIK),

04/30/27

(d)(e)(i)

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

447

145,284

Series

2,

5.00%,

04/30/27

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

33

5,963

Sunac

China

Holdings

Ltd.

(c)(i)

5.00%,

(5.00%

Cash

or

6.00%

PIK),

09/30/25

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

18

1,890

6.25%,

(6.25%

Cash

or

6.25%

PIK),

09/30/26

(d)(e)

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

18

1,607

5.50%,

(5.50%

Cash

or

6.50%

PIK),

09/30/27

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

36

2,911

5.75%,

(5.75%

Cash

or

6.75%

PIK),

09/30/28

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

54

3,986

6.00%,

(6.00%

Cash

or

7.00%

PIK),

09/30/29

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

55

3,540

6.25%,

(6.25%

Cash

or

7.25%

PIK),

09/30/30

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

26

1,481

1.00%,

(1.00%

Cash

or

2.00%

PIK),

09/30/32

(k)

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

22

1,245

1,761,993

Semiconductors

&

Semiconductor

Equipment

—

0.0%

ams-OSRAM

AG

(c)

2.13%,

11/03/27

(k)

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

EUR

200

170,995

10.50%,

03/30/29

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

200

226,804

397,799

Software

—

0.1%

Cloud

Software

Group,

Inc.,

9.00%

,

09/30/29

(b)

USD

100

99,441

Helios

Software

Holdings,

Inc.

7.88%,

05/01/29

(c)

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

EUR

321

352,523

TeamSystem

SpA

,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.19%

,

07/31/31

(a)(c)

.....

206

223,222

675,186

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

—

0.1%

Afflelou

SAS,

6.00%

,

07/25/29

(c)

..........

EUR

277

$

304,321

CD&R

Firefly

Bidco

plc,

8.63%

,

04/30/29

(c)

...

GBP

235

305,512

Dufry

One

BV,

4.75%

,

04/18/31

(c)

.........

EUR

256

279,048

Goldstory

SAS,

6.75%

,

02/01/30

(c)

........

222

240,560

Group

1

Automotive,

Inc.,

4.00%

,

08/15/28

(b)

.

USD

18

16,780

White

Cap

Buyer

LLC,

6.88%

,

10/15/28

(b)

...

47

46,530

1,192,751

Transportation

Infrastructure

—

0.1%

Abertis

Infraestructuras

Finance

BV,

(5-Year

EUR

Swap

Annual

+

3.69%),

3.25%

(a)(c)(j)

..

EUR

200

211,852

DP

World

Salaam,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.75%),

6.00%

(a)(c)(j)

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

USD

348

345,825

SGL

Group

ApS,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.75%),

8.44%

,

04/22/30

(a)

......

EUR

317

346,247

Stena

International

SA,

7.25%

,

01/15/31

(b)

...

USD

400

409,187

1,313,111

Wireless

Telecommunication

Services

—

0.4%

CK

Hutchison

Group

Telecom

Finance

SA,

2.63%

,

10/17/34

(c)

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

GBP

200

191,766

Kenbourne

Invest

SA,

6.88%

,

11/26/24

(b)(d)(e)

..

USD

421

241,023

Liberty

Costa

Rica

Senior

Secured

Finance,

10.88%

,

01/15/31

(b)

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

207

218,514

Millicom

International

Cellular

SA,

7.38%

,

04/02/32

(b)

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

200

199,860

Odido

Group

Holding

BV,

5.50%

,

01/15/30

(c)

..

EUR

101

102,481

SoftBank

Group

Corp.

(c)

4.00%,

09/19/29

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

531

539,390

3.88%,

07/06/32

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

400

386,904

Telefonica

Europe

BV

(a)(c)(j)

(8-Year

EUR

Swap

Annual

+

2.97%),

3.88%

200

214,556

(6-Year

EUR

Swap

Annual

+

4.32%),

7.13%

300

353,490

(7-Year

EUR

Swap

Annual

+

3.35%),

6.14%

400

457,354

(8-Year

EUR

Swap

Annual

+

3.62%),

6.75%

100

117,934

(EUAMDB08

+

3.12%),

5.75%

........

300

334,334

Vmed

O2

UK

Financing

I

plc,

5.63%

,

04/15/32

(c)

200

213,939

Vodafone

Group

plc

(a)(c)

(5-Year

EUR

Swap

Annual

+

3.00%),

2.63%,

08/27/80

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

200

209,467

Series

60NC10,

(5-Year

EUR

Swap

Annual

+

3.48%),

3.00%,

08/27/80

..........

500

495,256

(5-Year

EUR

Swap

Annual

+

3.49%),

6.50%,

08/30/84

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

300

351,557

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.84%),

8.00%,

08/30/86

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

GBP

100

139,273

4,767,098

Total

Corporate

Bonds

—

8.0%

(Cost:

$88,320,877)

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

86,947,124

Equity-Linked

Notes

Aerospace

&

Defense

—

0.3%

(b)(c)

Citigroup,

Inc.

(

General

Electric

Co.),

17.18%, 09/06/24

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

USD

9

1,544,499

Royal

Bank

of

Canada

(RTX

Corp.),

18.15%, 09/27/24

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

11

1,212,404

Societe

Generale

SA

(L3Harris

Technologies,

Inc.),

14.10%, 08/26/24

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

5

1,038,935

3,795,838

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Automobile

Components

—

0.1%

(b)(c)

Barclays

Bank

plc

(BorgWarner,

Inc.),

19.30%, 09/13/24

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

USD

22

$

775,457

BMO

Capital

Markets

Corp.

(Lear

Corp.),

23.71%, 09/23/24

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

1

85,580

Goldman

Sachs

International

(

Aptiv

plc

),

28.96%, 09/12/24

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

4

292,075

1,153,112

Automobiles

—

0.1%

(b)(c)

BMO

Capital

Markets

Corp.

(General

Motors

Co.),

29.76%, 08/29/24

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

10

437,271

Royal

Bank

of

Canada

(

Harley-Davidson,

Inc.),

21.79%, 09/09/24

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

13

472,464

909,735

Banks

—

1.0%

Barclays

Bank

plc

(First

Horizon

Corp.),

13.48%, 

09/03/24

(b)(c)

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

38

634,448

Barclays

Bank

plc

(Wells

Fargo

&

Co.),

15.90%, 08/29/24

(b)(c)

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

10

619,099

BMO

Capital

Markets

Corp.

(Bank

of

America

Corp.),

13.00%, 08/29/24

(b)(c)

..........

42

1,726,315

Goldman

Sachs

International

(Citizens

Financial

Group,

Inc.),

18.90%, 08/22/24

(b)(c)

......

7

244,733

JPMorgan

Structured

Products

BV

(Wells

Fargo

&

Co.)

20.10%,

08/01/24

(b)(c)

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

23

1,347,408

16.13%,

10/03/24

(b)(c)

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

23

1,358,014

Royal

Bank

of

Canada

(Citigroup,

Inc.),

19.47%, 08/29/24

(b)(c)

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

16

1,064,304

Royal

Bank

of

Canada

(Citizens

Financial

Group,

Inc.),

24.15%, 08/30/24

(b)(c)

......

11

479,082

Royal

Bank

of

Canada

(

JPMorgan

Chase

&

Co.),

11.73%, 08/29/24

(b)(c)

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

9

1,871,444

Societe

Generale

SA

(Citigroup,

Inc.),

22.97%, 09/17/24

(b)(c)

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

14

891,898

Societe

Generale

SA

(First

Citizens

BancShares,

Inc.),

19.93%, 09/17/24

(b)(c)

..

1

1,141,881

11,378,626

Beverages

—

0.2%

(b)(c)

BMO

Capital

Markets

Corp.

(Keurig

Dr

Pepper,

Inc.),

8.25%, 09/26/24

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

7

229,506

HSBC

Bank

plc

(Diageo

plc),

23.17%, 09/19/24

GBP

5

153,071

Royal

Bank

of

Canada

(Diageo

plc),

9.30%, 08/01/24

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

64

1,985,203

2,367,780

Biotechnology

—

0.3%

(b)(c)

JPMorgan

Structured

Products

BV

(AbbVie,

Inc.),

11.00%, 09/09/24

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

USD

8

1,555,441

Wells

Fargo

&

Co.

(Amgen,

Inc.),

11.77%, 08/01/24

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

5

1,433,660

2,989,101

Broadline

Retail

—

1.3%

BNP

Paribas

SA

(Amazon.com,

Inc.)

13.10%,

08/01/24

(b)(c)

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

9

1,551,783

15.37%,

08/05/24

(b)(c)

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

66

12,331,477

Toronto-Dominion

Bank

(The)

(Alibaba

Group

Holding

Ltd.),

28.02%, 08/26/24

(b)(c)

......

4

325,373

14,208,633

Building

Products

—

0.3%

(b)(c)

Barclays

Bank

plc

(Johnson

Controls

International

plc),

14.88%, 09/13/24

.....

11

772,018

HSBC

Bank

plc

(Allegion

plc),

25.43%, 08/29/24

2

273,366

Royal

Bank

of

Canada

(Johnson

Controls

International

plc),

24.43%, 08/15/24

.....

6

432,865

Security

Par

(000)

Par

(000)

Value

Building

Products

(continued)

Royal

Bank

of

Canada

(Masco

Corp.),

18.17%, 09/09/24

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

USD

6

$

468,398

Societe

Generale

SA

(Lennox

International,

Inc.),

18.93%, 09/06/24

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

3

1,556,250

3,502,897

Capital

Markets

—

1.0%

(b)(c)

Barclays

Bank

plc

(Blackstone,

Inc.),

19.58%, 09/03/24

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

14

1,900,799

Barclays

Bank

plc

(CME

Group,

Inc.),

5.84%, 09/06/24

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

3

602,032

Barclays

Bank

plc

(Interactive

Brokers

Group,

Inc.),

13.99%, 08/30/24

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

4

458,215

Barclays

Bank

plc

(Intercontinental

Exchange,

Inc.),

8.29%, 08/01/24

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

3

489,053

BMO

Capital

Markets

Corp.

(Goldman

Sachs

Group,

Inc.

(The)),

13.20%, 08/29/24

....

2

1,094,784

Citigroup,

Inc.

(Ameriprise

Financial,

Inc.),

11.48%, 09/09/24

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

3

1,472,415

HSBC

Bank

plc

(

Raymond

James

Financial,

Inc.),

21.81%, 08/01/24

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

2

265,649

Mizuho

Markets

Cayman

LP

(Raymond

James

Financial,

Inc.),

11.30%, 09/09/24

.......

13

1,535,803

Royal

Bank

of

Canada

(Nasdaq,

Inc.),

9.01%, 09/09/24

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

11

773,527

Royal

Bank

of

Canada

(S&P

Global,

Inc.),

11.76%, 09/12/24

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

2

1,079,134

Wells

Fargo

&

Co.

(Morgan

Stanley),

17.96%, 08/29/24

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

7

752,758

10,424,169

Chemicals

—

0.7%

Barclays

Bank

plc

(Air

Products

and

Chemicals,

Inc.),

18.83%, 09/26/24

(b)(c)

...........

1

340,699

Citigroup,

Inc.

(FMC

Corp.),

34.85%, 

08/05/24

(b)

(c)

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

8

485,696

Citigroup,

Inc.

(International

Flavors

&

Fragrances,

Inc.),

14.49%, 08/07/24

(b)(c)

...

8

785,959

Citigroup,

Inc.

(Scotts

Miracle-Gro

Co.

(The)),

31.70%, 09/13/24

(b)(c)

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

8

634,942

HSBC

Bank

plc

(

Sherwin-Williams

Co.

(The)),

10.74%, 09/05/24

(b)(c)

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

4

1,242,254

Mizuho

Markets

Cayman

LP

(International

Flavors

&

Fragrances,

Inc.),

26.72%, 08/15/24

(b)(c)

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

5

464,314

Societe

Generale

SA

(DuPont

de

Nemours,

Inc.),

9.89%, 09/13/24

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

9

723,581

Wells

Fargo

&

Co.

(

Corteva

,

Inc.),

47.98%, 08/01/24

(b)(c)

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

23

1,267,687

Wells

Fargo

&

Co.

(Ecolab,

Inc.),

7.95%, 08/01/24

(b)(c)

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

6

1,467,794

7,412,926

Commercial

Services

&

Supplies

—

0.1%

Barclays

Bank

plc

(Cintas

Corp.),

11.01%, 09/03/24

(b)(c)

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

2

1,233,329

Communications

Equipment

—

0.3%

(b)(c)

Citigroup,

Inc.

(Arista

Networks,

Inc.),

24.92%, 09/13/24

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

7

2,344,411

Mizuho

Markets

Cayman

LP

(Cisco

Systems,

Inc.),

16.56%, 09/23/24

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

13

620,662

2,965,073

Consumer

Finance

—

0.4%

(b)(c)

Barclays

Bank

plc

(Ally

Financial,

Inc.),

19.29%, 09/03/24

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

15

639,142

Societe

Generale

SA

(Capital

One

Financial

Corp.),

17.86%, 09/06/24

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

6

936,937

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

Toronto-Dominion

Bank

(The)

(American

Express

Co.),

11.25%, 09/04/24

........

USD

10

$

2,392,2

17

3,968,296

Consumer

Staples

Distribution

&

Retail

—

0.8%

(b)(c)

Barclays

Bank

plc

(Sprouts

Farmers

Market,

Inc.),

18.09%, 09/13/24

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

6

623,433

BNP

Paribas

SA

(Walmart,

Inc.),

7.57%, 08/15/24

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

10

635,719

HSBC

Bank

plc

(Dollar

Tree,

Inc.),

25.20%, 09/23/24

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

3

271,308

JPMorgan

Structured

Products

BV

(Target

Corp.),

10.37%, 08/16/24

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

9

1,264,096

Mizuho

Markets

Cayman

LP

(Dollar

General

Corp.),

20.25%, 09/27/24

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

3

397,554

Royal

Bank

of

Canada

(Walmart,

Inc.),

4.67%, 08/15/25

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

40

2,746,602

Societe

Generale

SA

(Sysco

Corp.),

10.43%, 09/12/24

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

10

775,131

Wells

Fargo

&

Co.

(Costco

Wholesale

Corp.),

10.38%, 09/26/24

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

1

1,199,437

Wells

Fargo

&

Co.

(Sysco

Corp.),

10.44%, 08/01/24

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

11

799,517

8,712,797

Containers

&

Packaging

—

0.2%

(b)(c)

Barclays

Bank

plc

(Sealed

Air

Corp.),

28.93%, 08/01/24

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

17

623,456

Citigroup,

Inc.

(

Crown

Holdings,

Inc.),

18.19%, 09/05/24

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

7

635,467

JPMorgan

Structured

Products

BV

(Sealed

Air

Corp.),

21.47%, 10/03/24

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

17

627,409

Societe

Generale

SA

(Graphic

Packaging

Holding

Co.),

10.22%, 09/12/24

........

21

629,021

2,515,353

Diversified

Telecommunication

Services

—

0.3%

(b)(c)

Barclays

Bank

plc

(Verizon

Communications,

Inc.),

30.36%, 08/01/24

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

15

592,583

BMO

Capital

Markets

Corp.

(TELUS

Corp.),

21.21%, 08/22/24

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

20

366,692

Citigroup,

Inc.

(TELUS

Corp.),

12.93%, 09/06/24

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

81

1,553,892

JPMorgan

Structured

Products

BV

(Verizon

Communications,

Inc.),

10.59%, 10/03/24

.

15

603,988

3,117,155

Electric

Utilities

—

0.3%

(b)(c)

Citigroup,

Inc.

(Edison

International),

18.32%, 09/17/24

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

3

249,128

Goldman

Sachs

International

(Exelon

Corp.),

19.13%, 08/22/24

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

11

392,058

Royal

Bank

of

Canada

(American

Electric

Power

Co.,

Inc.),

17.15%, 09/23/24

......

5

430,032

Societe

Generale

SA

(

NextEra

Energy,

Inc.),

22.28%, 09/06/24

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

21

1,565,701

Societe

Generale

SA

(PG&E

Corp.),

15.13%, 08/26/24

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

21

372,455

3,009,374

Electrical

Equipment

—

0.2%

(b)(c)

Barclays

Bank

plc

(Eaton

Corp.

plc),

16.81%, 08/01/24

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

6

1,660,324

Citigroup,

Inc.

(Schneider

Electric

SE),

22.47%, 09/17/24

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

13

519,623

Royal

Bank

of

Canada

(Sensata

Technologies

Holding

plc),

24.82%, 09/23/24

........

9

367,964

2,547,911

Security

Par

(000)

Par

(000)

Value

Electronic

Equipment,

Instruments

&

Components

—

0.2%

(b)(c)

Citigroup,

Inc.

(Flex

Ltd.),

20.98%, 09/06/24

..

USD

48

$

1,535,623

Societe

Generale

SA

(Zebra

Technologies

Corp.),

29.82%, 08/15/24

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

1

247,576

1,783,199

Energy

Equipment

&

Services

—

0.2%

(b)(c)

Barclays

Bank

plc

(Schlumberger

NV),

17.01%, 09/04/24

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

25

1,208,099

Societe

Generale

SA

(Baker

Hughes

Co.),

16.46%, 09/10/24

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

16

630,032

Societe

Generale

SA

(Schlumberger

NV),

15.60%, 

10/22/24

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

6

305,593

2,143,724

Entertainment

—

0.6%

Barclays

Bank

plc

(Netflix,

Inc.),

15.86%, 09/04/24

(b)(c)

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

7

4,630,007

BMO

Capital

Markets

Corp.

(Electronic

Arts,

Inc.),

16.30%, 09/26/24

(b)(c)

...........

4

598,771

Societe

Generale

SA

(Electronic

Arts,

Inc.),

12.36%, 09/13/24

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

10

1,520,824

6,749,602

Financial

Services

—

1.0%

(b)(c)

Barclays

Bank

plc

(Fidelity

National

Information

Services,

Inc.),

13.89%, 08/05/24

.......

22

1,677,601

Barclays

Bank

plc

(Mastercard,

Inc.),

8.65%, 09/13/24

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

5

2,460,498

BMO

Capital

Markets

Corp.

(Fidelity

National

Information

Services,

Inc.),

21.40%, 09/26/24

11

847,275

BMO

Capital

Markets

Corp.

(Visa,

Inc.),

14.30%, 08/26/24

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

2

454,040

BMO

Capital

Markets

Corp.

(Voya

Financial,

Inc.),

16.99%, 09/26/24

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

6

455,977

BNP

Paribas

SA

(PayPal

Holdings,

Inc.),

19.96%, 08/05/24

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

24

1,564,146

BNP

Paribas

SA

(Rocket

Cos,

Inc.),

24.88%, 08/08/24

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

GBP

5

286,004

Citigroup,

Inc.

(PayPal

Holdings,

Inc.),

22.74%, 09/12/24

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

USD

29

1,881,980

Societe

Generale

SA

(

Fiserv

,

Inc.),

8.57%, 09/06/24

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

10

1,567,212

11,194,733

Food

Products

—

0.6%

Barclays

Bank

plc

(General

Mills,

Inc.),

10.79%, 09/20/24

(b)(c)

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

14

932,526

Barclays

Bank

plc

(

Mondelez

International,

Inc.),

8.55%, 09/13/24

(b)(c)

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

18

1,240,817

Mizuho

Markets

Cayman

LP

(Kraft

Heinz

Co.

(The)),

14.37%, 08/26/24

(b)(c)

..........

29

957,576

Nomura

Holdings,

Inc.

(Post

Holdings,

Inc.),

8.41%, 08/01/24

(b)(c)

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

9

953,862

Royal

Bank

of

Canada

(Archer-Daniels-Midland

Co.),

19.31%, 09/12/24

(b)(c)

...........

12

767,192

Royal

Bank

of

Canada

(Conagra

Brands,

Inc.),

12.14%, 08/09/24

(b)(c)

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

35

1,061,255

Societe

Generale

SA

(Kraft

Heinz

Co.

(The)),

15.98%, 09/13/24

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

22

786,065

6,699,293

Ground

Transportation

—

0.1%

(b)(c)

Citigroup,

Inc.

(Uber

Technologies,

Inc.),

21.31%, 08/01/24

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

4

276,803

Royal

Bank

of

Canada

(Lyft,

Inc.),

37.59%, 08/08/24

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

22

269,209

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ground

Transportation

(continued)

Societe

Generale

SA

(Old

Dominion

Freight

Line,

Inc.),

22.14%, 09/06/24

..........

USD

3

$

632,995

1,179,007

Health

Care

Equipment

&

Supplies

—

0.8%

(b)(c)

Barclays

Bank

plc

(Boston

Scientific

Corp.),

7.75%, 09/06/24

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

26

1,916,596

Barclays

Bank

plc

(

Stryker

Corp.),

10.36%, 09/13/24

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

5

1,560,196

Citigroup,

Inc.

(GE

HealthCare

Technologies,

Inc.),

9.92%, 09/13/24

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

9

772,408

HSBC

Bank

plc

(Koninklijke

Philips

NV),

23.79%, 09/19/24

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

EUR

15

395,382

Royal

Bank

of

Canada

(Baxter

International,

Inc.),

26.78%, 09/12/24

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

USD

23

821,497

Royal

Bank

of

Canada

(Medtronic

plc),

20.45%, 08/29/24

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

9

670,086

Royal

Bank

of

Canada

(Zimmer

Biomet

Holdings,

Inc.),

21.55%, 08/07/24

.......

12

1,249,771

Wells

Fargo

&

Co.

(Becton

Dickinson

&

Co.),

16.77%, 08/01/24

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

5

1,266,864

8,652,800

Health

Care

Providers

&

Services

—

2.2%

Barclays

Bank

plc

(Humana,

Inc.),

17.70%, 08/01/24

(b)(c)

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

1

487,719

Barclays

Bank

plc

(McKesson

Corp.),

7.73%, 08/05/24

(b)(c)

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

3

2,043,679

Citigroup,

Inc.

(HCA

Healthcare,

Inc.),

14.59%, 

09/05/24

(b)(c)

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

4

1,267,076

Goldman

Sachs

International

(Cardinal

Health,

Inc.),

16.34%, 09/12/24

(b)(c)

...........

10

1,003,066

Goldman

Sachs

International

(Cigna

Group

(The)),

18.34%, 08/22/24

(b)(c)

..........

2

510,259

Goldman

Sachs

International

(Humana,

Inc.),

20.45%, 08/22/24

(b)(c)

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

1

393,279

HSBC

Bank

plc

(CVS

Health

Corp.),

18.76%, 10/03/24

(b)(c)

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

15

973,961

JPMorgan

Structured

Products

BV

(CVS

Health

Corp.),

23.47%, 08/01/24

(b)(c)

..........

14

858,380

Mizuho

Markets

Cayman

LP

(Labcorp

Holdings,

Inc.),

19.67%, 08/22/24

(b)(c)

...........

3

524,014

Mizuho

Markets

Cayman

LP

(Molina

Healthcare,

Inc.),

19.60%, 09/09/24

(b)(c)

...

4

1,255,037

Royal

Bank

of

Canada

(Elevance

Health,

Inc.)

21.90%,

08/29/24

(b)(c)

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

1

319,762

10.70%,

08/30/24

(b)(c)

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

9

4,755,316

Royal

Bank

of

Canada

(McKesson

Corp.),

9.35%, 08/01/24

(b)(c)

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

1

791,153

Royal

Bank

of

Canada

(

UnitedHealth

Group,

Inc.),

10.63%, 08/29/24

(b)(c)

...........

6

3,179,955

Societe

Generale

SA

(Centene

Corp.),

11.83%, 09/10/24

(b)(c)

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

17

1,263,523

Societe

Generale

SA

(

Tenet

Healthcare

Corp.),

17.11%, 09/06/24

(b)(c)

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

11

1,572,194

Wells

Fargo

&

Co.

(Cardinal

Health,

Inc.),

21.14%, 08/15/24

(b)(c)

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

13

1,272,423

Wells

Fargo

&

Co.

(Cigna

Group

(The)),

21.82%, 08/01/24

(b)(c)

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

6

1,897,128

24,367,924

Health

Care

REITs

—

0.1%

Royal

Bank

of

Canada

(Welltower,

Inc.),

12.76%, 09/12/24

(b)(c)

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

7

768,534

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

—

1.4%

Barclays

Bank

plc

(Booking

Holdings,

Inc.),

12.32%, 08/05/24

(b)(c)

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

USD

1

$

2,606,440

Barclays

Bank

plc

(Compass

Group

plc),

11.50%, 

08/06/24

(b)(c)

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

GBP

27

822,181

Barclays

Bank

plc

(InterContinental

Hotels

Group

plc),

10.40%, 08/06/24

(b)(c)

.......

8

795,581

Citigroup,

Inc.

(Wingstop,

Inc.),

33.88%, 09/13/24

(b)(c)

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

USD

2

621,850

JPMorgan

Structured

Products

BV

(Marriott

International,

Inc.),

11.74%, 08/01/24

(b)(c)

..

8

2,021,223

Mizuho

Markets

Cayman

LP

(MGM

Resorts

International),

16.81%, 08/02/24

(b)(c)

.....

20

816,572

Royal

Bank

of

Canada

(Boyd

Gaming

Corp.),

13.39%,

 09/10/24

(b)(c)

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

10

608,624

Royal

Bank

of

Canada

(Wynn

Resorts

Ltd.)

17.35%,

08/07/24

(b)(c)

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

5

398,419

17.59%,

08/09/24

(b)(c)

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

20

1,702,868

Societe

Generale

SA

(

Aramark

),

13.04%, 08/08/24

(b)(c)

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

28

953,133

Societe

Generale

SA

(McDonald's

Corp.),

14.92%, 09/11/24

(b)(c)

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

5

1,403,149

Societe

Generale

SA

(Starbucks

Corp.),

17.37%, 09/13/24

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

29

2,237,038

14,987,078

Household

Durables

—

0.2%

(b)(c)

Barclays

Bank

plc

(Sony

Group

Corp.),

17.23%, 08/01/24

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

5

459,456

Mizuho

Markets

Cayman

LP

(

Sony

Group

Corp.),

18.15%, 10/03/24

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

5

478,093

Royal

Bank

of

Canada

(Newell

Brands,

Inc.),

43.88%, 09/12/24

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

20

132,008

Societe

Generale

SA

(Mohawk

Industries,

Inc.),

18.91%, 09/11/24

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

6

918,413

1,987,970

Household

Products

—

0.0%

HSBC

Bank

plc

(Henkel

AG

&

Co.

KGaA

),

11.91%, 09/19/24

(b)(c)

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

EUR

2

189,987

Industrial

Conglomerates

—

0.1%

(b)(c)

Barclays

Bank

plc

(Siemens

AG),

20.29%, 08/08/24

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

1

146,428

Societe

Generale

SA

(3M

Co.),

17.08%, 

09/10/24

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

USD

9

1,115,564

1,261,992

Insurance

—

0.4%

(b)(c)

BMO

Capital

Markets

Corp.

(

Marsh

&

McLennan

Cos.,

Inc.),

8.31%, 09/03/24

...

6

1,255,326

BNP

Paribas

SA

(American

International

Group,

Inc.),

17.76%, 09/27/24

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

12

898,431

BNP

Paribas

SA

(Fidelity

National

Financial,

Inc.),

18.99%, 09/27/24

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

15

807,944

BNP

Paribas

SA

(Prudential

Financial,

Inc.),

27.23%, 09/06/24

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

GBP

51

458,539

JPMorgan

Structured

Products

BV

(Prudential

Financial,

Inc.),

18.37%, 08/30/24

.......

75

688,430

Societe

Generale

SA

(Willis

Towers

Watson

plc),

17.28%, 08/26/24

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

USD

2

511,817

4,620,487

Interactive

Media

&

Services

—

0.7%

Barclays

Bank

plc

(Alphabet,

Inc.),

15.19%, 09/06/24

(b)(c)

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

36

6,126,698

Royal

Bank

of

Canada

(Pinterest,

Inc.),

26.97%, 08/01/24

(b)(c)

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

37

1,398,115

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Interactive

Media

&

Services

(continued)

Societe

Generale

SA

(Match

Group,

Inc.),

24.44%, 09/13/24

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

16

$

595,167

8,119,980

IT

Services

—

0.3%

(b)(c)

HSBC

Bank

plc

(Cognizant

Technology

Solutions

Corp.),

20.10%, 09/23/24

......

USD

11

792,389

Royal

Bank

of

Canada

(

International

Business

Machines

Corp.),

16.01%, 09/09/24

.....

8

1,525,712

Wells

Fargo

&

Co.

(Cognizant

Technology

Solutions

Corp.),

21.62%, 08/05/24

......

17

1,263,465

3,581,566

Leisure

Products

—

0.1%

(b)(c)

Goldman

Sachs

International

(Hasbro,

Inc.),

18.95%, 09/26/24

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

7

410,324

Royal

Bank

of

Canada

(Hasbro,

Inc.),

24.21%, 

09/09/24

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

8

477,859

888,183

Life

Sciences

Tools

&

Services

—

0.4%

(b)(c)

HSBC

Bank

plc

(Danaher

Corp.),

10.41%, 09/05/24

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

9

2,356,304

Societe

Generale

SA

(Fortrea

Holdings,

Inc.),

42.39%, 08/15/24

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

8

188,367

Societe

Generale

SA

(

Thermo

Fisher

Scientific,

Inc.),

8.94%, 09/06/24

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

3

1,936,862

4,481,533

Machinery

—

0.5%

Citigroup,

Inc.

(Caterpillar,

Inc.),

10.42%, 08/01/24

(b)(c)

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

7

2,496,646

Royal

Bank

of

Canada

(Dover

Corp.),

11.73%, 09/09/24

(b)(c)

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

2

454,622

Royal

Bank

of

Canada

(Stanley

Black

&

Decker,

Inc.)

27.47%,

09/12/24

(b)(c)

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

6

624,295

28.21%,

09/23/24

(b)(c)

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

2

147,557

Societe

Generale

SA

(

Westinghouse

Air

Brake

Technologies

Corp.),

10.94%, 09/06/24

(b)(c)

.

8

1,253,843

4,976,963

Media

—

0.2%

(b)(c)

BMO

Capital

Markets

Corp.

(Fox

Corp.),

19.05%, 09/26/24

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

11

403,988

JPMorgan

Structured

Products

BV

(WPP

plc),

23.65%, 09/06/24

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

GBP

39

373,310

Societe

Generale

SA

(Charter

Communications,

Inc.),

24.75%, 09/10/24

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

USD

2

786,579

Societe

Generale

SA

(Comcast

Corp.),

23.78%, 09/17/24

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

24

966,995

2,530,872

Metals

&

Mining

—

0.2%

(b)(c)

Barclays

Bank

plc

(ArcelorMittal

SA),

14.06%, 08/01/24

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

EUR

18

396,823

Citigroup,

Inc.

(Nucor

Corp.),

15.26%, 09/05/24

USD

4

619,926

HSBC

Bank

plc

(Cleveland-Cliffs,

Inc.),

26.78%, 09/05/24

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

39

605,948

1,622,697

Multi-Utilities

—

0.1%

Mizuho

Markets

Cayman

LP

(Sempra),

17.15%, 09/27/24

(b)(c)

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

7

556,473

Oil,

Gas

&

Consumable

Fuels

—

0.6%

(b)(c)

Barclays

Bank

plc

(Kinder

Morgan,

Inc.),

17.86%, 09/03/24

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

29

619,093

Barclays

Bank

plc

(Shell

plc),

8.77%, 08/01/24

GBP

39

1,400,815

BNP

Paribas

SA

(BP

plc

),

23.89%, 09/06/24

..

195

1,141,929

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

BNP

Paribas

SA

(Shell

plc

),

16.96%, 08/08/24

GBP

32

$

1,121,227

HSBC

Bank

plc

(Hess

Corp.),

23.88%, 08/29/24

USD

2

239,848

JPMorgan

Structured

Products

BV

(Valero

Energy

Corp.),

24.37%, 09/09/24

.......

3

470,085

Royal

Bank

of

Canada

(Chevron

Corp.),

18.36%, 09/27/24

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

1

188,848

Royal

Bank

of

Canada

(Kosmos

Energy

Ltd.),

23.02%, 09/27/24

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

59

327

,443

Societe

Generale

SA

(Phillips

66),

20.52%, 09/12/24

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

4

616,499

Wells

Fargo

&

Co.

(Occidental

Petroleum

Corp.),

13.30%, 08/05/24

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

5

300,675

6,426,462

Passenger

Airlines

—

0.0%

Barclays

Bank

plc

(United

Airlines

Holdings,

Inc.),

22.63%, 09/03/24

(b)(c)

...........

10

451,243

Pharmaceuticals

—

1.0%

(b)(c)

Barclays

Bank

plc

(AstraZeneca

plc),

21.00%, 08/08/24

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

GBP

2

269,941

Barclays

Bank

plc

(

Bristol-Myers

Squibb

Co.),

15.33%, 09/10/24

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

USD

31

1,481,866

Barclays

Bank

plc

(Johnson

&

Johnson),

13.19%, 08/30/24

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

10

1,561,710

Barclays

Bank

plc

(Sanofi

SA),

21.82%, 09/06/24

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

EUR

10

989,366

Citigroup,

Inc.

(

Elanco

Animal

Health,

Inc.),

21.62%, 08/07/24

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

USD

43

556,736

Citigroup,

Inc.

(Eli

Lilly

&

Co.),

23.73%, 09/17/24

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

—

(n)

330,862

JPMorgan

Structured

Products

BV

(Bayer

AG),

25.32%, 09/19/24

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

EUR

14

413,166

Royal

Bank

of

Canada

(Bristol-Myers

Squibb

Co.),

33.93%, 08/15/24

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

USD

5

193,527

Wells

Fargo

&

Co.

(Eli

Lilly

&

Co.),

15.49%, 08/08/24

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

4

3,565,037

Wells

Fargo

&

Co.

(Zoetis,

Inc.),

25.18%, 08/07/24

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

7

1,230,658

10,592,869

Professional

Services

—

0.4%

(b)(c)

Barclays

Bank

plc

(Dayforce,

Inc.),

27.44%, 09/13/24

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

10

633,579

Barclays

Bank

plc

(Leidos

Holdings,

Inc.),

16.99%, 09/26/24

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

5

779,762

Barclays

Bank

plc

(SS&C

Technologies

Holdings,

Inc.),

15.01%, 09/26/24

.......

16

1,100,352

BMO

Capital

Markets

Corp.

(

Dun

&

Bradstreet

Holdings,

Inc.),

19.40%, 08/26/24

.......

57

532,682

Mizuho

Markets

Cayman

LP

(TransUnion),

23.50%, 09/09/24

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

9

793,225

3,839,600

Semiconductors

&

Semiconductor

Equipment

—

1.2%

(b)(c)

Barclays

Bank

plc

(QUALCOMM,

Inc.),

35.46%, 08/01/24

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

7

1,236,850

BNP

Paribas

SA

(Applied

Materials,

Inc.),

19.44%, 08/15/24

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

8

1,801,098

Citigroup,

Inc.

(Advanced

Micro

Devices,

Inc.),

29.39%, 09/13/24

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

16

2,307,985

JPMorgan

Structured

Products

BV

(Texas

Instruments,

Inc.),

24.45%, 08/15/24

.....

1

220,281

Nomura

Holdings,

Inc.

(NVIDIA

Corp.),

39.84%, 

08/23/24

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

47

5,579,436

Societe

Generale

SA

(Advanced

Micro

Devices,

Inc.),

32.17%, 08/01/24

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

11

1,521,670

12,667,320

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Software

—

2.4%

(b)(c)

Barclays

Bank

plc

(Microsoft

Corp.),

12.57%, 09/13/24

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

USD

37

$

15,513,572

BMO

Capital

Markets

Corp.

(Salesforce,

Inc.),

15.15%, 08/30/24

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

7

1,839,355

Citigroup,

Inc.

(Cadence

Design

Systems,

Inc.),

17.55%, 09/05/24

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

5

1,321,983

Citigroup,

Inc.

(Envestnet,

Inc.),

26.07%, 08/05/24

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

10

608,371

Citigroup,

Inc.

(Microsoft

Corp.),

20.68%, 09/17/24

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

1

382,471

Mizuho

Markets

Cayman

LP

(Synopsys,

Inc.),

16.22%, 08/16/24

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

1

695,897

Royal

Bank

of

Canada

(Atlassian

Corp.),

23.13%, 08/01/24

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

6

1,045,264

Royal

Bank

of

Canada

(Box,

Inc.),

11.00%, 08/29/24

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

30

797,044

Royal

Bank

of

Canada

(ServiceNow,

Inc.),

20.39%, 09/09/24

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

3

2,550,320

Royal

Bank

of

Canada

(Zscaler,

Inc.),

26.85%, 09/06/24

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

6

1,098,627

25,852,904

Specialized

REITs

—

0.1%

(b)(c)

HSBC

Bank

plc

(Crown

Castle,

Inc.),

22.08%, 08/29/24

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

7

687,482

Royal

Bank

of

Canada

(

American

Tower

Corp.),

12.37%, 09/12/24

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

4

773,765

1,461,247

Specialty

Retail

—

0.9%

(b)(c)

Barclays

Bank

plc

(

Abercrombie

&

Fitch

Co.),

44.40%, 08/23/24

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

4

550,715

Barclays

Bank

plc

(Gap,

Inc.

(The)),

39.98%, 08/23/24

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

20

467,649

Barclays

Bank

plc

(Tractor

Supply

Co.),

10.43%, 08/06/24

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

GBP

199

818,232

BMO

Capital

Markets

Corp.

(Best

Buy

Co.,

Inc.),

15.39%, 08/29/24

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

USD

9

759,667

BMO

Capital

Markets

Corp.

(TJX

Cos,

Inc.

(The)),

12.07%, 08/21/24

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

14

1,526,087

BMO

Capital

Markets

Corp.

(Williams-Sonoma,

Inc.),

27.30%, 08/23/24

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

4

632,252

JPMorgan

Structured

Products

BV

(Burlington

Stores,

Inc.),

15.40%, 08/23/24

........

3

769,773

Mizuho

Markets

Cayman

LP

(O'Reilly

Automotive,

Inc.),

12.60%, 09/09/24

.....

1

1,229,702

Royal

Bank

of

Canada

(

Dick's

Sporting

Goods,

Inc.),

26.16%, 08/23/24

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

4

764,595

Royal

Bank

of

Canada

(Ross

Stores,

Inc.),

9.77%, 08/16/24

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

5

722,095

Royal

Bank

of

Canada

(Tractor

Supply

Co.),

16.75%, 09/09/24

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

2

465,676

Wells

Fargo

&

Co.

(Ulta

Beauty,

Inc.),

15.48%, 08/29/24

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

3

1,148,439

9,854,882

Technology

Hardware,

Storage

&

Peripherals

—

1.5%

(b)(c)

BMO

Capital

Markets

Corp.

(HP,

Inc.),

18.08%, 08/22/24

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

14

490,633

Royal

Bank

of

Canada

(HP,

Inc.),

14.41%, 08/29/24

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

21

753,459

Societe

Generale

SA

(

Seagate

Technology

Holdings

plc),

22.68%, 09/06/24

........

11

1,152,232

Wells

Fargo

&

Co.

(Apple,

Inc.),

11.53%, 08/01/24

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

63

13,873,294

16,269,618

Security

Par

(000)

Par

(000)

Value

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

(b)(c)

Barclays

Bank

plc

(Tapestry,

Inc.),

24.17%, 09/26/24

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

USD

6

$

239,109

BMO

Capital

Markets

Corp.

(Ralph

Lauren

Corp.),

18.24%, 08/07/24

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

4

626,544

Royal

Bank

of

Canada

(NIKE,

Inc.),

17.74%, 08/29/24

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

3

194,975

Societe

Generale

SA

(Deckers

Outdoor

Corp.),

16.60%, 09/11/24

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

2

1,391,848

2,452,476

Tobacco

—

0.3%

(b)(c)

HSBC

Bank

plc

(Philip

Morris

International,

Inc.),

9.77%, 09/05/24

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

24

2,685,855

JPMorgan

Structured

Products

BV

(British

American

Tobacco

plc),

13.65%, 09/19/24

.

GBP

27

874,494

3,560,349

Trading

Companies

&

Distributors

—

0.1%

Nomura

Holdings,

Inc.

(WW

Grainger,

Inc.),

10.57%, 08/01/24

(b)(c)

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

USD

1

625,161

Transportation

Infrastructure

—

0.1%

Barclays

Bank

plc

(

Aeroports

de

Paris

SA),

7.54%, 09/13/24

(b)(c)

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

5

1,233,838

Wireless

Telecommunication

Services

—

0.2%

JPMorgan

Structured

Products

BV

(Vodafone

Group

plc),

27.69%, 09/06/24

(b)(c)

.......

GBP

504

463,335

Societe

Generale

SA

(

T-Mobile

US,

Inc.),

10.87%, 09/13/24

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

7

1,264,990

1,728,325

Total

Equity-Linked

Notes

—

27.3%

(Cost:

$298,539,092)

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

296,572,996

Fixed

Rate

Loan

Interests

Health

Care

Technology

—

0.0%

Cotiviti,

Inc.,

Term

Loan,

7.63%

,

 05/01/31

...

USD

113

112,152

Media

—

0.0%

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

5.00%

,

 10/15/26

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

113

114,127

Clear

Channel

International

BV,

Term

Loan,

7.50%

,

 04/01/27

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

90

87,862

201,989

Total

Fixed

Rate

Loan

Interests

—

0.0%

(Cost:

$314,561)

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

314,141

Floating

Rate

Loan

Interests

Aerospace

&

Defense

—

0.3%

(a)

Amentum

Government

Services

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.35%

,

 02/15/29

.

222

222,765

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

9.86%

,

 05/25/28

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

637

465,910

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

C,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

9.86%

,

 05/25/28

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

121

88,124

Bleriot

US

Bidco,

Inc.,

Term

Loan,

(3-m

o.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59%

,

 10/30/28

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

186

187,144

Cobham

Ultra

SeniorCo

SARL,

Facility

Term

Loan

B,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.25%

,

 08/03/29

.......

135

130,851

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84%

,

 08/24/28

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

USD

661

$

663,551

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84%

,

 08/24/28

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

255

255,848

Ovation

Parent,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.84%

,

 04/21/31

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

171

171,855

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.19%

,

 02/01/28

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

432

431,878

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.75%),

13.18%

,

 02/01/29

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

145

145,266

Setanta

Aircraft

Leasing

DAC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.09%

,

 11/05/28

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

80

80,378

TransDigm,

Inc.,

Term

Loan

J,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.84%

,

 02/28/31

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

433

434,514

TransDigm,

Inc.,

Term

Loan

K,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.09%

,

 03/22/30

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

347

348,152

3,626,236

Automobile

Components

—

0.1%

(a)

Champions

Holdco,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

10.08%

,

 02/23/29

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

486

481,344

Clarios

Global

LP,

First

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.84%

,

 05/06/30

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

532

533,085

Gates

Corp.,

Term

Loan

B5,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.59%

,

 06/04/31

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

186

186,231

Tenneco,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

10.43%

,

 11/17/28

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

232

220,277

1,420,937

Automobiles

—

0.0%

Dealer

Tire

Financial

LLC,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 07/02/31

(a)

...........

238

238,741

Beverages

—

0.1%

(a)

Naked

Juice

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.69%

,

 01/24/29

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

679

602,942

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

11.44%

,

 01/24/30

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

336

250,454

853,396

Broadline

Retail

—

0.1%

(a)

Fanatics

Commerce

Intermediate

Holdco

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.71%

,

 11/24/28

...

139

138,579

StubHub

Holdco

Sub

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

10.09%

,

 03/15/30

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

784

782,891

Security

Par

(000)

Par

(000)

Value

Broadline

Retail

(continued)

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.35%

,

 12/21/27

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

USD

78

$

59,218

980,688

Building

Products

—

0.2%

(a)

AZZ,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.59%

,

 05/13/29

.

66

66,715

Chariot

Buyer

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 11/03/28

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

115

114,748

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.68%

,

 04/12/28

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

42

40,146

CP

Atlas

Buyer,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

4.25%

,

 11/23/27

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

169

161,631

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 10/02/28

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

97

96,891

CPG

International

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.94%

,

 04/28/29

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

149

149,148

Wilsonart

LL

C,

Term

Loan

B,

07/25/31

(f)(o)

....

488

480,680

Wilsonart

LLC,

Term

Loan

E,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.25%),

8.69%

,

 12/31/26

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

476

476,211

1,586,170

Capital

Markets

—

0.3%

(a)

Aretec

Group,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.34%

,

 08/09/30

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

129

127,007

Ascensus

Group

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.96%

,

 08/02/28

.......

448

447,698

Axalta

Coating

Systems

Dutch

Holding

B

BV,

Facility

Term

Loan

B6,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.34%

,

 12

/20/29

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

315

315,651

Azalea

TopCo,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84%

,

 04/30/31

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

111

110,827

Castlelake

Aviation

One

DAC,

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.84%, 10/22/26

..........

216

216,212

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.09%, 10/22/27

..........

180

180,128

Edelman

Financial

Engines

Center,

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.25%),

8.59%

,

 04/07/28

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

81

81,036

Focus

Financial

Partners

LLC,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.84%

,

 06/30/28

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

317

316,791

Focus

Financial

Partners

LLC,

Term

Loan

B7,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.09%

,

 06/30/28

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

133

133,084

Grant

Thornton

Advisors

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.60%

,

 06/02/31

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

68

68,122

ION

Trading

Finance

Ltd.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.35%

,

 04/01/28

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

86

85,425

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

23

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Learning

Care

Group

(US)

No.

2

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.26%

,

 08/11/28

.......

USD

24

$

23,933

NGP

XI

Midstream

Holdings

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

4.00%),

9.29%

,

 07/25/31

(f)

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

28

27,895

Osaic

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.34%

,

 08/17/28

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

468

460,691

OVG

Business

Services

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.34%

,

 06/25/31

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

118

117,927

2,712,427

Chemicals

—

0.4%

(a)

ARC

Falcon

I,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.94%

,

 09/30/28

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

157

156,901

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.44%

,

 11/24/27

.......

67

67,134

Ascend

Performance

Materials

Operations

LLC,

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.07%

,

 08/27/26

..

58

58,034

Chemours

Co.

(The),

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 08/18/28

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

121

120,833

CPC

Acquisition

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.35%

,

 12/29/27

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

41

33,952

Derby

Buyer

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 11/01/30

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

417

418,064

Discovery

Purchaser

Corp.,

1st

Lien

Term

Loan,

10/04/29

(o)

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

25

24,948

Ecovyst

Catalyst

Technologies

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.50%

,

 06/12/31

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

262

262,151

Element

Solutions,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 12/18/30

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

344

344,614

HB

Fuller

Co.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.34%

,

 02/15/30

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

161

161,343

Herens

Holdco

SARL,

Facility

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.93%),

9.36%

,

 07/03/28

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

128

123,382

Ineos

US

Finance

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59%

,

 02/18/30

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

53

52,340

LSF11

A5

Holdco

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.96%

,

 10/15/28

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

300

300,877

Momentive

Performance

Materials,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

9.84%

,

 03/29/28

.......

392

391,090

Nouryo

n

Finance

BV,

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.83%

,

 04/03/28

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

263

264,530

Olympus

Water

US

Holding

Corp.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.85%

,

 06/20/31

............

268

269,013

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

OQ

Chemicals

International

Holding

GmbH,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

8.00%),

13.35%

,

 06/22/25

(f)

.

USD

32

$

30,811

OQ

Chemicals

International

Holding

GmbH,

Term

Loan

B2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.92%

,

 10/14/24

..

158

139,576

Potters

Industries

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.09%

,

 12/14/27

..................

67

67,146

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.76%

,

 03/16/27

...........

59

59,514

Sparta

US

HoldCo

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.59%

,

 08/02/30

............

298

298,155

WR

Grace

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.59%

,

 09/22/28

..................

450

451,817

4,096,225

Commercial

Services

&

Supplies

—

0.4%

(a)

Action

Environmental

Group,

Inc.,

(The),

Delayed

Draw

Term

Loan,

10/24/30

(f)(o)

...

9

9,033

Action

Environmental

Group,

Inc.,

(The),

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.34%

,

 10/24/30

(f)

......

61

61,073

Allied

Universal

Hold

co

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.19%

,

 05/12/28

..................

802

800,992

Aramark

Intermediate

HoldCo

Corp.,

Term

Loan

B7,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 04/06/28

...........

81

80,866

Aramark

Intermediate

HoldCo

Corp.,

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 06/22/30

...........

473

473,737

Asplundh

Tree

Expert

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.19%

,

 09/07/27

..................

201

201,298

Cl

ean

Harbors,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.21%

,

 10/08/28

..................

228

229,339

Covanta

Holding

Corp.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.59%

,

 11/30/28

..................

303

303,012

Covanta

Holding

Corp.,

Term

Loan

C,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.59%

,

 11/30/28

..................

18

18,302

Garda

Financing

Delaware

GP,

Term

Loan

B,

02/01/29

(o)

......................

55

55,148

Garda

World

Security

Corp.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

9.59%

,

 02/01/29

..................

75

74,901

GFL

Environmental,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.32%

,

 07/03/31

..................

123

123,345

JFL-Tiger

Acquisition

Co.,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.83%

,

 10/17/30

............

84

83,864

LABL,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

10.45%

,

 10/29/28

209

201,614

Minimax

Viking

GmbH,

F

acility

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

8.21%

,

 07/31/28

............

21

20,842

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

24

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

PECF

USS

Intermediate

Holding

III

Corp.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.71%

,

 12/15/28

.......

USD

158

$

97,598

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.60%

,

 10/13/30

..

86

85,991

Ryan

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 11/14/30

.

15

14,989

Tempo

Acquisi

tion,

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.59%

,

 08/31/28

..................

615

617,088

TruGreen

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.44%

,

 11/02/27

..................

231

219,503

Vestis

Corp.,

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.58%

,

 02/22/31

..................

173

171,777

Viad

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.59%

,

 07/30/28

.

229

229,690

4,174,002

Communications

Equipment

—

0.0%

(a)

Ciena

Corp.

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.35%

,

 10/24/30

..................

289

290,512

ViaSat,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.84%, 03/02/29

..........

113

102,586

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.94%, 05/30/30

..........

59

53,960

447,058

Construction

&

Engineering

—

0.1%

(a)

AECOM,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.88%),

7.22%

,

 04/18/31

.

208

209,387

Brand

Industrial

Services,

Inc.

Term

Loan

C,

(3-mo.

CME

Term

SOFR

+

4.50%),

0.00%

,

 08/30/24

..................

688

687,971

Legence

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.94%

,

 12/16/27

..................

50

49,759

Pike

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.46%

,

 01/21/28

.

299

299,978

Propulsion

(BC)

Newco

LLC,

Term

Loan,

09/14/29

(o)

......................

38

38,053

USIC

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

9.05%

,

 05/12/28

..................

254

245,379

1,530,527

Construction

Materials

—

0.2%

(a)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 01/31/31

..

354

355,677

New

AMI

I

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

11.34%

,

 03/08/29

.................

142

135,765

Oscar

AcquisitionCo

LLC,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.59%

,

 04/29/29

..................

219

216,723

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(

1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.84%

,

 04/14/31

............

119

119,036

Security

Par

(000)

Par

(000)

Value

Construction

Materials

(continued)

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.59%

,

 03/19/29

............

USD

54

$

54,576

Smyrna

Ready

Mix

Concrete

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.85%

,

 04/02/29

(f)

............

73

73,253

Standard

Building

Solutions,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.35%

,

 09/22/28

............

188

188,785

Summit

Materials

LLC,

Term

Loan

B2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.05%

,

 01/12/29

..................

102

102,254

White

Cap

Supply

Holdings,

LLC,

Term

Loan

C,

10/19/29

(o)

......................

482

478,179

1,724,248

Consumer

Staples

Distribution

&

Retail

—

0.0%

US

Foods,

Inc.,

Term

Loan

B

(a)

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.46%, 09/13/26

..........

120

120,004

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%, 11/22/28

...........

296

296,974

416,978

Containers

&

Packaging

—

0.1%

(a)

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.60%

,

 12/01/27

.......

672

675,214

Mauser

Packaging

Solutions

Holding

Co.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84%

,

 04/15/27

.......

205

205,899

Pregis

TopCo

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.34%

,

 07/31/26

..................

53

53,637

Trident

TPI

Holdings,

Inc.,

Term

Loan

B3,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.33%

,

 09/15/28

............

176

176,555

1,111,305

Distributors

—

0.0%

PAI

Holdco,

Inc.,

1st

Lien

Term

Loan

B,

10/28/27

(a)(o)

.....................

237

214,619

Diversified

Consumer

Services

—

0.2%

(a)

Ascend

Learning

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.94%

,

 12/11/28

.............

48

47,686

Bright

Horizons

Family

Solutions

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.71%

,

 11/24/28

.......

326

325,093

Kuehg

Corp.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.84%

,

 06/12/30

..................

211

211,775

Sotheby's,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

10.06%

,

 01/15/27

388

354,341

Spring

Education

Group,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.34%

,

 09/29/30

............

273

273,956

Veritas

US,

Inc.,

Term

L

oan

B,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.00%),

10.46%

,

 09/01/25

.................

108

94,342

Wand

Newco

3,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.75%),

9.09%

,

 0

1

/3

0

/

31

..................

429

430,424

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

Consumer

Services

(continued)

WCG

Purchaser

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.50%),

8.84%

,

 01/08/27

..................

USD

133

$

132,924

1,870,541

Diversified

Telecommunication

Services

—

0.2%

(a)

Altice

Financing

SA,

Term

Loan,

(3-mo.

LIBOR

USD

at

0.00%

Floor

+

2.75%),

8.31%

,

 01/31/26

(f)

.................

96

88,878

Connect

Finco

SARL,

Term

Loan

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.50%),

8.84%, 12/11/26

...........

41

40,601

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.84%, 09/27/29

..........

124

117,504

Iridium

Satellite

LLC,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

7.60%

,

 09/20/30

..................

119

117,579

Level

3

Financing,

Inc.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.56%),

11.91%

,

 04/15/29

.................

69

68,291

Level

3

Financing,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.56%),

11.91%

,

 04/15/30

.................

69

68,547

Lumen

Technologies,

Inc.,

Term

Loan

A,

06/01/28

(o)

......................

28

23,328

Lumen

Technologies,

Inc.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.35%),

7.81%

,

 04/15/29

............

80

59,369

Lumen

Technologies,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.35%),

7.81%

,

 04/15/30

............

81

58,799

Orbcomm,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

9.71%

,

 09/01/28

..................

107

92,375

Radiate

Holdco

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.71%

,

 09/25/26

..................

386

320,111

UPC

Financing

Partnership,

Facility

Term

Loan

AX,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.44%

,

 01/31/29

...........

54

53,791

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

Q,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.69%

,

 01/31/29

............

83

79,652

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.46%

,

 03/09/27

..................

753

671,654

1,860,479

Electric

Utilities

—

0.0%

(a)

Hamilton

Projects

Acquiror

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.09%

,

 05/31/31

............

41

41,346

NRG

Energy,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.26%

,

 04/16/31

..................

174

174,129

215,475

Electrical

Equipment

—

0.0%

(a)

Arcline

FM

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.35%

,

 06/23/28

............

339

339,547

Arcline

FM

Holdings

LLC,

Term

Loan,

06/23/28

(o)

......................

20

20,054

359,601

Security

Par

(000)

Par

(000)

Value

Electronic

Equipment,

Instruments

&

Components

—

0.0%

(a)

Celestica,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.10%

,

 06/20/31

(f)

.................

USD

70

$

69,913

Coherent

Corp.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.84%

,

 07/02/29

..................

291

291,253

361,166

Entertainment

—

0.4%

(a)

Aristocrat

Technologies,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.69%

,

 05/24/29

............

17

17,046

City

Football

Group

Ltd.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.46%

,

 07/21/30

(f)

.................

377

376,951

Creative

Artists

Agency

LLC,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59%

,

 11/27/28

.............

610

612,833

Formula

One

Management

Ltd.,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.59%

,

 01/15/30

..

37

5

376,249

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.20%

,

 10/19/26

............

512

511,408

Motion

Acquisition

Ltd.,

Facility

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84%

,

 11/12/29

.............

322

323,132

NEP

Group,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.71%

,

 08/19/26

..................

357

335,050

Playtika

Holding

Corp.,

Term

Loan

B1,

(1-mo.

CME

Te

rm

SOFR

at

0.00%

Floor

+

2.75%),

8.21%

,

 03/13/28

..................

340

340,368

SMG

US

Midco

2,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

8.01%

,

 01/23/25

............

190

189,338

UFC

Holdings

LLC,

1st

Lien

Term

Loan

B3,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

8.29%

,

 04/29/26

............

266

266,973

William

Morris

Endeavor

Entertainment

LLC,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.21%

,

 05/18/25

.

540

540,899

WMG

Acquisition

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 01/24/31

..................

562

562,046

4,452,293

Financial

Services

—

0.4%

(a)

ABG

Intermediate

Holdings

2

LLC,

Term

Loan,

12/21/28

(o)

......................

374

375,173

APi

Group

DE,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.35%

,

 01/03/29

..................

165

165,368

Belron

Finance

US

LLC,

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.77%, 10/30/26

..........

149

149,313

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.93%),

7.32%, 04/13/28

..........

251

250,856

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.63%, 04/18/29

..........

405

406,305

Boost

Newco

Borrower

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.33%),

8.34%

,

 07/31/25

..................

573

573,269

Boost

Newco

Borrower,

LLC,

Term

Loan,

01/31/31

(o)

......................

55

55,026

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

26

(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

at

0.50%

Floor

+

2.50%),

7.96%

,

 09/01/28

.......

USD

163

$

157,890

CPI

Holdco

B

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 05/17/31

..................

240

239,976

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.75%),

9.09%

,

 04/09/27

.......

712

711,917

Deerfield

Dakota

Holding

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.75%),

12.35%

,

 04/07/28

......

270

272,195

HIG

Finance

2

Ltd.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 02/15/31

..................

275

275,712

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.19%

,

 12/17/27

............

130

128,010

Lions

Gate

Capital

Holdings

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.69%

,

 03/24/25

............

201

200,275

Nuvei

Technologies

Corp.

Term

Loan

B,

0.00%

,

 07/18/31

(f)

.................

284

283,290

Sotera

Health

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59%

,

 05/30/31

..................

379

378,409

4,622,984

Food

Products

—

0.2%

(a)

8th

Avenue

Food

&

Provisions,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.21%

,

 10/01/25

..

227

214,248

Chobani

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.25%),

8.71%, 10/25/27

..........

683

684,641

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.08%, 10/25/27

..........

73

72,907

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.69%

,

 01/29/27

.......

630

631,013

H-Food

Holdings

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.69%),

9.30%

,

 05/23/25

..................

69

50,929

Nomad

Foods

Ltd.,

Facility

Term

Loan

B5,

11/12/29

(o)

......................

140

139,771

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.85%

,

 03/31/28

............

163

163,509

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.09%

,

 01/20/28

............

408

408,677

2,365,695

Gas

Utilities

—

0.0%

NGL

Energy

Operating

LLC,

Term

Loan,

02/03/31

(a)(o)

.....................

109

108,841

Ground

Transportation

—

0.1%

(a)

AIT

Worldwide

Logistics

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.18%

,

 04/06/28

..

70

69,674

Avis

Budget

Car

Rental

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.21%

,

 08/06/27

............

191

190,553

Security

Par

(000)

Par

(000)

Value

Ground

Transportation

(continued)

Genesee

&

Wyoming,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 04/10/31

..................

USD

358

$

358,015

Hertz

Corp.

(The),

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.86%

,

 06/30/28

..................

104

94,757

Hertz

Corp.

(The),

Term

Loan

C,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.86%

,

 06/30/28

..................

19

17,330

SIRVA

Worldwide,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.50%),

11.01%

,

 08/04/25

(f)

...........

58

40,502

Uber

Technologies,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.09%

,

 03/03/30

..................

406

407,929

1,178,760

Health

Care

Equipment

&

Supplies

—

0.1%

(a)

Bausch

+

Lomb

Corp.,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.70%, 05/10/27

..........

487

477,281

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.34%, 09/29/28

..........

102

101,461

Chariot

Buyer

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.69%

,

 11/03/28

..................

451

450,398

Insulet

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.34%

,

 08/04/31

..................

86

85,676

1,114,816

Health

Care

Providers

&

Services

—

0.3%

(a)

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.71%

,

 09/29/28

.......

209

209,632

CNT

Holding

I

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.75%

,

 11/08/27

.............

336

337,6

14

Concentra

Health

Services,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.60%

,

 07/26/31

(f)

............

65

65,081

Electron

Bidco,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.46%

,

 11/01/28

..................

445

445,858

Ensemble

RCM

LLC,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.25%

,

 08/01/29

..................

45

45,050

EyeCare

Partners

LLC,

Term

Loan

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.75%),

11.03%

,

 08/31/28

.................

51

51,660

EyeCare

Partners

LLC,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.61%),

9.99%

,

 11/30/28

..................

194

117,986

EyeCare

Partners

LL

C,

Term

Loan

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.75%),

0.00%

,

 11/30/28

(d)(e)(f)

...............

5

855

Medical

Solutions

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.60%

,

 11/01/28

.......

169

133,566

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

7.00%),

12.35%

,

 11/01/29

......

87

58,290

Medline

Borrower

LP,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.59%, 10/23/28

..........

291

291,227

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.85%, 10/23/28

..........

USD

1,036

$

1,039,064

Option

Care

Health,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.59%

,

 10/27/28

............

233

233,775

Surgery

Center

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.10%

,

 12/19/30

............

261

261,488

Vizient,

Inc.,

Term

Loan

B,

(1-mo.

LIBOR

USD

at

0.50%

Floor

+

0.00%),

0.00%

,

 07/18/31

(f)

83

83,207

Vizient,

Inc.,

Term

Loan

B7,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.69%

,

 07/31/25

..................

105

104,969

3,479,322

Health

Care

Technology

—

0.2%

(a)

Athenahealth

Group,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.59%

,

 02/15/29

..................

618

616,513

Cotiviti

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59%

,

 05/01/31

..................

559

560,348

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.44%

,

 10/01/27

............

418

370,829

PointClickCare

Technologies,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

8.34%

,

 12/29/27

(f)

............

104

104,129

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.51%

,

 06/02/28

..................

810

811,375

Waystar

Technologies,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.09%

,

 10/22/29

............

114

115,100

2,578,294

Hotel

&

Resort

REITs

—

0.0%

RHP

Hotel

Properties

LP,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.59%

,

 05/18/30

(a)

.................

97

97,295

Hotels,

Restaurants

&

Leisure

—

0.7%

(a)

1011778

BC

Unlimited

Liability

Co.,

Term

Loan

B6,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.09%

,

 09/20/30

...........

345

343,475

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.21%

,

 02/02/26

.......

328

319,926

Alterra

Mountain

Co.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84%

,

 09/30/24

..................

28

28,152

Alterra

Mountain

Co.,

Term

Loan

B5,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84%

,

 05/31/30

..................

130

130,561

Bally's

Corp.,

Facility

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.79%

,

 10/02/28

..................

244

232,667

Caesars

Entertainment,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.10%

,

 02/06/30

............

108

108,218

Caesars

E

ntertainment,

Inc.,

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.10%

,

 02/06/31

............

772

772,752

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Carnival

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

8.09%

,

 08/08/27

..................

USD

184

$

184,988

Churchill

Downs,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.44%

,

 03/17/28

..................

270

270,137

Fertitta

Entertainment

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.08%

,

 01/27/29

..................

770

772,065

Flutter

Ent

ertainment

plc,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.59%

,

 11/29/30

..................

578

578,712

Four

Seasons

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.34%

,

 11/30/29

.......

560

561,346

Hilton

Domestic

Operating

Co.,

Inc.,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.10%

,

 11/08/30

...........

417

417,751

IRB

Holding

Corp.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

8.19%

,

 12/15/27

..................

305

305,243

Light

and

Wonder

International,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.59%

,

 04/14/29

(f)

..........

245

246,842

Packers

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.70%

,

 03/09/28

..................

126

65,062

Penn

Entertainment,

Inc.,

Facility

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.19%

,

 05/03/29

............

364

365,194

Playa

Resorts

Holding

BV,

Term

Loan,

(1-m

o.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.10%

,

 01/05/29

..................

75

74,866

Scientific

Games

Holdings

LP

,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.32%

,

 04/04/29

............

95

94,810

Seaworld

Parks

&

Entertainment,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.84%

,

 08/25/28

.......

73

73,156

Six

Flags

Entertainment

Corp.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 05/01/31

............

84

84,210

Station

Casinos

LLC,

Facility

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.59%

,

 03/14/31

............

479

479,207

Whatabrands

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.09%

,

 08/03/28

..................

544

544,161

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.09%

,

 05/24/30

............

242

242,204

7,295,705

Household

Durables

—

0.1%

(a)

ACProducts

Holdings,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.85%

,

 05/17/28

..................

202

160,585

Hunter

Douglas

Holding

BV,

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 02/26/29

............

486

480,563

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.46%

,

 10/06/28

............

423

324,582

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

Weber-Stephen

Products

LLC,

Term

Loan

B,

(1-mo

.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.71%

,

 10/30/27

............

USD

586

$

540,991

1,506,721

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

(a)

Calpine

Construction

Finance

Co.

LP,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 07/31/30

.......

181

181,182

Calpine

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 01/31/31

..................

104

103,667

Constellation

Renewables

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

2.25%),

7.60%

,

 12/15/27

............

247

247,256

532,105

Industrial

Conglomerates

—

0.1%

EMRLD

Borrower

LP,

Term

Loan

B

(a)

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.84%, 05/31/30

..........

424

423,558

 08/04/31

(o)

......................

228

228,000

651,558

Insurance

—

0.5%

(a)

Alliant

Holdings

Intermediate

LLC,

Term

Loan

B6,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.85%

,

 11/06/30

...........

958

962,028

AmWINS

Group,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

7.71%

,

 02/19/28

..................

542

542,388

AssuredPartners,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 02/14/31

..................

735

737,458

Baldwin

Insurance

Group

Holdings

LLC

(The),

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59%

,

 05/26/31

(f)

..

133

133,087

Hub

International

Ltd.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.58%

,

 06/20/30

..................

691

691,335

Jones

DesLauriers

Insurance

Management,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.75%

,

 03/15/30

..................

165

165,295

Ryan

Specialty

Group

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

8.09%

,

 09/01/27

..................

373

374,428

Truist

Insurance

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59%

,

 05/06/31

.......

563

563,968

USI,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.09%

,

 09/27/30

.

132

132,169

USI,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

+

2.75%),

8.09%

,

 11/22/29

.......

537

537,924

4,840,080

IT

Services

—

0.4%

(a)

Amazon

Holdco

Inc.,

Term

Loan,

07/30/31

(f)(o)

.

225

225,562

Asurion

LLC,

2nd

Lien

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

10.71%

,

 01/31/28

.................

120

111,118

Asurion

LLC,

2nd

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

F

loor

+

5.25%),

10.71%

,

 01/20/29

.................

107

98,022

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Asurion

LLC,

Term

Loan

B11,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

9.69%

,

 08/19/28

..................

USD

218

$

217,259

Asurion

LLC,

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.71%

,

 12/23/26

..................

295

293,939

Camelot

US

Acquisition

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.09%

,

 01/31/31

..................

512

512,566

Central

Parent

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59%

,

 07/06/29

..................

589

582,825

Epicor

Software

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.59%

,

 05/30/31

............

172

172,940

Epicor

Software

Corp.,

Delayed

Draw

Term

Loan,

05/30/31

(o)

..................

20

20,291

Fortress

Intermediate

3,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.10%

,

 06/27/31

(f)

.................

82

82,000

Go

Daddy

Operating

Co.

LLC,

Term

Loan

B6,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 11/09/29

.............

117

116,906

Go

Daddy

Operating

Co.

LLC,

Term

Loan

B7,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.09%

,

 05/30/31

............

574

574,075

Magenta

Buyer

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.51%

,

 07/27/28

.................

99

48,672

Magenta

Buyer

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

8.25%),

13.76%

,

 07/27/29

............

259

67,992

Mitchell

International,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.59%

,

 06/17/31

............

382

377,576

Mitchell

International,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

10.59%

,

 06/17/32

............

92

91,338

Modena

Buyer

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

9.83%

,

 07/01/31

..................

145

139,417

P

roject

Boost

Purchaser

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

3.50%),

8.79%

,

 07/16/31

..................

129

129,233

Quartz

AcquireCo

LLC,

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

0.00%

,

 06/28/30

..................

38

37,746

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.25%

,

 02/24/28

..

709

709,864

4,609,341

Leisure

Products

—

0.0%

(a)

Fender

Musical

Instruments

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.44%

,

 12/01/28

............

55

53,665

Hayward

Industries,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.96%

,

 05/30/28

............

90

89,583

143,248

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Life

Sciences

Tools

&

Services

—

0.2%

(a)

Avantor

Funding,

Inc.,

Term

Loan

B6,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.44%

,

 11/08/27

..................

USD

161

$

161,988

Catalent

Pharma

Solutions,

Inc.,

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.46%

,

 02/22/28

............

323

322,990

Fortrea

Holdings,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.09%

,

 07/01/30

..................

36

35,925

Icon

plc,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.34%

,

 07/03/28

..

66

66,501

Icon

plc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.34%

,

 07/03/28

.

17

16,691

Iqvia,

Inc.,

Term

Loan

B4,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 01/02/31

..................

224

224,884

Maravai

Intermediate

Holdings

LLC,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.28%

,

 10/19/27

............

297

294,437

Parexel

International,

Inc.,

1st

Lien

Te

rm

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.34

%

,

 11

/15

/28

.............

519

520,809

Star

Parent,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.09%

,

 09/27/30

..................

213

213,683

1,857,908

Machinery

—

0.5%

(a)

Albion

Financing

3

SARL,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.83%

,

 08/16/29

..................

363

365,585

Barnes

Group,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.84%

,

 08/30/30

..................

226

226,494

Columbus

McKinnon

Corp.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.84%

,

 05/14/28

..................

100

100,314

Doosan

Bobcat

North

A

merica,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

+

2.00%),

7.32%

,

 04/20/29

..................

143

143,094

Filtration

Group

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.96%

,

 10/21/28

..................

574

576,475

Generac

Power

Systems,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

1.75%),

7.09%

,

 06/12/31

..................

38

38,048

Husky

Injection

Molding

Systems

Ltd.,

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.00%),

10.33%

,

 02/15/29

......

781

782,499

Indicor

LLC,

1s

t

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.59%

,

 11/22/29

..................

386

386,878

Madison

IAQ

LLC,

Term

Loan,

(6-mo.

LIBOR

USD

at

0.50%

Floor

+

2.75%),

7.89%

,

 06/21/28

..................

475

475,823

Osmosis

Buyer

Ltd.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

07/31/28

(o)

......................

323

324,219

SPX

Flow,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 04/05/29

..................

254

256,059

TK

Elevator

Midco

GmbH,

Facility

Term

Loan

B2,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.59%

,

 04/30/30

...........

796

800,260

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

Vertiv

Group

Corp.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 03/02/27

..................

USD

284

$

285,261

WEC

US

Holdings

Ltd.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.09%

,

 01/27/31

..................

246

246,467

Zurn

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.46%

,

 10/04/28

..................

132

133,000

5,140,476

Media

—

0.1%

(a)

Altice

France

SA,

Term

Loan

B14,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.50%),

10.80%

,

 08/15/28

.................

321

244,428

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.25%),

8.69%

,

 03/03/25

............

215

213,177

Charter

Communications

Operating

LLC,

Term

Loan

B4,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.33%

,

 12/07/30

.......

122

121,096

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.46%

,

 08/21/28

.......

66

65,653

CSC

Holdings

LLC,

Term

Loan,

(1-mo.

LIBOR

USD

at

0.00%

Floor

+

2.50%),

7.94%

,

 04/15/27

..................

211

179,626

DirecTV

Financing

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.46%

,

 08/02/27

.................

126

126,472

ECL

Entertainment

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.34%

,

 08/31/30

..................

86

85,954

Gray

Television,

Inc.,

Term

Loan

F,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

10.59%

,

 01/01/38

.................

45

43,613

Learfield

Communications

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

5.50%),

10.84% 06/30/28

.......

162

162,045

Sin

clair

Television

Group,

Inc.,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.19%

,

 04/21/29

............

51

35,443

Ziggo

Financing

Partnership,

Facility

Term

Loan

I,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.94%

,

 04/30/28

............

111

109,040

1,386,547

Oil,

Gas

&

Consumable

Fuels

—

0.2%

(a)

Ecopetrol

SA,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.00%),

10.00%

,

 09/06/30

(f)

................

450

460,440

Freeport

LNG

investments

LLLP,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

9.04%

,

 12/21/28

............

641

637,147

GIP

Pilot

Acquisition

Partners

LP,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.82%

,

 10/04/30

............

29

29,435

M6

ETX

Holdings

II

Midco

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.94%

,

 09/19/29

............

35

35,566

Medallion

Midland

Acquisition

LP,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84%

,

 10/18/28

............

376

377,122

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

30

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Murphy

Oil

USA,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

7.21%

,

 01/31/28

..................

USD

44

$

44,214

New

Fortress

Energy

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.25%

,

 10/30/28

.................

299

293,936

Oryx

Midstream

Se

rvices

Permian

Basin

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.44%

,

 10/05/28

..

372

373,032

2,250,892

Passenger

Airlines

—

0.1%

(a)

AAdvantage

Loyalty

IP

Ltd.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.29%

,

 04/20/28

.................

342

352,967

Air

Canada,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.85%

,

 03/21/31

..................

268

268,776

American

Airlines,

Inc.,

Term

Loan

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.07%, 01/29/27

..........

204

203,937

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.19%, 02/15/28

..........

213

212,129

(6-mo.

CME

Term

SOFR

at

1.00%

Floor

+

2.50%),

7.78%, 06/04/29

..........

219

217,741

United

AirLines,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.03%

,

 02/22/31

..................

279

280,048

1,535,598

Pharmaceuticals

—

0.2%

(a)

Amneal

Pharmaceuticals

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.50%),

10.84%

,

 05/04/28

............

204

205,427

Amynta

Agency

Borrower,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.00%

,

 02/28/28

.......

444

444,528

Bausch

Health

Cos.,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

10.69%

,

 02/01/27

.................

147

136,164

Elanco

Animal

Health,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.19%

,

 08/01/27

..................

262

261,288

Jazz

Pharmaceuticals,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.59%

,

 05/05/28

............

536

536,957

Organon

&

Co.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.84%

,

 05/19/31

..................

215

215,761

Perrigo

Co.

plc,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.69%

,

 04/20/29

(f)

.................

129

128,804

Precision

Medicine

Group

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

8.44%

,

 11/18/27

.............

191

190,374

2,119,303

Professional

Services

—

0.4%

(a)

AlixPartners

LLP,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.96%

,

 02/04/28

..................

345

346,217

CoreLogic,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.96%

,

 06/02/28

..................

443

435,311

Security

Par

(000)

Par

(000)

Value

Professional

Services

(continued)

Dayforce,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.84%

,

 03/03/31

(f)

.................

USD

380

$

380,475

Dun

&

Bradstreet

Corp.

(The),

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.10%

,

 01/18/29

............

1,154

1,156,368

Element

Materials

Technology

Group

US

Holdings,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.69%

,

 07/0

6/29

..................

312

313,349

FleetCor

Technologies

Operating

Co.

LLC,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.19%

,

 04/28/28

.......

361

360,783

Galaxy

US

Opco,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.75%),

10.00%

,

 04/29/29

............

156

121,366

Trans

Union

LLC,

Term

Loan

B7,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.35%

,

 12/01/28

..................

535

535,540

Trans

Union

LLC,

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

+

1.75%),

7.10%

,

 06/24/31

...

144

144,141

3,793,550

Real

Estate

Management

&

Development

—

0.0%

Cushman

&

Wakefield

US

Borrower

LLC,

Term

Loan

(a)

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.21%, 08/21/25

..........

9

8,983

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.34%, 01/31/30

(f)

..........

100

99,827

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.09%, 01/31/30

(f)

..........

56

56,000

164,810

Semiconductors

&

Semiconductor

Equipment

—

0.1%

(a)

Entegris,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.09%

,

 07/06/29

..................

151

151,026

MKS

Instruments,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.60%

,

 08/17/29

..................

293

293,866

Synaptics,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.85%

,

 12/02/28

..................

97

96,493

541,385

Software

—

0.9%

(a)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84%

,

 02/24/31

............

656

659,213

Barracuda

Parent

LLC,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.81%

,

 08/15/29

............

59

57,089

CCC

Intelligent

Solutions,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.71%

,

 09/21/28

............

427

427,792

Cloud

Software

Group,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.84%

,

 03/21/31

............

425

426,437

Cloud

Software

Group,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.34%

,

 03/30/29

..................

866

865,442

Cloudera,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.19%

,

 10/08/28

..................

341

330,546

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Cloudera,

Inc

.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

11.44%

,

 10/08/29

.................

USD

122

$

113,613

DS

Admiral

Bidco

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

9.59%

,

 06/26/31

(f)

.................

133

129,675

E2open

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.96%

,

 02/04/28

..................

45

44,901

Ellucian

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.94%

,

 10/09/29

............

519

522,647

Gen

Digital,

Inc.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

7.09%

,

 09/12/29

..................

454

453,086

Genesys

Cloud

Services

Holdings

I

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.84%, 12/01/27

..........

534

536,406

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.21%, 12/01/27

..........

121

122,123

Helios

Software

Holdings,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.09%

,

 07/18/30

............

136

136,050

Informatica

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.59%

,

 10/27/28

..................

558

559,719

McAfee

Corp.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.59%

,

 03/01/29

..................

515

513,447

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.59%

,

 05/03/28

..................

305

303,973

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.25%),

11.50%

,

 02/23/29

.................

109

107,857

Planview

Parent,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.09%

,

 12/17/27

............

47

46,933

Proofpoint,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.34%

,

 08/31/28

..................

755

757,457

RealPage,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.46%

,

 04/24/28

..................

563

547,794

Sabre

GLBL,

Inc.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.96%

,

 12/17/27

..................

56

50,446

Sabre

GLBL,

Inc.,

Term

Loan

B2,

(1-mo.

LIBOR

USD

at

0.50%

Floor

+

3.50%),

8.96%

,

 12/17/27

..................

88

79,056

Severin

Acquisition

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.25%

,

 08/01/27

............

170

170,336

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 05/09/31

...........

211

212,210

UKG,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.56%

,

 02/10/31

..................

621

623,204

Voyage

Au

stralia

Pty.

Ltd.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

9.04%

,

 07/20/28

............

32

31,620

Security

Par

(000)

Par

(000)

Value

Software

(continued)

VS

Buyer

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.58%

,

 04/12/31

..................

USD

425

$

425,990

9,255,062

Specialty

Retail

—

0.1%

(a)

EG

Group

Ltd.,

Facility

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.84%

,

 03/31/26

(f)

.................

90

89,375

LS

Group

Opco

Acquisition

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.34%

,

 04/23/31

............

72

71,997

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3

.

75

%),

8

.

85

%

,

 05/

04

/2

8

..

544

545,397

Peer

Holding

III

BV,

Facility

Term

Loan

B5,

06/20/31

(o)

......................

127

127,476

PetSmart

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.19%

,

 02/11/28

..................

163

161,873

Restoration

Hardware,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.96%, 10/20/28

..........

76

71,213

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.69%, 10/20/28

..........

109

104,530

RVR

Dealership

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.19%

,

 02/08/28

............

20

18,328

1,190,189

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

Hanesbrands,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.09%

,

 03/08/30

(a)

.................

40

40,519

Trading

Companies

&

Distributors

—

0.1%

(a)

Beacon

Roofing

Supply,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 05/19/28

..................

254

255,216

Core

&

Main

LP,

Term

Loan

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.59%

,

 02/09/31

..................

222

222,722

Core

&

Main

LP,

Term

Loan

D,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 07/27/28

..................

430

430,329

Foundation

Building

Materials,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.25%

,

 01/29/31

............

430

425,665

Gulfside

Su

pply,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.29%

,

 06/17/31

(f)

.................

92

92,230

TMK

Hawk

Parent

Corp.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.25%),

10.60%

,

 06/30/29

(f)

................

139

97,112

1,523,274

Transportation

Infrastructure

—

0.1%

(a)

Apple

Bidco

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.21%, 09/22/28

..........

200

199,984

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%, 09/22/28

..........

143

142,935

Brown

Group

Holding

LLC,

Term

Loan,

06/07/28

(o)

......................

285

284,889

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Transportation

Infrastructure

(continued)

Brown

Group

Holdings

LLC,

Facility

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.00%

,

 07/01/31

...........

USD

238

$

237,738

OLA

Netherlands

BV,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.25%),

11.69%

,

 12/15/26

(f)

.................

104

103,473

Rand

Parent

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.07%

,

 03/17/30

..................

54

54,139

1,023,158

Wireless

Telecommunication

Services

—

0.0%

(a)

Gogo

Intermediate

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.21%

,

 04/30/28

............

116

115,764

SBA

Senior

Finance

II

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.35%

,

 01/25/31

..................

264

263,868

379,632

Total

Floating

Rate

Loan

Interests

—

9.3%

(Cost:

$102,348,754)

..............................

101,580,180

Foreign

Agency

Obligations

Argentina

—

0.0%

YPF

SA,

9.50%

,

01/17/31

(b)

.............

306

313,650

Chile

—

0.1%

Banco

del

Estado

de

Chile,

2.70%

,

01/09/25

(c)

105

103,524

Empresa

Nacional

del

Petroleo

(b)

6.15%,

05/10/33

..................

225

228,375

5.95%,

07/30/34

..................

200

199,700

531,599

Denmark

—

0.0%

Orsted

A/S

(a)(c)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

2.14%),

2.50%,

02/18/3021

....................

GBP

126

118,212

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.59%),

5.13%,

03/14/3024

..............

EUR

100

109,984

228,196

Finland

—

0.0%

Finnair

OYJ

4.75%,

05/24/29

(c)

.................

300

321,374

321,374

France

—

0.1%

Electricite

de

France

SA

(a)(c)(j)

(12-Year

EUR

Swap

Annual

+

3.79%),

5.38%

.......................

200

216,775

(13-Year

GBP

Swap

Semi

+

4.23%),

6.00%

GBP

400

507,579

(5-Year

EUR

Swap

Annual

+

3.97%),

3.38%

EUR

200

193,452

917,806

Hungary

—

0.1%

(c)

Magyar

Export-Import

Bank

Zrt.,

6.00%

,

05/16/29

.......................

264

303,303

MVM

Energetika

Zrt.,

7.50%

,

06/09/28

.....

USD

200

209,750

513,053

Indonesia

—

0.0%

Pertamina

Persero

PT,

3.65%

,

07/30/29

(c)

...

392

366,073

Security

Par

(000)

Par

(000)

Value

Ireland

—

0.0%

AIB

Group

plc,

(5-Year

EUR

Swap

Annual

+

6.63%),

6.25%

(a)(c)(j)

................

EUR

400

$

434,523

Italy

—

0.0%

Poste

Italiane

SpA

,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.68%),

2.63%

(a)(c)(j)

.......

167

162,042

Mexico

—

0.1%

Petroleos

Mexicanos

4.25%,

01/15/25

..................

USD

30

29,672

8.75%,

06/02/29

..................

325

322,924

5.95%,

01/28/31

..................

298

245,522

6.70%,

02/16/32

..................

210

179,046

10.00%,

02/07/33

.................

203

207,161

984,325

Morocco

—

0.1%

OCP

SA

6.75%,

05/02/34

(b)

.................

275

286,000

5.13%,

06/23/51

(c)

.................

217

166,547

7.50%,

05/02/54

(b)

.................

232

239,250

691,797

Panama

—

0.0%

Aeropuerto

Internacional

de

Tocumen

SA,

5.13%

,

08/11/61

(b)

.................

200

151,688

Peru

—

0.0%

Corp.

Financiera

de

Desarrollo

SA,

4.75%

,

07/15/25

(c)

......................

200

197,668

Saudi

Arabia

—

0.0%

Saudi

Arabian

Oil

Co.,

5.88%

,

07/17/64

(b)

....

200

195,026

Total

Foreign

Agency

Obligations

—

0.5%

(Cost:

$6,077,093)

...............................

6,008,820

Foreign

Government

Obligations

Bahrain

—

0.0%

Kingdom

of

Bahrain,

5.45%

,

09/16/32

(c)

.....

200

186,000

Brazil

—

0.0%

Federative

Republic

of

Brazil,

7.13%

,

05/13/54

229

226,252

Chile

—

0.0%

Republic

of

Chile,

4.34%

,

03/07/42

........

268

234,232

Colombia

—

0.1%

Republic

of

Colombia

4.50%,

01/28/26

..................

284

278,462

3.88%,

03/22/26

..................

EUR

134

143,998

8.00%,

04/20/33

..................

USD

256

268,544

8.00%,

11/14/35

..................

200

208,600

899,604

Costa

Rica

—

0.0%

Republic

of

Costa

Rica,

6.55%

,

04/03/34

(c)

...

230

237,907

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond

5.95%,

01/25/27

(c)

.................

387

387,967

4.50%,

01/30/30

(b)

.................

383

355,830

7.05%,

02/03/31

(b)

.................

155

162,654

4.88%,

09/23/32

(b)

.................

306

280,278

1,186,729

Egypt

—

0.1%

Arab

Republic

of

Egypt

5.63%,

04/16/30

(c)

.................

EUR

160

140,963

7.63%,

05/29/32

(c)

.................

USD

428

358,450

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Egypt

(continued)

7.50%,

02/16/61

(b)

.................

USD

200

$

135,438

634,851

Guatemala

—

0.1%

Republic

of

Guatemala

(b)

7.05%,

10/04/32

..................

380

402,919

6.60%,

06/13/36

..................

225

228,445

631,364

Honduras

—

0.0%

Republic

of

Honduras,

5.63%

,

06/24/30

(b)

....

150

129,562

Hungary

—

0.1%

Hungary

Government

Bond

(b)

5.25%,

06/16/29

..................

355

353,669

5.50%,

03/26/36

..................

200

196,125

549,794

Indonesia

—

0.0%

Perusahaan

Penerbit

SBSN

Indonesia

III,

4.40%

,

06/06/27

(b)

.................

240

236,700

Ivory

Coast

—

0.1%

Republic

of

Cote

d'Ivoire

(c)

6.38%,

03/03/28

..................

303

296,751

5.88%,

10/17/31

..................

EUR

291

286,984

583,735

Jordan

—

0.0%

Hashemite

Kingdom

of

Jordan,

4.95%

,

07/07/25

(c)

......................

USD

200

196,125

Kenya

—

0.0%

Republic

of

Kenya,

9.75%

,

02/16/31

(b)

......

292

277,035

Mexico

—

0.1%

United

Mexican

States

3.75%,

01/11/28

..................

218

209,348

2.66%,

05/24/31

..................

330

277,613

6.35%,

02/09/35

..................

270

277,695

764,656

Montenegro

—

0.0%

Republic

of

Montenegro,

2.88%

,

12/16/27

(c)

..

EUR

191

190,884

Morocco

—

0.0%

Kingdom

of

Morocco,

2.38%

,

12/15/27

(c)

....

USD

256

231,680

Nigeria

—

0.0%

Federal

Republic

of

Nigeria,

7.63%

,

11/28/47

(c)

200

146,125

North

Macedonia

—

0.0%

Republic

of

North

Macedonia,

6.96%

,

03/13/27

(c)

......................

EUR

182

204,563

Oman

—

0.1%

Oman

Government

Bond,

6.75%

,

01/17/48

(c)

.

USD

554

576,160

Panama

—

0.1%

Republic

of

Panama

7.50%,

03/01/31

..................

264

279,180

6.40%,

02/14/35

..................

200

194,812

473,992

Paraguay

—

0.0%

Republic

of

Paraguay,

2.74%

,

01/29/33

(c)

....

398

328,350

Peru

—

0.0%

Republic

of

Peru,

1.86%

,

12/01/32

........

406

314,904

Poland

—

0.0%

Republic

of

Poland

4.88%,

10/04/33

..................

75

74,119

Security

Par

(000)

Par

(000)

Value

Poland

(continued)

5.50%,

04/04/53

..................

USD

235

$

231,550

305,669

Romania

—

0.1%

Romania

Government

Bond

5.25%,

11/25/27

(b)

.................

72

71,370

2.50%,

02/08/30

(c)

.................

EUR

350

335,179

2.12%,

07/16/31

(c)

.................

351

310,164

716,713

Saudi

Arabia

—

0.1%

Kingdom

of

Saudi

Arabia

4.50%,

04/17/30

(c)

.................

USD

315

308,798

5.00%,

01/18/53

(b)

.................

200

177,875

486,673

Senegal

—

0.0%

Republic

of

Senegal,

6.25%

,

05/23/33

(c)

.....

272

228,480

Serbia

—

0.0%

Republic

of

Serbia,

6.00%

,

06/12/34

(b)

......

200

199,376

South

Africa

—

0.1%

Republic

of

South

Africa

5.88%,

04/20/32

..................

200

188,750

5.00%,

10/12/46

..................

279

200,880

389,630

Trinidad

and

Tobago

—

0.0%

Republic

of

Trinidad

&

Tobago,

6.40%

,

06/26/34

(b)

......................

217

219,604

Ukraine

—

0.0%

Ukraine

Government

Bond

(c)(d)(e)

7.75%,

09/01/25

..................

181

65,793

7.75%,

09/01/26

..................

45

15,300

81,093

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

5.75%

,

10/28/34

266

282,187

Uzbekistan

—

0.0%

(b)

Republic

of

Uzbekistan,

5.38%

,

05/29/27

....

EUR

165

178,571

Republic

of

Uzbekistan

International

Bond,

7.85%

,

10/12/28

..................

USD

200

206,250

384,821

Total

Foreign

Government

Obligations

—

1.2%

(Cost:

$12,875,432)

...............................

12,735,450

Shares

Shares

Investment

Companies

(p)

BlackRock

Floating

Rate

Income

Portfolio,

Class

K

Shares,

Class

K

Shares

.......

1,769,840

17,132,055

iShares

Core

Dividend

Growth

ETF

.......

2,002,354

120,741,946

iShares

International

Dividend

Growth

ETF

(q)

.

447,128

31,583,334

Total

Investment

Companies

—

15.6%

(Cost:

$163,388,799)

..............................

169,457,335

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

0.4%

Alternative

Loan

Trust

(a)

Series

2006-OA14,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.73%

Floor

+

1.73%),

6.90%,

11/25/46

...........

USD

58

$

45,822

Series

2006-OA8,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

5.84%,

07/25/46

................

127

108,

453

Series

2007-OA3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.74%,

04/25/47

................

155

137,341

Banc

of

America

Mortgage

Trust,

Series

2007-4,

Class

1A1,

6.25%,

12/28/37

..........

28

20,530

Prima

Capital

CRE

Securitization

Ltd.,

Series

2016-6A,

Class

C,

4.00%,

08/24/40

(b)

....

2,000

1,889,678

Ready

Capital

Mortgage

Financing

LLC,

Series

2022-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.55%

Floor

+

2.55%),

7.90%,

10/25/39

(a)(b)

.....................

827

8

28,116

Spruce

Hill

Mortgage

Loan

Trust,

Series

2022-

SH1,

Class

A1A,

4.10%,

07/25/57

(b)(l)

.....

1,431

1,377,153

4,407,093

Commercial

Mortgage-Backed

Securities

—

2.4%

(a)

ARES

Commercial

Mortgage

Trust,

Series

2024-IND,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

7.02%,

07/15/41

(b)

80

79,850

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.23%

Floor

+

2.27%),

7.60%,

04/15/35

(b)

......

540

527,726

BBCMS

Mortgage

Trust,

Series

2018-CHRS,

Class

E,

4.27%,

08/05/38

(b)

...........

100

79,538

BFLD

Mortgage

Trust,

Series

2024-VICT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.89%

Floor

+

1.89%),

7.19%,

07/15/41

(b)

...........

170

169,628

BFLD

Trust,

Series

2020-EYP,

Cla

ss

E,

(1-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.81%),

9.14%,

10/15/35

(b)

.................

946

47,481

BPR

Trust,

Series

2021-TY,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.60%

Floor

+

3.71%),

9.04%,

09/15/38

(b)

.................

325

321,448

BX

Commercial

Mortgage

Trust

(b)

Series

2021-NWM,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.91%

Floor

+

1.02%),

6.35%,

02/15/33

................

973

956,202

Series

2021-NWM,

Class

B,

(1-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.26%),

7.59%,

02/15/33

................

571

563,074

Series

2021-NWM,

Class

C,

(1-mo.

CME

Term

SOFR

at

4.25%

Floor

+

4.36%),

9.69%,

02/15/33

................

460

457,639

Series

2021-SOAR,

Class

G,

(1-mo.

CME

Term

SOFR

at

2.80%

Floor

+

2.91%),

8.24%,

06/15/38

................

630

618,086

Series

2021-XL2,

Class

F,

(1-mo.

CM

E

Term

SOFR

at

2.24%

Floor

+

2.36%),

7.69%,

10/15/38

.....................

718

707,217

Series

2022-CSMO,

Class

C,

(1-mo.

CME

Term

SOFR

at

3.89%

Floor

+

3.89%),

9.22%,

06/15/27

................

480

481,950

Series

2023-XL3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.76%

Floor

+

1.76%),

7.09%,

12/09/40

.....................

116

115,649

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2024-AIRC,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

6.99%,

08/15/39

................

USD

1,190

$

1,188,512

Series

2024-MF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

6.77%,

02/15/39

.....................

290

288,550

Series

2024-XL4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

6.77%,

02/15/39

.....................

581

578,219

Series

2024-XL5,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

6.72%,

03/15/41

.....................

390

387,623

BX

Trust

(b)

Series

2018-GW,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

1.10%),

6.43%,

05/15/35

.....................

131

130,509

Series

2021-LBA,

Class

AJV,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

0.91%),

6.24%,

02/15/36

................

120

118,811

Series

2021-LBA,

Class

GJV,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.44%,

02/15/36

................

133

125,258

Series

2021-LBA,

Class

GV,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.44%,

02/15/36

................

395

371,511

Series

2021-MFM1,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

7.69%,

01/15/34

................

261

254,504

Series

2021-MFM1,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.44%,

01/15/34

................

406

395,843

Series

2021-VIEW,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.60%

Floor

+

3.71%),

9.04%,

06/15/36

................

366

345,546

Series

2022-GPA,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.06%

Floor

+

4.06%),

9.39%,

08/15/43

................

1,178

1,170,769

Series

2022-LBA6,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

6.33%,

01/15/39

................

130

128,375

Series

2023-DELC,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.69%

Floor

+

2.69%),

8.02%,

05/15/38

................

1,500

1,504,688

Series

2024-VLT4,

Class

A,

(1-

mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

6.82%,

07/15/29

................

500

499,160

BXP

Trust,

Series

2021-601L,

Class

D,

2.78%,

01/15/44

(b)

......................

281

197,889

COAST

Commercial

Mortgage

Trust,

Series

2023-2HTL,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.44%

Floor

+

4.44%),

9.77%,

08/15/36

(b)

......................

600

595,500

Commercial

Mortgage

Trust,

Series

2024-

WCL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.84%

Floor

+

1.84%),

7.17%,

06

/15/41

(b)

.

270

267,047

CSMC

Trust

(b)

Series

2021-BHAR,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.50%

Floor

+

3.61%),

8.94%,

11/15/38

................

97

95,607

Series

2022-NWPT,

Class

A,

(1-mo.

CME

Term

SOFR

at

3.14%

Floor

+

3.14%),

8.47%,

09/09/24

................

1,000

999,991

DBGS,

Series

2024-SBL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.88%

Floor

+

1.88%),

7.20%,

08/15/39

(b)

......................

133

132,617

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

DBGS

Mortgage

Trust,

Ser

ies

2018-BIOD,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.30%),

7.63%,

05/15/35

(b)

......

USD

402

$

393,721

ELP

Commercial

Mortgage

Trust,

Series

2021-

ELP,

Class

G,

(1-mo.

CME

Term

SOFR

at

3.12%

Floor

+

3.23%),

8.56%,

11/15/38

(b)

.

265

256,462

EQT

Trust,

Series

2024-EXTR,

Class

A,

5.33%,

07/05/41

(b)

......................

580

584,994

Extended

Stay

America

Trust,

Seri

es

2021-

ESH,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.81%),

9.14%,

07/15/38

(b)

.

205

204,850

Great

Wolf

Trust,

Series

2024-WOLF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

6.87%,

03/15/39

(b)

...........

170

169,363

GS

Mortgage

Securities

Corp.

Trust

(b)

Series

2022-AGSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.79%

Floor

+

2.69%),

8.02%,

11/15/27

................

667

666,590

Series

2023-SHIP,

Class

E,

7.43%,

09/10/38

1,400

1,400,329

HONO

Mortgage

Trust,

Series

2021-LULU,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.46%),

8.79%,

10/15/36

(b)

......

174

163,740

ILPT

Commercial

Mortgage

Trust,

Series

2022-

LPF2,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.57%,

10/15/39

(

b)

.

1,340

1,329,950

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

(b)

Series

2016-NINE,

Class

B,

(1-mo.

LIBOR

USD

+

0.00%),

2.85%,

09/06/38

.....

1,000

931,672

Series

2022-OPO,

Class

D,

3.45%,

01/05/39

250

191,250

LBA

Trust,

Series

2024-BOLT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.59%

Floor

+

1.59%),

6.92%,

06/15/26

(b)

.................

200

198,500

Life

Mortgage

Trust,

Series

2021-BMR,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.46%),

7.79%,

03/15/38

(b)

...........

605

578,573

MAD

Mortgage

Trust,

Series

2017-330M,

Class

E,

4.03%,

08/15/34

(b)

...............

151

116,262

MF1

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2021-W10,

Class

G,

(1-mo.

CME

Term

SOFR

at

4.22%

Floor

+

4.22%),

9.55%,

12/15/34

(b)

......................

287

271,365

MHP

Commer

cial

Mortgage

Trust,

Series

2021-

STOR,

Class

J,

(1-mo.

CME

Term

SOFR

at

3.95%

Floor

+

4.06%),

9.39%,

07/15/38

(b)

.

138

135,624

Morgan

Stanley

Capital

I

Trust

Series

2018-H3,

Class

C,

4.85%,

07/15/51

160

145,580

Series

2018-MP,

Class

E,

4.28%,

07/11/40

(b)

238

148,303

NYC

Trust,

Series

2024-3ELV,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.99%

Floor

+

1.99%),

7.32%,

08/15/29

(b)

.................

190

189,525

PFP

Ltd.,

Series

2022-9,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.27%

Floor

+

2.27%),

7.60%,

08/19/35

(b)

......................

873

873,428

PKHL

Comme

rcial

Mortgage

Trust,

Series

2021-MF,

Class

G,

(1-mo.

CME

Term

SOFR

at

4.35%

Floor

+

4.46%),

9.79%,

07/15/38

(b)

100

24,729

SREIT

Trust,

Series

2021-MFP2,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.82%

Floor

+

0.94%),

6.27%,

11/15/36

(b)

............

290

286,375

Taubman

Centers

Commercial

Mortgage

Trust,

Series

2022-DPM,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.19%

Floor

+

2.19%),

7.51%,

05/15/37

(b)

......................

750

751,875

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

TTAN

MHC,

Series

2021-MHC,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.85%

Floor

+

0.96%),

6.29%,

03

/15/38

(b)

.................

USD

108

$

107,346

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2016-NXS5,

Class

B,

4.94%,

01/15/59

...

250

237,752

WMRK

Commercial

Mortgage

Trust,

Series

2022-WMRK,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.79%

Floor

+

2.79%),

8.12%,

11/15/27

(b)

......................

1,113

1,116,130

26,376,305

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

(a)(b)

BX

Trust,

Series

2022-GPA,

Class

XCP,

1.03%,

08/15/39

.......................

61,975

1,816

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C26,

Class

XD,

1.30%,

10/15/48

.......................

4,650

61,801

63,617

Total

Non-Agency

Mortgage-Backed

Securities

—

2.8%

(Cost:

$32,125,344)

...............................

30,847,015

Preferred

Securities

Capital

Trusts

—

0.0%

Banks

—

0.0%

Banco

Bilbao

Vizcaya

Argentaria

SA,

(5-Year

EUR

Swap

Annual

+

6.46%),

6.00%

(a)(c)(j)

..

EUR

200

217,262

Total

Capi

tal

Trusts

—

0.0%

(Cost:

$215,416)

.................................

217,262

Shares

Shares

Preferred

Stocks

—

0.0%

Household

Products

—

0.0%

Henkel

AG

&

Co.

KGaA

(Preference)

.......

3,033

259,448

Total

Preferred

Stocks

—

0.0%

(Cost:

$237,156)

.................................

259,448

Total

Preferred

Securities

—

0.0%

(Cost:

$452,572)

.................................

476,710

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes,

Series

2018-W5FX,

Class

CFX,

(1-mo.

LIBOR

USD

+

0.00%),

3.66%, 04/25/28

(a)(b)

................

USD

334

293,872

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.0%

(Cost:

$327,107)

.................................

293,872

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

U.S.

Treasury

Inflation

Linked

Bonds

,

2.38%, 01/15/25

..................

USD

5,827

$

5,762,728

U.S.

Treasury

Inflation

Linked

Notes

,

0.25%, 01/15/25

..................

5,949

5,824,342

Total

U.S.

Treasury

Obligations

—

1.1%

(Cost:

$11,724,585)

...............................

11,587,070

Shares

Shares

Warrants

Diversified

Consumer

Services

—

0.0%

Service

King

Midas

International

(Issued/

Exercisable

07/14/22,

1

Share

for

1

Warrant,

Expires

04/26/27,

Strike

Price

USD

10.00)

(e)(f)

501

—

Oil,

Gas

&

Consumable

Fuels

—

0.0%

California

Resources

Corp.

(Issued/Exercisable

10/23/20,

1

Share

for

1

Warrant,

Expires

10/27/24,

Strike

Price

USD

36.00)

(e)

.....

119

1,869

Total

Warrants

—

0.0%

(Cost:

$—)

.....................................

1,869

Total

Long-Term

Investments

—

100.9%

(Cost:

$1,072,086,718)

............................

1,098,647,810

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

7.8%

(p)(r)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.45%

(s)

..................

1,886,845

$

1,887,600

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.21%

....................

82,640,840

82,640,840

Total

Short-Term

Securities

—

7.8%

(Cost:

$84,528,440)

...............................

84,528,440

Total

Options

Purchased

—

0.1%

(

Cost:

$612,612

)

.................................

720,144

Total

Investments

Before

Options

Written

—

108.8%

(Cost:

$1,157,227,770

)

............................

1,183,896,394

Total

Options

Written

—

(0.0)%

(Premium

Received

—

$(109,219))

....................

(153,132)

Total

Investments

Net

of

Options

Written

—

108.8%

(Cost:

$1,157,118,551

)

............................

1,183,743,262

Liabilities

in

Excess

of

Other

Assets

—

(8.8)%

.............

(95,531,720)

Net

Assets

—

100.0%

...............................

$

1,088,211,542

(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)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(e)

Non-income

producing

security.

(f)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(g)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$109,548,

representing

less

than

0.05%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$44,015.

(h)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(i)

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.

(j)

Perpetual

security

with

no

stated

maturity

date.

(k)

Convertible

security.

(l)

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.

(m)

Zero-coupon

bond.

(n)

Rounds

to

less

than

1,000.

(o)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(p)

Affiliate

of

the

Fund.

(q)

All

or

a

portion

of

this

security

is

on

loan.

(r)

Annualized

7-day

yield

as

of

period

end.

(s)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

37

Affiliates 

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

July

31,

2024

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

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

07/31/24

Shares

Held

at

07/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

—

$

1,887,695

(a)

$

—

$

(95)

$

—

$

1,887,600

1,886,845

$

997

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

118,668,905

—

(36,028,065)

(a)

—

—

82,640,840

82,640,840

3,242,071

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(c)

........

40,024,885

—

(40,027,468)

(a)

4,915

(2,332)

—

—

228,960

(b)

—

BlackRock

Allocation

Target

Shares

-

BATS

Series

A

(c)

.

27,691,088

—

(27,580,310)

(2,205,343)

2,094,565

—

—

327,549

—

BlackRock

Floating

Rate

Income

Portfolio,

Class

K

Shares,

Class

K

Shares

..

11,022,489

30,394,786

(24,394,579)

(133,118)

242,477

17,132,055

1,769,840

1,394,799

—

iShares

Core

Dividend

Growth

ETF

................

55,386,619

255,389,518

(197,186,932)

2,651,545

4,501,196

120,741,946

2,002,354

803,829

—

iShares

Core

S&P

500

ETF

(c)

.

—

21,626,369

(23,404,521)

1,778,152

—

—

—

—

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(c)

...

39,386,612

11,363,970

(51,725,360)

(439,769)

1,414,547

—

—

1,293,545

—

iShares

International

Dividend

Growth

ETF

..........

—

30,024,645

—

—

1,558,689

31,583,334

447,128

—

—

$

1,656,287

$

9,809,142

$

253,985,775

$

7,291,750

$

—

—

—

(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

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

38

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Euro-Bund

..............................................................

472

09/06/24

$

68,312

$

1,600,158

U.S.

Treasury

10-Year

Note

...................................................

2

09/19/24

224

6,392

U.S.

Treasury

Ultra

Bond

.....................................................

7

09/19/24

900

31,050

S&P

500

E-Mini

Index

.......................................................

267

09/20/24

74,199

1,081,746

U.S.

Treasury

5-Year

Note

....................................................

481

09/30/24

52,049

1,169,367

3,888,713

Short

Contracts

GBP

Currency

............................................................

469

09/16/24

37,699

(

274,160

)

JPY

Currency

............................................................

101

09/16/24

8,449

(

461,271

)

U.S.

Treasury

Long

Bond

.....................................................

1

09/19/24

121

(

3,933

)

U.S.

Treasury

2-Year

Note

....................................................

1

09/30/24

206

(

1,780

)

(

741,144

)

$

3,147,569

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

GBP

10,000

USD

12,856

UBS

AG

08/15/24

$

1

USD

56,772,657

EUR

52,370,000

Bank

of

America

NA

08/15/24

59,808

USD

141,654

EUR

130,000

BNP

Paribas

SA

08/15/24

874

USD

1,123,908

EUR

1,030,000

HSBC

Bank

plc

08/15/24

8,495

USD

43,330

EUR

40,000

Natwest

Markets

plc

08/15/24

12

USD

120,522

EUR

110,000

Standard

Chartered

Bank

08/15/24

1,400

USD

259,593

GBP

200,000

Natwest

Markets

plc

08/15/24

2,450

AED

42,000

USD

11,437

Natwest

Markets

plc

10/15/24

—

AED

12,000

USD

3,268

Standard

Chartered

Bank

10/15/24

—

EUR

9,000

USD

9,758

Natwest

Markets

plc

10/15/24

17

EUR

3,000

USD

3,258

Standard

Chartered

Bank

10/15/24

—

KRW

29,785,000

USD

21,653

Standard

Chartered

Bank

10/15/24

165

SGD

11,000

USD

8,180

Natwest

Markets

plc

10/15/24

79

USD

57,740

AED

212,000

Natwest

Markets

plc

10/15/24

6

USD

61,430

AUD

91,000

Natwest

Markets

plc

10/15/24

1,812

USD

22,895

EUR

21,000

Natwest

Markets

plc

10/15/24

86

USD

1,759,463

EUR

1,605,628

Deutsche

Bank

AG

10/17/24

15,357

USD

25,584

EUR

23,553

Standard

Chartered

Bank

10/17/24

—

USD

642,323

EUR

586,230

UBS

AG

10/17/24

5,535

96,097

GBP

10,000

USD

13,040

Nomura

International

plc

08/15/24

(

183

)

USD

9,508,411

GBP

7,420,000

Nomura

International

plc

08/15/24

(

31,612

)

AUD

80,000

USD

53,016

Natwest

Markets

plc

10/15/24

(

605

)

CAD

30,000

USD

22,053

Natwest

Markets

plc

10/15/24

(

277

)

CAD

1,000

USD

733

Standard

Chartered

Bank

10/15/24

(

7

)

GBP

11,000

USD

14,217

Natwest

Markets

plc

10/15/24

(

68

)

GBP

2,000

USD

2,598

Standard

Chartered

Bank

10/15/24

(

25

)

HKD

180,000

USD

23,100

Natwest

Markets

plc

10/15/24

(

10

)

HKD

73,000

USD

9,369

Standard

Chartered

Bank

10/15/24

(

5

)

NZD

120,000

USD

73,482

Natwest

Markets

plc

10/15/24

(

2,059

)

USD

71,088

CHF

63,000

Natwest

Markets

plc

10/15/24

(

1,338

)

USD

88,435

GBP

69,000

Natwest

Markets

plc

10/15/24

(

321

)

USD

65,142

JPY

10,328,000

Natwest

Markets

plc

10/15/24

(

4,580

)

EUR

9,686

USD

10,614

Morgan

Stanley

&

Co.

International

plc

10/17/24

(

92

)

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

39

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

EUR

124,117

USD

135,705

UBS

AG

10/17/24

$

(

883

)

(

42,065

)

$

54,032

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Nasdaq-100

Index

........

Morgan

Stanley

&

Co.

International

plc

3,003

09/20/24

USD

20,300.00

USD

58,145

$

720,144

OTC

Options

Written

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Nasdaq-100

Index

...........

Morgan

Stanley

&

Co.

International

plc

3,003

09/20/24

USD

21,325.00

USD

58,145

$

(

153,132

)

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)

Matterhorn

Telecom

Holding

SA

5

.00

%

Quarterly

Goldman

Sachs

International

06/20/29

EUR

176

$

(

24,060

)

$

(

21,207

)

$

(

2,853

)

$

–

$

–

$

–

OTC

Credit

Default

Swap

s

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Counterparty

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

ADLER

Real

Estate

GmbH

5

.00

%

Quarterly

Goldman

Sachs

International

06/20/26

CCC-

EUR

100

$

(

3,216

)

$

(

3,075

)

$

(

141

)

Forvia

SE

...........

5

.00

Quarterly

Barclays

Bank

plc

06/20/29

BB

EUR

121

15,325

15,619

(

294

)

Forvia

SE

...........

5

.00

Quarterly

Goldman

Sachs

International

06/20/29

BB

EUR

109

13,804

12,485

1,319

Sunrise

HoldCo

IV

BV

..

5

.00

Quarterly

Bank

of

America

NA

06/20/29

B

EUR

55

7,584

5,325

2,259

Sunrise

HoldCo

IV

BV

..

5

.00

Quarterly

Deutsche

Bank

AG

06/20/29

B

EUR

35

4,739

3,245

1,494

Virgin

Media

Finance

plc

.

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

B-

EUR

78

3,849

2,873

976

Virgin

Media

Finance

plc

.

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

B-

EUR

56

2,322

1,976

346

$

44,407

$

38,448

$

5,959

(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.

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

40

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Barclays

Bank

plc

09/20/24

USD

500

$

1,808

$

(

1,365

)

$

3,173

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

BNP

Paribas

SA

09/20/24

USD

875

2,700

(

3,612

)

6,312

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

BNP

Paribas

SA

09/20/24

USD

1,500

23,676

(

62

)

23,738

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Barclays

Bank

plc

12/20/24

USD

392

956

(

92

)

1,048

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

12/20/24

USD

1,608

2,217

(

379

)

2,596

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

12/20/24

USD

425

4,236

(

1,404

)

5,640

$

35,593

$

(

6,914

)

$

42,507

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

.35

%

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Swaps

and

Options

Written

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

OTC

Swaps

.....................................................

$

41,523

$

(

31,196

)

$

48,901

$

(

3,288

)

$

—

Options

Written

...................................................

N/A

N/A

—

(

43,913

)

(

153,132

)

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

41

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

1,081,746

$

—

$

2,806,967

$

—

$

3,888,713

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

96,097

—

—

96,097

Options

purchased

Investments

at

value

—

unaffiliated

(b)

............

—

—

720,144

—

—

—

720,144

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

47,917

—

—

42,507

—

90,424

$

—

$

47,917

$

1,801,890

$

96,097

$

2,849,474

$

—

$

4,795,378

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

—

$

735,431

$

5,713

$

—

$

741,144

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

42,065

—

—

42,065

Options

written

Options

written

at

value

.....................

—

—

153,132

—

—

—

153,132

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

27,570

—

—

6,914

—

34,484

$

—

$

27,570

$

153,132

$

777,496

$

12,627

$

—

$

970,825

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

options

purchased

at

value

as

reported

in

the

Schedule

of

Investments.

For

the

period

ended

July

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

17,310,370

$

623,252

$

(

8,209,162

)

$

—

$

9,724,460

Forward

foreign

currency

exchange

contracts

....

—

—

—

476,794

—

—

476,794

Options

purchased

(a)

.....................

—

—

2,773,079

—

(

12,858

)

—

2,760,221

Options

written

........................

—

—

(

367,293

)

—

1,158

—

(

366,135

)

Swaps

..............................

—

24,755

278,199

—

(

48,020

)

—

254,934

$

—

$

24,755

$

19,994,355

$

1,100,046

$

(8,268,882)

$

—

$

12,850,274

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

(

1,705,143

)

$

(

319,647

)

$

5,923,087

$

—

$

3,898,297

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

473,258

)

—

—

(

473,258

)

Options

purchased

(b)

.....................

—

—

107,532

—

—

—

107,532

Options

written

........................

—

—

(

43,913

)

—

—

—

(

43,913

)

Swaps

..............................

—

3,106

14,891

—

42,507

—

60,504

$

—

$

3,106

$

(1,626,633)

$

(792,905)

$

5,965,594

$

—

$

3,549,162

(a)

Options

purchased

are

included

in

net

realized

gain

(loss)

from

investments

—

unaffiliated.

(b)

Options

purchased

are

included

in

net

change

in

unrealized

appreciation

(depreciation)

on

investments

—

unaffiliated.

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

42

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

252,799,509

Average

notional

value

of

contracts

—

short

.................................................................................

$

62,674,448

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

$

52,703,463

Average

amounts

sold

—

in

USD

........................................................................................

$

1,358,945

Options

Average

value

of

option

contracts

purchased

................................................................................

$

405,763

Average

value

of

option

contracts

written

...................................................................................

$

173,032

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

$

47,619

Average

notional

value

—

sell

protection

...................................................................................

$

350,420

Total

return

swaps

Average

notional

value

...............................................................................................

$

2,731,854

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

1,635,347

$

65,834

Forward

f

oreign

currency

exchange

contracts

.................................................................

96,097

42,065

Options

(a)

.........................................................................................

720,144

153,132

Swaps

—

OTC

(b)

.....................................................................................

90,424

34,484

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

2,542,012

$

295,515

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(

1,635,347

)

(

65,834

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

906,665

$

229,681

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Statements

of

Assets

and

Liabilities

and

reported

in

the

Schedule

of

Investments.

(b)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(b)(c)

Bank

of

America

NA

..............................

$

67,392

$

—

$

—

$

—

$

67,392

Barclays

Bank

plc

................................

19,840

(

1,751

)

—

—

18,089

BNP

Paribas

SA

.................................

30,924

(

3,674

)

—

—

27,250

Deutsche

Bank

AG

...............................

20,096

—

—

—

20,096

Goldman

Sachs

International

........................

13,804

(

13,804

)

—

—

—

HSBC

Bank

plc

..................................

8,495

—

—

—

8,495

JPMorgan

Chase

Bank

NA

..........................

6,171

—

—

—

6,171

Morgan

Stanley

&

Co.

International

plc

..................

728,380

(

155,007

)

—

—

573,373

Natwest

Markets

plc

..............................

4,462

(

4,462

)

—

—

—

Standard

Chartered

Bank

...........................

1,565

(

37

)

—

—

1,528

UBS

AG

......................................

5,536

(

883

)

—

—

4,653

$

906,665

$

(

179,618

)

$

—

$

—

$

727,047

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

43

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.

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(b)(d)

Barclays

Bank

plc

................................

$

1,751

$

(

1,751

)

$

—

$

—

$

—

BNP

Paribas

SA

.................................

3,674

(

3,674

)

—

—

—

Goldman

Sachs

International

........................

27,276

(

13,804

)

—

—

13,472

Morgan

Stanley

&

Co.

International

plc

..................

155,007

(

155,007

)

—

—

—

Natwest

Markets

plc

..............................

9,258

(

4,462

)

—

—

4,796

Nomura

International

plc

...........................

31,795

—

—

—

31,795

Standard

Chartered

Bank

...........................

37

(

37

)

—

—

—

UBS

AG

......................................

883

(

883

)

—

—

—

$

229,681

$

(

179,618

)

$

—

$

—

$

50,063

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(d)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

....................................

$

—

$

173,829,107

$

2,500,002

$

176,329,109

Common

Stocks

Aerospace

&

Defense

....................................

2,890,478

899,184

—

3,789,662

Air

Freight

&

Logistics

....................................

1,137,218

—

—

1,137,218

Automobile

Components

..................................

545,098

—

—

545,098

Automobiles

..........................................

810,436

—

—

810,436

Banks

...............................................

8,886,264

1,567,811

12

10,454,087

Beverages

...........................................

323,329

1,729,411

—

2,052,740

Biotechnology

.........................................

1,708,094

—

—

1,708,094

Broadline

Retail

........................................

630,879

—

—

630,879

Building

Products

.......................................

2,562,927

—

—

2,562,927

Capital

Markets

........................................

3,780,693

—

—

3,780,693

Chemicals

............................................

1,474,592

1,269,364

—

2,743,956

Commercial

Services

&

Supplies

.............................

1,758,804

—

—

1,758,804

Communications

Equipment

................................

1,114,350

—

—

1,114,350

Construction

&

Engineering

................................

126,815

59,172

—

185,987

Consumer

Finance

......................................

316,426

—

—

316,426

Consumer

Staples

Distribution

&

Retail

........................

1,767,958

—

—

1,767,958

Containers

&

Packaging

..................................

2,003,560

—

—

2,003,560

Distributors

...........................................

125,894

—

—

125,894

Diversified

REITs

.......................................

780,092

2,045,636

—

2,825,728

Diversified

Telecommunication

Services

........................

2,356,087

2,055,657

—

4,411,744

Electric

Utilities

........................................

6,762,729

461,941

—

7,224,670

Electrical

Equipment

.....................................

2,121,382

—

—

2,121,382

Electronic

Equipment,

Instruments

&

Components

.................

993,651

—

—

993,651

Energy

Equipment

&

Services

..............................

2,002,229

—

—

2,002,229

Entertainment

.........................................

849,792

—

—

849,792

Financial

Services

......................................

3,835,239

—

72,627

3,907,866

Food

Products

.........................................

3,091,471

1,838,664

—

4,930,135

Gas

Utilities

...........................................

—

72,429

—

72,429

Ground

Transportation

...................................

2,432,736

64,967

—

2,497,703

Health

Care

Equipment

&

Supplies

...........................

2,690,303

571,710

—

3,262,013

Health

Care

Providers

&

Services

............................

10,936,185

38,958

—

10,975,143

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

44

Level

1

Level

2

Level

3

Total

Health

Care

REITs

......................................

$

5,437,376

$

1,652,716

$

—

$

7,090,092

Hotels,

Restaurants

&

Leisure

..............................

381,134

—

—

381,134

Household

Durables

.....................................

1,000,675

1,043,283

—

2,043,958

Household

Products

.....................................

—

401,193

—

401,193

Independent

Power

and

Renewable

Electricity

Producers

............

157,728

—

—

157,728

Industrial

Conglomerates

..................................

—

198,843

—

198,843

Industrial

REITs

........................................

5,097,993

2,237,685

—

7,335,678

Insurance

............................................

4,699,160

1,594,294

—

6,293,454

Interactive

Media

&

Services

...............................

3,472,924

—

—

3,472,924

IT

Services

...........................................

3,329,062

826,373

—

4,155,435

Leisure

Products

.......................................

577,175

—

—

577,175

Life

Sciences

Tools

&

Services

..............................

415,229

—

—

415,229

Machinery

............................................

2,363,202

548,652

—

2,911,854

Media

...............................................

2,179,060

880,649

70,590

3,130,299

Metals

&

Mining

........................................

1,073,634

—

—

1,073,634

Multi-Utilities

..........................................

2,682,120

518,046

—

3,200,166

Office

REITs

..........................................

1,303,903

—

—

1,303,903

Oil,

Gas

&

Consumable

Fuels

...............................

5,476,710

4,590,243

5

10,066,958

Personal

Care

Products

..................................

—

1,128,689

—

1,128,689

Pharmaceuticals

.......................................

1,698,254

7,020,536

—

8,718,790

Professional

Services

....................................

4,116,507

1,762,021

—

5,878,528

Real

Estate

Management

&

Development

.......................

—

2,809,615

—

2,809,615

Residential

REITs

.......................................

3,675,330

848,348

—

4,523,678

Retail

REITs

..........................................

—

1,837,350

—

1,837,350

Semiconductors

&

Semiconductor

Equipment

....................

3,154,957

2,654,590

—

5,809,547

Software

.............................................

7,201,694

—

—

7,201,694

Specialized

REITs

......................................

12,639,703

—

—

12,639,703

Specialty

Retail

........................................

2,192,509

—

—

2,192,509

Technology

Hardware,

Storage

&

Peripherals

....................

3,056,095

2,639,302

—

5,695,397

Textiles,

Apparel

&

Luxury

Goods

............................

674,496

1,999,616

—

2,674,112

Tobacco

.............................................

1,457,465

1,782,354

—

3,239,819

Trading

Companies

&

Distributors

............................

295,381

—

—

295,381

Transportation

Infrastructure

...............................

247,257

2,192,576

—

2,439,833

Water

Utilities

.........................................

—

104,865

—

104,865

Wireless

Telecommunication

Services

.........................

—

533,698

—

533,698

Corporate

Bonds

........................................

—

86,947,124

—

86,947,124

Equity-Linked

Notes

......................................

—

296,572,996

—

296,572,996

Fixed

Rate

Loan

Interests

...................................

—

314,141

—

314,141

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

3,626,236

—

3,626,236

Automobile

Components

..................................

—

1,420,937

—

1,420,937

Automobiles

..........................................

—

238,741

—

238,741

Beverages

...........................................

—

853,396

—

853,396

Broadline

Retail

........................................

—

980,688

—

980,688

Building

Products

.......................................

—

1,105,490

480,680

1,586,170

Capital

Markets

........................................

—

2,684,532

27,895

2,712,427

Chemicals

............................................

—

4,065,414

30,811

4,096,225

Commercial

Services

&

Supplies

.............................

—

4,103,896

70,106

4,174,002

Communications

Equipment

................................

—

447,058

—

447,058

Construction

&

Engineering

................................

—

1,530,527

—

1,530,527

Construction

Materials

....................................

—

1,650,995

73,253

1,724,248

Consumer

Staples

Distribution

&

Retail

........................

—

416,978

—

416,978

Containers

&

Packaging

..................................

—

1,111,305

—

1,111,305

Distributors

...........................................

—

214,619

—

214,619

Diversified

Consumer

Services

..............................

—

1,870,541

—

1,870,541

Diversified

Telecommunication

Services

........................

—

1,771,601

88,878

1,860,479

Electric

Utilities

........................................

—

215,475

—

215,475

Electrical

Equipment

.....................................

—

359,601

—

359,601

Electronic

Equipment,

Instruments

&

Components

.................

—

291,253

69,913

361,166

Entertainment

.........................................

—

4,075,342

376,951

4,452,293

Financial

Services

......................................

—

4,339,694

283,290

4,622,984

Food

Products

.........................................

—

2,365,695

—

2,365,695

Gas

Utilities

...........................................

—

108,841

—

108,841

Ground

Transportation

...................................

—

1,138,258

40,502

1,178,760

Fair

Value

Hierarchy

as

of Period

End

(continued)

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Dynamic

High

Income

Portfolio

Schedules

of

Investments

45

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Health

Care

Equipment

&

Supplies

...........................

$

—

$

1,114,816

$

—

$

1,114,816

Health

Care

Providers

&

Services

............................

—

3,330,179

149,143

3,479,322

Health

Care

Technology

..................................

—

2,474,165

104,129

2,578,294

Hotel

&

Resort

REITs

....................................

—

97,295

—

97,295

Hotels,

Restaurants

&

Leisure

..............................

—

7,048,863

246,842

7,295,705

Household

Durables

.....................................

—

1,506,721

—

1,506,721

Independent

Power

and

Renewable

Electricity

Producers

............

—

532,105

—

532,105

Industrial

Conglomerates

..................................

—

651,558

—

651,558

Insurance

............................................

—

4,706,993

133,087

4,840,080

IT

Services

...........................................

—

4,301,779

307,562

4,609,341

Leisure

Products

.......................................

—

143,248

—

143,248

Life

Sciences

Tools

&

Services

..............................

—

1,857,908

—

1,857,908

Machinery

............................................

—

5,140,476

—

5,140,476

Media

...............................................

—

1,386,547

—

1,386,547

Oil,

Gas

&

Consumable

Fuels

...............................

—

1,790,452

460,440

2,250,892

Passenger

Airlines

......................................

—

1,535,598

—

1,535,598

Pharmaceuticals

.......................................

—

1,990,499

128,804

2,119,303

Professional

Services

....................................

—

3,413,075

380,475

3,793,550

Real

Estate

Management

&

Development

.......................

—

8,983

155,827

164,810

Semiconductors

&

Semiconductor

Equipment

....................

—

541,385

—

541,385

Software

.............................................

—

9,125,387

129,675

9,255,062

Specialty

Retail

........................................

—

1,100,814

89,375

1,190,189

Textiles,

Apparel

&

Luxury

Goods

............................

—

40,519

—

40,519

Trading

Companies

&

Distributors

............................

—

1,333,932

189,342

1,523,274

Transportation

Infrastructure

...............................

—

919,685

103,473

1,023,158

Wireless

Telecommunication

Services

.........................

—

379,632

—

379,632

Foreign

Agency

Obligations

.................................

—

6,008,820

—

6,008,820

Foreign

Government

Obligations

..............................

—

12,735,450

—

12,735,450

Investment

Companies

....................................

169,457,335

—

—

169,457,335

Non-Agency

Mortgage-Backed

Securities

........................

—

30,847,015

—

30,847,015

Preferred

Securities

.......................................

—

476,710

—

476,710

U.S.

Government

Sponsored

Agency

Securities

....................

—

293,872

—

293,872

U.S.

Treasury

Obligations

...................................

—

11,587,070

—

11,587,070

Warrants

..............................................

1,869

—

—

1,869

Short-Term

Securities

Money

Market

Funds

......................................

84,528,440

—

—

84,528,440

Options

Purchased

Equity

contracts

..........................................

—

720,144

—

720,144

$

404,860,088

$

772,272,617

$

6,763,689

$

1,183,896,394

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

...........................................

$

—

$

6,394

$

—

$

6,394

Equity

contracts

...........................................

1,081,746

—

—

1,081,746

Foreign

currency

exchange

contracts

............................

—

96,097

—

96,097

Interest

rate

contracts

.......................................

2,806,967

42,507

—

2,849,474

Liabilities

Credit

contracts

...........................................

—

(

3,288

)

—

(

3,288

)

Equity

contracts

...........................................

—

(

153,132

)

—

(

153,132

)

Foreign

currency

exchange

contracts

............................

(

735,431

)

(

42,065

)

—

(

777,496

)

Interest

rate

contracts

.......................................

(

5,713

)

—

—

(

5,713

)

$

3,147,569

$

(

53,487

)

$

—

$

3,094,082

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

Fair

Value

Hierarchy

as

of Period

End

(continued)

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

46

(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%),

6.66%,

04/15/34

(a)(b)

..........

USD

15,000

$

15,010,932

AB

Carval

Euro

CLO

II-C

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

0.00%,

02/15/37

(a)(c)

..........

EUR

490

530,303

Accredited

Mortgage

Loan

Trust,

Series

2004-4,

Class

M2,

(1-mo.

CME

Term

SOFR

at

1.58%

Floor

+

1.69%),

5.14%,

01/25/35

(a)

......

USD

171

173,211

AGL

CLO

13

Ltd.,

Series

2021-13A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.19%,

10/20/34

(a)(b)

..........

1,000

1,002,468

AGL

CLO

3

Ltd.,

Series

2020-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.71%,

01/1

5/33

(a)(b)

..........

2,000

2,003,668

AGL

CLO

5

Ltd.,

Series

2020-5A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.16%

Floor

+

1.42%),

6.70%,

07/20/34

(a)(b)

..........

4,000

4,003,022

AGL

CLO

9

Ltd.,

Series

2020-9A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

7.28%,

04/20/37

(a)(b)

..........

1,000

1,009,104

AGL

Core

CLO

27

Ltd.,

Series

2023-27A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.73%

Floor

+

1.73%),

7.01%,

10/21/36

(a)(b)

..........

7,000

7,058,800

AIMCO

CLO

(a)(b)

Series

2015-AA,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.15%,

10/17/34

................

1,500

1,501,517

Series

2015-AA,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.55%,

10/17/34

................

3,000

3,006,464

Series

2015-AA,

Class

DR2,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.60%,

10/17/34

................

4,500

4,509,022

AIMCO

CLO

11

Ltd.,

Series

2020-11A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.55%,

10/17/34

(a)(b)

.........

4,500

4,509,666

AIMCO

CLO

12

Ltd.,

Series

2020-12A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

6.99%,

01/17/32

(a)(b)

.........

10,000

10,004,750

AIMCO

CLO

15

Ltd.,

Series

2021-15A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.50%,

10/17/34

(a)(b)

..........

1,500

1,501,898

Allegro

CLO

VI

Ltd.,

Series

2017-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.05%,

01/17/31

(a)(b)

..........

1,000

999,558

AMMC

CLO

21

Ltd.,

Series

2017-21A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.51%),

6.84%,

11/02/30

(a)(b)

..........

729

730,137

AMSR

Trust

(b)

Series

2019-SFR1,

Class

G,

4.86%,

01/19/39

.....................

1,900

1,811,191

Series

2019-SFR1,

Class

H,

6.04%,

01/19/39

.....................

2,417

2,344,234

Series

2020-SFR1,

Class

E,

3.22%,

04/17/37

.....................

10,250

10,026,736

Series

2020-SFR1,

Class

F,

3.57%,

04/17/37

19,850

19,445,354

Series

2020-SFR1,

Class

G,

4.31%,

04/17/37

.....................

7,500

7,332,100

Series

2020-SFR2,

Class

E2,

4.28%,

07/17/37

.....................

2,000

1,961,636

Series

2020-SFR2,

Class

I,

5.25%,

07/17/37

9,400

9,083,273

Series

2020-SFR4,

Class

G2,

4.87%,

11/17/37

.....................

3,441

3,345,783

Series

2021-SFR3,

Class

F,

3.23%,

10/17/38

11,000

10,054,162

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Anchorage

Capital

CLO

11

Ltd.,

Series

2019-

11A,

Class

C1R2,

(3-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

7.74%,

07/22/37

(a)

(b)

............................

USD

700

$

699,823

Anchorage

Capital

CLO

15

Ltd.,

Series

2020-

15A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

6.

74%,

07/20/34

(a)(b)

7,000

7,006,983

Anchorage

Capital

CLO

18

Ltd.,

Series

2021-

18A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.41%),

6.71%,

04/15/34

(a)(b)

1,000

1,000,846

Anchorage

Capital

CLO

20

Ltd.

(a)(b)

Series

2021-20A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

6.74%,

01/20/35

................

1,300

1,301,576

Series

2021-20A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.34%,

01/20/35

.....................

1,500

1,500,132

Anchorage

Capital

CLO

25

Ltd.,

Series

2022-

25A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.35%),

7.63%,

04/20/35

(a)(b)

5,000

5,

005,180

Apidos

CLO

XL

Ltd.,

Series

2022-40A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

0.00%,

07/15/37

(a)(b)

.........

10,000

10,000,000

Apidos

CLO

XV

(a)(b)

Series

2013-15A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.11%),

7.39%,

04/20/31

................

3,000

3,005,627

Series

2013-15A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.96%),

8.24%,

04/20/31

................

2,000

2,001,301

Apidos

CLO

XX,

Series

2015-20A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.21%),

7.50%,

07/16/31

(a)(b)

..........

1,750

1,752,556

Apidos

CLO

XXII,

Series

2015-22A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.49%,

04/20/31

(a)(b)

..........

1,

000

1,004,164

Apidos

CLO

XXIX

(a)(b)

Series

2018-29A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.81%),

7.10%,

07/25/30

................

1,000

1,001,184

Series

2018-29A,

Class

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.16%),

7.45%,

07/25/30

.....................

1,000

1,001,901

Apidos

CLO

XXXIII,

Series

2020-33A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.69%,

10/24/34

(a)(b)

.........

1,300

1,302,563

Ap

idos

CLO

XXXIV,

Series

2020-34A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.69%,

01/20/35

(a)(b)

.....

14,000

14,014,832

Apidos

CLO

XXXIX

Ltd.,

Series

2022-39A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.53%,

04/21/35

(a)(b)

.....

1,000

1,001,480

Apidos

CLO

XXXVI,

Series

2021-36A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.44%,

07/20/34

(a)(b)

..........

1,000

1,001,587

Apidos

Loan

Fund

Ltd.

(a)(b)

Series

2024-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

6.59%,

04/25/35

.....................

2,000

2,002,330

Series

2024-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

7.07%,

04/25/35

.....................

1,500

1,504,119

Arbour

CLO

DAC,

(3-mo.

EURIBOR

+

3.80%),

7.58%,

05/15/38

(a)(c)

................

EUR

500

547,580

Schedule

of

Investments

(continued)

July

31,

2024

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)

Ares

L

CLO

Ltd.,

Series

2018-50A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.16%,

01/15/32

(a)(b)

..........

USD

6,000

$

6,004,906

Ares

LIII

CLO

Ltd.,

Series

2019-53A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.91%),

8.19%,

04/24/31

(a)(b)

..........

4,500

4,504,480

Ares

LV

CLO

Ltd.,

Series

2020-55A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.26%,

07/15/34

(a)(b)

..........

1,000

999,661

Ares

LVIII

CLO

Ltd.,

Series

2020-58A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

7.15%,

01/15/35

(a)(b)

.........

1,000

1,000,473

Ares

XLVII

CLO

Ltd.,

Series

2018-47A,

Class

SUB,

(3-mo.

LIBOR

USD

+

0.00%),

0.00%,

04/15/30

(a)(b)(d)(e)

...................

4,500

952,276

Ares

XLVIII

CLO

Ltd.,

Series

2018-48A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.34%,

07/20/30

(a)(b)

..........

1,000

1,001,844

Ares

XXXVR

CLO

Ltd.,

Series

2015-35RA,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.66%),

6.96%

,

07/15/30

(a)(b)

.....

1,500

1,501,560

Arini

European

CLO

I

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

6.04%

Floor

+

6.04%),

9.73%,

07/15/36

(a)(c)

................

EUR

410

456,594

Arini

European

CLO

II

DAC,

Series

2X,

Class

D,

(3-mo.

EURIBOR

at

4.20%

Floor

+

4.20%),

8.06%,

04/15/38

(a)(c)

................

500

543,568

Assurant

CLO

I

Ltd.,

Series

2017-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.56%),

8.84%,

10/20/34

(a)(b)

..........

USD

1,500

1,501,623

Atlas

Senior

Loan

Fund

VII

Ltd.,

Series

2016-

7A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.15%,

11/27/31

(a)(b)

5,500

5,512,705

Atlas

Senior

Loan

Fund

XI

Ltd.,

Series

2018-

11A,

Class

A1L,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.36%),

6.64%,

07/26/31

(a)(b)

1,186

1,186,931

Atlas

Senior

Loan

Fund

XII

Ltd.,

Series

2018-

12A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44

%),

6.72%,

10/24/31

(a)(b)

1,152

1,154,550

Atrium

XIV

LLC,

Series

14A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.50%,

08/23/30

(a)(b)

................

1,000

1,001,300

Aurium

CLO

VIII

DAC,

Series

8X,

Class

D,

(3-mo.

EURIBOR

at

3.00%

Floor

+

3.00%),

6.70%,

06/23/34

(a)(c)

................

EUR

250

271,032

Avoca

CLO

XV

DAC,

Series

15X,

Class

ER,

(3-mo.

EURIBOR

at

4.13%

Floor

+

4.13%),

7.81%,

04/15/31

(a)(c)

................

670

719,783

Bain

Capital

Credit

CLO

Ltd.

(a)(b)

Series

2021-3A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

6.70%,

07/24/34

.....................

USD

6,750

6,756,727

Series

2021-7A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.64%,

01/22/35

.....................

2,250

2,256,738

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

7.13%,

04/18/35

.....................

5,000

4,998,844

Series

2022-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

7.48%,

04/18/35

.....................

7,000

7,009,291

Series

2022-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.20%

Floor

+

3.20%),

8.48%,

04/18/35

.....................

2,500

2,440,306

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Ballyrock

CLO

14

Ltd.

(a)(b)

Series

2020-14A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

6.68%,

07/20/37

................

USD

5,000

$

5,004,639

Series

2020-14A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

7.00%,

07/20/37

................

1,000

999,855

Ballyrock

CLO

15

Ltd.,

Series

2021-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.61%,

04/15/34

(a)(b)

..........

1,500

1,503,965

Ballyrock

CLO

22

Ltd.

(a)(b)

Series

2024-22A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

6.86%,

04/15/37

................

5,000

5,027,917

Series

2024-22A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.35%

Floor

+

2.35%),

7.67%,

04/15/37

.....................

1,000

1,013,325

Ballyrock

CLO

27

Ltd.,

Series

2024-27A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

0.00%,

10/25/37

(a)(b)

.....

10,100

10,100,000

Ballyrock

CLO

Ltd.

(a)(b)

Series

2019-2A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

6.72%,

02/20/36

................

3,000

3,007,500

Series

2020-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.21%),

7.49%,

10/20/31

.....................

4,500

4,509,026

Series

2020-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.49%,

10/20/31

................

2,000

2,007,705

Bardot

CLO

Ltd.,

Series

2019-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.44%,

10/22/32

(a)(b)

..........

3,250

3,255,638

Battalion

CLO

18

Ltd.,

Series

2020-18A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.45%

Floor

+

3.71%),

9.01%,

10/15/36

(a)(b)

.........

2,000

1,952,557

Battalion

CLO

X

Ltd.,

Series

2016-10A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.59%,

01/25/35

(a)(b)

.....

2,000

1,996,597

Battalion

CLO

XIX

Ltd.

(a)(b)

Series

2021-19A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.56%,

04/15/34

.....................

3,000

2,990,986

Series

2021-19A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.81%,

04/15/34

.....................

3,000

2,907,103

Battalion

CLO

XVI

Ltd.,

Series

2019-16A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.38%),

6.66%,

12/19/32

(a)(b)

.........

5,000

5,012,302

Bear

Stearns

Asset-Backed

Securities

I

Trust

(a)

Series

2005-HE1,

Class

M2,

(1-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.36%),

5.64%,

01/25/35

................

304

311,686

Series

2006-HE7,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.80%,

09/25/36

................

350

347,016

Series

2007-HE2,

Class

22A,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.74%,

03/25/37

................

1,826

1,689,303

Series

2007-HE2,

Class

23A,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.74%,

03/25/37

................

1,668

1,558,486

Series

2007-HE3,

Class

2

A,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.60%,

04/25/37

................

3,256

4,901,585

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Bear

Stearns

Asset-Backed

Securities

Trust,

Series

2004-HE3,

Class

M2,

(1-mo.

CME

Term

SOFR

at

1.73%

Floor

+

1.84%),

5.33%,

04/25/34

(a)

......................

USD

1,356

$

1,334,633

Benefit

Street

Partners

CLO

VIII

Ltd.,

Series

2015-8A,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.64%,

01/20/31

(a)(b)

.....................

767

768,089

Benefit

Street

Partners

CLO

XIX

Ltd.,

Series

2019-19A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.18%

Floo

r

+

1.18%),

6.48%,

01/15/33

(a)(b)

.....................

17,000

17,022,100

Benefit

Street

Partners

CLO

XV

Ltd.,

Series

2018-15A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

6.70%,

07/15/37

(a)(b)

.....................

2,200

2,203,080

Benefit

Street

Partners

CLO

XXIV

Ltd.,

Series

2021-24A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.43%),

6.71%,

10/20/34

(a)

(b)

............................

2,000

2,001,169

Benefit

Street

Partners

CLO

XXVIII

Ltd.,

Series

2022-28A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.85%),

8.13%,

10/20/35

(a)(b)

.....................

1,750

1,760,692

Birch

Grove

CLO

3

Ltd.

(a)(b)

Series

2021-3A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.34%,

01/19/35

.....................

7,500

7,538,693

Series

2021-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

7.79%,

01/19/35

.....................

5,000

5,010,489

Birch

Grove

CLO

9

Ltd.

(a)(b)

Series

2024-9A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

0.00%,

10/22/37

.....................

15,000

15,000,000

Series

2024-9A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.70%),

0.00%,

10/22/37

.....................

2,000

2,000,000

BlueMountain

CLO

DAC,

Series

2021-1X,

Class

E,

(3-mo.

EURIBOR

at

5.41%

Floor

+

5.41%),

9.10%,

04/15/34

(a)(c)

..........

EUR

300

327,241

BlueMountain

CLO

Ltd.,

Series

2013-2A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.44%),

6.72%,

10/22/30

(a)(b)

.....

USD

279

279,864

BlueMountain

Fuji

Eur

CLO

IV

DAC,

Series

4X,

Class

ER,

(3-mo.

EURIBOR

at

6.21%

Floor

+

6.21%),

10.01%,

02/25/34

(a)(c)

........

EUR

700

764,665

Bridge

Street

CLO

II

Ltd.

(a)(b)

Series

2021-1A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.23%

Floor

+

1.49%),

6.77%,

07/20/34

................

USD

11,000

11,018,383

Series

2021-1A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.29%,

07/20/34

.....................

5,000

5,034,291

Bridge

Street

CLO

IV

Ltd.,

Series

2024-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

6.92%,

04/20/37

(a)(b)

.....

1,000

1,005,506

Bridgepoint

CLO

1

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

4.25%

Floor

+

4.25%),

7.94%,

01/15/34

(a)(c)

................

EUR

750

814,527

Bryant

Park

Funding

Ltd.,

Series

2024-23A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.57%

Floor

+

1.57%),

6.90%,

05/15/37

(a)(b)

USD

3,000

3,016,487

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Buckhorn

Park

CLO

Ltd.

(a)(b)

Series

2019-1A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.19%,

07/18/34

................

USD

9,000

$

9,014,238

Series

2019-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.54%,

07/18/34

................

2,500

2,502,328

Cairn

CLO

XVI

DAC,

Series

2023-16X,

Class

D,

(3-mo.

EURIBOR

at

5.20%

Floor

+

5.20%),

8.89%,

01/15/37

(a)(c)

................

EUR

215

238,030

Canyon

Capital

CLO

Ltd.

(a)(b)

Series

2016-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.16%),

7.46%,

07/15/31

................

USD

1,500

1,501,464

Series

2016-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.01%),

7.31%,

10/15/31

.....................

1,250

1,251,508

Series

2017-1A,

Class

CR,

(3

-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.56%,

07/15/30

................

5,000

5,000,151

Series

2022-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

7.49%,

04/15/35

.....................

2,000

1,997,927

Canyon

CLO

Ltd.

(a)(b)

Series

2018-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.46%,

07/15/31

.....................

1,000

1,000,807

Series

2020-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.61%,

07/15/34

................

1,000

1,002,920

Series

2020-1A,

Class

DR,

(3-

mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.71%,

07/15/34

................

1,000

1,000,922

Series

2020-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.50%

Floor

+

2.76%),

8.06%,

01/15/34

.....................

1,000

1,002,856

Carlyle

C17

CLO

Ltd.,

Series

C17A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.11%),

7.37%,

04/30/31

(a)(b)

..........

1,000

1,000,745

Carlyle

US

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.14%,

04/20/31

................

2,700

2,703,990

Series

2019-3A,

Class

A2RR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

7.33%,

04/20/37

................

5,000

5,040,227

Carrington

Mortgage

Loan

Trust,

Series

2006-

FRE1,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

+

0.36%),

5.71%,

04/25/36

(a)

.

2,876

2,579,756

CarVal

CLO

I

Ltd.,

Series

2018-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.15%),

8.44%,

07/16/31

(a)(b)

..........

1,995

2,007,186

CarVal

CLO

III

Ltd.,

Series

2019-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.21%

Floor

+

2.21%),

7.49%,

07/20/32

(a)(b)

..........

7,000

7,012,378

CarVal

CLO

IV

Ltd.

(a)(b)

Series

2021-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.29%,

07/20/34

.....................

6,500

6,508,189

Series

2021-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.79%,

07/20/34

.....................

5,000

5,010,866

Schedule

of

Investments

(continued)

July

31,

2024

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)

CarVal

CLO

VC

Ltd.

(a)(b)

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.76%,

10/15/34

.....................

USD

2,000

$

2,005,419

Series

2021-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.81%,

10/15/34

.....................

3,000

3,009,891

Catskill

Park

CLO

Ltd.,

Series

2017-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.96%),

9.24%,

04/20/29

(a)(b)

..........

1,000

1,000,818

CBAM

Ltd.

(a)(b)

Series

2017-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.51%),

6.79%,

07/20/30

.....................

332

332,338

Series

2020-13A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.43%

Floor

+

1.69%),

6.97%,

01/20/34

.....................

4,000

4,002,616

Cedar

Funding

IV

CLO

Ltd.,

Series

2014-4A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.91%),

7.19%,

07/23/34

(a)(b)

5,000

5,002,946

Cedar

Funding

IX

CLO

Ltd.,

Series

2018-9A,

Class

SUB,

0.00%,

07/20/37

(a)(b)(d)(e)

......

3,950

1,486,342

Cedar

Funding

V

CLO

Ltd.,

Series

2016-5A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.36%),

6.65%,

07/17/31

(a)(b)

1,395

1,395,832

C

edar

Funding

VI

CLO

Ltd.,

Series

2016-6A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

3.31%

Floor

+

3.57%),

8.85%,

04/20/34

(a)(b)

1,950

1,947,174

CIFC

European

Funding

CLO

I

DAC,

Series

1X,

Class

DR,

(3-mo.

EURIBOR

at

3.20%

Floor

+

3.20%),

6.89%,

07/15/32

(a)(c)

.........

EUR

200

217,828

CIFC

European

Funding

CLO

III

DAC,

Series

3X,

Class

E,

(3-mo.

EURIBOR

at

5.61%

Floor

+

5.61%),

9.29%,

01/15/34

(a)(c)

.....

200

218,510

CIFC

Funding

2019-VI

Ltd.,

Series

2019-6A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.13%,

07/16/37

(a)(b)

.....

USD

10,000

9,995,748

CIFC

Funding

2020-III

Ltd.,

Series

2020-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.91%

Flo

or

+

1.91%),

7.19%,

10/20/34

(a)(b)

.....

2,000

2,004,594

CIFC

Funding

2021-I

Ltd.,

Series

2021-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.10%),

7.44%,

07/25/37

(a)(b)

.....

9,500

9,504,657

CIFC

Funding

Ltd.

(a)(b)

Series

2013-4A,

Class

A2RR,

(3-mo.

CME

Term

SOFR

at

1.30%

Floor

+

1.56%),

6.83%,

04/27/31

................

1,700

1,698,535

Series

2014-2RA,

Class

A3,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.44%,

04/24/30

................

500

501,346

Series

2014-3A,

Class

CR2,

(3

-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.61%),

7.89%,

10/22/31

................

1,000

1,000,623

Series

2014-4RA,

Class

A1AR,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.43%),

6.72%,

01/17/35

................

6,000

6,009,988

Series

2015-1A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.44%,

01/22/31

................

1,000

1,001,788

Series

2016-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.96%

Floor

+

1.96%),

7.24%,

10/21/31

................

7,000

7,010,053

Series

2018-1A,

Class

B,

(

3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.66%),

6.94%,

04/18/31

.....................

1,000

1,000,868

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2018-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.70%,

10/17/31

.....................

USD

2,454

$

2,453,615

Series

2018-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.65%,

10/17/31

.....................

2,000

2,003,520

Series

2019-5A,

Class

A1R1,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.40%),

6.70%,

01/15/35

................

16,500

16,524,629

Series

2019-5A,

Class

A2R

S,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.31%,

01/15/35

................

2,200

2,212,790

Series

2019-6A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.30%),

8.63%,

07/16/37

................

1,150

1,164,040

Series

2020-4A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.58%

Floor

+

1.58%),

6.88%,

01/15/34

.....................

2,500

2,506,573

Series

2021-3A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.56%,

07/15/36

.....................

1,500

1,503,127

Series

2021-6A,

Class

A,

(3-mo

.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

6.70%,

10/15/34

.....................

600

600,780

Series

2024-3A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

7.18%,

07/21/37

.....................

5,000

5,022,993

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2006-WFH2,

Class

M3,

(1-mo.

CME

Term

SOFR

at

0.47%

Floor

+

0.58%),

5.93%,

08/25/36

(a)

......................

2,900

2,739,920

Clear

Creek

CLO

Ltd.

(a)(b)

Series

2015-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.46%),

6.74%,

10/20/30

.....................

1,555

1,555,274

Series

2015-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.86%),

7.14%,

10/20/30

.....................

3,000

3,004,301

Clover

CLO

LLC

(a)(b)

Series

2018-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.53%

Floor

+

1.53%),

6.85%,

04/20/37

................

5,300

5,329,439

Series

2018-1A,

Class

B1RR,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

7.27%,

04/20/37

................

3,000

3,003,527

Series

2018-1A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.45%),

7.77%,

04/20/37

................

2,500

2,534,147

Series

2018-1A,

Class

D1RR,

(3-mo.

CME

Term

SOFR

at

3.45%

Floor

+

3.45%),

8.77%,

04/20/37

................

1,000

1,013,391

Series

2021-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

6.64%,

04/22/34

.....................

3,000

3,003,574

Series

2021-2A,

Class

B,

(3

-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.29%,

07/20/34

.....................

14,000

14,083,560

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.54%,

07/20/34

.....................

5,000

5,014,603

Series

2021-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.59%,

07/20/34

.....................

2,500

2,505,171

Series

2021-2A,

Class

E,

(3-mo.

CME

Term

SOFR

at

6.50%

Floor

+

6.76%),

12.04%,

07/20/34

.....................

1,325

1,327,416

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2021-3A,

Class

B,

(3-m

o.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.30%,

01/25/35

.....................

USD

5,000

$

5,033,331

Series

2021-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.60%,

01/25/35

.....................

3,000

3,005,826

Series

2021-3A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

8.65%,

01/25/35

.....................

1,000

1,003,648

Clover

CLO

Ltd.,

Series

2019-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

6.65%,

10/25/33

(a)(b)

..........

7,300

7,305,452

Conseco

Finance

Corp.

(a)

Series

1996-5,

Class

M1,

8.05%,

07/15/27

.

181

187,349

Series

1997-7,

Class

M1,

7.03%,

07/15/28

.

1,185

1,160,102

Contego

CLO

VII

DAC,

Series

7X,

Class

D,

(3-mo.

EURIBOR

at

3.95%

Floor

+

3.95%),

7.65%,

05/14/32

(a)(c)

................

EUR

200

219,568

Credit-Based

Asset

Servicing

&

Securitization

LLC,

Series

2007-CB6,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.80%,

07/25/37

(a)(b)

................

USD

1,166

755,538

Cumulus

Static

CLO

DAC,

Series

2024-1X,

Class

D,

(3-mo.

EURIBOR

at

3.70%

Floor

+

3.70%),

7.53%,

11/15/33

(a)(c)

..........

EUR

166

181,475

CVC

Cordatus

Loan

Fund

XXII

DAC,

Series

22X,

Class

D,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

6.87%,

12/15/34

(a)(c)

.....

200

218,114

CVC

Cordatus

Loan

Fund

XXVII

DAC,

Series

27X,

Class

D2,

(3-mo.

EURIBOR

at

6.58%

Floor

+

6.58%),

10.27%,

04/15/35

(a)(c)

....

400

442,200

CVC

Cordatus

Loan

Fund

XXX

DAC,

Series

30X,

Class

D,

(3-mo.

EURIBOR

at

4.00%

Floor

+

4.00%),

7.87%,

05/15/37

(a)(c)

.....

500

555,677

Deer

Creek

CLO

Ltd.,

Series

2017-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.44%),

6.72%,

10/20/30

(a)(b)

..........

USD

222

222,336

Diameter

Capital

CLO

1

Ltd.,

Series

2021-1A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.50%),

6.80%,

07/15/36

(a)

(b)

9,250

9,265,694

Diameter

Capital

CLO

6

Ltd.,

Series

2024-6A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.61%

Floor

+

1.61%),

6.94%,

04/15/37

(a)(b)

.....

5,000

5,027,874

Dryden

49

Senior

Loan

Fund,

Series

2017-49A,

Class

CR,

(3-mo.

CME

Term

SOFR

a

t

2.05%

Floor

+

2.31%),

7.59%,

07/18/30

(a)(b)

.....

2,000

2,001,183

Dryden

61

CLO

Ltd.,

Series

2018-61A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.30%,

01/17/32

(a)(b)

.........

8,000

8,002,195

Dryden

Senior

Loan

Fund,

Series

2017-47A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.61%,

04/15/28

(a

)(b)

.....

5,250

5,258,052

Eaton

Vance

CLO

Ltd.

(a)(b)

Series

2013-1A,

Class

B3R,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.71%,

01/15/34

................

3,500

3,508,998

Series

2019-1A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.51%

Floor

+

1.51%),

6.84%,

07/15/37

................

2,500

2,521,578

Series

2019-1A,

Class

D1R2,

(3-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.35%),

8.68%,

07/15/37

................

1,645

1,666,712

Series

2020-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.31%

Floor

+

2.31%),

7.61%,

10/15/34

................

3,500

3,500,000

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2020-1A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.36%

Floor

+

3.36%),

8.66%,

10/15/34

................

USD

3,000

$

3,000,000

Elevation

CLO

Ltd.,

Series

2017-8A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.31%),

7.60%,

10/25/30

(a)(b)

..........

3,000

3,005,324

Elmwood

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

A1RR,

(3-mo.

CME

Term

SOFR

at

1.52%

Floor

+

1.52%),

6.80%,

04/20/37

................

2,500

2,513,613

Series

2019-1A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

3.75%

Floor

+

3.75%),

9.03%,

04/20/37

................

2,000

2,034,284

Elmwood

CLO

II

Ltd.,

Series

2019-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.91%

Floor

+

1.91%),

7.19%,

04/20/34

(a)(b)

.........

2,000

1,999,950

Elmwood

CLO

IX

Ltd.,

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.44%,

07/20/34

(a)(b)

..........

1,500

1,506,901

Elmwood

CLO

V

Ltd.,

Series

2020-2A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

8.64%,

10/20/34

(a)(b)

.........

2,000

2,005,263

Elmwood

CLO

VII

Ltd.,

Series

2020-4A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.63%

Floor

+

1.63%),

6.92%,

01/17/34

(a)(b)

.........

4,000

4,010,527

Elmwood

CLO

X

Ltd.,

Series

2021-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.27%

Floor

+

1.27%),

6.55%,

07/20/37

(a)(b)

.....

3,000

3,004,737

Elmwood

CLO

XI

Ltd.,

Series

2021-4A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.49%,

10/20/34

(a)(b)

..........

2,000

2,004,262

Empower

CLO

Ltd.,

Series

2024-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.60%),

6.91%,

04/25/37

(a)(b)

..........

2,500

2,514,096

Fidelity

Grand

Harbour

CLO

DAC,

Series

2023-

1X,

Class

D,

(3-mo.

EURIBOR

at

5.90%

Floor

+

5.90%),

9.73%,

08/15/36

(a)(c)

.....

EUR

238

261,358

First

Franklin

Mortgage

Loan

Trust

(a)

Series

2006-FF13,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.24%

Floor

+

0.35%),

5.70%,

10/25/36

................

USD

2,969

1,919,462

Series

2006-FF13,

Class

A2C,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.78%,

10/25/36

................

1,741

1,137,384

Series

2006-FF17,

Class

A5,

(1-mo.

CME

Term

SOFR

at

0.15%

Floor

+

0.26%),

5.61%,

12/25/36

................

2,060

1,717,516

Series

2006-FFH1,

Class

M1,

(1-mo.

CME

Term

SOFR

at

0.56%

Floor

+

0.67%),

6.02%,

01/25/36

................

3,797

3,677,788

FirstKey

Homes

Trust

(b)

Series

2022-SFR1,

Class

E1,

5.00%,

05/19/39

.....................

6,000

5,790,438

Series

2022-SFR2,

Class

E1,

4.50%,

07/17/39

.....................

6,382

6,060,343

Flatiron

CLO

17

Ltd.

(a)(b)

Series

2017-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

0.98%

Floor

+

1.24%),

6.56%,

05/15/30

.....................

1,105

1,105,449

Series

2017-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.48%,

05/15/30

................

1,000

1,001,621

Schedule

of

Investments

(continued)

July

31,

2024

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)

Flatiron

CLO

21

Ltd.

(a)(b)

Series

2021-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

2.11%),

7.39%,

07/19/34

.....................

USD

2,000

$

2,005,734

Series

2021-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.44%,

07/19/34

.....................

2,500

2,503,764

Flatiron

CLO

28

Ltd.

(a)(b)

Series

2024-1A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

6.59%,

07/15/36

.....................

7,000

7,025,072

Series

2024-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

6.92%,

07/15/36

.....................

2,000

2,002,687

Flatiron

CLO

LLC,

Series

2023-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.09%,

04/17/36

(a)(b)

..........

4,000

4,023,034

FRTKL,

Series

2021-SFR1,

Class

F,

3.17%,

09/17/38

(b)

......................

2,900

2,635,205

FS

Rialto

Issuer

LLC,

Series

2022-FL7,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.90%

Floor

+

2.90%),

8.23%,

10/19/39

(a)(b)

..........

4,500

4,524,989

Galaxy

XXIV

CLO

Ltd.,

Series

2017-24A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.45%),

7.75%,

04/15/37

(a)(

b)

.........

750

756,249

Galaxy

XXVII

CLO

Ltd.,

Series

2018-27A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.28%),

6.61%,

05/16/31

(a)(b)

..........

1,901

1,901,625

Generate

CLO

16

Ltd.,

Series

2024-16A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.

85%),

7.17%,

07/20/37

(a)(b)

..........

4,000

3,995,932

Generate

CLO

2

Ltd.,

Series

2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.69%,

01/22/31

(a)(b)

..........

4,117

4,123,812

Generate

CLO

4

Ltd.,

Series

4A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

7.03%,

07/20/37

(a)(b)

..........

2,750

2,750,000

Generate

CLO

5

Ltd.

(a)(b)

Series

5A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

7.32%,

07/22/37

.....................

1,500

1,510,791

Series

5A,

Class

D1R,

(3-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.70%),

9.02%,

07/22/37

.....................

2,000

2,028,348

Generate

CLO

6

Ltd.,

Series

6A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.71%),

7.99%,

01/22/35

(a)(b)

..........

1,000

1,001,718

Generate

CLO

7

Ltd.,

Series

7A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.62%

Floor

+

1.62%),

6.90%,

04/22/37

(a)(b)

..........

3,00

0

3,016,579

Generate

CLO

9

Ltd.

(a)(b)

Series

9A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.29%,

10/20/34

.....................

8,500

8,541,689

Series

9A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

7.79%,

10/20/34

.....................

3,000

3,006,664

Generate

CLO

Ltd.,

Series

2024-17A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

0.00%,

10/22/37

(a)(b)

..........

10,000

10,000,000

Gilbert

Park

CLO

Ltd.,

Series

2017-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.45%),

6.75%,

10/15/30

(a)(b

)

..........

840

840,828

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

GoldenTree

Loan

Management

US

CLO

1

Ltd.,

Series

2017-1A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.34%,

04/20/34

(a)(b)

.....................

USD

9,500

$

9,512,571

GoldenTree

Loan

Management

US

CLO

10

Ltd.

(a)(b)

Series

2021-10A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.64%,

07/20/34

.....................

3,000

3,000,526

Series

2021-10A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.14%,

07/20/34

.....................

1,000

1,000,509

GoldenTree

Loan

Management

US

CLO

3

Ltd.,

Series

2018-3A,

Class

AJ,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.56%),

6.84%,

04/20/30

(a)(b)

.....................

2,000

2,009,390

GoldenTree

Loan

Management

US

CLO

4

Ltd.,

Series

2019-4A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.54%,

04/24/31

(a)(b)

.....................

1,000

1,002,091

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%),

7.59%,

10/20/32

................

2,000

2,000,000

Series

2019-5A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.69%,

10/20/32

................

1,000

1,000,000

GoldenTree

Loan

Management

US

CLO

6

Ltd.,

Series

2019-6A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.08%,

04/20/35

(a)(b)

.....................

800

800,783

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%),

7.49%,

10/20/34

.....................

3,000

3,007,806

Series

2021-11A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.54%,

10/20/34

.....................

1,000

1,002,141

Golub

Capital

Partners

CLO

41B-R

Ltd.,

Series

2019-41A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.58%),

6.86%,

01/20/34

(a)(b)

.....................

2,500

2,501,250

Golub

Capital

Partners

CLO

52B

Ltd.,

Series

2020-52A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.00%

Fl

oor

+

2.00%),

7.28%,

04/20/37

(a)(b)

.....................

2,000

2,020,749

Golub

Capital

Partners

CLO

53B

Ltd.,

Series

2021-53A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.34%,

07/20/34

(a)

(b)

............................

5,915

5,954,314

Golub

Capital

Partners

CLO

58B

Ltd.,

Series

2021-58A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.73%,

01/25/35

(a)(b)

.....................

1,000

1,001,493

Golub

Capital

Partners

CLO

75B

Ltd.,

Series

2024-75A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

6.68%,

07/25/37

(a)(b)

.....................

2,000

2,000,595

Greene

King

Finance

plc

(a)

Series

B1,  (Sterling

Overnight

Index

Average

+

1.92%),

7.15%,

12/15/34

...

GBP

100

109,940

Series

B2,  (Sterling

Overnight

Index

Average

+

2.20%),

7.43%,

03/15/36

(c)

..

100

110,609

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

52

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Greenpoint

Manufactured

Housing,

Series

2000-1,

Class

A4,

8.14%,

03/20/30

(a)

.....

USD

3,930

$

2,569,449

Greywolf

CLO

III

Ltd.,

Series

2020-3RA,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.71%),

7.99%,

04/15/33

(a)(b)

.........

3,000

3,001,636

GSAA

Home

Equity

Trust

Series

2005-14,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

0.70%

Floor

+

0.81%),

6.16%,

12/25/35

(a)

...............

1,025

448,096

Series

2006-4,

Class

1A1,

4.12%,

03/25/36

(a)

2,453

1,633,544

Series

2006-5,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.82%,

03/25/36

(a)

....................

3,344

984,053

Series

2006-18,

Class

AF6,

6.18%,

11/25/36

(f)

.....................

3,216

785,404

GSAMP

Trust

(a)

Series

2006-FM3,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

+

0.25%),

5.60%,

11/25/36

................

6,275

2,960,669

Series

2006-HE6,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.48%

Floor

+

0.59%),

5.94%,

08/25/36

................

1,310

1,041,891

GT

Loan

Financing

I

Ltd.,

Series

2013-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.36%),

7.63%,

07/28/31

(a)(b)

.....

1,000

1,000,999

HalseyPoint

CLO

3

Ltd.,

Series

2020-3A,

Class

A1A,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.71%),

6.97%,

11/30/

32

(a)(b)

.....

11,000

11,006,600

HalseyPoint

CLO

4

Ltd.,

Series

2021-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.69%,

04/20/34

(a)(b)

..........

1,750

1,754,072

HalseyPoint

CLO

5

Ltd.

(a)(b)

Series

2021-5A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.32%,

01/30/35

.....................

3,500

3,501,107

Series

2021-5A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.50%

Floor

+

3.76%),

9.02%,

01/30/35

.....................

3,000

3,007,225

HalseyPoint

CLO

6

Ltd.,

Series

2022-6A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.45%),

7.73%,

10/20/34

(a)(b)

.........

1,000

1,003,145

Halseypoint

CLO

7

Ltd.,

Series

2023-7A,

Class

A,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.53%,

07/20/36

(a

)(b)

..........

1,600

1,608,276

HalseyPoint

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

A1A1,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.61%),

6.89%,

01/20/33

................

11,050

11,082,779

Series

2019-1A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.74%,

01/20/33

.....................

2,500

2,511,695

Harvest

CLO

XVI

DAC,

Series

16X,

Class

ER,

(3-mo.

EURIBOR

at

5.57%

Floor

+

5.57%),

9.25%,

10/15/31

(a)(c)

................

EUR

235

255,509

Harvest

CLO

XXXII

DAC,

Series

32X,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

7.30%,

07/25/37

(a)(c)

................

418

454,413

H

enley

CLO

IV

DAC,

Series

4X,

Class

E,

(3-mo.

EURIBOR

at

5.25%

Floor

+

5.25%),

8.93%,

04/25/34

(a)(c)

.....................

300

325,931

Henley

CLO

X

DAC,

Series

10X,

Class

D,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

7.49%,

07/20/37

(a)(c)

................

242

267,231

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Invesco

CLO

Ltd.

(a)(b)

Series

2021-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.46%,

07/15/34

.....................

USD

500

$

500,560

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.08%,

04/20/35

.....................

3,125

3,121,156

Series

2022-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.15%),

7.43%,

04/20/35

.....................

5,000

5,000,895

Invesco

Euro

CLO

III

DAC,

Series

3X,

Class

F,

(3-mo.

EURIBOR

at

8.07%

Floor

+

8.07%),

11.76%,

07/15/32

(a)(c)

...............

EUR

155

168,357

Invitation

Homes

Trust,

Series

2018-SFR4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.21%),

6.55%,

01/17/38

(a)(b)

.....

USD

2,592

2,594,639

J.P.

Morgan

Mortgage

Acquisition

Trust,

Series

2006-CH1,

Class

M7,

(1-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.31%)

,

6.66%,

07/25/36

(a)

......................

2,975

2,590,599

Juniper

Valley

Park

CLO

Ltd.,

Series

2023-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.25%

Floor

+

1.25%),

6.53%,

07/20/36

(a)(b)

.....

2,650

2,650,000

KKR

CLO

18

Ltd.,

Series

18,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.64%,

07/18/30

(a)(b)

................

8,050

8,059,089

KKR

CLO

27

Ltd.

(a)(b)

Series

27A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

1.85%),

7.15%,

10/15/32

.....................

4,250

4,251,646

Series

27A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.55%,

10/15/32

.....................

1,450

1,452,275

KKR

CLO

35

Ltd.,

Series

35A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.24%,

10/20/34

(a)(b)

................

3,657

3,654,514

KKR

CLO

41

Ltd

.,

Series

2022-41A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.25%),

8.55%,

04/15/35

(a)(b)

..........

5,250

5,250,797

LCM

XXV

Ltd.,

Series

25A,

Class

B2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.91%),

7.19%,

07/20/30

(a)(b)

................

350

350,373

Lehman

XS

Trust,

Series

2007-20N,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.41%),

7.76%,

12/25/37

(a)

...........

5,404

5,128,

048

Long

Beach

Mortgage

Loan

Trust

(a)

Series

2005-3,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

5.98%,

08/25/45

.....................

1,473

1,425,808

Series

2006-4,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

5.76%,

05/25/36

.....................

20,398

10,706,973

Series

2006-6,

Class

2A3,

(1-mo.

CME

Term

SOFR

at

0.30%

Floor

+

0.41%),

5.76%,

07/25/36

.....................

5,632

2,178,904

Series

2006-7,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.31%

Floor

+

0.42%),

5.77%,

08/25/36

.....................

6,033

3,083,135

Series

2006-WL3,

Class

2A4,

(

1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

6.06%,

01/25/36

................

1,312

1,180,124

Madison

Park

Funding

XLVI

Ltd.,

Series

2020-

46A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.21%,

10/15/34

(a)(b)

750

751,194

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Madison

Park

Funding

XX

Ltd.

(a)(b)

Series

2016-20A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.16%),

7.43%,

07/27/30

................

USD

4,080

$

4,082,221

Series

2016-20A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.26%),

8.53%,

07/27/30

................

1,315

1,317,117

Madison

Park

Funding

XXIX

Ltd.,

Series

2018-

29A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.53%,

10/18/30

(a)(b)

5,450

5,455,073

Madison

Park

Funding

XXVII

Ltd.

(a)(b)

Series

2018-27A,

Class

B,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

2.06%),

7.34%,

04/20/30

.....................

1,600

1,600,804

Series

2018-27A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

2.86%),

8.14%,

04/20/30

.....................

1,000

1,002,216

Madison

Park

Funding

XXXIII

Ltd.

(a)(b)

Series

2019-33A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.10%,

10/15/32

................

6,000

5,997,508

Series

2019-33A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.20%),

7.50%,

10/15/32

................

4,750

4,758,454

Series

2019-33A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.10%),

8.40%,

10/15/32

................

2,000

2,004,646

Madison

Park

Funding

XXXIV

Ltd.,

Series

2019-

34A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.61%),

8.90%,

04/25/32

(a)(b)

2,250

2,260,304

Marathon

CLO

Ltd.,

Series

2020-15A,

Class

A1R3,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.45%),

6.78%,

08/15/37

(a)(b)

.....

5,000

5,006,040

Marble

Point

CLO

XI

Ltd.,

Series

2017-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.04%,

12/18/30

(a)(b)

.....

1,500

1,499,777

Margay

CLO

I

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

6.40%

Floor

+

6.40%),

10.09%,

07/15/36

(a)(c)

.....................

EUR

100

110,625

Marino

Park

CLO

DAC,

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

5.67%

Floor

+

5.67%),

9.33%,

01/16/34

(a)(c)

................

100

108,845

MASTR

Asset-Backed

Securities

Trust,

Series

2006-AM2,

Class

A4,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

5.98%,

06/25/36

(a)(b)

.....................

USD

1,776

1,615,836

MidOcean

Credit

CLO

XII

Ltd.,

Series

2023-

12A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.75%

Floor

+

3.75%),

9.03%,

04/18/36

(a)(b)

2,500

2,517,675

MidOcean

Credit

CLO

XIV

Ltd.,

Series

2024-

14A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.58%

Floor

+

1.58%),

6.

88%,

04/15/37

(a)(b)

10,000

10,055,292

Milos

CLO

Ltd.,

Series

2017-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.09%,

10/20/30

(a)(b)

..........

5,862

5,877,492

Morgan

Stanley

Mortgage

Loan

Trust,

Series

2007-1XS,

Class

2A3,

6.42%,

09/25/46

(f)

..

582

122,783

Neuberger

Berman

CLO

XVIII

Ltd.,

Series

2014-18A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.26%),

8.54%,

10/21/30

(a)(b)

.....................

1,250

1,250,4

78

Neuberger

Berman

CLO

XX

Ltd.,

Series

2015-

20A,

Class

ERR,

(3-mo.

CME

Term

SOFR

at

6.50%

Floor

+

6.76%),

12.06%,

07/15/34

(a)(b)

2,600

2,608,939

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Neuberger

Berman

CLO

XXI

Ltd.,

Series

2016-

21A,

Class

DR2,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.

56%),

8.84%,

04/20/34

(a)(b)

USD

1,000

$

1,003,280

Neuberger

Berman

Loan

Advisers

CLO

29

Ltd.,

Series

2018-29A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

8.64%,

10/19/31

(a)(b)

.....................

500

501,227

Neuberger

Berman

Loan

Advisers

CLO

36

Ltd.,

Series

2020-36A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.08%,

04/20/33

(a)(b)

.....................

1,700

1,698,754

Neuberger

Berman

Loan

Advisers

CLO

37

Ltd.,

Series

2020-37A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.34%,

07/20/31

(a)(b)

.....................

1,563

1,562,671

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.,

Series

2021-40A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.30%,

04/16/33

(a)(b)

.....................

1,000

1,000,987

Neuberger

Berman

Loan

Advisers

CLO

43

Ltd.,

Series

2021-43A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.13%

Floor

+

1.39%),

6.68%,

07/17/35

(a)(b)

.....................

2,750

2,752,707

Neuberger

Berman

Loan

Advisers

CLO

45

Ltd.,

Series

2021-45A,

Class

A,

(3-mo.

CME

Term

SOFR

a

t

1.13%

Floor

+

1.39%),

6.69%,

10/14/35

(a)(b)

.....................

12,250

12,262,288

Neuberger

Berman

Loan

Advisers

Euro

CLO,

Series

2021-1X,

Class

E,

(3-mo.

EURIBOR

at

5.52%

Floor

+

5.52%),

9.18%,

04/17/34

(a)

(c)

............................

EUR

188

204,976

Neuberger

Berman

Loan

Advisers

E

uro

CLO

6

DAC,

Series

2024-6X,

Class

D,

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

7.49%,

07/15/37

(a)(c)

.....................

293

320,817

New

Residential

Mortgage

Loan

Trust,

Series

2022-SFR2,

Class

F,

4.00%,

09/04/39

(b)

...

USD

5,006

4,378,735

Newark

BSL

CLO

1

Ltd.,

Series

2016-1A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.63%,

12/21/29

(a)(b)

.....

2,472

2,474,098

NYACK

Park

CLO

Ltd.

(a)(b)

Series

2021-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

6.66%,

10/20/34

.....................

4,418

4,423,916

Series

2021-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.21%

Floor

+

2.21%),

7.49%,

10/20/34

.....................

2,500

2,505,334

Oaktree

CLO

Ltd.

(a)(b)

Series

2019-3A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.29%,

10/20/34

.....................

11,000

11,008,224

Series

2020-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.21%,

07/15/34

.....................

3,500

3,510,939

Series

2021-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.74%,

01/15/35

.....................

1,000

1,000,548

Series

2024-26A,

Class

B,

(3-

mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

7.28%,

04/20/37

.....................

3,000

3,015,355

Oakwood

Mortgage

Investors,

Inc.

Series

1998-D,

Class

M1,

7.42%,

01/15/29

(b)

323

317,711

Series

1999-C,

Class

A2,

7.48%,

08/15/27

.

1,802

1,413,887

Series

2001-D,

Class

A3,

5.90%,

09/17/31

(a)

282

124,244

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

54

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

OCP

CLO

Ltd.

(a)(b)

Series

2015-10A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.31%

Floor

+

2.31%),

7.59%,

01/26/34

................

USD

3,700

$

3,709,472

Series

2015-10A,

Class

DR2,

(3-mo.

CME

Term

SOFR

at

3.21%

Floor

+

3.21%),

8.49%,

01/26/34

................

2,000

2,007,067

Series

2016-11A,

Class

A

1R2,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

6.70%,

04/26/36

................

1,000

1,002,600

Series

2018-15A,

Class

A3,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.24%,

07/20/31

................

1,000

1,000,751

Series

2019-16A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.11%

Floor

+

2.11%),

7.42%,

04/10/33

................

2,500

2,502,839

Series

2019-17A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

7.30%,

07/20/37

................

1,000

999,925

Series

2020-19A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.64%,

10/20/34

................

7,500

7,513,192

Series

2020-20A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

7.23%,

04/18/37

................

8,000

8,048,053

Series

2021-22A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.59%,

12/02/34

.....................

4,500

4,507,195

Series

2021-22A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.36%),

8.64%,

12/02/34

.....................

1,250

1,253,219

OCP

Euro

CLO

DAC

(a)(c)

Series

2017-2X,

Class

E,

(3-mo.

EURIBOR

at

5.00%

Floor

+

5.00%),

8.69%,

01/15/32

.....................

EUR

298

323,437

Series

2017-2X,

Class

F,

(3-mo.

EURIBOR

at

6.40%

Floor

+

6.40%),

10.09%,

01/15/32

.....................

200

217,123

Octagon

Investment

Partners

26

Ltd.

(a)(b)

Series

2016-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

0.26%

Floor

+

1.86%),

7.16%,

07/15/30

.....................

USD

6,000

6,007,220

Series

2016-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.06%

Floor

+

2.06%),

7.36%,

07/15/30

................

2,250

2,251,266

Octagon

Investment

Partners

34

Ltd.,

Series

2017-1A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.66%),

6.94%,

01/20/30

(a)

(b)

............................

2,000

1,999,444

Octagon

Investment

Partners

35

Ltd.,

Series

2018-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.86%),

8.14%,

01/20/31

(a)

(b)

............................

1,000

985,423

Octagon

Investment

Partners

40

Ltd.,

Series

2019-1A,

Class

C1R,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.69%,

01/20/35

(a)(b)

.....................

3,000

3,005,956

Octagon

Investment

Partners

41

Ltd.

(a)(b)

Series

2019-2A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.26%,

10/15/33

................

8,500

8,517,345

Series

2019-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.71%,

10/15/33

................

3,800

3,808,669

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Octagon

Loan

Funding

Ltd.

(a)(b)

Series

2014-1A,

Class

ARR,

(3-mo.

CME

Term

SOFR

at

1.18%

Floor

+

1.44%),

6.77%,

11/18/31

................

USD

12,389

$

12,392,409

Series

2014-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.29%,

11/18/31

................

1,500

1,501,943

OHA

Credit

Funding

1

Ltd

.,

Series

2018-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.45%

Floor

+

2.45%),

7.73%,

04/20/37

(a)(b)

.....

1,000

1,014,075

OHA

Credit

Funding

10

Ltd.,

Series

2021-10A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.19%,

01/18/36

(a)(b)

.....

2,000

2,001,877

OHA

Credit

Funding

13

Ltd.,

Series

2022-13A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

6.63%,

07/20/37

(a)(b)

.....

10,000

10,000,000

OHA

Credit

Funding

2

Ltd.

(a)(b)

Series

2019-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.74%,

04/21/34

................

1,500

1,509,002

Series

2019-2A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.56%),

8.84%,

04/21/34

................

1,000

1,003,516

OHA

Credit

Funding

3

Ltd.,

Series

2019-3A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.40%),

6.68%,

07/02/35

(a)(b)

.....

2,000

2,002,761

OHA

Credit

Funding

6

Ltd.

(a)(b)

Series

2020-6A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.19%,

07/20/34

.....................

5,000

5,005,398

Series

2020-6A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.15%

Floor

+

3.41%),

8.69%,

07/20/34

................

1,000

1,002,577

OHA

Credit

Funding

9

Ltd.,

Series

2021-9A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.95%

Floor

+

3.21%),

8.49%,

07/19/35

(a)(b)

.....

500

501,034

OHA

Credit

Partners

VII

Ltd.,

Series

2012-7A,

Class

D1R3,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.49%,

02/

20/34

(a)(b)

5,970

5,979,353

OHA

Credit

Partners

XI

Ltd.

(a)(b)

Series

2015-11A,

Class

B1R2,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.08%,

04/20/37

................

1,750

1,751,468

Series

2015-11A,

Class

D1R2,

(3-mo.

CME

Term

SOFR

at

3.10%

Floor

+

3.10%),

8.38%,

04/20/37

................

2,000

2,000,832

OHA

Credit

Partners

XII

Ltd.

(a)(b)

Series

2015-12A,

Class

B1R2,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

7.23%,

04/23/37

................

2,000

2,003,755

Series

2015-12A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.40%

Floor

+

2.40%),

7.68%,

04/23/37

................

2,000

2,026,347

OHA

Credit

Partners

XIV

Ltd.

(a)(b)

Series

2017-14A,

Class

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.76%),

7.04%,

01/21/30

.....................

1,000

1,000,000

Series

2017-14A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

0.00%,

07/21/37

................

3,000

3,000,000

Series

2017-14A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.06%),

7.34%,

01/21/30

.....................

1,500

1,500,000

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

55

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

OHA

Credit

Partners

XVI,

Series

2021-16A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.69%,

10/18/34

(a)(b)

.....

USD

13,500

$

13,520,741

OHA

Loan

Funding

Ltd.

(a)(b)

Series

2013-1A,

Class

B1R3,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

7.22%,

04/23/37

................

1,000

1,001,046

Series

2015-1A,

Class

DR3,

(3-mo.

CME

Term

SOFR

at

3.20%

Floor

+

3.46%),

8.74%,

01/19/37

................

4,750

4,752,940

Series

2016-1A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.10%),

7.44%,

07/20/37

................

3,265

3,290,726

Palmer

Square

CLO

Ltd.

(a)(b)

Series

2013-2A,

Class

BR3,

(3-mo.

CME

Term

SOFR

at

2.11%

Floor

+

2.11%),

7.40%,

10/17/31

................

2,950

2,955,525

Series

2014-1A,

Class

A2R2,

(3-mo.

CME

Term

SOFR

at

1.45%

Floor

+

1.71%),

7.00%,

01/17/31

................

6,650

6,651,483

Series

2015-2A,

Class

A1R2,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.64%,

07/20/30

................

2,024

2,024,719

Series

2019-1A,

Class

A1

R,

(3-mo.

CME

Term

SOFR

at

1.41%

Floor

+

1.41%),

6.73%,

11/14/34

................

7,000

7,000,545

Series

2019-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.96%

Floor

+

1.96%),

7.28%,

11/14/34

................

7,000

7,015,842

Series

2019-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.26%

Floor

+

2.26%),

7.58%,

11/14/34

.....................

2,500

2,505,599

Series

2019-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

3.31%

Floor

+

3.31%),

8.63%,

11/14/34

................

3,750

3,757,705

Series

2020-3A,

Class

BR2,

(

3-mo.

CME

Term

SOFR

at

2.65%

Floor

+

2.65%),

7.97%,

11/15/36

................

2,000

2,028,491

Series

2021-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.96%

Floor

+

1.96%),

7.24%,

04/20/34

.....................

7,000

7,005,472

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.06%

Floor

+

2.06%),

7.36%,

07/15/34

.....................

2,000

2,004,146

Series

2021-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.16%

Floor

+

3.16%),

8.46%,

07/15/34

.....................

4,000

4,013,995

Series

2021-3A,

Class

B,

(3-mo

.

CME

Term

SOFR

at

1.91%

Floor

+

1.91%),

7.21%,

01/15/35

.....................

7,000

7,014,543

Series

2021-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.21%

Floor

+

2.21%),

7.51%,

01/15/35

.....................

5,000

5,009,082

Series

2021-3A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.21%

Floor

+

3.21%),

8.51%,

01/15/35

.....................

2,000

2,008,192

Series

2021-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.91%

Floor

+

1.91%),

7.21%,

10/15/34

.....................

7,250

7,264,681

Series

2021-4A,

Class

C,

(3-mo

.

CME

Term

SOFR

at

2.21%

Floor

+

2.21%),

7.51%,

10/15/34

.....................

4,850

4,863,639

Series

2021-4A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.21%

Floor

+

3.21%),

8.51%,

10/15/34

.....................

7,000

7,027,970

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.08%,

04/20/35

.....................

USD

1,000

$

1,000,437

Series

2022-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.05%),

7.33%,

04/20/35

.....................

3,500

3,505,921

Series

2022-1A,

Class

D,

(3-mo

.

CME

Term

SOFR

at

3.05%

Floor

+

3.05%),

8.33%,

04/20/35

.....................

3,250

3,257,107

Series

2024-3A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

0.00%,

07/20/37

.....................

12,500

12,500,000

Palmer

Square

European

CLO

DAC

(a)(c)

Series

2022-2X,

Class

DR,

(3-mo.

EURIBOR

at

4.00%

Floor

+

4.00%),

7.68%,

01/15/38

.....................

EUR

373

411,084

Series

2023-1X,

Class

D,

(3-mo.

EURIBOR

at

6.20%

Floor

+

6.20%),

9.88%,

07/15/36

.....................

276

303,796

Palmer

Square

European

Loan

Funding

DAC,

Series

2024-2X,

Class

D,

(3-mo.

EURIBOR

at

3.15%

Floor

+

3.15%),

0.00%,

05/15/34

(a)

(c)

............................

490

530,303

Park

Avenue

Institutional

Advisers

CLO

Ltd.

(a)(b)

Series

2016-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.39%,

08/23/31

................

USD

2,600

2,608,289

Series

2018-1A,

Class

A2R,

(3-mo.

CME

Term

SOFR

at

1.60%

Floor

+

1.86%),

7.14%,

10/20/31

................

4,700

4,715,896

Series

2021-2A,

Class

C,

(

3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

7.81%,

07/15/34

.....................

6,000

6,012,676

Penta

CLO

DAC,

Series

2024-17X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

0.00%,

08/15/38

(a)(c)

................

EUR

459

496,753

Pikes

Peak

CLO

2

(a)(b)

Series

2018-2A,

Class

B1R,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.29%,

10/18/34

................

USD

5,000

5,005,913

Series

2018-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

7.79%,

10/18/34

................

2,350

2,358,930

Pikes

Peak

CLO

3,

Series

2019-3A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.25%,

10/25/34

(a)(b)

..........

1,600

1,601,636

Pikes

Peak

CLO

6

(a)(b)

Series

2020-6A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.17%

Floor

+

1.43%),

6.76%,

05/18/34

................

2,000

2,000,645

Series

2020-6A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.29%,

05/18/34

................

1,000

1,003,139

Pikes

Peak

CLO

8,

Series

2021-8A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.29%,

07/20/34

(a)(b)

..........

2,000

2,012,874

Pikes

Peak

CLO

9,

Series

2021-9A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.28%,

10/27/34

(a)(b)

..........

7,0

00

7,051,240

Post

CLO

Ltd.

(a)(b)

Series

2021-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.31%,

10/15/34

.....................

10,000

10,009,974

Series

2021-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.76%,

10/15/34

.....................

3,500

3,501,964

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

56

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2021-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.56%),

8.86%,

10/15/34

.....................

USD

1,200

$

1,200,063

Series

2022-1A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.20%

Floor

+

3.20%),

8.48%,

04/20/35

.....................

1,750

1,750,831

PPM

CLO

4

Ltd.

(a)(b)

Series

2020-4A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.19%

Floor

+

1.45%),

6.73%,

10/18/34

.....................

6,000

6,014,579

Series

2020-4A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.19%,

10/18/34

.....................

3,000

3,006,319

Prima

Capital

CRE

Securitization

Ltd.,

Series

2015-4A,

Class

C,

4.00%,

08/24/49

(b)

....

2,190

2,181,598

Progress

Residential

Trust

(b)

Series

2021-SFR10,

Class

G,

4.86%,

12/17/40

.....................

5,785

5,134,791

Series

2021-SFR8,

Class

G,

4.01%,

10/17/38

.....................

10,000

9,081,270

Series

2022-SFR5,

Class

E1,

6.62%,

06/17/39

.....................

2,000

2,015,331

Providus

CLO

V

DAC,

Series

5X,

Class

D,

(3-mo.

EURIBOR

at

2.95%

Floor

+

2.95%),

6.78%,

02/15/35

(a)(c)

................

EUR

500

542,215

Rad

CLO

2

Ltd.

(a)(b)

Series

2018-2A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.08%

Floor

+

1.34%),

6.64%,

10/15/31

.....................

USD

3,182

3,187,343

Series

2018-2A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.06%,

10/15/31

.....................

5,000

5,002,324

Rad

CLO

22

Ltd.,

Series

2023-22A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.83%

Floor

+

1.83%),

7.11%,

01/20/37

(a)(b)

..........

1,730

1,740,221

Rad

CLO

5

Ltd.,

Series

2019-5A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.24%,

07/24/32

(a)(b)

..........

3,0

00

2,998,907

Rad

CLO

7

Ltd.,

Series

2020-7A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.35%

Floor

+

1.35%),

6.64%,

04/17/36

(a)(b)

..........

1,000

1,005,391

Rad

CLO

9

Ltd.,

Series

2020-9A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.66%),

6.96%,

01/15/34

(a)(b)

..........

1,250

1,253,446

Rad

CLO

10

Ltd.

(a)(b)

Series

2021-10A,

Class

C,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.29%,

04/23/34

.....................

3,750

3,755,259

Series

2021-10A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.75%

Floor

+

3.01%),

8.29%,

04/23/34

.....................

2,000

2,002,729

Rad

CLO

12

Ltd.

(a)(b)

Series

2021-12A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.57%,

10/30/34

.....................

1,375

1,377,411

Series

2021-12A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.57%,

10/30/34

.....................

3,375

3,379,706

Rad

CLO

14

Ltd.

(a)(b)

Series

2021-14A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.56%,

01/15/35

.....................

3,500

3,505,498

Series

2021-14A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.56%,

01/15/35

.....................

1,000

1,001,703

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Rad

CLO

15

Ltd.

(a)(b)

Series

2021-15A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.19%,

01/20/34

.....................

USD

7,250

$

7,258,741

Series

2021-15A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.59%,

01/20/34

.....................

1,650

1,651,923

Series

2021-15A,

Class

D,

(3

-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.59%,

01/20/34

.....................

2,900

2,908,575

Rad

CLO

18

Ltd.,

Series

2023-18A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.95%

Floor

+

1.95%),

7.25%,

04/15/36

(a)(b)

..........

3,750

3,755,318

Regatta

VI

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.69%,

04/20/34

(a)(b)

.....

1,000

1,004,600

Regatta

VII

Funding

Ltd.,

Series

2016-1A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.66%,

06/2

0/34

(a)(b)

.....

750

751,810

Regatta

XII

Funding

Ltd.,

Series

2019-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.10%

Floor

+

1.36%),

6.66%,

10/15/32

(a)(b)

.........

10,000

10,007,147

Regatta

XVI

Funding

Ltd.,

Series

2019-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.61%,

01/15/33

(a)(b)

.....

6,700

6,751,348

Regatta

XVII

Funding

Ltd.,

Series

2020-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.55%

Floor

+

2.81%),

8.11%,

10/15/

33

(a)(b)

.....

500

501,036

Regatta

XXIII

Funding

Ltd.

(a)(b)

Series

2021-4A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.59%,

01/20/35

.....................

3,000

3,005,512

Series

2021-4A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.05%

Floor

+

3.31%),

8.59%,

01/20/35

.....................

2,000

2,004,310

Regatta

XXIV

Funding

Ltd.,

Series

2021-5A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.15%

Floor

+

1.41%),

6.69%,

01/20/35

(a)(b)

.....

5,500

5,503,820

Regatta

XXVIII

Funding

Ltd.,

Series

2024-2A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

6.83%,

0

4/25/37

(a)(b)

.....

2,500

2,514,038

Riserva

CLO

Ltd.,

Series

2016-3A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.34%,

01/18/34

(a)(b)

..........

1,000

1,001,600

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

436,135

Series

1X,

Class

D,

(3-mo.

EURIBOR

at

5.95%

Floor

+

5.95%),

9.61%,

07/16/34

357

392,164

Rockford

Tower

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

BR2A,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.91%),

7.19%,

04/20/34

................

USD

3,500

3,501,337

Series

2017-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.06%),

7.34%,

10/20/30

.....................

2,300

2,302,830

Series

2018-1A,

Class

B,

(3

-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.98%),

7.31%,

05/20/31

.....................

1,000

1,001,818

Series

2018-2A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.16%

Floor

+

1.42%),

6.70%,

10/20/31

.....................

2,482

2,487,190

Series

2018-2A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.34%,

10/20/31

.....................

1,125

1,127,163

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

57

(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%),

7.74%,

10/20/31

.....................

USD

700

$

701,032

Series

2019-2A,

Class

CR,

(3-mo.

C

ME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.59%,

08/20/32

................

5,500

5,508,857

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.64%,

07/20/34

.....................

2,000

2,002,503

Series

2021-2A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.51%),

8.79%,

07/20/34

.....................

1,250

1,251,959

Series

2021-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.69%,

10/20/34

.....................

3,000

3,004,719

RR

14

Ltd.,

Series

2021-14A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

6.68%,

04/15/36

(a)(b)

................

1,500

1,501,500

RR

20

Ltd.,

Series

2022-20A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.50%

Floor

+

2.50%),

7.80%,

07/15/37

(a)(b)

................

1,000

1,

002,488

RR

28

Ltd.,

Series

2024-28RA,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.55%),

6.85%,

04/15/37

(a)(b)

..........

7,500

7,539,054

RRX

4

Ltd.

(a)(b)

Series

2021-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.46%),

6.76%,

07/15/34

.....................

11,000

11,022,848

Series

2021-4A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.85%

Floor

+

2.11%),

7.41%,

07/15/34

.....................

1,250

1,259,481

Signal

Peak

CLO

1

Ltd.,

Series

2014-1A,

Class

BR3,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

2.06%),

7.35%,

04/17/34

(a)(b)

.....

630

630,580

Signal

Peak

CLO

10

Ltd.

(a)(b)

Series

2021-9A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.24%,

07/21/34

.....................

9,500

9,494,274

Series

2021-9A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.59%,

07/21/34

.....................

2,000

2,003,776

Signal

Peak

CLO

4

Ltd.

(a)(b)

Series

2017-4A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.41%

Floor

+

2.41%),

7.69%,

10/26/34

................

5,000

5,004,932

Series

2017-4A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.46%

Floor

+

3.46%),

8.74%,

10/26/34

................

2,300

2,240,294

Signal

Peak

CLO

7

Ltd.

(a)(b)

Series

2019-1A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.02%,

04/30/32

.....................

4,099

4,109,466

Series

2019-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.26%),

7.52%,

04/30/32

.....................

5,380

5,403,680

Silver

Point

CLO

4

Ltd.,

Series

2024-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.63%

Floor

+

1.63%),

6.89%,

04/15/37

(a)(b)

.........

5,000

5,028,265

Sixth

Street

CLO

IX

Ltd.,

Series

2017-9A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.38%

Floor

+

1.38%),

6.66%,

07/21/

37

(a)(b)

.........

5,000

5,009,486

Sixth

Street

CLO

XIX

Ltd.

(a)(b)

Series

2021-19A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.24%,

07/20/34

.....................

3,000

3,000,289

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%),

7.54%,

07/20/34

.....................

USD

1,000

$

1,001,728

Series

2021-19A,

Class

D,

(3-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.26%),

8.54%,

07/20/34

.....................

4,000

4,003,069

Sixth

Street

CLO

XVII

Ltd.

(a)(b)

Series

2021-17A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.24%

Floor

+

1.50%),

6.78%,

01/20/34

.....................

8,500

8,515,555

Series

2021-17A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.55%

Floor

+

1.81%),

7.09%,

01/20/34

.....................

7,000

7,002,547

Sixth

Street

CLO

XVIII

Ltd.,

Series

2021-18A,

Class

D,

(3-mo.

CME

Term

SOFR

at

2.90%

Floor

+

3.16%),

8.44%,

04/20/34

(a)(b)

.....

1,755

1,75

6,875

Sound

Point

CLO

XXIII

Ltd.,

Series

2019-2A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

7.81%,

07/15/34

(a)(b)

.....

2,250

2,251,089

Sound

Point

CLO

XXIX

Ltd.,

Series

2021-1A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.96%

Floor

+

1.96%),

7.25%,

04/25/34

(a)(b)

.....

3,350

3,349,022

Sound

Point

CLO

XXXIII

Ltd.,

Series

2022-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

1.90%),

7.18%,

04

/25/35

(a)(b)

.....

5,200

5,184,400

Southwick

Park

CLO

LLC,

Series

2019-4A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.32%

Floor

+

1.32%),

6.60%,

07/20/32

(a)(b)

2,000

2,001,200

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust

(a)

Series

2006-BC3,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.32%

Floor

+

0.43%),

5.78%,

10/25/36

................

4,906

3,333,324

Series

2007-MN1A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.23%

Floor

+

0.34%),

5.69%,

01/25/37

(b)

...............

1,325

763,277

Sycamore

Tree

CLO

Ltd.

(a)(b)

Series

2023-3A,

Class

A1R,

(3-mo.

CME

Term

SOFR

at

1.65%

Floor

+

1.65%),

6.93%,

04/20/37

................

9,000

9,030,080

Series

2023-3A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.60%),

7.88%,

04/20/37

................

1,000

1,016,870

Series

2024-5A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

6.74%,

04/20/36

.....................

10,000

10,000,397

Series

2024-5A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.57%,

04/20/36

.....................

2,000

2,022,671

Symphony

CLO

XXII

Ltd.,

Series

2020-22A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.70%

Floor

+

1.96%),

7.24%,

04/18/33

(a)(b)

.....

1,250

1,251,894

Symphony

CLO

XXIV

Ltd.,

Series

2020-24A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.20%

Floor

+

1.20%),

6.48%,

01/23/32

(a)(b)

.....

944

944,122

Symphony

CLO

XXVIII

Ltd.,

Series

2021-28A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.14%

Floor

+

1.40%),

6.68%,

10/23/34

(a)(b)

.....

2,000

2,001,861

TCI-Flatiron

CLO

Ltd.

(a)(b)

Series

2017-1A,

Class

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.11%),

7.44%,

11/18/30

.....................

1,250

1,251,151

Series

2018-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.28%,

01/29/32

................

4,000

4,004,952

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

58

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2018-1A,

Class

DR,

(3-

mo.

CME

Term

SOFR

at

2.75%

Floor

+

3.01%),

8.28%,

01/29/32

................

USD

2,000

$

2,003,148

TCW

CLO

Ltd.

(a)(b)

Series

2020-1A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

2.05%

Floor

+

2.31%),

7.59%,

04/20/34

................

3,500

3,502,465

Series

2020-1A,

Class

DRR,

(3-mo.

CME

Term

SOFR

at

3.40%

Floor

+

3.66%),

8.94%,

04/20/34

................

2,250

2,251,739

Series

2021-1A,

Class

C,

(

3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.44%,

03/18/34

.....................

1,000

1,000,558

Series

2021-2A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.65%,

07/25/34

.....................

2,500

2,503,193

Texas

Debt

Capital

Euro

CLO

DAC,

Series

2024-1X,

Class

D,

(3-mo.

EURIBOR

at

3.60%

Floor

+

3.60%),

7.30%,

07/16/38

(a)(c)

EUR

500

543,677

TICP

CLO

VI

Ltd.

(a)(b)

Series

2016-6A,

Class

AR2,

(3-mo.

CME

Term

SOFR

at

1.12%

Floor

+

1.38%),

6.68%,

01/15/34

................

USD

2,000

2,003,137

Series

2016-6A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.76%),

7.06%,

01/15/34

................

2,000

2,001,951

Series

2016-6A,

Class

CR2,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.46%,

01/15/34

................

1,650

1,651,645

TICP

CLO

VII

Ltd.,

Series

2017-7A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.41%),

7.71%,

04/15/33

(a)(b)

..........

6,500

6,543,531

TICP

CLO

XI

Ltd.

(a)(b)

Series

2018-11A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.53%

Floor

+

1.53%),

6.82%,

04/25/37

................

8,545

8,589,831

Series

2018-11A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.70%),

8.99%,

04/25/37

................

1,100

1,120,168

TICP

CLO

XII

Ltd.

(a)(b)

Series

2018-12A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

2.10%

Floor

+

2.36%),

7.66%,

07/15/34

................

13,450

13,483,695

Series

2018-12A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.30%

Floor

+

3.56%),

8.86%,

07/15/34

................

1,500

1,504,629

TICP

CLO

XIII

Ltd.,

Series

2019-13A,

Class

DR,

(3-mo.

CME

Term

SOFR

at

3.41%

Floor

+

3.41%),

8.71%,

04/15/34

(a)(b)

..........

2,000

2,004,991

TICP

CLO

XIV

Ltd.,

Series

2019-14A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

2.20%

Floor

+

2.46%),

7.74%,

10/20/32

(a)(b)

.........

3,250

3,259,470

TICP

CLO

XV

Ltd.,

Series

2020-15A,

Class

A,

(3-mo.

CME

Term

SOFR

at

1.28%

Floor

+

1.54%),

6.82%,

04/20/33

(a)(b)

..........

3,300

3,303,300

Tikehau

CLO

XII

DAC,

Series

12X,

Class

D,

(3-mo.

EURIBOR

at

3.25%

Floor

+

3.25%),

0.00%,

10/20/38

(a)(c)

................

EUR

870

941,558

Trestles

CLO

Ltd.,

Series

2020-3A,

Class

C,

(3-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.51%),

7.79%,

01/20/33

(a)(b)

..........

USD

1,450

1,4

53,237

Tricon

American

Homes

Trust

(b)

Series

2019-SFR1,

Class

E,

3.40%,

03/17/38

.....................

7,000

6,719,601

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2020-SFR2,

Class

E2,

3.08%,

11/17/39

.....................

USD

1,000

$

905,309

Tricon

Residential

Trust,

Series

2022-SFR2,

Class

E,

7.51%,

07/17/40

(b)

...........

10,000

10,241,810

Trimaran

CAVU

Ltd.

(a)(b)

Series

2019-1A,

Class

A2,

(3-mo.

CME

Term

SOFR

at

1.90%

Floor

+

2.16%),

7.44%,

07/20/32

.....................

1,550

1,560,324

Series

2021-1A,

Class

AR,

(3-mo.

CME

Term

SOFR

at

1.42%

Floor

+

1.42%),

6.70%,

07/23/37

.....................

7,000

7,012,174

Series

2021-1A,

Class

BR,

(3-mo.

CME

Term

SOFR

at

1.80%

Floor

+

1.80%),

7.08%,

07/23/37

.....................

1,000

999,975

Series

2021-2A,

Class

B1,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

2.01%),

7.30%,

10/25/34

.....................

1,500

1,501,588

Trinitas

CLO

XXIX

Ltd.,

Series

2024-29A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

6.80%,

07/23/37

(a)(b)

.........

2,000

2,010,46

8

Unique

Pub

Finance

Co.

plc

(The)

(c)

Series

A4,  5.66%,

06/30/27

..........

GBP

367

466,447

Series

N,  6.46%,

03/30/32

(f)

..........

400

526,273

Upland

CLO

Ltd.,

Series

2016-1A,

Class

CR,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.16%),

8.44%,

04/20/31

(a)(b)

..........

USD

1,500

1,501,745

Voya

CLO

Ltd.

(a)(b)

Series

2014-1A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.16%),

7.44%,

04/18/31

................

1,000

1,000,984

Series

2014-4A,

Class

BR2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.35%),

7.65%,

07/14/31

................

500

500,627

Warwick

Capital

CLO

4

Ltd.

(a)(b)

Series

2024-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.40%

Floor

+

1.40%),

0.00%,

07/20/37

.....................

13,500

13,500,000

Series

2024-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

0.00%,

07/20/37

.....................

1,000

1,000,000

Washington

Mutual

Asset-Backed

CertificatesTrust,

Series

2006-HE5,

Class

1A,

(1-mo.

CME

Term

SOFR

at

0.31%

Floor

+

0.42%),

4.35%,

10/25/36

(a)

..........

11,233

8,351,969

Wellington

Management

CLO

3

Ltd.,

Series

2024-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.36%

Floor

+

1.36%),

0.00%,

07/18/37

(a)

(b)

............................

5,000

5,000,000

Wellman

Park

CLO

Ltd.,

Series

2021-1A,

Class

B,

(3-mo.

CME

Term

SOFR

at

1.86%

Floor

+

1.86%),

7.16%,

07/15/34

(a)(b)

..........

7,000

7,000,000

Whitebox

CLO

I

Ltd.

(a)(b)

Series

2019-1A,

Class

BRR,

(3-mo.

CME

Term

SOFR

at

1.75%

Floor

+

1.75%),

7.09%,

07/24/36

................

10,265

10,280,386

Series

2019-1A,

Class

CRR,

(3-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.00%),

7.34%,

07/24/36

................

2,000

2,002,188

Whitebox

CLO

III

Ltd.,

Series

2021-3A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

1.22%

Floor

+

1.48%),

6.78%,

10/15/34

(a)(b)

.........

2,000

2,002,200

Whitebox

CLO

IV

Ltd.

(a)(b)

Series

2023-4A,

Class

A1,

(3-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.15%),

7.43%,

04/20/36

.....................

1,500

1,509,486

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

59

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

(continued)

Series

2023-4A,

Class

B,

(3-mo.

CME

Term

SOFR

at

2.60%

Floor

+

2.60%),

7.88%,

04/20/36

.....................

USD

2,000

$

2,021,883

Series

2023-4A,

Class

D,

(3-mo.

CME

Term

SOFR

at

5.15%

Floor

+

5.15%),

10.43%,

04/20/36

.....................

1,000

1,020,360

Total

Asset-Backed

Securities

—

15.7%

(Cost:

$1,730,309,714)

............................

1,719,971,014

Shares

Shares

Common

Stocks

Aerospace

&

Defense

—

0.4%

Airbus

SE

.........................

20,375

3,083,282

BAE

Systems

plc

....................

711,538

11,867,112

L3Harris

Technologies,

Inc.

.............

58,592

13,293,939

MTU

Aero

Engines

AG

................

12,157

3,442,421

RTX

Corp.

........................

144,498

16,977,070

48,663,824

Air

Freight

&

Logistics

—

0.1%

Hyundai

Glovis

Co.

Ltd.

...............

6,779

603,384

United

Parcel

Service,

Inc.

,

Class

B

.......

115,123

15,008,586

15,611,970

Automobile

Components

—

0.1%

Aptiv

plc

(e)

.........................

55,769

3,869,811

Lear

Corp.

........................

11,751

1,434,092

5,303,903

Automobiles

—

0.1%

General

Motors

Co.

..................

190,861

8,458,960

Banks

—

1.3%

Banco

Bilbao

Vizcaya

Argentaria

SA

.......

1,131,332

11,857,736

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

....

29,852,400

8,589,732

CaixaBank

SA

......................

610,163

3,558,618

Citigroup,

Inc.

......................

266,045

17,261,000

Citizens

Financial

Group,

Inc.

...........

491,244

20,961,382

E.Sun

Financial

Holding

Co.

Ltd.

.........

34,054

27,590

First

Citizens

BancShares,

Inc.

,

Class

A

.....

9,205

19,217,186

HSBC

Holdings

plc

..................

433,394

3,941,329

KBC

Group

NV

.....................

63,482

4,910,074

M&T

Bank

Corp.

....................

73,218

12,605,943

Metropolitan

Bank

&

Trust

Co.

...........

739,350

870,002

Nordea

Bank

Abp

...................

279,338

3,271,105

Sberbank

of

Russia

PJSC

(e)(g)

............

877,548

103

UniCredit

SpA

......................

131,648

5,407,403

Wells

Fargo

&

Co.

...................

445,168

26,416,269

138,895,472

Beverages

—

0.2%

Diageo

plc

........................

556,201

17,306,185

Keurig

Dr

Pepper,

Inc.

................

94,320

3,233,290

Pernod

Ricard

SA

...................

27,732

3,710,742

24,250,217

Biotechnology

—

0.2%

AbbVie,

Inc.

.......................

116,157

21,526,215

Broadline

Retail

—

0.1%

Alibaba

Group

Holding

Ltd.

,

ADR

.........

84,105

6,631,679

Poya

International

Co.

Ltd.

.............

94

1,470

6,633,149

Security

Shares

Shares

Value

Building

Products

—

0.3%

Allegion

plc

........................

159,545

$

21,827,351

Assa

Abloy

AB

,

Class

B

...............

115,258

3,510,103

Cie

de

Saint-Gobain

SA

...............

64,054

5,494,921

Johnson

Controls

International

plc

........

85,952

6,149,006

36,981,381

Capital

Markets

—

0.5%

Charles

Schwab

Corp.

(The)

............

162,821

10,614,301

CVC

Capital

Partners

plc

(b)(c)(e)

...........

52,674

989,347

Intercontinental

Exchange,

Inc.

..........

115,760

17,544,586

London

Stock

Exchange

Group

plc

........

34,470

4,195,886

Moody's

Corp.

......................

27,530

12,566,894

MSCI,

Inc.

........................

4,170

2,254,969

Partners

Group

Holding

AG

.............

3,139

4,225,232

State

Street

Corp.

...................

25,950

2,204,971

54,596,186

Chemicals

—

0.3%

Air

Liquide

SA

......................

90,339

16,483,124

Air

Products

&

Chemicals,

Inc.

...........

24,733

6,525,802

International

Flavors

&

Fragrances,

Inc.

.....

51,120

5,085,418

Linde

plc

.........................

759

344,206

Linde

plc

.........................

6,867

3,124,015

Novonesis

(Novozymes)

B

,

Class

B

.......

40,776

2,595,689

Sherwin-Williams

Co.

(The)

.............

6,725

2,359,130

36,517,384

Commercial

Services

&

Supplies

—

0.2%

Cintas

Corp.

.......................

3,027

2,312,446

Republic

Services,

Inc.

................

81,942

15,922,970

Waste

Management,

Inc.

...............

5,233

1,060,520

19,295,936

Communications

Equipment

—

0.1%

Cisco

Systems,

Inc.

..................

223,860

10,846,017

Construction

&

Engineering

—

0.1%

EMCOR

Group,

Inc.

..................

967

363,051

Ferrovial

SE

(h)

......................

128,883

5,125,134

MasTec,

Inc.

(e)

......................

2,073

228,092

McDermott

International

Ltd.

(e)

...........

165,884

36,494

MYR

Group,

Inc.

(e)

...................

1,413

198,498

Quanta

Services,

Inc.

.................

1,831

485,911

Vinci

SA

..........................

50,390

5,750,405

12,187,585

Construction

Materials

—

0.0%

CRH

plc

..........................

37,389

3,180,200

Consumer

Finance

—

0.1%

Capital

One

Financial

Corp.

.............

15,320

2,319,448

Kaspi.KZ

JSC

,

ADR

(c)

.................

22,838

2,971,909

5,291,357

Consumer

Staples

Distribution

&

Retail

—

0.2%

Costco

Wholesale

Corp.

...............

3,679

3,024,138

Dollar

General

Corp.

.................

47,704

5,743,085

Dollar

Tree,

Inc.

(e)

....................

26,640

2,779,618

Wal-Mart

de

Mexico

SAB

de

CV

..........

512,925

1,706,905

Walmart,

Inc.

.......................

40,982

2,813,004

16,066,750

Containers

&

Packaging

—

0.2%

Amcor

plc

.........................

208,756

2,198,201

Avery

Dennison

Corp.

.................

10,149

2,200,608

Ball

Corp.

.........................

30,358

1,937,751

Sealed

Air

Corp.

....................

268,512

10,216,881

16,553,441

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

60

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Distributors

—

0.0%

Genuine

Parts

Co.

...................

598

$

87,972

LKQ

Corp.

........................

22,215

921,922

1,009,894

Diversified

REITs

—

0.2%

Cromwell

European

REIT

(c)

.............

1,077,020

1,631,847

Essential

Properties

Realty

Trust,

Inc.

......

112,340

3,324,140

LondonMetric

Property

plc

..............

3,007,436

7,775,658

Merlin

Properties

Socimi

SA

............

456,247

5,210,287

17,941,932

Diversified

Telecommunication

Services

—

0.5%

AT&T,

Inc.

.........................

140,986

2,713,980

Cellnex

Telecom

SA

(b)(c)

................

323,473

11,281,682

Koninklijke

KPN

NV

..................

3,146,568

12,398,062

TELUS

Corp.

......................

1,046,117

16,889,109

Verizon

Communications,

Inc.

...........

211,311

8,562,322

51,845,155

Electric

Utilities

—

1.4%

American

Electric

Power

Co.,

Inc.

.........

72,194

7,083,675

CK

Infrastructure

Holdings

Ltd.

...........

538,500

3,591,659

CLP

Holdings

Ltd.

...................

145,500

1,248,772

Duke

Energy

Corp.

..................

101,848

11,128,931

Edison

International

..................

114,262

9,142,103

Enel

SpA

.........................

909,801

6,495,230

Entergy

Corp.

......................

127,011

14,729,466

Evergy,

Inc.

........................

144,148

8,360,584

Eversource

Energy

..................

83,103

5,394,216

Exelon

Corp.

.......................

438,466

16,310,935

FirstEnergy

Corp.

...................

15,062

631,248

Kansai

Electric

Power

Co.,

Inc.

(The)

......

375,200

6,421,847

NextEra

Energy,

Inc.

.................

259,061

19,789,670

PG&E

Corp.

.......................

830,646

15,159,290

Pinnacle

West

Capital

Corp.

............

5,191

444,298

PPL

Corp.

........................

263,575

7,833,449

Southern

Co.

(The)

..................

68,420

5,714,438

Terna

-

Rete

Elettrica

Nazionale

..........

337,170

2,807,702

Xcel

Energy,

Inc.

....................

199,648

11,635,485

153,922,998

Electrical

Equipment

—

0.3%

Eaton

Corp.

plc

.....................

3,866

1,178,318

Emerson

Electric

Co.

.................

7,119

833,706

GE

Vernova,

Inc.

(e)

...................

2,794

498,003

Generac

Holdings,

Inc.

(e)

...............

1,687

262,632

Hubbell,

Inc.

.......................

40,433

15,997,316

nVent

Electric

plc

....................

3,974

288,632

Schneider

Electric

SE

.................

17,261

4,160,510

Sensata

Technologies

Holding

plc

.........

131,993

5,146,407

Vertiv

Holdings

Co.

,

Class

A

............

4,003

315,036

28,680,560

Electronic

Equipment,

Instruments

&

Components

—

0.1%

Amphenol

Corp.

,

Class

A

..............

17,342

1,114,397

Hexagon

AB

,

Class

B

.................

241,675

2,461,326

Jabil,

Inc.

.........................

17,872

2,013,638

Keysight

Technologies,

Inc.

(e)

............

42,684

5,957,406

11,546,767

Energy

Equipment

&

Services

—

0.2%

Baker

Hughes

Co.

,

Class

A

.............

532,889

20,633,462

Project

Investor

Holdings

LLC,

(Acquired

02/12/19,

cost

$0)

(e)(g)(i)

..............

24,388

—

Schlumberger

NV

...................

24,597

1,187,789

21,821,251

Security

Shares

Shares

Value

Entertainment

—

0.1%

Electronic

Arts,

Inc.

..................

57,452

$

8,671,805

Financial

Services

—

0.4%

Fidelity

National

Information

Services,

Inc.

...

212,783

16,348,118

Jack

Henry

&

Associates,

Inc.

...........

12,706

2,178,825

Mastercard,

Inc.

,

Class

A

...............

17,578

8,151,094

Travelport

Finance

SARL

(e)(g)

............

246

661,713

Visa,

Inc.

,

Class

A

...................

24,661

6,551,688

Voya

Financial,

Inc.

..................

88,152

6,411,295

40,302,733

Food

Products

—

0.5%

Kraft

Heinz

Co.

(The)

.................

402,520

14,172,729

Mondelez

International,

Inc.

,

Class

A

.......

305,302

20,867,392

Nestle

SA

(Registered)

................

230,385

23,336,308

58,376,429

Gas

Utilities

—

0.0%

ENN

Energy

Holdings

Ltd.

..............

157,600

1,102,769

Osaka

Gas

Co.

Ltd.

..................

97,500

2,206,830

3,309,599

Ground

Transportation

—

0.4%

Canadian

Pacific

Kansas

City

Ltd.

........

88,845

7,449,810

CSX

Corp.

........................

165,312

5,802,451

Norfolk

Southern

Corp.

................

15,446

3,854,704

Union

Pacific

Corp.

..................

104,787

25,854,097

West

Japan

Railway

Co.

...............

100,000

1,968,704

44,929,766

Health

Care

Equipment

&

Supplies

—

0.3%

Baxter

International,

Inc.

...............

438,218

15,696,969

Koninklijke

Philips

NV

(e)

................

207,712

5,834,565

Medtronic

plc

......................

120,684

9,693,339

ResMed,

Inc.

......................

7,186

1,532,414

32,757,287

Health

Care

Providers

&

Services

—

1.0%

Cardinal

Health,

Inc.

..................

163,415

16,477,134

Cencora,

Inc.

......................

9,861

2,345,735

Cigna

Group

(The)

...................

23,165

8,076,940

CVS

Health

Corp.

...................

310,972

18,760,941

Elevance

Health,

Inc.

.................

16,008

8,516,736

Envision

Healthcare

Corp.,

(Acquired

11/03/23,

cost

$302,230)

(e)(i)

.................

37,379

387,807

HCA

Healthcare,

Inc.

.................

6,116

2,220,414

Humana,

Inc.

......................

16,878

6,103,254

Labcorp

Holdings,

Inc.

................

72,045

15,521,375

McKesson

Corp.

....................

3,897

2,404,527

UnitedHealth

Group,

Inc.

...............

50,303

28,982,576

Universal

Health

Services,

Inc.

,

Class

B

....

10,175

2,175,008

111,972,447

Health

Care

REITs

—

0.4%

Alexandria

Real

Estate

Equities,

Inc.

.......

40,071

4,699,928

Assura

plc

........................

16,703,941

8,766,006

CareTrust

REIT,

Inc.

..................

187,730

5,061,201

Community

Healthcare

Trust,

Inc.

.........

36,309

790,084

Healthpeak

Properties,

Inc.

.............

620,109

13,530,778

Omega

Healthcare

Investors,

Inc.

.........

140,485

5,113,654

Target

Healthcare

REIT

plc

.............

1,645,408

1,724,985

Welltower,

Inc.

......................

47,946

5,333,993

45,020,629

Hotels,

Restaurants

&

Leisure

—

0.0%

Domino's

Pizza,

Inc.

..................

5,235

2,244,245

New

TOPCO

(e)(g)(j)

....................

12,872

—

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

61

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Yum!

Brands,

Inc.

...................

5,188

$

689,122

2,933,367

Household

Durables

—

0.2%

Newell

Brands,

Inc.

..................

380,166

3,265,626

Sony

Group

Corp.

,

ADR

...............

77,842

6,896,023

Taylor

Wimpey

plc

...................

7,557,026

15,493,230

25,654,879

Household

Products

—

0.0%

Reckitt

Benckiser

Group

plc

.............

73,063

3,930,325

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

AES

Corp.

(The)

....................

23,284

414,222

Innergex

Renewable

Energy,

Inc.

.........

274,053

1,883,724

Northland

Power,

Inc.

.................

100,650

1,683,271

3,981,217

Industrial

Conglomerates

—

0.1%

Siemens

AG

(Registered)

..............

29,903

5,475,153

Industrial

REITs

—

0.5%

EastGroup

Properties,

Inc.

.............

27,657

5,171,583

ESR

Kendall

Square

REIT

Co.

Ltd.

........

571,963

2,055,225

Goodman

Group

....................

154,669

3,570,705

Lineage,

Inc.

(e)

......................

90,923

7,990,313

Prologis,

Inc.

.......................

67,670

8,529,804

Rexford

Industrial

Realty,

Inc.

...........

103,291

5,175,912

Segro

plc

.........................

441,313

5,194,524

STAG

Industrial,

Inc.

.................

134,635

5,494,454

Warehouses

De

Pauw

CVA

.............

224,459

6,080,411

49,262,931

Insurance

—

0.7%

American

International

Group,

Inc.

........

172,384

13,657,984

ASR

Nederland

NV

..................

59,142

2,971,429

Assurant,

Inc.

......................

48,879

8,547,471

Brown

&

Brown,

Inc.

..................

22,133

2,200,684

Fidelity

National

Financial,

Inc.

,

Class

A

.....

161,898

8,970,768

Globe

Life,

Inc.

.....................

23,836

2,210,551

Hartford

Financial

Services

Group,

Inc.

(The)

.

20,375

2,259,995

Muenchener

Rueckversicherungs-Gesellschaft

AG

(Registered)

..................

7,008

3,451,614

Prudential

plc

......................

699,451

6,312,119

Tryg

A/S

..........................

224,208

4,908,837

Willis

Towers

Watson

plc

...............

28,774

8,122,325

Zurich

Insurance

Group

AG

.............

22,285

12,251,631

75,865,408

Interactive

Media

&

Services

—

0.3%

Alphabet,

Inc.

,

Class

A

................

110,889

19,021,899

Meta

Platforms,

Inc.

,

Class

A

............

37,179

17,653,705

36,675,604

IT

Services

—

0.4%

Accenture

plc

,

Class

A

................

73,954

24,450,672

Cognizant

Technology

Solutions

Corp.

,

Class

A

175,350

13,270,488

NEXTDC

Ltd.

(e)

.....................

154,753

1,704,176

SUNeVision

Holdings

Ltd.

..............

10,085,000

3,545,430

42,970,766

Leisure

Products

—

0.1%

Hasbro,

Inc.

.......................

90,213

5,815,130

Life

Sciences

Tools

&

Services

—

0.0%

Fortrea

Holdings,

Inc.

(e)

................

128,121

3,534,858

Security

Shares

Shares

Value

Machinery

—

0.3%

Caterpillar,

Inc.

.....................

2,761

$

955,858

CNH

Industrial

NV

...................

476,376

5,073,404

Dover

Corp.

.......................

1,332

245,434

Epiroc

AB

,

Class

A

...................

88,061

1,643,693

Komatsu

Ltd.

......................

200,200

5,691,200

Otis

Worldwide

Corp.

.................

190,061

17,960,765

Stanley

Black

&

Decker,

Inc.

............

22,617

2,388,808

Volvo

AB

,

Class

B

...................

130,708

3,335,768

Weir

Group

plc

(The)

.................

13,323

347,794

37,642,724

Media

—

0.3%

Cheil

Worldwide,

Inc.

.................

12,819

165,982

Comcast

Corp.

,

Class

A

...............

326,745

13,484,766

Fox

Corp.

,

Class

A

...................

149,156

5,673,894

Learfield

Communications

LLC,

(Acquired

09/13/23,

cost

$160,629)

(e)(g)(i)

.........

12,784

830,960

Omnicom

Group,

Inc.

.................

22,968

2,251,783

WPP

plc

..........................

925,365

8,926,148

31,333,533

Metals

&

Mining

—

0.1%

Alrosa

PJSC

(e)(g)

.....................

607,124

72

Freeport-McMoRan,

Inc.

...............

13,992

635,377

Novolipetsk

Steel

PJSC

(e)(g)

.............

14

—

Southern

Copper

Corp.

................

7,430

792,112

Teck

Resources

Ltd.

,

Class

B

...........

122,331

5,996,486

United

States

Steel

Corp.

..............

88,237

3,625,658

11,049,705

Multi-Utilities

—

0.8%

CenterPoint

Energy,

Inc.

...............

232,228

6,444,327

CMS

Energy

Corp.

...................

104,445

6,768,036

Consolidated

Edison,

Inc.

..............

97,929

9,550,036

Dominion

Energy,

Inc.

.................

205,285

10,974,536

National

Grid

plc

....................

1,248,680

15,843,476

NiSource,

Inc.

......................

250,997

7,843,656

Public

Service

Enterprise

Group,

Inc.

......

73,902

5,895,163

Sempra

..........................

109,573

8,772,414

WEC

Energy

Group,

Inc.

...............

109,917

9,459,457

81,551,101

Office

REITs

—

0.1%

BXP,

Inc.

.........................

118,065

8,419,215

Oil,

Gas

&

Consumable

Fuels

—

1.5%

Antero

Resources

Corp.

(e)

..............

6,207

180,127

BP

plc

...........................

2,780,781

16,437,509

Cameco

Corp.

......................

12,269

558,117

Cheniere

Energy,

Inc.

.................

71,495

13,057,847

Chesapeake

Energy

Corp.

.............

3,245

247,691

Chevron

Corp.

......................

17,925

2,876,425

Coterra

Energy,

Inc.

..................

13,896

358,517

DT

Midstream,

Inc.

...................

72,253

5,444,986

Enbridge,

Inc.

......................

111,647

4,178,322

Energy

Transfer

LP

..................

236,163

3,842,372

Enterprise

Products

Partners

LP

..........

127,183

3,670,501

EQT

Corp.

........................

8,248

284,638

Gibson

Energy,

Inc.

..................

30,689

501,462

Hess

Corp.

........................

21,360

3,277,051

Kinder

Morgan,

Inc.

..................

91,246

1,928,028

Koninklijke

Vopak

NV

.................

107,472

4,801,109

Kosmos

Energy

Ltd.

(e)

.................

1,552,039

8,582,776

LUKOIL

PJSC

(e)(g)

....................

417,114

49

MPLX

LP

.........................

91,974

3,938,327

Novatek

PJSC

(e)(g)

...................

690

—

ONEOK,

Inc.

.......................

6,266

522,146

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

62

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Pembina

Pipeline

Corp.

...............

147,005

$

5,697,488

Plains

All

American

Pipeline

LP

..........

214,182

3,895,971

Range

Resources

Corp.

...............

5,588

174,513

Shell

plc

..........................

868,158

31,701,534

Southwestern

Energy

Co.

(e)

.............

28,109

181,303

Suncor

Energy,

Inc.

..................

191,518

7,645,398

Sunoco

LP

........................

16,653

914,583

Targa

Resources

Corp.

................

58,152

7,866,803

TC

Energy

Corp.

....................

348,469

14,793,505

Uranium

Energy

Corp.

(e)

...............

19,510

115,694

Western

Midstream

Partners

LP

..........

65,487

2,679,728

Williams

Cos.,

Inc.

(The)

...............

320,194

13,749,130

164,103,650

Paper

&

Forest

Products

—

0.0%

UPM-Kymmene

OYJ

.................

87,445

2,892,334

Personal

Care

Products

—

0.2%

Godrej

Consumer

Products

Ltd.

..........

100,754

1,737,465

L'Oreal

SA

........................

34,025

14,714,038

Unilever

plc

........................

87,097

5,352,521

21,804,024

Pharmaceuticals

—

1.2%

AstraZeneca

plc

....................

187,949

29,859,624

Bayer

AG

(Registered)

................

199,522

5,935,919

Bristol-Myers

Squibb

Co.

...............

60,948

2,898,687

Eli

Lilly

&

Co.

......................

6,022

4,843,314

GSK

plc

,

ADR

......................

64,624

2,505,472

Merck

KGaA

.......................

20,275

3,622,582

Novartis

AG

(Registered)

..............

32,414

3,618,305

Novo

Nordisk

A/S

,

Class

B

.............

231,381

30,656,339

Sanofi

SA

.........................

341,449

35,200,843

Zoetis,

Inc.

,

Class

A

..................

47,194

8,496,808

127,637,893

Professional

Services

—

0.6%

Dun

&

Bradstreet

Holdings,

Inc.

..........

953,468

10,373,732

Experian

plc

.......................

81,134

3,827,902

Leidos

Holdings,

Inc.

.................

78,260

11,300,744

NMG,

Inc.

(e)

........................

3,714

423,396

Paychex,

Inc.

......................

17,486

2,238,558

RELX

plc

.........................

528,507

24,875,936

SS&C

Technologies

Holdings,

Inc.

........

217,613

15,874,868

68,915,136

Real

Estate

Management

&

Development

—

0.2%

ADLER

Group

SA

(b)(c)(e)

................

44,273

7,781

CK

Asset

Holdings

Ltd.

................

2,025,000

7,737,670

VGP

NV

..........................

20,405

2,210,813

Vonovia

SE

........................

146,431

4,489,605

Wharf

Real

Estate

Investment

Co.

Ltd.

.....

1,382,000

3,397,536

17,843,405

Residential

REITs

—

0.3%

AvalonBay

Communities,

Inc.

...........

29,934

6,134,075

Mid-America

Apartment

Communities,

Inc.

...

44,493

6,218,787

Sun

Communities,

Inc.

................

86,693

10,986,604

UNITE

Group

plc

(The)

................

439,365

5,385,399

28,724,865

Retail

REITs

—

0.1%

Link

REIT

.........................

2,162,500

9,123,636

Region

RE

Ltd.

(j)

....................

1,707,995

2,543,227

11,666,863

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

—

0.7%

Applied

Materials,

Inc.

................

65,396

$

13,877,031

ASML

Holding

NV

...................

7,729

7,197,024

Lam

Research

Corp.

.................

509

468,911

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

968,000

28,237,833

Texas

Instruments,

Inc.

................

123,545

25,179,706

74,960,505

Software

—

0.7%

Microsoft

Corp.

.....................

129,299

54,092,237

Oracle

Corp.

.......................

86,293

12,033,559

Salesforce,

Inc.

.....................

58,090

15,033,692

81,159,488

Specialized

REITs

—

1.0%

American

Tower

Corp.

................

80,848

17,818,899

Crown

Castle,

Inc.

...................

150,613

16,579,479

Digital

Realty

Trust,

Inc.

...............

28,978

4,331,921

EPR

Properties

.....................

202,220

9,099,900

Equinix,

Inc.

.......................

24,196

19,120,647

Extra

Space

Storage,

Inc.

..............

42,343

6,758,790

Iron

Mountain,

Inc.

...................

7,829

802,942

SBA

Communications

Corp.

............

93,442

20,514,257

VICI

Properties,

Inc.

..................

394,290

12,325,506

107,352,341

Specialty

Retail

—

0.2%

Home

Depot,

Inc.

(The)

...............

53,001

19,512,848

Industria

de

Diseno

Textil

SA

............

66,293

3,221,102

Lowe's

Cos.,

Inc.

....................

7,873

1,932,900

Tractor

Supply

Co.

...................

6,745

1,776,094

26,442,944

Technology

Hardware,

Storage

&

Peripherals

—

0.6%

Apple,

Inc.

........................

111,871

24,844,312

HP,

Inc.

..........................

292,250

10,547,303

Samsung

Electronics

Co.

Ltd.

,

GDR

(b)(c)

.....

16,975

26,108,479

61,500,094

Textiles,

Apparel

&

Luxury

Goods

—

0.3%

Cie

Financiere

Richemont

SA

(Registered)

...

15,784

2,407,555

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.....

33,565

23,675,489

NIKE,

Inc.

,

Class

B

..................

57,642

4,315,080

Swatch

Group

AG

(The)

...............

21,184

4,362,950

Tapestry,

Inc.

.......................

46,402

1,860,256

36,621,330

Tobacco

—

0.3%

British

American

Tobacco

plc

............

511,683

18,155,041

Philip

Morris

International,

Inc.

...........

155,986

17,963,348

36,118,389

Trading

Companies

&

Distributors

—

0.0%

Azelis

Group

NV

....................

95,442

1,808,042

Fastenal

Co.

.......................

31,919

2,258,269

4,066,311

Transportation

Infrastructure

—

0.7%

Aena

SME

SA

(b)(c)

....................

102,453

19,465,935

Aeroports

de

Paris

SA

................

16,925

2,223,714

Athens

International

Airport

SA

...........

434,892

3,747,410

Atlas

Arteria

Ltd.

(j)

...................

1,354,399

4,651,808

Auckland

International

Airport

Ltd.

........

1,698,551

7,561,477

Flughafen

Zurich

AG

(Registered)

.........

41,362

9,572,561

Fraport

AG

Frankfurt

Airport

Services

Worldwide

(e)

.....................

91,915

4,667,748

Getlink

SE

........................

119,355

2,126,890

Japan

Airport

Terminal

Co.

Ltd.

..........

98,800

3,606,623

Salik

Co.

PJSC

.....................

1,439,053

1,320,761

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

63

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Transportation

Infrastructure

(continued)

Transurban

Group

(j)

..................

2,279,197

$

19,450,202

78,395,129

Water

Utilities

—

0.0%

Severn

Trent

plc

....................

96,992

3,206,524

Wireless

Telecommunication

Services

—

0.1%

Mobile

TeleSystems

PJSC

(e)(g)

...........

26,804

3

Tele2

AB

,

Class

B

...................

357,467

3,680,360

Vodafone

Group

plc

..................

5,813,101

5,439,610

9,119,973

Total

Common

Stocks

—

22.9%

(Cost:

$2,184,463,215)

............................

2,501,596,313

Par

(000)

Par

(000)

Corporate

Bonds

Aerospace

&

Defense

—

0.4%

AAR

Escrow

Issuer

LLC,

6.75%,

03/15/29

(b)

..

USD

1,170

1,195,961

Boeing

Co.

(The)

2.20%,

02/04/26

..................

3,862

3,675,483

6.26%,

05/01/27

(b)

.................

4,159

4,249,810

5.15%,

05/01/30

..................

8,009

7,887,228

6.39%,

05/01/31

(b)

.................

2,860

2,986,032

6.53%,

05/01/34

(b)

.................

921

966,804

6.86%,

05/01/54

(b)

.................

642

679,650

7.01%,

05/01/64

(b)

.................

414

438,822

Bombardier,

Inc.

(b)

7.88%,

04/15/27

..................

230

230,349

6.00%,

02/15/28

..................

202

201,420

8.75%,

11/15/30

..................

285

308,851

7.25%,

07/01/31

..................

555

571,351

7.00%,

06/01/32

..................

280

286,290

BWX

Technologies,

Inc.,

4.13%,

06/30/28

(b)

..

510

485,246

Embraer

Netherlands

Finance

BV,

7.00%,

07/28/30

(b)

.....................

932

981,221

F-Brasile

SpA,

Series

XR,

7.38%,

08/15/26

(b)

.

700

695,812

L3Harris

Technologies,

Inc.

4.40%,

06/15/28

..................

1,136

1,120,797

5.05%,

06/01/29

..................

480

485,431

1.80%,

01/15/31

..................

72

59,650

5.40%,

07/31/33

..................

1,293

1,316,658

5.35%,

06/01/34

..................

829

840,649

4.85%,

04/27/35

..................

229

222,116

Lockheed

Martin

Corp.

5.25%,

01/15/33

..................

90

93,380

4.75%,

02/15/34

..................

263

263,242

4.80%,

08/15/34

..................

199

199,675

Northrop

Grumman

Corp.

3.25%,

01/15/28

..................

640

612,145

4.60%,

02/01/29

..................

231

231,035

RTX

Corp.

6.70%,

08/01/28

..................

625

671,881

4.13%,

11/16/28

..................

999

978,137

2.25%,

07/01/30

..................

376

329,354

5.15%,

02/27/33

..................

934

947,261

6.10%,

03/15/34

..................

799

861,051

Spirit

AeroSystems,

Inc.

(b)

9.38%,

11/30/29

..................

446

482,707

9.75%,

11/15/30

..................

432

481,462

TransDigm,

Inc.

(b)

6.75%,

08/15/28

..................

1,847

1,882,503

6.38%,

03/01/29

..................

3,290

3,351,196

7.13%,

12/01/31

..................

1,066

1,106,388

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

6.63%,

03/01/32

..................

USD

3,409

$

3,486,816

Triumph

Group,

Inc.,

9.00%,

03/15/28

(b)

....

893

940,589

46,804,453

Air

Freight

&

Logistics

—

0.0%

FedEx

Corp.,

2.40%,

05/15/31

..........

573

496,528

Automobile

Components

—

0.3%

Champions

Financing,

Inc.,

8.75%,

02/15/29

(b)

423

431,438

Clarios

Global

LP

4.38%,

05/15/26

(c)

.................

EUR

1,624

1,754,621

8.50%,

05/15/27

(b)

.................

USD

2,381

2,398,777

6.75%,

05/15/28

(b)

.................

546

556,002

Dana

Financing

Luxembourg

SARL

(c)

3.00%,

07/15/29

..................

EUR

375

367,248

8.50%,

07/15/31

..................

837

981,347

Dealer

Tire

LLC,

8.00%,

02/01/28

(b)

.......

USD

481

479,860

Forvia

SE

(c)

7.25%,

06/15/26

..................

EUR

132

148,768

2.75%,

02/15/27

..................

1,342

1,398,082

3.75%,

06/15/28

..................

748

787,365

5.50%,

06/15/31

..................

1,378

1,516,768

Garrett

Motion

Holdings,

Inc.,

7.75%,

05/31/32

(b)

USD

473

480,953

Gates

Corp.,

6.88%,

07/01/29

(b)

.........

327

332,971

Goodyear

Europe

BV,

2.75%,

08/15/28

(c)

....

EUR

827

811,878

Goodyear

Tire

&

Rubber

Co.

(The)

5.00%,

07/15/29

..................

USD

352

332,218

5.63%,

04/30/33

..................

66

60,734

Icahn

Enterprises

LP

6.25%,

05/15/26

..................

193

192,379

5.25%,

05/15/27

..................

614

588,881

9.75%,

01/15/29

(b)

.................

295

310,653

4.38%,

02/01/29

..................

408

355,045

9.00%,

06/15/30

(b)

.................

216

218,806

IHO

Verwaltungs

GmbH

(c)(k)

3.75%,

(3.75%

Cash

or

4.50%

PIK),

09/15/26

.....................

EUR

1,134

1,211,877

3.88%,

(3.88%

Cash

or

4.63%

PIK),

05/15/27

(a)

....................

906

959,683

8.75%,

(8.75%

Cash

or

9.50%

PIK),

05/15/28

(a)

....................

1,164

1,346,346

Mahle

GmbH

(c)

2.38%,

05/14/28

..................

1,600

1,523,981

6.50%,

05/02/31

..................

2,120

2,336,242

Phinia,

Inc.,

6.75%,

04/15/29

(b)

..........

USD

71

72,421

Schaeffler

AG,

4.75%,

08/14/29

(c)

........

EUR

500

546,755

Tenneco,

Inc.,

8.00%,

11/17/28

(b)

........

USD

563

510,957

Valeo

SE,

1.00%,

08/03/28

(c)

...........

EUR

900

861,490

ZF

Europe

Finance

BV

(c)

2.00%,

02/23/26

..................

1,700

1,772,484

2.50%,

10/23/27

..................

2,300

2,344,927

4.75%,

01/31/29

..................

500

539,813

6.13%,

03/13/29

..................

900

1,025,414

ZF

Finance

GmbH

(c)

5.75%,

08/03/26

..................

1,200

1,331,167

2.00%,

05/06/27

..................

2,300

2,329,246

2.75%,

05/25/27

..................

400

413,145

2.25%,

05/03/28

..................

2,200

2,194,164

35,824,906

Automobiles

—

0.2%

Aston

Martin

Capital

Holdings

Ltd.

10.00%,

03/31/29

(b)

................

USD

490

491,975

10.38%,

03/31/29

(c)

................

GBP

2,049

2,635,501

Daimler

Truck

Finance

North

America

LLC,

3.65%,

04/07/27

(b)

................

USD

336

325,940

Ford

Motor

Co.,

3.25%,

02/12/32

........

2,161

1,814,010

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

64

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Automobiles

(continued)

General

Motors

Co.,

5.00%,

10/01/28

.....

USD

72

$

72,258

Hyundai

Capital

America

(b)

6.25%,

11/03/25

..................

971

983,583

6.50%,

01/16/29

..................

453

479,137

5.80%,

04/01/30

..................

391

405,606

5.70%,

06/26/30

..................

510

527,409

6.20%,

09/21/30

..................

948

1,005,239

Nissan

Motor

Acceptance

Co.

LLC

(b)

2.75%,

03/09/28

..................

25

22,625

2.45%,

09/15/28

..................

101

88,856

7.05%,

09/15/28

..................

717

754,134

RCI

Banque

SA

(a)(c)

(5-Year

EUR

Swap

Annual

+

2.85%),

2.63%,

02/18/30

.....................

EUR

5,800

6,204,231

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.75%),

5.50%,

10/09/34

................

2,300

2,536,206

18,346,710

Banks

—

4.1%

ABN

AMRO

Bank

NV

(a)(c)(l)

(5-Year

EUR

Swap

Annual

+

4.67%),

4.38%

3,900

4,146,911

(5-Year

EUR

Swap

Annual

+

4.24%),

6.88%

2,900

3,236,604

Banca

Monte

dei

Paschi

di

Siena

SpA

(a)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

at

0.00%

Floor

+

5.01%),

7.71%,

01/18/28

.....

1,034

1,201,666

(3-mo.

EURIBOR

+

2.05%),

4.75%,

03/15/29

.....................

800

881,336

Banco

Bilbao

Vizcaya

Argentaria

SA

(a)(l)

Series

9,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.19%),

6.50%

.......................

USD

1,200

1,195,353

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.54%),

8.38%

(c)

......................

EUR

1,400

1,627,756

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.10%),

9.38%

USD

1,000

1,078,223

(5-Year

EUR

Swap

Annual

+

4.27%),

6.88%

(c)

......................

EUR

3,200

3,463,200

Banco

BPM

SpA

(a)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.55%),

7.25%

(l)

......................

2,200

2,440,474

(5-Year

EUR

Swap

Annual

+

3.17%),

2.88%,

06/29/31

.....................

2,220

2,320,191

(5-Year

EUR

Swap

Annual

+

3.40%),

3.38%,

01/19/32

.....................

1,748

1,841,357

Banco

Bradesco

SA,

3.20%,

01/27/25

(c)

....

USD

601

591,684

Banco

de

Credito

e

Inversiones

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.94%),

8.75%

(a)(b)(l)

.........

337

352,923

Banco

de

Credito

Social

Cooperativo

SA,

(1-Year

EURIBOR

ICE

Swap

Rate

+

4.27%),

7.50%,

09/14/29

(a)(c)

...............

EUR

2,300

2,802,313

Banco

de

Sabadell

SA

(a)(c)

(5-Year

EUR

Swap

Annual

+

6.20%),

5.75%

(l)

......................

3,800

4,045,721

(5-Year

EUR

Swap

Annual

+

5.17%),

5.00%

(l)

......................

1,200

1,220,695

(5-Year

EUR

Swap

Annual

+

2.95%),

2.50%,

04/15/31

.....................

1,000

1,052,068

(5-Year

EUR

Swap

Annual

+

3.15%),

6.00%,

08/16/33

.....................

1,100

1,253,185

Banco

Espirito

Santo

SA

(c)(d)(e)

2.63%,

05/08/17

..................

800

242,424

4.75%,

01/15/18

..................

1,500

454,545

4.00%,

07/30/24

..................

5,400

1,636,362

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Banco

Mercantil

del

Norte

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.64%),

5.88%

(a)(b)(l)

.........

USD

764

$

728,665

Banco

Nacional

de

Panama,

2.50%,

08/11/30

(b)

732

574,620

Banco

Santander

SA

(5-Year

EUR

Swap

Annual

+

4.53%),

4.38%

(a)(c)(l)

....................

EUR

6,600

6,920,529

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.31%),

9.63%

(a)

(l)

...........................

USD

1,200

1,306,693

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.76%),

3.63%

(a)(c)(l)

....................

EUR

400

364,177

(5-Year

EUR

Swap

Annual

+

4.43%),

7.00%

(a)(c)(l)

....................

1,200

1,327,921

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.30%),

9.63%

(a)

(l)

...........................

USD

2,800

3,195,808

6.92%,

08/08/33

..................

400

428,888

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.91%),

8.00%

(a)

(l)

...........................

3,800

3,839,273

Bancolombia

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.32%),

8.63%,

12/24/34

(a)

...........

571

585,275

Bangkok

Bank

PCL,

5.30%,

09/21/28

(b)

.....

1,214

1,231,251

Bank

Leumi

Le-Israel

BM,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.63%),

3.28%,

01/29/31

(a)(b)(c)

.........

1,018

950,242

Bank

of

America

Corp.

(a)

(1-day

SOFR

+

1.75%),

4.83%,

07/22/26

.

1,261

1,254,703

(3-mo.

CME

Term

SOFR

+

1.32%),

3.56%,

04/23/27

.....................

3,525

3,437,064

(3-mo.

CME

Term

SOFR

+

1.63%),

3.59%,

07/21/28

.....................

3,660

3,531,603

(1-day

SOFR

+

2.04%),

4.95%,

07/22/28

.

2,867

2,874,827

(3-mo.

CME

Term

SOFR

+

1.30%),

3.42%,

12/20/28

.....................

5,299

5,064,447

(1-day

SOFR

+

1.06%),

2.09%,

06/14/29

.

2,089

1,888,336

(3-mo.

CME

Term

SOFR

+

1.47%),

3.97%,

02/07/30

.....................

2,314

2,228,603

Bank

of

Cyprus

PCL

(a)(c)

(1-Year

EUR

Swap

Annual

+

2.79%),

2.50%,

06/24/27

.....................

EUR

525

552,556

(3-mo.

EURIBOR

+

1.97%),

5.00%,

05/02/29

.....................

1,611

1,756,634

Bank

of

Ireland

Group

plc

(a)

(5-Year

EUR

Swap

Annual

+

7.92%),

7.50%

(c)(l)

.....................

2,339

2,576,745

(5-Year

EUR

Swap

Annual

+

6.43%),

6.00%

(c)(l)

.....................

3,759

4,072,348

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.65%),

6.25%,

09/16/26

(b)

....................

USD

503

507,356

Bankinter

SA

(a)(c)(l)

(5-Year

EUR

Swap

Annual

+

6.71%),

6.25%

EUR

2,000

2,186,199

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.71%),

7.38%

.......................

3,200

3,611,217

Barclays

Bank

plc,

Series

MSFT,

1.00%,

02/16/29

(m)

....................

USD

347

356,549

Barclays

plc

(5-year

SONIA

Mid-Swaps

Rate

+

5.19%),

5.88%

(a)(c)(l)

....................

GBP

284

364,689

3.65%,

03/16/25

..................

USD

1,056

1,043,936

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

6.58%),

7.13%

(a)(l)

..

GBP

3,252

4,167,649

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

65

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.87%),

6.13%

(a)

(l)

...........................

USD

5,525

$

5,454,316

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

6.02%),

6.38%

(a)(c)(l)

.

GBP

4,626

5,842,883

4.38%,

01/12/26

..................

USD

200

198,142

5.20%,

05/12/26

..................

1,009

1,007,029

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.05%),

7.33%,

11/02/26

(a)

....................

1,151

1,176,244

(1-day

SOFR

+

2.21%),

5.83%,

05/09/27

(a)

3,904

3,947,753

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

6.96%),

8.88%

(a)(c)(l)

.

GBP

3,700

4,899,826

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.05%),

2.28%,

11/24/27

(a)

....................

USD

1,373

1,288,421

(1-day

SOFR

+

1.49%),

5.67%,

03/

12/28

(a)

2,004

2,030,850

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.41%),

4.38%

(a)

(l)

...........................

1,762

1,528,280

4.84%,

05/09/28

..................

347

341,198

(BPSWS5

+

5.64%),

9.25%

(a)(l)

........

GBP

1,834

2,460,400

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.43%),

8.00%

(a)

(l)

...........................

USD

3,350

3,440,611

(USISSO05

+

5.78%),

9.63%

(a)(l)

.......

4,920

5,373,142

(3-mo.

LIBOR

USD

+

3.05%),

5.09%,

06/20/30

(a)

....................

825

807,116

BBVA

Bancomer

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.65%),

5.13%,

01/18/33

(a)(c)

..........

558

520,687

BNP

Paribas

SA

(5-Year

USD

Swap

Semi

+

5.15%),

7.38%

(a)

(b)(l)

.........................

1,000

1,004,017

4.38%,

09/28/25

(b)

.................

935

924,140

4.38%,

05/12/26

(b)

.................

287

282,209

(1-day

SOFR

+

1.00%),

1.32%,

01/13/27

(a)(b)

1,545

1,459,732

4.63%,

03/13/27

(b)

.................

611

603,672

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.35%),

8.50%

(a)

(b)(l)

.........................

6,123

6,422,341

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.90%),

7.75%

(a)

(b)(l)

.........................

8,186

8,431,561

(5-Year

US

Treasury

Yield

C

urve

Rate

T

Note

Constant

Maturity

+

4.90%),

7.75%

(a)

(c)(l)

.........................

1,400

1,441,997

(5-Year

EUR

Swap

Annual

+

4.65%),

6.88%

(a)(c)(l)

....................

EUR

5,600

6,273,206

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.94%),

4.50%

(a)

(b)(l)

.........................

USD

2,300

1,894,617

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.63%),

7.38%

(a)(c)(l)

....................

EUR

400

456,792

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.34%),

4.63%

(a)

(b)(l)

.........................

USD

8,531

7,145,153

BPCE

SA,

(1-day

SOFR

+

1.85%),

5.94%,

05/30/35

(a)(b)

....................

1,265

1,290,054

CaixaBank

SA

(a)(c)(l)

(5-Year

EUR

Swap

Annual

+

4.50%),

5.25%

EUR

3,200

3,411,252

(5-Year

EUR

Swap

Annual

+

6.35%),

5.88%

1,200

1,291,713

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.30%),

7.50%

.......................

4,800

5,469,631

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

Citigroup,

Inc.

(a)

(3-mo.

CME

Term

SOFR

+

1.82%),

3.89%,

01/10/28

.....................

USD

2,542

$

2,480,196

(1-day

SOFR

+

1.28%),

3.07%,

02/24/28

.

1,626

1,554,218

Series

AA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.21%),

7.63%

(l)

......................

179

186,157

Series

CC,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.69%),

7.13%

(l)

......................

952

952,720

(1-day

SOFR

+

1.42%),

2.98%,

11/05/30

.

425

386,383

(1-day

SOFR

+

1.15%),

2.67%,

01/29/31

.

828

737,146

(1-day

SOFR

+

3.91%),

4.41%,

03/31/31

.

281

273,123

(1-day

SOFR

+

2.11%),

2.57%,

06/03/31

.

405

355,792

(1-day

SOFR

+

1.17%),

2.56%,

05/01/32

.

665

567,366

(1-day

SOFR

+

2.09%),

4.91%,

05/24/33

.

646

634,568

(1-day

SOFR

+

2.66%),

6.17%,

05/25/34

.

363

376,834

Series

DD,

(10-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.76%),

7.00%

(l)

................

1,245

1,262,936

(1-day

SOFR

+

2.06%),

5.83%,

02/13/35

.

417

422,669

(1-day

SOFR

+

1.45%),

5.45%,

06/11/35

.

2,791

2,837,010

Commerzbank

AG

(a)(c)

(5-Year

EUR

Swap

Annual

+

6.36%),

6.13%

(l)

......................

EUR

12,800

13,820,301

(5-Year

EUR

Swap

Annual

+

4.39%),

4.25%

(l)

......................

1,800

1,744,370

(5-Year

EUR

Swap

Annual

+

6.74%),

6.50%

(l)

......................

3,400

3,662,429

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.13%),

7.88%

(l)

......................

2,400

2,668,829

(3-mo.

EURIBOR

+

1.25%),

4.00%,

07/16/32

.....................

500

546,076

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.30%),

6.50%,

12/06/32

................

500

576,600

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.25%),

8.63%,

02/28/33

.....................

GBP

900

1,244,643

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.70%),

6.75%,

10/05/33

................

EUR

700

823,239

Commonwealth

Bank

of

Australia,

5.84%,

03/13/34

(b)

.....................

USD

2,099

2,157,791

Cooperatieve

Rabobank

UA

(5-Year

EUR

Swap

Annual

+

4.10%),

4.63%

(a)(c)(l)

....................

EUR

2,200

2,345,664

3.75%,

07/21/26

..................

USD

250

243,492

(5-Year

EUR

Swap

Annual

+

4.68%),

4.38%

(a)(c)(l)

....................

EUR

1,600

1,663,540

(5-Year

EUR

Swap

Annual

+

3.72%),

4.88%

(a)(c)(l)

....................

1,200

1,241,882

Credit

Agricole

SA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.24%),

4.75%

(a)(b)(l)

...............

USD

13,530

12,065,755

DNB

Bank

ASA,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.72%),

7.38%

(a)(c)(l)

...............

2,792

2,825,839

Eurobank

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.17%),

4.88%,

04/30/31

(a)(c)

.....

EUR

925

1,037,420

Fifth

Third

Bancorp

(a)

(1-day

SOFR

+

0.69%),

1.71%,

11/01/27

.

USD

434

403,448

(SOFR

Index

+

2.19%),

6.36%,

10/27/28

.

1,277

1,322,830

(1-day

SOFR

+

2.34%),

6.34%,

07/27/29

.

2,008

2,092,759

(1-day

SOFR

+

1.84%),

5.63%,

01/29/32

.

510

518,498

HSBC

Holdings

plc

(a)

(5-Year

USD

Swap

Rate

+

4.37%),

6.38%

(l)

2,900

2,896,080

(BPSWS5

+

4.28%),

5.88%

(l)

.........

GBP

1,147

1,432,133

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

66

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(5-Year

USD

Swap

Rate

+

3.75%),

6.00%

(l)

USD

2,600

$

2,545,230

(1-day

SOFR

+

1.57%),

5.89%,

08/14/27

.

2,181

2,215,021

(5-Year

USD

Swap

Rate

+

3.61%),

6.50%

(l)

800

791,598

(1-day

SOFR

+

1.06%),

5.60%,

05/17/28

.

965

978,410

(1-day

SOFR

+

3.35%),

7.39%,

11/03/28

.

1,152

1,232,786

(5-Year

EUR

Swap

Annual

+

3.84%),

4.75%

(c)(l)

.....................

EUR

3,488

3,576,706

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.65%),

4.60%

(l)

USD

8,505

7,372,842

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.25%),

4.70%

(l)

2,257

1,949,185

(1-day

SOFR

+

1.52%),

5.73%,

05/17/32

.

1,055

1,080,864

HSBC

USA,

Inc.,

5.29%,

03/04/27

.......

200

202,810

Huntington

Bancshares,

Inc.,

(SOFR

Index

+

1.87%),

5.71%,

02/02/35

(a)

...........

1,734

1,753,004

ING

Groep

NV

(a)(l)

(5-Year

USD

Swap

Semi

+

4.45%),

6.50%

1,710

1,703,802

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.34%),

5.75%

679

658,164

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.86%),

3.88%

11,155

9,608,641

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Cons

tant

Maturity

+

3.71%),

7.50%

(c)

932

948,263

(USISSO05

+

4.36%),

8.00%

(c)

........

7,000

7,335,860

Intesa

Sanpaolo

SpA

5.71%,

01/15/26

(b)

.................

1,289

1,287,634

Series

*/*,

(5-Year

EUR

Swap

Annual

+

7.19%),

7.75%

(a)(c)(l)

..............

EUR

6,127

6,880,004

(5-Year

EUR

Swap

Annual

+

5.85%),

5.50%

(a)(c)(l)

....................

4,832

5,121,784

(5-Year

EURIBOR

ICE

Swap

Rate

+

6.26%),

9.13%

(a)(c)(l)

....................

775

939,403

5.15%,

06/10/30

(c)

.................

GBP

1,941

2,363,349

(5-Year

EUR

Swap

Annual

+

6.09%),

5.88%

(a)(c)(l)

....................

EUR

930

990,209

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.60%),

4.20%,

06/01/32

(a)(b)

...................

USD

489

423,372

8.51%,

09/20/32

(c)

.................

GBP

1,432

2,045,491

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.75%),

4.95%,

06/01/42

(a)(b)

...................

USD

362

280,636

Itau

Unibanco

Holding

SA,

3.25%,

01/24/25

(b)

.

713

703,325

JPMorgan

Chase

&

Co.

(a)

(3-mo.

CME

Term

SOFR

+

0.70%),

1.04%,

02/04/27

.....................

464

437,227

(1-day

SOFR

+

0.77%),

1.47%,

09/22/27

.

2,968

2,762,646

(1-day

SOFR

+

1.89%),

2.18%,

06/01/28

.

1,181

1,099,039

(3-mo.

CME

Term

SOFR

+

1.38%),

4.01%,

04/23/29

.....................

3,670

3,569,137

(1-day

SOFR

+

1.45%),

5.30%,

07/24/29

.

2,210

2,249,312

(1-day

SOFR

+

1.16%),

5.58%,

04/22/30

.

5,449

5,618,981

KBC

Group

NV,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.93%),

8.00%

(a)(c)(l)

...........

EUR

2,000

2,324,132

KeyBank

NA

3.40%,

05/20/26

..................

USD

590

567,147

3.90%,

04/13/29

..................

594

547,809

4.90%,

08/08/32

..................

690

638,115

KeyCorp

(a)

(SOFR

Index

+

2.06%),

4.79%,

06/01/33

.

1,014

950,201

(SOFR

Index

+

2.42%),

6.40%,

03/06/35

.

1,681

1,753,469

Lloyds

Banking

Group

plc

(a)(l)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.61%),

5.13%

....

GBP

1,796

2,288,645

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.29%),

4.95%

(c)

......................

EUR

7,249

7,773,494

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(5-Year

USD

Swap

Rate

+

4.50%),

7.50%

.

USD

2,450

$

2,458,622

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.82%),

6.75%

4,515

4,521,447

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.88%),

8.50%

....

GBP

3,771

5,012,635

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

M

aturity

+

3.91%),

8.00%

USD

370

384,178

Mitsubishi

UFJ

Financial

Group,

Inc.

(a)

Series

8NC7,

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.53%),

5.48%,

02/22/31

..........

467

480,414

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

0.95%),

2.31%,

07/20/32

.....................

305

256,858

Morgan

Stanley

Bank

NA,

(1-day

SOFR

+

0.87%),

5.50%,

05/26/28

(a)

...........

1,254

1,276,438

National

Bank

of

Greece

SA

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.15%),

5.88%,

06/28/35

(a)(c)

..............

EUR

5,057

5,721,475

NatWest

Group

plc

(a)

Series

*--,

(5-Year

USD

Swap

Semi

+

5.72%),

8.00%

(l)

................

USD

1,200

1,213,186

Series

-*-,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.63%),

6.00%

(l)

......................

2,000

1,974,187

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.99%),

5.13%

(l)

...

GBP

1,500

1,809,077

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.10%),

5.58%,

03/01/28

.....................

USD

1,882

1,906,258

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.75%),

8.13%

(l)

4,284

4,435,923

PNC

Financial

Services

Group,

Inc.

(The)

(a)

(1-day

SOFR

+

1.62%),

5.35%,

12/02/28

.

1,070

1,086,280

(1-day

SOFR

+

1.20%),

5.49%,

05/14/30

.

1,249

1,279,633

(1-day

SOFR

+

2.28%),

6.88%,

10/20/34

.

1,281

1,425,642

(1-day

SOFR

+

1.60%),

5.40%,

07/23/35

.

980

990,299

Santander

Holdings

USA,

Inc.,

(1-day

SOFR

+

2.14%),

6.34%,

05/31/35

(a)

...........

1,124

1,151,659

Skandinaviska

Enskilda

Banken

AB,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.07%),

6.88%

(a)(c)(l)

.........

600

598,605

Societe

Generale

SA

(a)(l)

(5-Year

USD

Swap

Rate

+

5.87%),

8.00%

(c)

1,893

1,900,858

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.45%),

10.00%

(b)

.....................

841

887,941

(5-Year

EUR

Swap

Annual

+

5.23%),

7.88%

(c)

......................

EUR

2,200

2,449,602

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.51%),

5.38%

(b)

USD

9,591

7,983,718

Standard

Chartered

plc,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.14%),

4.30%

(a)(b)(l)

...............

5,675

4,848,046

Sumitomo

Mitsui

Financial

Group,

Inc.

5.52%,

01/13/28

..................

1,635

1,673,458

1.90%,

09/17/28

..................

580

517,931

3.04%,

07/16/29

..................

130

119,827

5.56%,

07/09/34

..................

2,460

2,535,008

Toronto-Dominion

Bank

(The),

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.98%),

7.25%,

07/31/84

(a)

....

436

438,098

Truist

Financial

Corp.

1.13%,

08/03/27

..................

38

34,084

(1-day

SOFR

+

0.86%),

1.89%,

06/07/29

(a)

603

539,578

(1-day

SOFR

+

2.45%),

7.16%,

10/30/29

(a)

2,242

2,414,952

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

67

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Banks

(continued)

(1-day

SOFR

+

1.62%),

5.44%,

01/24/30

(a)

USD

2,883

$

2,927,425

(1-day

SOFR

+

2.36%),

5.87%,

06/08/34

(a)

376

388,001

(1-day

SOFR

+

1.92%),

5.71%,

01/24/35

(a)

807

825,095

UniCredit

SpA

(a)

(5-Year

EURIBOR

ICE

Swap

Rate

+

7.33%),

7.50%

(c)(l)

.....................

EUR

2,768

3,082,465

(5-Year

EUR

Swap

Annual

+

2.80%),

2.73%,

01/15/32

(c)

....................

973

1,015,240

(5-Year

USD

Swap

Rate

+

4.91%),

7.30%,

04/02/34

(b)

....................

USD

1,779

1,847,277

US

Bancorp

(a)

(1-day

SOFR

+

1.66%),

4.55%,

07/22/28

.

443

438,597

(1-day

SOFR

+

2.09%),

5.85%,

10/21/33

.

1,255

1,302,740

(1-day

SOFR

+

2.26%),

5.84%,

06/12/34

.

1,183

1,228,066

(1-day

SOFR

+

1.86%),

5.68%,

01/23/35

.

1,250

1,283,941

Virgin

Money

UK

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

6.36%),

8.25%

(a)(c)(l)

....................

GBP

2,094

2,725,053

Wells

Fargo

&

Co.

(a)

(3-mo.

CME

Term

SOFR

+

1.57%),

3.58%,

05/22/28

.....................

USD

1,019

982,920

(1-day

SOFR

+

2.10%),

2.39%,

06/02/28

.

181

169,010

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.61%),

7.63%

(l)

514

546,727

(1-day

SOFR

+

1.74%),

5.57%,

07/25/29

.

1,907

1,952,779

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.77%),

6.85%

(l)

1,165

1,179,014

(1-day

SOFR

+

1.50%),

5.20%,

01/23/30

.

2,271

2,298,567

(1-day

SOFR

+

2.06%),

6.49%,

10/23/34

.

2,269

2,472,282

(1-day

SOFR

+

1.78%),

5.50%,

01/23/35

.

2,315

2,359,822

Westpac

Banking

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.75%),

2.67%,

11/15/35

(a)

...........

374

317,777

449,729,977

Beverages

—

0.0%

Anheuser-Busch

InBev

Worldwide,

Inc.,

5.00%,

06/15/34

......................

678

687,577

Davide

Campari-Milano

NV,

2.38%,

01/17/29

(c)

(m)

..........................

EUR

600

645,972

Keurig

Dr

Pepper,

Inc.

4.60%,

05/25/28

..................

USD

133

132,543

5.05%,

03/15/29

..................

272

276,307

3.20%,

05/01/30

..................

181

166,713

Series

10,

5.20%,

03/15/31

...........

302

307,787

5.30%,

03/15/34

..................

112

113,967

2,330,866

Biotechnology

—

0.1%

AbbVie,

Inc.

4.80%,

03/15/29

..................

2,097

2,124,410

3.20%,

11/21/29

..................

2,536

2,379,364

4.95%,

03/15/31

..................

1,182

1,205,225

Amgen,

Inc.

5.15%,

03/02/28

..................

2,820

2,858,495

4.20%,

03/01/33

..................

691

653,107

5.25%,

03/02/33

..................

1,225

1,244,961

Cidron

Aida

Finco

SARL

(c)

5.00%,

04/01/28

..................

EUR

1,424

1,428,907

6.25%,

04/01/28

..................

GBP

1,005

1,189,007

Gilead

Sciences,

Inc.,

5.25%,

10/15/33

....

USD

1,951

2,005,956

Grifols

SA,

2.25%,

11/15/27

(c)

..........

EUR

290

290,097

15,379,529

Broadline

Retail

—

0.0%

Alibaba

Group

Holding

Ltd.

3.40%,

12/06/27

..................

USD

358

342,359

Security

Par

(000)

Par

(000)

Value

Broadline

Retail

(continued)

2.13%,

02/09/31

..................

USD

216

$

182,937

ANGI

Group

LLC,

3.88%,

08/15/28

(b)

......

646

562,464

Go

Daddy

Operating

Co.

LLC,

5.25%,

12/01/27

(b)

.....................

29

28,550

LCM

Investments

Holdings

II

LLC

(b)

4.88%,

05/01/29

..................

155

145,968

8.25%,

08/01/31

..................

607

636,590

Match

Group

Holdings

II

LLC

(b)

5.63%,

02/15/29

..................

250

243,328

3.63%,

10/01/31

..................

162

139,713

NMG

Holding

Co.,

Inc.,

7.13%,

04/01/26

(b)

...

867

870,903

PrestigeBidCo

GmbH,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.46%,

07/01/29

(a)(c)

.

EUR

1,061

1,156,865

Rakuten

Group,

Inc.

(b)

11.25%,

02/15/27

.................

USD

353

381,402

9.75%,

04/15/29

..................

398

421,348

5,112,427

Building

Products

—

0.1%

Advanced

Drainage

Systems,

Inc.

(b)

5.00%,

09/30/27

..................

283

277,158

6.38%,

06/15/30

..................

107

107,716

Builders

FirstSource,

Inc.,

6.38%,

03/01/34

(b)

.

306

308,628

Camelot

Return

Merger

Sub,

Inc.,

8.75%,

08/01/28

(b)

.....................

363

360,900

Carrier

Global

Corp.,

5.90%,

03/15/34

.....

275

294,265

HT

Troplast

GmbH,

9.38%,

07/15/28

(c)

.....

EUR

1,459

1,584,727

Masterbrand,

Inc.,

7.00%,

07/15/32

(b)

......

USD

156

160,275

New

Enterprise

Stone

&

Lime

Co.,

Inc.

(b)

5.25%,

07/15/28

..................

214

205,522

9.75%,

07/15/28

..................

309

316,055

Owens

Corning

3.50%,

02/15/30

(b)

.................

252

233,957

5.70%,

06/15/34

..................

1,885

1,949,110

PCF

GmbH,

4.75%,

04/15/26

(c)

.........

EUR

2,165

1,966,247

Standard

Industries,

Inc.

(b)

5.00%,

02/15/27

..................

USD

97

94,908

4.75%,

01/15/28

..................

194

185,863

4.38%,

07/15/30

..................

90

81,990

3.38%,

01/15/31

..................

396

338,768

6.50%,

08/15/32

..................

368

368,670

Summit

Materials

LLC,

7.25%,

01/15/31

(b)

...

479

499,465

Wilsonart

LLC,

11.00%,

08/15/32

(b)

.......

327

320,460

9,654,684

Capital

Markets

—

1.2%

Abu

Dhabi

Developmental

Holding

Co.

PJSC,

5.38%,

05/08/29

(b)

................

1,116

1,139,023

AerCap

Ireland

Capital

DAC

1.75%,

01/30/26

..................

465

442,451

2.45%,

10/29/26

..................

1,005

949,412

6.45%,

04/15/27

..................

1,294

1,339,506

Apollo

Debt

Solutions

BDC,

6.90%,

04/13/29

(b)

368

377,614

Ares

Capital

Corp.

5.88%,

03/01/29

..................

258

258,898

5.95%,

07/15/29

..................

1,138

1,141,609

Ares

Strategic

Income

Fund,

6.35%,

08/15/29

(b)

1,540

1,552,356

ASG

Finance

DAC,

9.75%,

05/15/29

(b)

.....

649

645,755

Blackstone

Private

Credit

Fund

3.25%,

03/15/27

..................

157

147,017

5.95%,

07/16/29

(b)

.................

820

819,777

6.25%,

01/25/31

(b)

.................

300

305,342

Blackstone

Secured

Lending

Fund,

5.88%,

11/15/27

......................

1,393

1,403,400

Blue

Owl

Capital

Corp.

3.75%,

07/22/25

..................

288

282,466

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

68

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

3.40%,

07/15/26

..................

USD

121

$

115,701

Blue

Owl

Capital

Corp.

II,

8.45%,

11/15/26

(b)

.

293

305,687

Blue

Owl

Credit

Income

Corp.,

7.75%,

09/16/27

258

269,428

Charles

Schwab

Corp.

(The),

(1-day

SOFR

+

2.01%),

6.14%,

08/24/34

(a)

...........

999

1,057,986

Compass

Group

Diversified

Holdings

LLC,

5.25%,

04/15/29

(b)

................

363

347,811

Concentra

Escrow

Issuer

Corp.,

6.88%,

07/15/32

(b)

.....................

250

257,579

Credit

Suisse

USA

LLC,

7.13%,

07/15/32

...

80

90,228

Deutsche

Bank

AG

(USISOA05

at

0.00%

Floor

+

4.36%),

4.79%

(a)(c)(l)

....................

6,000

5,760,000

(5-Year

USD

Swap

Rate

+

5.00%),

7.50%

(a)(l)

2,400

2,373,560

Series

2020,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.52%),

6.00%

(a)(l)

...............

9,600

9,199,456

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.55%),

4.50%

(a)(c)(l)

....................

EUR

3

,200

3,144,451

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.75%),

4.63%

(a)(c)(l)

....................

1,200

1,142,856

(5-Year

EURIBOR

ICE

Swap

Rate

+

6.94%),

10.00%

(a)(c)(l)

...................

5,000

5,905,027

(1-day

SOFR

+

1.59%),

5.71%,

02/08/28

(a)

USD

1,646

1,662,429

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.69%),

6.75%

(a)(c)(l)

....................

EUR

2,400

2,512,984

(1-day

SOFR

+

3.18%),

6.72%,

01/18/29

(a)

USD

637

665,295

5.41%,

05/10/29

..................

2,426

2,474,632

(5-Year

EURIBOR

ICE

Swap

Rate

+

5.26%),

8.13%

(a)(c)(l)

....................

EUR

2,400

2,646,413

(1-day

SOFR

+

2.51%),

6.82%,

11/20/29

(a)

USD

3,776

3,994,383

(1-day

SOFR

+

3.65%),

7.08%,

02/10/34

(a)

1,110

1,156,371

Goldman

Sachs

Group,

Inc.

(The)

4.25%,

10/21/25

..................

179

177,144

(1-day

SOFR

+

0.79%),

1.09%,

12/09/26

(a)

2,080

1,965,398

5.95%,

01/15/27

..................

116

118,967

2.60%,

02/07/30

..................

68

60,888

(1-day

SOFR

+

1.27%),

5.73%,

04/25/30

(a)

819

845,980

(1-day

SOFR

+

1.28%),

2.62%,

04/22/32

(a)

402

345,344

(1-day

SOFR

+

1.25%),

2.38%,

07/21/32

(a)

431

362,418

(1-day

SOFR

+

1.26%),

2.65%,

10/21/32

(a)

575

489,669

Intercontinental

Exchange,

Inc.

3.63%,

09/01/28

(b)

.................

979

937,551

1.85%,

09/15/32

..................

449

358,654

4.60%,

03/15/33

..................

374

366,784

Jerrold

Finco

plc,

5.25%,

01/15/27

(c)

......

GBP

1,624

2,030,320

JPMorgan

Chase

Financial

Co.

LLC,

0.50%,

06/15/27

(m)

....................

USD

387

421,830

Julius

Baer

Group

Ltd.

(a)(c)(l)

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.62%),

4.88%

787

737,929

(5-Year

EUR

Swap

Annual

+

3.85%),

6.63%

EUR

5,234

5,586,836

MDGH

GMTN

RSC

Ltd.,

4.38%,

11/22/33

(b)

..

USD

666

631,867

Morgan

Stanley

(a)

3.59%,

07/22/28

..................

1,430

1,375,469

(1-day

SOFR

+

1.59%),

5.16%,

04/20/29

.

5,644

5,700,822

(1-day

SOFR

+

1.63%),

5.45%,

07/20/29

.

2,745

2,802,826

(1-day

SOFR

+

1.83%),

6.41%,

11/01/29

.

1,953

2,065,739

(3-mo.

CME

Term

SOFR

+

1.89%),

4.43%,

01/23/30

.....................

1,042

1,024,137

(1-day

SOFR

+

1.26%),

5.66%,

04/18/30

.

1,993

2,055,828

(1-day

SOFR

+

1.14%),

2.70%,

01/22/31

.

227

202,948

(1-day

SOFR

+

1.03%),

1.79%,

02/13/32

.

45

36,849

(1-day

SOFR

+

1.36%),

2.48%,

09/16/36

.

570

462,223

Nasdaq,

Inc.,

5.55%,

02/15/34

..........

335

344,030

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Oaktree

Strategic

Credit

Fund

(b)

8.40%,

11/14/28

..................

USD

328

$

353,743

6.50%,

07/23/29

..................

187

187,818

Opus-Chartered

Issuances

SA,

2.50%,

07/04/25

(a)(c)

....................

EUR

943

1,025,665

S&P

Global,

Inc.

2.50%,

12/01/29

..................

USD

297

268,725

5.25%,

09/15/33

(b)

.................

232

239,960

Sherwood

Financing

plc,

6.00%,

11/15/26

(c)

..

GBP

236

265,759

State

Street

Corp.

(a)

(1-day

SOFR

+

2.60%),

2.90%,

03/30/26

.

USD

40

39,317

Series

I,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.61%),

6.70%

(l)

......................

495

495,527

UBS

AG,

7.50%,

02/15/28

............

674

730,087

UBS

Group

AG

(5-Year

USD

Swap

Semi

+

4.87%),

7.00%

(a)

(c)(l)

.........................

1,257

1,257,000

(5-Year

USD

Swap

Semi

+

4.59%),

6.88%

(a)

(c)(l)

.........................

3,638

3,628,905

4.13%,

09/24/25

(b)

.................

313

308,922

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.10%),

3.88%

(a)

(b)(l)

.........................

2,800

2,617,091

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.86%),

5.13%

(a)

(c)(l)

.........................

2,050

1,970,665

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.40%),

4.88%

(a)

(b)(l)

.........................

1,281

1,206,414

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.75%),

9.25%

(a)

(b)(l)

.........................

1,659

1,806,186

(5-Year

US

Treasury

Yield

C

urve

Rate

T

Note

Constant

Maturity

+

3.31%),

4.38%

(a)

(b)(l)

.........................

9,976

8,334,410

(USISSO05

+

4.16%),

7.75%

(a)(b)(l)

......

4,544

4,670,714

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.76%),

9.25%

(a)

(b)(l)

.........................

3,921

4,437,219

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.76%),

9.25%

(a)

(c)(l)

.........................

2,100

2,376,476

(1-day

SOFR

+

5.02%),

9.02%,

11/15/33

(a)(b)

2,208

2,721,996

(1-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

1.77%),

5.70%,

02/08/35

(a)(b)

...................

203

207,721

Vivion

Investments

SARL,

3.00%,

08/08/24

(c)

.

EUR

900

969,301

127,514,974

Chemicals

—

0.4%

Axalta

Coating

Systems

Dutch

Holding

B

BV,

7.25%,

02/15/31

(b)

................

USD

282

295,744

Axalta

Coating

Systems

LLC

(b)

4.75%,

06/15/27

..................

340

332,842

3.38%,

02/15/29

..................

150

136,541

Braskem

Netherlands

Finance

BV,

7.25%,

02/13/33

(b)

.....................

1,077

1,038,766

Chemours

Co.

(The)

4.00%,

05/15/26

..................

EUR

2,471

2,602,691

5.38%,

05/15/27

..................

USD

349

335,270

5.75%,

11/15/28

(b)

.................

338

316,198

4.63%,

11/15/29

(b)

.................

150

131,382

DuPont

de

Nemours,

Inc.,

4.73%,

11/15/28

..

1,778

1,795,116

Eastman

Chemical

Co.

5.75%,

03/08/33

..................

1,484

1,526,620

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

69

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

5.63%,

02/20/34

..................

USD

531

$

538,838

Element

Solutions,

Inc.,

3.88%,

09/01/28

(b)

..

923

854,999

FIS

Fabbrica

Italiana

Sintetici

SpA,

5.63%,

08/01/27

(c)

.....................

EUR

2,435

2,589,161

Herens

Holdco

SARL,

4.75%,

05/15/28

(b)

...

USD

944

819,319

Herens

Midco

SARL,

5.25%,

05/15/29

(c)

....

EUR

2,306

1,871,751

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(b)

....

USD

629

631,059

INEOS

Finance

plc,

6.38%,

04/15/29

(c)

.....

EUR

2,311

2,573,036

INEOS

Quattro

Finance

2

plc

(c)

2.50%,

01/15/26

..................

1,130

1,188,773

8.50%,

03/15/29

..................

2,467

2,840,051

INEOS

Styrolution

Ludwigshafen

GmbH,

2.25%,

01/16/27

(c)

.....................

280

286,782

Ingevity

Corp.,

3.88%,

11/01/28

(b)

........

USD

204

186,781

Kobe

U.S.

Midco

2,

Inc.,

9.25%,

11/01/26

(b)

..

509

403,314

Kronos

International,

Inc.

(c)

9.50%,

03/15/29

..................

EUR

1,225

1,435,131

Series

JUL,

9.50%,

03/15/29

..........

771

903,254

LSF11

A5

HoldCo

LLC,

6.63%,

10/15/29

(b)

...

USD

392

375,095

Lune

Holdings

SARL,

5.63%,

11/15/28

(c)

....

EUR

1,436

1,369,793

LYB

International

Finance

III

LLC,

5.50%,

03/01/34

......................

USD

300

304,087

Minerals

Technologies,

Inc.,

5.00%,

07/01/28

(b)

498

478,777

Monitchem

HoldCo

3

SA,

8.75%,

05/01/28

(c)

.

EUR

438

488,915

Nobian

Finance

BV,

3.63%,

07/15/26

(c)

.....

1,739

1,847,460

Nutrien

Ltd.

4.90%,

03/27/28

..................

USD

264

264,745

4.20%,

04/01/29

..................

132

128,847

Olympus

Water

US

Holding

Corp.

9.63%,

11/15/28

(c)

.................

EUR

2,944

3,420,090

9.75%,

11/15/28

(b)

.................

USD

861

914,958

5.38%,

10/01/29

(c)

.................

EUR

1,172

1,159,258

7.25%,

06/15/31

(b)

.................

USD

658

658,474

Sasol

Financing

USA

LLC,

6.50%,

09/27/28

..

941

913,946

SCIL

IV

LLC

(c)

(3-mo.

EURIBOR

at

4.38%

Floor

+

4.38%),

8.21%,

11/01/26

(a)

...............

EUR

584

637,019

9.50%,

07/15/28

..................

1,482

1,731,797

Scotts

Miracle-Gro

Co.

(The)

4.50%,

10/15/29

..................

USD

64

59,535

4.00%,

04/01/31

..................

355

313,632

4.38%,

02/01/32

..................

79

69,931

Sherwin-Williams

Co.

(The),

3.45%,

06/01/27

.

755

729,299

SK

Invictus

Intermediate

II

SARL,

5.00%,

10/30/29

(b)

.....................

817

761,107

Synthomer

plc,

3.88%,

07/01/25

(c)

........

EUR

172

184,835

WR

Grace

Holdings

LLC

(b)

5.63%,

08/15/29

..................

USD

1,423

1,302,129

7.38%,

03/01/31

..................

484

496,981

44,244,129

Commercial

Services

&

Supplies

—

0.4%

ADT

Security

Corp.

(The),

4.88%,

07/15/32

(b)

.

373

346,781

Allied

Universal

Holdco

LLC

6.63%,

07/15/26

(b)

.................

127

127,183

3.63%,

06/01/28

(c)

.................

EUR

1,790

1,817,216

4.63%,

06/01/28

(b)

.................

USD

1,961

1,808,870

4.88%,

06/01/28

(c)

.................

GBP

2,467

2,904,257

6.00%,

06/01/29

(b)

.................

USD

1,231

1,072,563

7.88%,

02/15/31

(b)

.................

1,595

1,622,766

Amber

Finco

plc,

6.63%,

07/15/29

(c)

.......

EUR

2,525

2,831,790

APi

Group

DE,

Inc.

(b)

4.13%,

07/15/29

..................

USD

234

216,011

4.75%,

10/15/29

..................

141

134,165

APX

Group,

Inc.

(b)

6.75%,

02/15/27

..................

219

218,746

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

5.75%,

07/15/29

..................

USD

485

$

471,846

Aramark

Services,

Inc.,

5.00%,

02/01/28

(b)

...

608

593,846

Brink's

Co.

(The)

(b)

6.50%,

06/15/29

..................

173

176,300

6.75%,

06/15/32

..................

262

267,078

Cedacri

Mergeco

SpA

(a)(c)

(3-mo.

EURIBOR

at

4.63%

Floor

+

4.63%),

8.45%,

05/15/28

................

EUR

865

933,689

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.50%),

9.33%,

05/15/28

................

1,876

2,034,666

Clean

Harbors,

Inc.

(b)

4.88%,

07/15/27

..................

USD

175

171,282

6.38%,

02/01/31

..................

188

190,129

Garda

World

Security

Corp.

(b)

4.63%,

02/15/27

..................

263

253,208

9.50%,

11/01/27

..................

161

162,017

7.75%,

02/15/28

..................

399

411,727

6.00%,

06/01/29

..................

172

159,463

8.25%,

08/01/32

..................

410

410,584

GFL

Environmental,

Inc.

(b)

3.75%,

08/01/25

..................

511

505,229

4.00%,

08/01/28

..................

100

93,999

3.50%,

09/01/28

..................

208

193,356

4.75%,

06/15/29

..................

48

45,739

4.38%,

08/15/29

..................

550

514,382

6.75%,

01/15/31

..................

215

221,087

Intrum

AB

(c)

3.00%,

09/15/27

..................

EUR

4,115

3,095,154

9.25%,

03/15/28

..................

1,224

915,648

Neptune

Bidco

US,

Inc.,

9.29%,

04/15/29

(b)

..

USD

890

871,638

Paprec

Holding

SA

(c)

6.50%,

11/17/27

..................

EUR

515

584,600

7.25%,

11/17/29

..................

1,369

1,559,606

Prime

Security

Services

Borrower

LLC,

6.25%,

01/15/28

(b)

.....................

USD

320

318,948

Q-Park

Holding

I

BV

(c)

2.00%,

03/01/27

..................

EUR

696

715,102

5.13%,

03/01/29

..................

681

751,752

5.13%,

02/15/30

..................

1,884

2,056,113

Republic

Services,

Inc.

3.95%,

05/15/28

..................

USD

1,311

1,282,762

4.88%,

04/01/29

..................

428

432,399

Reworld

Holding

Corp.

4.88%,

12/01/29

(b)

.................

313

286,219

5.00%,

09/01/30

..................

153

138,584

RR

Donnelley

&

Sons

Co.,

9.50%,

08/01/29

(b)

.

284

287,550

Techem

Verwaltungsgesellschaft

674

mbH,

6.00%,

07/30/26

(c)

................

EUR

1,823

1,973,643

Techem

Verwaltungsgesellschaft

675

mbH,

5.38%,

07/15/29

(c)

................

777

849,520

Verisure

Holding

AB

(c)

9.25%,

10/15/27

..................

1,631

1,861,527

7.13%,

02/01/28

..................

1,173

1,328,193

Waste

Pro

USA,

Inc.,

5.50%,

02/15/26

(b)

....

USD

1,283

1,272,057

Williams

Scotsman,

Inc.

(b)

6.63%,

06/15/29

..................

214

217,914

7.38%,

10/01/31

..................

317

329,584

Wrangler

Holdco

Corp.,

6.63%,

04/01/32

(b)

..

128

128,481

42,166,969

Communications

Equipment

—

0.0%

CommScope

LLC,

4.75%,

09/01/29

(b)

......

171

123,975

Motorola

Solutions,

Inc.

4.60%,

05/23/29

..................

143

141,788

5.60%,

06/01/32

..................

1,900

1,957,088

5.40%,

04/15/34

..................

1,323

1,346,553

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

70

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Communications

Equipment

(continued)

Viavi

Solutions,

Inc.,

3.75%,

10/01/29

(b)

....

USD

174

$

150,899

3,720,303

Construction

&

Engineering

—

0.1%

Arcosa,

Inc.,

4.38%,

04/15/29

(b)

.........

486

458,087

Azzurra

Aeroporti

SpA,

2.63%,

05/30/27

(c)

...

EUR

2,242

2,314,644

Brand

Industrial

Services,

Inc.,

10.38%,

08/01/30

(b)

.....................

USD

1,592

1,748,215

China

City

Construction

International

Co.

Ltd.,

5.35%,

07/03/17

(c)(d)(e)(g)

.............

CNY

6,794

—

Dycom

Industries,

Inc.,

4.50%,

04/15/29

(b)

...

USD

318

300,448

Gatwick

Airport

Finance

plc,

4.38%,

04/07/26

(c)

GBP

1,411

1,764,580

Heathrow

Finance

plc

(c)

5.75%,

03/03/25

(f)

.................

221

282,686

3.88%,

03/01/27

(f)

.................

1,745

2,119,904

4.13%,

09/01/29

(f)

.................

840

984,735

6.63%,

03/01/31

..................

821

1,046,413

Kier

Group

plc,

9.00%,

02/15/29

(c)

........

876

1,179,634

Pike

Corp.,

8.63%,

01/31/31

(b)

..........

USD

168

180,656

12,380,002

Construction

Materials

—

0.0%

(b)

Cemex

SAB

de

CV,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.53%),

5.13%

(a)(l)

................

564

548,845

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/01/28

..................

753

745,926

8.88%,

11/15/31

..................

806

868,589

2,163,360

Consumer

Finance

—

0.4%

Ally

Financial,

Inc.

5.80%,

05/01/25

..................

1,520

1,521,259

5.75%,

11/20/25

..................

1,402

1,406,968

(1-day

SOFR

+

2.82%),

6.85%,

01/03/30

(a)

3,794

3,966,231

(1-day

SOFR

+

2.29%),

6.18%,

07/26/35

(a)

325

326,483

American

Express

Co.

(a)

(1-day

SOFR

+

0.93%),

5.04%,

07/26/28

.

720

724,858

(1-day

SOFR

+

1.42%),

5.28%,

07/26/35

.

1,135

1,148,911

Bread

Financial

Holdings,

Inc.,

9.75%,

03/15/29

(b)

.....................

263

281,981

Capital

One

Financial

Corp.

(a)

(1-day

SOFR

+

2.64%),

6.31%,

06/08/29

.

3,997

4,145,511

(1-day

SOFR

+

1.91%),

5.70%,

02/01/30

.

891

909,125

(1-day

SOFR

+

3.07%),

7.62%,

10/30/31

.

193

215,877

DAE

Funding

LLC,

1.55%,

08/01/24

(c)

.....

1,648

1,648,000

Encore

Capital

Group,

Inc.

(c)

4.88%,

10/15/25

..................

EUR

318

342,762

5.38%,

02/15/26

..................

GBP

1,003

1,276,513

4.25%,

06/01/28

..................

155

174,990

Enova

International,

Inc.,

9.13%,

08/01/29

(b)

..

USD

87

87,863

Ford

Motor

Credit

Co.

LLC

3.38%,

11/13/25

..................

1,688

1,645,881

4.54%,

08/01/26

..................

1,747

1,719,150

4.95%,

05/28/27

..................

1,500

1,483,023

4.13%,

08/17/27

..................

279

268,638

7.35%,

11/04/27

..................

364

383,469

6.80%,

05/12/28

..................

3,107

3,240,550

6.80%,

11/07/28

..................

408

427,770

6.05%,

03/05/31

..................

400

405,783

General

Motors

Financial

Co.,

Inc.

5.40%,

04/06/26

..................

2,905

2,919,194

5.85%,

04/06/30

..................

385

397,867

5.75%,

02/08/31

..................

212

216,930

Global

Aircraft

Leasing

Co.

Ltd.,

6.50%,

(6.50%

Cash

or

7.25%

PIK),

09/15/24

(b)(k)

.......

2,404

2,362,091

Security

Par

(000)

Par

(000)

Value

Consumer

Finance

(continued)

Macquarie

Airfinance

Holdings

Ltd.

(b)

8.38%,

05/01/28

..................

USD

245

$

259,421

6.40%,

03/26/29

..................

98

100,577

8.13%,

03/30/29

..................

110

116,382

6.50%,

03/26/31

..................

256

265,676

Muthoot

Finance

Ltd.,

7.13%,

02/14/28

(b)

...

710

720,650

Navient

Corp.

5.50%,

03/15/29

..................

287

266,899

9.38%,

07/25/30

..................

184

196,032

OneMain

Finance

Corp.

3.50%,

01/15/27

..................

316

298,626

6.63%,

01/15/28

..................

347

351,612

9.00%,

01/15/29

..................

185

196,152

5.38%,

11/15/29

..................

90

86,488

7.88%,

03/15/30

..................

309

322,184

4.00%,

09/15/30

..................

119

104,167

7.50%,

05/15/31

..................

118

121,336

SLM

Corp.,

3.13%,

11/02/26

...........

510

482,622

Synchrony

Financial

5.15%,

03/19/29

..................

2,034

1,993,376

(SOFR

Index

+

2.13%),

5.94%,

08/02/30

(a)

2,266

2,279,964

Toyota

Motor

Credit

Corp.,

3.38%,

04/01/30

..

180

169,292

Volkswagen

International

Finance

NV

(a)(c)(l)

Series

PNC5,

(5-Year

EUR

Swap

Annual

+

4.29%),

7.50%

.................

EUR

1,300

1,526,743

(9-Year

EUR

Swap

Annual

+

3.96%),

3.88%

1,000

1,011,077

44,516,954

Consumer

Staples

Distribution

&

Retail

—

0.1%

7-Eleven,

Inc.,

0.95%,

02/10/26

(b)

........

USD

1,016

956,286

Albertsons

Cos.,

Inc.

(b)

3.25%,

03/15/26

..................

198

191,434

4.63%,

01/15/27

..................

262

255,438

5.88%,

02/15/28

..................

335

332,156

6.50%,

02/15/28

..................

187

189,705

3.50%,

03/15/29

..................

294

267,848

4.88%,

02/15/30

..................

221

211,146

Bellis

Acquisition

Co.

plc,

8.13%,

05/14/30

(c)

..

GBP

5,512

7,012,435

Cencosud

SA,

4.38%,

07/17/27

(c)

........

USD

1,272

1,226,844

Market

Bidco

Finco

plc,

5.50%,

11/04/27

(c)

...

GBP

1,248

1,500,131

Performance

Food

Group,

Inc.,

4.25%,

08/01/29

(b)

.....................

USD

199

184,310

Picard

Groupe

SAS,

6.38%,

07/01/29

(c)

....

EUR

1,098

1,213,165

United

Natural

Foods,

Inc.,

6.75%,

10/15/28

(b)

USD

97

88,612

US

Foods,

Inc.

(b)

4.75%,

02/15/29

..................

135

129,268

4.63%,

06/01/30

..................

182

170,605

7.25%,

01/15/32

..................

148

154,779

14,084,162

Containers

&

Packaging

—

0.3%

Ardagh

Metal

Packaging

Finance

USA

LLC

6.00%,

06/15/27

(b)

.................

598

594,432

2.00%,

09/01/28

(c)

.................

EUR

1,032

982,856

4.00%,

09/01/29

(b)

.................

USD

1,427

1,212,030

Ardagh

Packaging

Finance

plc

2.13%,

08/15/26

(c)

.................

EUR

1,320

1,166,477

2.13%,

08/15/26

(c)

.................

279

246,092

4.13%,

08/15/26

(b)

.................

USD

972

822,012

Berry

Global,

Inc.

1.57%,

01/15/26

..................

3,472

3,299,847

5.80%,

06/15/31

(b)

.................

2,822

2,874,292

Canpack

SA,

3.13%,

11/01/25

(b)

.........

312

299,888

Clydesdale

Acquisition

Holdings,

Inc.

(b)

6.63%,

04/15/29

..................

460

458,294

6.88%,

01/15/30

..................

503

501,106

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

71

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Containers

&

Packaging

(continued)

8.75%,

04/15/30

..................

USD

717

$

703,664

Crown

Americas

LLC

4.25%,

09/30/26

..................

239

231,078

5.25%,

04/01/30

..................

69

67,577

Crown

European

Holdings

SACA,

4.50%,

01/15/30

(c)

.....................

EUR

1,285

1,401,017

Graphic

Packaging

International

LLC,

3.50%,

03/15/28

(b)

.....................

USD

383

357,309

Klabin

Austria

GmbH,

3.20%,

01/12/31

(b)

....

665

568,163

Kleopatra

Finco

SARL,

4.25%,

03/01/26

(c)

...

EUR

2,114

2,047,650

Kleopatra

Holdings

2

SCA,

6.50%,

09/01/26

(c)

130

90,219

LABL,

Inc.

(b)

6.75%,

07/15/26

..................

USD

110

109,346

5.88%,

11/01/28

..................

417

385,087

9.50%,

11/01/28

..................

359

362,677

Mauser

Packaging

Solutions

Holding

Co.

(b)

7.88%,

04/15/27

..................

5,154

5,319,096

9.25%,

04/15/27

..................

117

117,157

OI

European

Group

BV

(c)

6.25%,

05/15/28

..................

EUR

928

1,035,638

5.25%,

06/01/29

..................

1,872

2,026,069

Owens-Brockway

Glass

Container,

Inc.,

7.25%,

05/15/31

(b)

.....................

USD

249

246,372

Sealed

Air

Corp.

(b)

5.00%,

04/15/29

..................

119

114,932

6.50%,

07/15/32

..................

207

209,820

Smurfit

Kappa

Treasury

ULC,

5.44%,

04/03/34

(b)

633

643,709

Titan

Holdings

II

BV,

5.13%,

07/15/29

(c)

....

EUR

1,150

1,258,900

Trident

TPI

Holdings,

Inc.,

12.75%,

12/31/28

(b)

USD

239

261,259

Trivium

Packaging

Finance

BV

(3-mo.

EURIBOR

at

3.75%

Floor

+

3.75%),

7.58%,

08/15/26

(a)(c)

..............

EUR

977

1,059,769

8.50%,

08/15/27

(b)(f)

................

USD

200

196,340

WRKCo,

Inc.

4.65%,

03/15/26

..................

231

229,393

4.00%,

03/15/28

..................

319

309,934

4.90%,

03/15/29

..................

227

228,086

32,037,587

Distributors

—

0.0%

(b)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

3.88%,

11/15/29

..............

124

112,223

BCPE

Empire

Holdings,

Inc.,

7.63%,

05/01/27

444

429,603

Resideo

Funding,

Inc.

4.00%,

09/01/29

..................

190

173,180

6.50%,

07/15/32

..................

443

442,977

1,157,983

Diversified

Consumer

Services

—

0.1%

Mavis

Tire

Express

Services

Topco

Corp.,

6.50%,

05/15/29

(b)

................

373

354,882

Pachelbel

Bidco

SpA

(c)

7.13%,

05/17/31

..................

EUR

1,561

1,752,228

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

8.07%,

05/17/31

(a)

...............

1,315

1,437,390

Service

Corp.

International

3.38%,

08/15/30

..................

USD

11

9,733

4.00%,

05/15/31

..................

419

377,502

Sotheby's

(b)

7.38%,

10/15/27

..................

794

661,088

5.88%,

06/01/29

..................

777

564,770

TUI

Cruises

GmbH

(c)

6.50%,

05/15/26

..................

EUR

1,097

1,195,994

6.25%,

04/15/29

..................

1,261

1,385,332

Wand

NewCo

3,

Inc.,

7.63%,

01/30/32

(b)

....

USD

767

800,577

8,539,496

Security

Par

(000)

Par

(000)

Value

Diversified

REITs

—

0.1%

American

Homes

4

Rent

LP

5.50%,

02/01/34

..................

USD

320

$

322,093

5.50%,

07/15/34

..................

775

780,168

Extra

Space

Storage

LP,

5.40%,

02/01/34

...

2,705

2,727,516

Global

Net

Lease,

Inc.,

3.75%,

12/15/27

(b)

...

293

265,176

HAT

Holdings

I

LLC

(b)

3.38%,

06/15/26

..................

204

194,772

8.00%,

06/15/27

..................

381

398,563

Invitation

Homes

Operating

Partnership

LP

5.50%,

08/15/33

..................

204

205,987

2.70%,

01/15/34

..................

156

126,363

Iron

Mountain

Information

Management

Services,

Inc.,

5.00%,

07/15/32

(b)

.......

133

124,223

MPT

Operating

Partnership

LP

2.50%,

03/24/26

..................

GBP

560

613,721

5.25%,

08/01/26

..................

USD

292

262,282

4.63%,

08/01/29

..................

634

460,116

3.50%,

03/15/31

..................

456

299,608

Prologis

LP

2.25%,

01/15/32

..................

332

278,272

4.63%,

01/15/33

..................

503

492,928

5.00%,

03/15/34

..................

265

265,569

Simon

Property

Group

LP

5.50%,

03/08/33

..................

577

594,893

6.25%,

01/15/34

..................

233

251,544

VICI

Properties

LP

4.13%,

08/15/30

(b)

.................

674

625,036

5.13%,

05/15/32

..................

3,143

3,064,566

5.63%,

05/15/52

..................

15

13,793

6.13%,

04/01/54

..................

193

190,688

12,557,877

Diversified

Telecommunication

Services

—

0.7%

Altice

France

SA

11.50%,

02/01/27

(c)

................

EUR

1,369

1,203,282

3.38%,

01/15/28

(c)

.................

687

525,287

5.50%,

01/15/28

(b)

.................

USD

935

684,515

5.13%,

01/15/29

(b)

.................

339

235,376

5.13%,

07/15/29

(b)

.................

681

477,582

5.50%,

10/15/29

(b)

.................

200

140,652

AT&T,

Inc.,

5.40%,

02/15/34

...........

5,047

5,156,188

Bakrie

Telecom

Pte.

Ltd.,

11.50%,

05/07/15

(c)(d)(e)

1,000

5,000

British

Telecommunications

plc

(a)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.54%),

5.13%,

10/03/54

................

EUR

500

550,595

(5-Year

EUR

Swap

Annual

+

2.13%),

1.87%,

08/18/80

.....................

236

248,847

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.82%),

8.38%,

12/20/83

.....................

GBP

1,726

2,381,657

CCO

Holdings

LLC

(b)

5.00%,

02/01/28

..................

USD

511

486,483

5.38%,

06/01/29

..................

693

647,858

6.38%,

09/01/29

..................

553

538,436

4.50%,

08/15/30

..................

304

266,165

4.25%,

02/01/31

..................

213

181,233

7.38%,

03/01/31

..................

1,427

1,441,013

4.25%,

01/15/34

..................

370

292,295

Cellnex

Telecom

SA

(c)(m)

2.13%,

08/11/30

..................

EUR

2,500

2,787,873

0.75%,

11/20/31

..................

400

368,643

Frontier

Communications

Holdings

LLC

(b)

5.88%,

10/15/27

..................

USD

361

357,448

5.00%,

05/01/28

..................

538

518,127

8.75%,

05/15/30

..................

1,194

1,250,872

8.63%,

03/15/31

..................

496

519,509

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

72

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

(continued)

Iliad

Holding

SASU

6.50%,

10/15/26

(b)

.................

USD

796

$

797,648

7.00%,

10/15/28

(b)

.................

369

369,966

6.88%,

04/15/31

(c)

.................

EUR

2,893

3,220,995

8.50%,

04/15/31

(b)

.................

USD

734

764,701

Iliad

SA

(c)

5.38%,

06/14/27

..................

EUR

1,600

1,781,383

5.38%,

02/15/29

..................

2,100

2,335,073

5.63%,

02/15/30

..................

1,800

2,013,885

Infrastrutture

Wireless

Italiane

SpA

(c)

1.63%,

10/21/28

..................

2,423

2,439,579

1.75%,

04/19/31

..................

1,207

1,174,407

Kaixo

Bondco

Telecom

SA,

5.13%,

09/30/29

(c)

766

825,911

Level

3

Financing,

Inc.

(b)

10.50%,

04/15/29

.................

USD

1,309

1,341,725

4.88%,

06/15/29

..................

258

182,172

11.00%,

11/15/29

.................

2,196

2,324,980

10.50%,

05/15/30

.................

1,350

1,379,700

Lorca

Telecom

Bondco

SA

(c)

4.00%,

09/18/27

..................

EUR

1,605

1,721,812

5.75%,

04/30/29

..................

4,689

5,251,675

Lumen

Technologies,

Inc.

(b)

4.13%,

04/15/29

..................

USD

399

292,286

4.13%,

04/15/30

..................

399

281,312

Optics

Bidco

SpA

6.88%,

02/15/28

(c)

.................

EUR

881

1,023,780

7.88%,

07/31/28

(c)

.................

411

497,173

1.63%,

01/18/29

..................

1,147

1,109,858

Series

2033,

6.38%,

11/15/33

(b)

........

USD

222

217,671

Series

2034,

6.00%,

09/30/34

(b)

........

292

275,940

Series

2036,

7.20%,

07/18/36

(b)

........

200

204,306

5.25%,

03/17/55

(b)

.................

EUR

300

312,373

RCS

&

RDS

SA

(c)

2.50%,

02/05/25

..................

900

962,736

3.25%,

02/05/28

..................

1,500

1,543,132

Sprint

Capital

Corp.,

6.88%,

11/15/28

......

USD

3,244

3,478,058

Telecom

Italia

SpA

(c)

6.88%,

02/15/28

..................

EUR

448

517,619

7.88%,

07/31/28

..................

185

222,256

Uniti

Group

LP

(b)

Series

MAY,

10.50%,

02/15/28

.........

USD

321

324,675

10.50%,

02/15/28

.................

1,696

1,715,416

Virgin

Media

Finance

plc,

5.00%,

07/15/30

(b)

.

302

254,507

Virgin

Media

Secured

Finance

plc

5.25%,

05/15/29

(c)

.................

GBP

361

425,797

5.50%,

05/15/29

(b)

.................

USD

400

372,541

4.25%,

01/15/30

(c)

.................

GBP

108

119,966

4.13%,

08/15/30

(c)

.................

600

653,702

4.50%,

08/15/30

(b)

.................

USD

258

223,726

Windstream

Escrow

LLC,

7.75%,

08/15/28

(b)

.

554

534,396

Zayo

Group

Holdings,

Inc.

(b)

4.00%,

03/01/27

..................

3,787

3,220,339

6.13%,

03/01/28

..................

338

230,764

Zegona

Finance

plc,

6.75%,

07/15/29

(c)

....

EUR

2,546

2,807,072

71,011,949

Electric

Utilities

—

0.5%

Adani

Green

Energy

UP

Ltd.,

6.70%,

03/12/42

(b)

USD

363

347,119

AES

Panama

Generation

Holdings

SRL,

4.38%,

05/31/30

(c)

.....................

792

699,269

American

Electric

Power

Co.,

Inc.,

5.70%,

08/15/25

......................

81

81,300

Baltimore

Gas

&

Electric

Co.,

2.25%,

06/15/31

38

32,491

Duke

Energy

Carolinas

LLC

2.45%,

02/01/30

..................

403

360,843

2.55%,

04/15/31

..................

304

265,387

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

2.85%,

03/15/32

..................

USD

101

$

88,540

6.45%,

10/15/32

..................

44

48,068

4.95%,

01/15/33

..................

298

301,200

4.85%,

01/15/34

..................

129

128,360

Duke

Energy

Corp.

2.65%,

09/01/26

..................

2,307

2,207,472

2.45%,

06/01/30

..................

389

343,006

2.55%,

06/15/31

..................

431

369,292

Duke

Energy

Florida

LLC

2.50%,

12/01/29

..................

809

729,594

2.40%,

12/15/31

..................

525

447,809

Duke

Energy

Indiana

LLC,

5.25%,

03/01/34

..

21

21,531

Duke

Energy

Progress

LLC

3.40%,

04/01/32

..................

934

849,095

5.70%,

04/01/35

..................

30

31,224

Edison

International

4.13%,

03/15/28

..................

78

75,761

5.25%,

11/15/28

..................

2,292

2,311,933

5.45%,

06/15/29

..................

1,527

1,553,945

6.95%,

11/15/29

..................

271

293,487

EDP

-

Energias

de

Portugal

SA

(a)(c)

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.05%),

4.75%,

05/29/54

................

EUR

2,700

2,928,024

(5-Year

EUR

Swap

Annual

+

1.84%),

1.70%,

07/20/80

.....................

500

528,252

(5-Year

EUR

Swap

Annual

+

2.38%),

1.88%,

08/02/81

.....................

1,600

1,658,007

(5-Year

EUR

Swap

Annual

+

3.18%),

5.94%,

04/23/83

.....................

300

337,662

Eversource

Energy

5.45%,

03/01/28

..................

USD

986

1,003,046

5.95%,

02/01/29

..................

566

589,018

Exelon

Corp.

5.15%,

03/15/28

..................

126

127,563

4.05%,

04/15/30

..................

135

129,929

5.45%,

03/15/34

..................

43

43,863

FirstEnergy

Corp.

4.00%,

05/01/26

(m)

................

596

606,132

Series

B,

3.90%,

07/15/27

(f)

...........

2,525

2,448,228

2.65%,

03/01/30

..................

913

809,206

Florida

Power

&

Light

Co.

5.10%,

04/01/33

..................

399

406,659

5.30%,

06/15/34

..................

311

321,735

Georgia

Power

Co.,

4.70%,

05/15/32

......

1,108

1,096,874

Kallpa

Generacion

SA,

4.88%,

05/24/26

(c)

...

1,193

1,173,614

MidAmerican

Energy

Co.

5.35%,

01/15/34

..................

143

148,399

5.75%,

11/01/35

..................

80

84,527

Naturgy

Finance

Iberia

SA,

(5-Year

EUR

Swap

Annual

+

2.44%),

2.37%

(a)(c)(l)

.........

EUR

2,300

2,370,715

NextEra

Energy

Capital

Holdings,

Inc.

2.75%,

11/01/29

..................

USD

794

722,166

2.44%,

01/15/32

..................

868

728,819

5.05%,

02/28/33

..................

74

73,700

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.46%),

6.75%,

06/15/54

(a)

....................

3,051

3,171,402

NextEra

Energy

Operating

Partners

LP

(b)

3.88%,

10/15/26

..................

127

121,876

7.25%,

01/15/29

..................

73

75,827

NRG

Energy,

Inc.

(b)

2.45%,

12/02/27

..................

1,070

981,853

7.00%,

03/15/33

..................

105

112,593

Ohio

Power

Co.

Series

Q,

1.63%,

01/15/31

...........

797

651,606

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

73

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

(continued)

5.00%,

06/01/33

..................

USD

150

$

148,347

5.65%,

06/01/34

..................

302

310,498

Pacific

Gas

&

Electric

Co.

3.30%,

12/01/27

..................

100

94,594

3.00%,

06/15/28

..................

898

837,442

4.55%,

07/01/30

..................

1,481

1,433,244

2.50%,

02/01/31

..................

1,544

1,308,058

3.25%,

06/01/31

..................

1,000

879,916

Pattern

Energy

Operations

LP,

4.50%,

08/15/28

(b)

.....................

321

302,920

PECO

Energy

Co.,

4.90%,

06/15/33

......

537

538,781

PG&E

Corp.,

4.25%,

12/01/27

(b)(m)

........

234

241,371

Public

Service

Electric

&

Gas

Co.,

4.90%,

12/15/32

......................

680

686,228

Sorik

Marapi

Geothermal

Power

PT,

7.75%,

08/05/31

(b)

.....................

1,060

1,060,000

Southern

California

Edison

Co.

Series

G,

2.50%,

06/01/31

...........

1,010

868,727

5.45%,

06/01/31

..................

1,875

1,935,957

6.00%,

01/15/34

..................

1,080

1,146,904

Southern

Co.

(The)

5.20%,

06/15/33

..................

968

973,329

5.70%,

03/15/34

..................

584

608,150

Tampa

Electric

Co.

4.90%,

03/01/29

..................

126

127,436

2.40%,

03/15/31

..................

32

27,437

Terna

-

Rete

Elettrica

Nazionale,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.14%),

4.75%

(a)

(c)(l)

.........................

EUR

2,243

2,415,107

Virginia

Electric

&

Power

Co.

Series

B,

2.95%,

11/15/26

............

USD

280

269,576

Series

B,

3.75%,

05/15/27

............

190

185,412

Series

A,

2.88%,

07/15/29

............

245

225,887

2.30%,

11/15/31

..................

270

227,954

Vistra

Operations

Co.

LLC

(b)

5.13%,

05/13/25

..................

2,162

2,151,144

7.75%,

10/15/31

..................

350

369,864

6.88%,

04/15/32

..................

776

798,676

6.95%,

10/15/33

..................

151

163,983

6.00%,

04/15/34

..................

911

932,157

56,307,120

Electrical

Equipment

—

0.0%

Vertiv

Group

Corp.,

4.13%,

11/15/28

(b)

.....

472

447,190

Electronic

Equipment,

Instruments

&

Components

—

0.0%

(b)

Coherent

Corp.,

5.00%,

12/15/29

........

518

494,119

Insight

Enterprises,

Inc.,

6.63%,

05/15/32

...

175

180,034

Sensata

Technologies,

Inc.

4.38%,

02/15/30

..................

172

159,823

3.75%,

02/15/31

..................

71

62,710

6.63%,

07/15/32

..................

365

369,767

Zebra

Technologies

Corp.,

6.50%,

06/01/32

..

128

131,522

1,397,975

Energy

Equipment

&

Services

—

0.2%

Archrock

Partners

LP

(b)

6.88%,

04/01/27

..................

420

421,864

6.25%,

04/01/28

..................

544

542,691

Borr

IHC

Ltd.

(b)

10.00%,

11/15/28

.................

214

223,970

10.38%,

11/15/30

.................

375

392,526

Enerflex

Ltd.,

9.00%,

10/15/27

(b)

.........

435

448,553

Halliburton

Co.,

2.92%,

03/01/30

........

218

199,188

Kodiak

Gas

Services

LLC,

7.25%,

02/15/29

(b)

.

592

608,986

Nabors

Industries

Ltd.,

7.50%,

01/15/28

(b)

...

147

144,442

Security

Par

(000)

Par

(000)

Value

Energy

Equipment

&

Services

(continued)

Nabors

Industries,

Inc.

(b)

7.38%,

05/15/27

..................

USD

315

$

320,775

9.13%,

01/31/30

..................

323

345,064

8.88%,

08/15/31

..................

95

96,919

Noble

Finance

II

LLC,

8.00%,

04/15/30

(b)

...

391

410,617

Northriver

Midstream

Finance

LP,

6.75%,

07/15/32

(b)

.....................

190

191,071

Oceaneering

International,

Inc.,

6.00%,

02/01/28

......................

360

358,492

Patterson-UTI

Energy,

Inc.,

7.15%,

10/01/33

.

202

218,051

Precision

Drilling

Corp.,

6.88%,

01/15/29

(b)

..

178

177,956

Seadrill

Finance

Ltd.,

8.38%,

08/01/30

(b)

....

323

340,451

Star

Holding

LLC,

8.75%,

08/01/31

(b)

......

272

267,925

Transocean

Aquila

Ltd.,

8.00%,

09/30/28

(b)

..

253

257,791

Transocean

Titan

Financing

Ltd.,

8.38%,

02/01/28

(b)

.....................

250

260,003

Transocean,

Inc.

(b)

8.00%,

02/01/27

..................

507

507,839

8.25%,

05/15/29

..................

740

755,591

8.75%,

02/15/30

..................

666

699,590

8.50%,

05/15/31

..................

1,034

1,058,513

USA

Compression

Partners

LP,

7.13%,

03/15/29

(b)

.....................

525

534,281

Valaris

Ltd.,

8.38%,

04/30/30

(b)

..........

937

981,098

Vallourec

SACA,

7.50%,

04/15/32

(b)

.......

350

366,195

Venture

Global

LNG,

Inc.

(b)

9.50%,

02/01/29

..................

2,485

2,764,536

7.00%,

01/15/30

..................

572

577,973

8.38%,

06/01/31

..................

1,438

1,511,148

9.88%,

02/01/32

..................

1,889

2,096,954

Weatherford

International

Ltd.,

8.63%,

04/30/30

(b)

.....................

550

572,508

18,653,561

Entertainment

—

0.1%

Cinemark

USA,

Inc.,

7.00%,

08/01/32

(b)

....

122

124,165

CPUK

Finance

Ltd.

(c)

3.59%,

08/28/25

..................

GBP

1,585

1,996,457

4.50%,

08/28/27

..................

534

643,493

7.88%,

08/28/29

..................

272

354,914

Deuce

Finco

plc,

5.50%,

06/15/27

(c)

.......

1,000

1,231,300

Live

Nation

Entertainment,

Inc.,

4.75%,

10/15/27

(b)

.....................

USD

458

444,090

Motion

Finco

SARL,

7.38%,

06/15/30

(c)

.....

EUR

2,628

2,968,004

Netflix,

Inc.

6.38%,

05/15/29

..................

USD

194

208,355

5.38%,

11/15/29

(b)

.................

388

401,385

Odeon

Finco

plc,

12.75%,

11/01/27

(b)

......

342

359,966

Pinnacle

Bidco

plc

(c)

8.25%,

10/11/28

..................

EUR

376

435,740

10.00%,

10/11/28

.................

GBP

1,379

1,900,137

Playtika

Holding

Corp.,

4.25%,

03/15/29

(b)

...

USD

154

136,831

11,204,837

Financial

Services

—

0.6%

Agps

Bondco

plc

(c)(d)(e)

6.00%,

08/05/25

..................

EUR

600

208,279

5.50%,

11/13/26

..................

1,000

344,426

5.00%,

01/14/29

..................

2,400

825,973

Alpha

Bank

SA

(1-Year

EUR

Swap

Annual

+

2.43%),

5.00%,

05/12/30

(a)(c)

...................

2,671

3,002,213

Aroundtown

Finance

SARL

(a)(c)(l)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.49%),

8.63%

....

GBP

329

332,203

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

74

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.51%),

7.13%

.......................

EUR

4,056

$

3,481,203

Banco

Votorantim

SA,

4.50%,

09/24/24

(c)

...

USD

1,178

1,172,605

Block,

Inc.

2.75%,

06/01/26

..................

185

175,965

3.50%,

06/01/31

..................

1,443

1,251,660

6.50%,

05/15/32

(b)

.................

2,019

2,051,712

Blue

Owl

Credit

Income

Corp.

6.60%,

09/15/29

(b)

.................

627

632,377

6.65%,

03/15/31

..................

322

324,302

Blue

Owl

Technology

Finance

Corp.

II,

6.75%,

04/04/29

(b)

.....................

108

107,508

Citycon

Treasury

BV,

Series

EURO,

2.38%,

01/15/27

(c)

.....................

EUR

483

486,655

Enact

Holdings,

Inc.,

6.25%,

05/28/29

.....

USD

145

147,605

Fidelity

Grand

Harbour

CLO

DAC,

Series

2023-

2X,

Class

D,

(3-mo.

EURIBOR

at

4.10%

Floor

+

4.10%),

8.02%,

04/15/38

(a)(c)

.....

EUR

300

328,926

Fidelity

National

Information

Services,

Inc.

1.15%,

03/01/26

..................

USD

2,413

2,277,463

1.65%,

03/01/28

..................

206

184,985

5.10%,

07/15/32

..................

638

644,354

Fiserv,

Inc.

2.25%,

06/01/27

..................

350

327,334

5.45%,

03/15/34

..................

932

953,074

Freedom

Mortgage

Corp.,

12.25%,

10/01/30

(b)

131

143,582

Freedom

Mortgage

Holdings

LLC

(b)

9.25%,

02/01/29

..................

558

561,995

9.13%,

05/15/31

..................

295

290,206

Garfunkelux

Holdco

3

SA

(c)

6.75%,

11/01/25

..................

EUR

1,224

841,168

7.75%,

11/01/25

..................

GBP

381

311,059

GGAM

Finance

Ltd.

(b)

7.75%,

05/15/26

..................

USD

101

103,423

8.00%,

02/15/27

..................

160

165,428

8.00%,

06/15/28

..................

239

252,945

6.88%,

04/15/29

..................

377

385,458

Global

Payments,

Inc.

1.20%,

03/01/26

..................

500

470,698

2.15%,

01/15/27

..................

130

122,051

3.20%,

08/15/29

..................

208

190,608

5.30%,

08/15/29

..................

91

91,952

1.50%,

03/01/31

(b)(m)

...............

446

421,470

2.90%,

11/15/31

..................

265

227,400

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.,

6.38%,

07/01/34

(b)

........

159

157,623

HPS

Corporate

Lending

Fund,

6.75%,

01/30/29

(b)

.....................

393

403,099

Jefferies

Finance

LLC,

5.00%,

08/15/28

(b)

...

633

587,909

Lions

Gate

Capital

Holdings

1,

Inc.,

5.50%,

04/15/29

(b)

.....................

648

579,960

Midcap

Financial

Issuer

Trust,

6.50%,

05/01/28

(b)

.....................

270

260,785

Nationstar

Mortgage

Holdings,

Inc.

(b)

5.00%,

02/01/26

..................

1,157

1,137,706

6.00%,

01/15/27

..................

393

390,073

6.50%,

08/01/29

..................

558

557,177

5.13%,

12/15/30

..................

395

367,856

5.75%,

11/15/31

..................

165

157,472

7.13%,

02/01/32

..................

730

745,145

Nationwide

Building

Society,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.63%),

5.75%

(a)(c)(l)

...............

GBP

5,352

6,544,851

NCR

Atleos

Corp.,

9.50%,

04/01/29

(b)

......

USD

340

371,424

Nexi

SpA,

0.00%,

02/24/28

(c)(m)(n)

.........

EUR

5,700

5,249,470

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Nykredit

Realkredit

A/S,

(5-Year

EUR

Swap

Annual

+

4.57%),

4.13%

(a)(c)(l)

.........

EUR

600

$

635,551

PennyMac

Financial

Services,

Inc.

(b)

7.88%,

12/15/29

..................

USD

528

552,702

7.13%,

11/15/30

..................

305

307,337

Permian

Resources

Operating

LLC

(b)

8.00%,

04/15/27

..................

581

599,705

9.88%,

07/15/31

..................

275

306,405

7.00%,

01/15/32

..................

293

303,367

6.25%,

02/01/33

..................

517

520,890

Rocket

Mortgage

LLC

(b)

2.88%,

10/15/26

..................

1,145

1,081,896

3.88%,

03/01/31

..................

188

167,231

4.00%,

10/15/33

..................

114

98,049

Salini

SpA,

4.00%,

05/30/28

(c)(m)

.........

EUR

1,000

1,153,456

Shift4

Payments

LLC,

4.63%,

11/01/26

(b)

....

USD

505

492,850

Sotera

Health

Holdings

LLC,

7.38%,

06/01/31

(b)

216

220,331

Taurus

Law

130

Securities

SRL,

(Acquired

07/14/23,

cost

$7,156,200),

(3-mo.

EURIBOR

+

3.25%),

7.07%,

08/22/27

(a)(g)(i)

........

EUR

6,599

7,003,363

Thames

Water

Utilities

Finance

plc,

4.00%,

04/18/27

(c)

.....................

1,218

961,078

Worldline

SA,

0.00%,

07/30/26

(c)(m)(n)

......

4,158

4,232,759

59,987,785

Food

Products

—

0.1%

B&G

Foods,

Inc.,

8.00%,

09/15/28

(b)

......

USD

99

100,946

Boparan

Finance

plc,

7.63%,

11/30/25

(c)

....

GBP

702

877,877

Chobani

LLC

(b)

4.63%,

11/15/28

..................

USD

996

950,421

7.63%,

07/01/29

..................

1,269

1,315,267

Darling

Ingredients,

Inc.,

6.00%,

06/15/30

(b)

..

514

510,019

Fiesta

Purchaser,

Inc.,

7.88%,

03/01/31

(b)

...

193

201,333

Lamb

Weston

Holdings,

Inc.,

4.13%,

01/31/30

(b)

298

272,042

Post

Holdings,

Inc.

(b)

5.63%,

01/15/28

..................

102

100,991

5.50%,

12/15/29

..................

48

46,569

4.63%,

04/15/30

..................

50

46,581

4.50%,

09/15/31

..................

107

97,308

6.25%,

02/15/32

..................

239

242,032

Premier

Foods

Finance

plc

3.50%,

10/15/26

(c)

.................

GBP

977

1,212,098

Simmons

Foods,

Inc.,

4.63%,

03/01/29

(b)

...

USD

345

310,460

Tereos

Finance

Groupe

I

SA

(c)

4.75%,

04/30/27

..................

EUR

240

259,132

7.25%,

04/15/28

..................

850

966,854

5.88%,

04/30/30

..................

1,359

1,494,704

9,004,634

Gas

Utilities

—

0.1%

AmeriGas

Partners

LP,

9.38%,

06/01/28

(b)

...

USD

500

523,425

Atmos

Energy

Corp.

1.50%,

01/15/31

..................

184

151,044

5.90%,

11/15/33

..................

82

87,494

Blue

Racer

Midstream

LLC

(b)

7.00%,

07/15/29

..................

246

252,714

7.25%,

07/15/32

..................

198

206,091

CenterPoint

Energy

Resources

Corp.,

5.40%,

07/01/34

......................

195

197,096

Howard

Midstream

Energy

Partners

LLC

(b)

8.88%,

07/15/28

..................

352

374,690

7.38%,

07/15/32

..................

347

357,383

NGL

Energy

Operating

LLC

(b)

8.13%,

02/15/29

..................

488

494,566

8.38%,

02/15/32

..................

1,034

1,056,595

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

75

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Gas

Utilities

(continued)

ONE

Gas,

Inc.

2.00%,

05/15/30

..................

USD

36

$

31,261

4.25%,

09/01/32

..................

34

33,046

Promigas

SA

ESP,

3.75%,

10/16/29

(c)

......

580

527,981

Southern

California

Gas

Co.,

2.95%,

04/15/27

531

507,623

Suburban

Propane

Partners

LP,

5.00%,

06/01/31

(b)

.....................

239

216,935

UGI

International

LLC,

2.50%,

12/01/29

(c)

...

EUR

1,046

1,006,372

6,024,316

Ground

Transportation

—

0.1%

Albion

Financing

1

SARL,

6.13%,

10/15/26

(b)

.

USD

371

366,516

BCP

V

Modular

Services

Finance

II

plc

(c)

4.75%,

11/30/28

..................

EUR

756

778,717

6.13%,

11/30/28

..................

GBP

944

1,123,907

Brightline

East

LLC,

11.00%,

01/31/30

(b)

....

USD

242

220,183

Canadian

National

Railway

Co.,

3.85%,

08/05/32

......................

218

205,778

Genesee

&

Wyoming,

Inc.,

6.25%,

04/15/32

(b)

569

575,785

GN

Bondco

LLC,

9.50%,

10/15/31

(b)

......

223

209,923

Mobico

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.14%),

4.25%

(a)(c)(l)

....................

GBP

2,294

2,683,047

NESCO

Holdings

II,

Inc.,

5.50%,

04/15/29

(b)

..

USD

299

278,289

Norfolk

Southern

Corp.,

2.30%,

05/15/31

...

360

310,429

Penske

Truck

Leasing

Co.

LP

(b)

4.45%,

01/29/26

..................

163

161,422

5.88%,

11/15/27

..................

415

426,543

5.55%,

05/01/28

..................

265

270,739

5.35%,

03/30/29

..................

952

967,345

5.25%,

07/01/29

..................

635

642,729

Ryder

System,

Inc.,

6.60%,

12/01/33

......

769

839,983

Uber

Technologies,

Inc.,

4.50%,

08/15/29

(b)

..

491

473,281

Union

Pacific

Corp.

2.40%,

02/05/30

..................

263

235,901

4.50%,

01/20/33

..................

65

64,046

Watco

Cos.

LLC,

7.13%,

08/01/32

(b)

......

147

150,550

10,985,113

Health

Care

Equipment

&

Supplies

—

0.2%

Avantor

Funding,

Inc.

(b)

4.63%,

07/15/28

..................

644

620,049

3.88%,

11/01/29

..................

71

65,422

Bausch

+

Lomb

Corp.,

8.38%,

10/01/28

(b)

...

1,339

1,375,716

Baxter

International,

Inc.

3.95%,

04/01/30

..................

355

338,985

2.54%,

02/01/32

..................

302

254,309

Becton

Dickinson

&

Co.

3.70%,

06/06/27

..................

1,680

1,636,174

4.69%,

02/13/28

..................

463

463,105

4.87%,

02/08/29

..................

993

1,001,041

Medline

Borrower

LP

(b)

3.88%,

04/01/29

..................

374

349,022

6.25%,

04/01/29

..................

690

704,035

5.25%,

10/01/29

..................

1,366

1,320,369

Medtronic

Global

Holdings

SCA,

4.25%,

03/30/28

......................

434

430,469

Neogen

Food

Safety

Corp.,

8.63%,

07/20/30

(b)

333

359,690

Solventum

Corp.

(b)

5.45%,

02/25/27

..................

829

836,807

5.40%,

03/01/29

..................

685

693,478

5.45%,

03/13/31

..................

5,176

5,221,285

5.60%,

03/23/34

..................

2,920

2,937,766

18,607,722

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

—

0.4%

Acadia

Healthcare

Co.,

Inc.,

5.50%,

07/01/28

(b)

USD

214

$

209,895

AHP

Health

Partners,

Inc.,

5.75%,

07/15/29

(b)

.

604

576,906

Banner

Health

2.34%,

01/01/30

..................

87

77,504

1.90%,

01/01/31

..................

36

30,487

Centene

Corp.

4.63%,

12/15/29

..................

510

490,855

3.38%,

02/15/30

..................

385

346,874

3.00%,

10/15/30

..................

25

21,852

2.50%,

03/01/31

..................

1,158

969,446

2.63%,

08/01/31

..................

1,161

967,743

Clariane

SE

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

9.08%),

13.17%

(a)(c)(l)

GBP

1,600

1,974,605

Community

Health

Systems,

Inc.

(b)

5.63%,

03/15/27

..................

USD

760

727,741

6.00%,

01/15/29

..................

533

494,866

5.25%,

05/15/30

..................

390

340,108

4.75%,

02/15/31

..................

861

708,165

10.88%,

01/15/32

.................

629

676,166

CVS

Health

Corp.

5.13%,

02/21/30

..................

288

290,998

5.25%,

02/21/33

..................

56

55,877

5.70%,

06/01/34

..................

1,893

1,931,566

Elevance

Health,

Inc.

4.10%,

05/15/32

..................

511

485,151

5.38%,

06/15/34

..................

2,820

2,893,103

Encompass

Health

Corp.

4.75%,

02/01/30

..................

367

349,853

4.63%,

04/01/31

..................

147

136,946

Ephios

Subco

3

SARL,

7.88%,

01/31/31

(c)

...

EUR

1,978

2,306,618

HCA,

Inc.

3.50%,

09/01/30

..................

USD

3,582

3,304,661

5.50%,

06/01/33

..................

650

657,869

HealthEquity,

Inc.,

4.50%,

10/01/29

(b)

......

519

488,877

Humana,

Inc.

4.88%,

04/01/30

..................

482

482,770

5.38%,

04/15/31

..................

1,691

1,717,264

5.88%,

03/01/33

..................

249

258,657

5.95%,

03/15/34

..................

163

170,626

LifePoint

Health,

Inc.

(b)

9.88%,

08/15/30

..................

459

500,226

11.00%,

10/15/30

.................

629

705,961

10.00%,

06/01/32

.................

299

317,323

Molina

Healthcare,

Inc.,

4.38%,

06/15/28

(b)

..

397

377,930

Nationwide

Children's

Hospital,

Inc.,

4.56%,

11/01/52

......................

136

127,457

Option

Care

Health,

Inc.,

4.38%,

10/31/29

(b)

..

406

379,195

Surgery

Center

Holdings,

Inc.,

7.25%,

04/15/32

(b)

.....................

853

880,933

Sutter

Health

Series

2018,

3.70%,

08/15/28

.........

87

84,039

Series

20A,

2.29%,

08/15/30

..........

291

255,310

5.16%,

08/15/33

..................

152

155,176

Tenet

Healthcare

Corp.

6.13%,

06/15/30

..................

141

141,530

6.75%,

05/15/31

..................

954

980,279

UnitedHealth

Group,

Inc.

4.00%,

05/15/29

..................

292

285,858

5.30%,

02/15/30

..................

2,545

2,636,983

4.90%,

04/15/31

..................

1,724

1,742,814

4.95%,

01/15/32

..................

2,670

2,696,129

4.20%,

05/15/32

..................

1,241

1,191,528

5.15%,

07/15/34

..................

2,898

2,942,174

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

76

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

US

Acute

Care

Solutions

LLC,

9.75%,

05/15/29

(b)

.....................

USD

279

$

276,622

40,821,516

Health

Care

REITs

—

0.1%

Alexandria

Real

Estate

Equities,

Inc.

3.95%,

01/15/28

..................

609

591,721

4.50%,

07/30/29

..................

833

818,983

2.75%,

12/15/29

..................

599

537,432

4.90%,

12/15/30

..................

663

663,681

3.38%,

08/15/31

..................

29

26,186

1.88%,

02/01/33

..................

452

350,088

Healthpeak

OP

LLC

1.35%,

02/01/27

..................

202

185,298

3.00%,

01/15/30

..................

194

176,333

5.25%,

12/15/32

..................

773

777,457

Ventas

Realty

LP,

5.63%,

07/01/34

.......

2,372

2,428,115

Welltower

OP

LLC

4.00%,

06/01/25

..................

420

415,063

4.25%,

04/01/26

..................

129

127,403

2.75%,

01/15/32

..................

639

550,353

3.85%,

06/15/32

..................

970

896,082

8,544,195

Health

Care

Technology

—

0.0%

AthenaHealth

Group,

Inc.,

6.50%,

02/15/30

(b)

.

2,655

2,503,225

Hotel

&

Resort

REITs

—

0.0%

RHP

Hotel

Properties

LP

4.75%,

10/15/27

..................

363

352,409

7.25%,

07/15/28

(b)

.................

307

316,984

4.50%,

02/15/29

(b)

.................

77

72,948

6.50%,

04/01/32

(b)

.................

849

858,590

RLJ

Lodging

Trust

LP,

3.75%,

07/01/26

(b)

...

326

311,206

Service

Properties

Trust

8.63%,

11/15/31

(b)

.................

1,368

1,453,591

8.88%,

06/15/32

..................

494

470,663

3,836,391

Hotels,

Restaurants

&

Leisure

—

0.6%

1011778

BC

ULC

(b)

3.88%,

01/15/28

..................

121

113,767

4.38%,

01/15/28

..................

275

261,494

Accor

SA

(a)(c)(l)

(5-Year

EUR

Swap

Annual

+

3.25%),

2.63%

EUR

700

749,052

(5-Year

EUR

Swap

Annual

+

4.11%),

7.25%

600

710,257

Allwyn

Entertainment

Financing

UK

plc

7.88%,

04/30/29

(b)

.................

USD

385

401,482

7.25%,

04/30/30

(c)

.................

EUR

2,488

2,847,464

Bertrand

Franchise

Finance

SAS

(c)

6.50%,

07/18/30

..................

627

689,372

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.49%,

07/18/30

(a)

...............

1,841

2,002,385

Boyd

Gaming

Corp.,

4.75%,

12/01/27

.....

USD

298

289,615

Boyne

USA,

Inc.,

4.75%,

05/15/29

(b)

......

403

381,653

Caesars

Entertainment,

Inc.

(b)

4.63%,

10/15/29

..................

403

374,413

7.00%,

02/15/30

..................

984

1,015,070

6.50%,

02/15/32

..................

835

846,019

Carnival

Corp.

4.00%,

08/01/28

(b)

.................

313

295,785

6.00%,

05/01/29

(b)

.................

585

583,579

7.00%,

08/15/29

(b)

.................

849

887,307

5.75%,

01/15/30

(c)

.................

EUR

1,569

1,755,359

Carnival

Holdings

Bermuda

Ltd.,

10.38%,

05/01/28

(b)

.....................

USD

2,671

2,887,462

Carnival

plc,

1.00%,

10/28/29

..........

EUR

802

720,801

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Cedar

Fair

LP,

6.50%,

10/01/28

.........

USD

366

$

369,477

Churchill

Downs,

Inc.

(b)

4.75%,

01/15/28

..................

608

587,020

5.75%,

04/01/30

..................

701

687,316

6.75%,

05/01/31

..................

455

462,084

Cirsa

Finance

International

SARL

(c)

7.88%,

07/31/28

..................

EUR

410

469,458

(3-mo.

EURIBOR

+

4.50%),

8.14%,

07/31/28

(a)

....................

865

946,678

6.50%,

03/15/29

..................

447

498,884

Codere

New

Holdco

SA

(d)(e)

7.50%,

11/30/27

(c)

.................

214

2,084

7.50%,

11/30/27

(b)

.................

156

1,224

Elior

Group

SA,

3.75%,

07/15/26

(c)

.......

1,045

1,106,766

Fertitta

Entertainment

LLC

(b)

4.63%,

01/15/29

..................

USD

222

207,328

6.75%,

01/15/30

..................

311

275,943

Flutter

Treasury

DAC,

6.38%,

04/29/29

(b)

...

200

203,614

Food

Service

Project

SA,

5.50%,

01/21/27

(c)

.

EUR

1,061

1,152,573

GLP

Capital

LP

5.75%,

06/01/28

..................

USD

67

67,850

4.00%,

01/15/30

..................

354

330,296

3.25%,

01/15/32

..................

213

182,702

5.63%,

09/15/34

..................

1,235

1,229,630

Hilton

Domestic

Operating

Co.,

Inc.

3.75%,

05/01/29

(b)

.................

45

41,720

4.88%,

01/15/30

..................

108

104,420

4.00%,

05/01/31

(b)

.................

144

130,430

3.63%,

02/15/32

(b)

.................

53

46,420

6.13%,

04/01/32

(b)

.................

331

334,357

Hilton

Grand

Vacations

Borrower

Escrow

LLC,

6.63%,

01/15/32

(b)

................

298

300,921

Inter

Media

&

Communication

SpA,

6.75%,

02/09/27

(c)

.....................

EUR

1,452

1,558,563

International

Game

Technology

plc,

5.25%,

01/15/29

(b)

.....................

USD

2,360

2,314,002

Light

&

Wonder

International,

Inc.

(b)

7.25%,

11/15/29

..................

183

188,309

7.50%,

09/01/31

..................

411

428,873

Lindblad

Expeditions

Holdings,

Inc.,

9.00%,

05/15/28

(b)

.....................

191

198,453

Lindblad

Expeditions

LLC,

6.75%,

02/15/27

(b)

.

413

412,231

Lion/Polaris

Lux

4

SA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.63%),

7.33%,

07/01/29

(a)(c)

.

EUR

1,305

1,420,076

Lottomatica

SpA

(c)

5.38%,

06/01/30

..................

1,500

1,649,306

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.79%,

12/15/30

(a)

...............

1,016

1,110,617

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.25%),

7.05%,

06/01/31

(a)

...............

626

684,263

MajorDrive

Holdings

IV

LLC,

6.38%,

06/01/29

(b)

USD

337

320,070

Melco

Resorts

Finance

Ltd.

(b)

4.88%,

06/06/25

..................

339

333,279

5.75%,

07/21/28

..................

200

187,625

5.38%,

12/04/29

..................

343

308,700

7.63%,

04/17/32

..................

643

640,390

Merlin

Entertainments

Group

US

Holdings,

Inc.,

7.38%,

02/15/31

(b)

................

466

482,699

Merlin

Entertainments

Ltd.,

5.75%,

06/15/26

(b)

200

198,282

MGM

China

Holdings

Ltd.

(b)

5.25%,

06/18/25

..................

200

197,778

4.75%,

02/01/27

..................

200

190,700

Midwest

Gaming

Borrower

LLC,

4.88%,

05/01/29

(b)

.....................

406

383,376

Motion

Bondco

DAC,

6.63%,

11/15/27

(b)

....

327

322,001

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

77

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

NCL

Corp.

Ltd.

(b)

5.88%,

03/15/26

..................

USD

54

$

53,759

8.38%,

02/01/28

..................

215

226,514

8.13%,

01/15/29

..................

88

93,552

7.75%,

02/15/29

..................

132

138,928

NCL

Finance

Ltd.,

6.13%,

03/15/28

(b)

......

419

419,428

Ontario

Gaming

GTA

LP,

8.00%,

08/01/30

(b)

..

320

331,095

Park

Intermediate

Holdings

LLC,

7.00%,

02/01/30

(b)

.....................

245

249,402

Premier

Entertainment

Sub

LLC

(b)

5.63%,

09/01/29

..................

270

201,855

5.88%,

09/01/31

..................

342

242,524

Raising

Cane's

Restaurants

LLC,

9.38%,

05/01/29

(b)

.....................

277

299,039

Raptor

Acquisition

Corp.,

4.88%,

11/01/26

(b)

..

345

336,468

Royal

Caribbean

Cruises

Ltd.

(b)

4.25%,

07/01/26

..................

94

91,551

5.38%,

07/15/27

..................

200

198,827

5.50%,

04/01/28

..................

354

352,654

7.25%,

01/15/30

..................

365

382,551

6.25%,

03/15/32

..................

1,629

1,661,248

6.00%,

02/01/33

..................

989

995,481

Scientific

Games

Holdings

LP,

6.63%,

03/01/30

(b)

.....................

237

231,792

Six

Flags

Entertainment

Corp.

(b)

7.25%,

05/15/31

..................

771

794,858

6.63%,

05/01/32

..................

105

107,818

Station

Casinos

LLC

(b)

4.50%,

02/15/28

..................

360

341,665

4.63%,

12/01/31

..................

148

134,873

6.63%,

03/15/32

..................

242

244,259

Stonegate

Pub

Co.

Financing

2019

plc

(c)

(3-mo.

EURIBOR

+

0.00%),

10.27%,

07/31/29

(a)

....................

EUR

924

999,999

10.75%,

07/31/29

.................

GBP

1,823

2,343,558

Stonegate

Pub

Co.

Financing

plc

(c)

8.00%,

07/13/25

..................

939

1,207,373

(3-mo.

EURIBOR

at

5.75%

Floor

+

5.75%),

9.58%,

07/31/25

(a)

...............

EUR

260

281,385

TUI

AG

(c)

5.88%,

03/15/29

..................

1,231

1,334,861

1.95%,

07/26/31

(m)

................

1,500

1,609,842

TVL

Finance

plc,

10.25%,

04/28/28

(c)

......

GBP

1,090

1,442,718

Vail

Resorts,

Inc.,

6.50%,

05/15/32

(b)

......

USD

402

410,990

Viking

Cruises

Ltd.

(b)

5.88%,

09/15/27

..................

325

323,050

7.00%,

02/15/29

..................

87

87,854

9.13%,

07/15/31

..................

526

573,575

Viking

Ocean

Cruises

Ship

VII

Ltd.,

5.63%,

02/15/29

(b)

.....................

286

282,209

Wyndham

Hotels

&

Resorts,

Inc.,

4.38%,

08/15/28

(b)

.....................

403

380,247

Wynn

Las

Vegas

LLC,

5.25%,

05/15/27

(b)

...

101

98,958

Wynn

Macau

Ltd.

(b)

5.50%,

01/15/26

..................

245

240,712

5.63%,

08/26/28

..................

934

881,463

5.13%,

12/15/29

..................

414

377,133

Wynn

Resorts

Finance

LLC

(b)

5.13%,

10/01/29

..................

578

556,396

7.13%,

02/15/31

..................

699

728,680

63,372,268

Household

Durables

—

0.1%

Ashton

Woods

USA

LLC

(b)

4.63%,

08/01/29

..................

294

271,452

4.63%,

04/01/30

..................

126

115,022

Security

Par

(000)

Par

(000)

Value

Household

Durables

(continued)

Beazer

Homes

USA,

Inc.,

7.50%,

03/15/31

(b)

.

USD

141

$

143,080

Brookfield

Residential

Properties,

Inc.

(b)

5.00%,

06/15/29

..................

612

568,377

4.88%,

02/15/30

..................

206

188,846

Dream

Finders

Homes,

Inc.,

8.25%,

08/15/28

(b)

594

616,213

Empire

Communities

Corp.,

9.75%,

05/01/29

(b)

86

88,789

LG

Electronics,

Inc.

(b)

5.63%,

04/24/27

..................

1,383

1,402,652

5.63%,

04/24/29

..................

422

433,694

LGI

Homes,

Inc.,

8.75%,

12/15/28

(b)

.......

166

176,367

Mattamy

Group

Corp.,

4.63%,

03/01/30

(b)

...

502

470,082

Meritage

Homes

Corp.,

1.75%,

05/15/28

(b)(m)

.

74

81,607

New

Home

Co.,

Inc.

(The),

9.25%,

10/01/29

(b)

245

246,813

STL

Holding

Co.

LLC,

8.75%,

02/15/29

(b)

...

197

205,098

Taylor

Morrison

Communities,

Inc.,

5.13%,

08/01/30

(b)

.....................

61

59,476

Tempur

Sealy

International,

Inc.

(b)

4.00%,

04/15/29

..................

298

272,195

3.88%,

10/15/31

..................

108

92,958

TRI

Pointe

Homes,

Inc.

5.25%,

06/01/27

..................

363

360,148

5.70%,

06/15/28

..................

75

74,800

5,867,669

Household

Products

—

0.0%

Central

Garden

&

Pet

Co.,

4.13%,

10/15/30

..

137

123,785

Kronos

Acquisition

Holdings,

Inc.,

8.25%,

06/30/31

(b)

.....................

65

65,564

Spectrum

Brands,

Inc.

(b)

3.38%,

06/01/29

(m)

................

207

200,790

3.88%,

03/15/31

..................

75

62,832

452,971

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Andes

SA

(b)

6.30%,

03/15/29

..................

483

490,998

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.84%),

8.15%,

06/10/55

(a)

....................

860

872,900

AES

Corp.

(The)

1.38%,

01/15/26

..................

1,663

1,575,189

3.95%,

07/15/30

(b)

.................

129

119,820

2.45%,

01/15/31

..................

944

794,507

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.20%),

7.60%,

01/15/55

(a)

....................

308

313,415

Calpine

Corp.

(b)

5.13%,

03/15/28

..................

138

133,655

4.63%,

02/01/29

..................

77

72,762

5.00%,

02/01/31

..................

139

131,270

Clearway

Energy

Operating

LLC,

4.75%,

03/15/28

(b)

.....................

431

413,736

Colbun

SA,

3.15%,

01/19/32

(b)

..........

1,340

1,134,813

NextEra

Energy

Partners

LP

(b)(m)

0.00%,

11/15/25

(n)

.................

414

378,189

2.50%,

06/15/26

..................

260

239,175

Talen

Energy

Supply

LLC,

8.63%,

06/01/30

(b)

.

303

326,522

TransAlta

Corp.,

7.75%,

11/15/29

........

260

272,780

Vistra

Corp.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

6.93%),

8.00%

(a)(b)(l)

....................

197

201,655

7,471,386

Industrial

Conglomerates

—

0.1%

EMRLD

Borrower

LP

6.38%,

12/15/30

(c)

.................

EUR

2,507

2,836,798

6.63%,

12/15/30

(b)

.................

USD

2,209

2,250,470

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

78

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Industrial

Conglomerates

(continued)

6.75%,

07/15/31

(b)

.................

USD

649

$

661,833

Foundry

JV

Holdco

LLC

(b)

5.90%,

01/25/30

..................

1,061

1,098,716

6.15%,

01/25/32

..................

699

730,645

6.25%,

01/25/35

..................

402

422,566

6.40%,

01/25/38

..................

256

271,829

Husky

Injection

Molding

Systems

Ltd.,

9.00%,

02/15/29

(b)

.....................

995

1,021,839

Sisecam

UK

plc

(b)

8.25%,

05/02/29

..................

1,115

1,136,252

8.63%,

05/02/32

..................

940

958,330

11,389,278

Insurance

—

0.6%

Acrisure

LLC,

7.50%,

11/06/30

(b)

.........

297

301,431

AEGON

Funding

Co.

LLC,

5.50%,

04/16/27

(b)

.

1,233

1,238,049

Alliant

Holdings

Intermediate

LLC

(b)

4.25%,

10/15/27

..................

1,125

1,070,605

6.75%,

10/15/27

..................

2,182

2,165,628

6.75%,

04/15/28

..................

595

597,947

5.88%,

11/01/29

..................

1,255

1,201,733

7.00%,

01/15/31

..................

964

981,385

AmWINS

Group,

Inc.

(b)

6.38%,

02/15/29

..................

230

233,332

4.88%,

06/30/29

..................

394

371,506

Aon

Corp.

4.50%,

12/15/28

..................

867

857,106

2.80%,

05/15/30

..................

475

427,268

2.60%,

12/02/31

..................

207

176,602

5.00%,

09/12/32

..................

525

525,253

Aon

North

America,

Inc.

5.15%,

03/01/29

..................

2,977

3,023,840

5.30%,

03/01/31

..................

872

888,463

Ardonagh

Finco

Ltd.

6.88%,

02/15/31

(c)

.................

EUR

2,850

3,053,569

7.75%,

02/15/31

(b)

.................

USD

691

700,823

Ardonagh

Group

Finance

Ltd.,

8.88%,

02/15/32

(b)

.....................

800

809,269

AssuredPartners,

Inc.,

7.50%,

02/15/32

(b)

...

382

388,918

Aviva

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.65%),

6.88%

(a)(c)(l)

...

GBP

3,375

4,197,028

AXA

SA

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.84%),

6.38%

(a)(c)(l)

....................

EUR

3,031

3,402,091

Baldwin

Insurance

Group

Holdings

LLC,

7.13%,

05/15/31

(b)

.....................

USD

86

88,677

BUPA

Finance

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.17%),

4.00%

(a)(c)(l)

....................

GBP

1,100

1,039,356

Galaxy

Bidco

Ltd.,

6.50%,

07/31/26

(c)

......

2,749

3,507,472

Howden

UK

Refinance

plc

(b)

7.25%,

02/15/31

..................

USD

1,867

1,872,183

8.13%,

02/15/32

..................

778

775,727

HUB

International

Ltd.

(b)

7.25%,

06/15/30

..................

3,462

3,570,634

7.38%,

01/31/32

..................

4,167

4,283,243

Intesa

Sanpaolo

Vita

SpA,

2.38%,

12/22/30

(c)

.

EUR

1,133

1,081,810

Jones

Deslauriers

Insurance

Management,

Inc.

(b)

8.50%,

03/15/30

..................

USD

446

467,786

10.50%,

12/15/30

.................

641

687,548

Just

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

4.27%),

5.00%

(a)(c)(l)

GBP

550

540,966

Legal

&

General

Group

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

5.38%),

5.63%

(a)(c)(l)

...............

2,175

2,516,744

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Marsh

&

McLennan

Cos.,

Inc.

2.25%,

11/15/30

..................

USD

204

$

178,183

5.75%,

11/01/32

..................

412

438,849

Met

Tower

Global

Funding,

5.25%,

04/12/29

(b)

2,948

3,017,136

Panther

Escrow

Issuer

LLC,

7.13%,

06/01/31

(b)

3,122

3,203,515

Phoenix

Group

Holdings

plc,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.19%),

8.50%

(a)(c)(l)

.........

5,810

5,817,262

Ryan

Specialty

LLC,

4.38%,

02/01/30

(b)

....

392

369,012

UnipolSai

Assicurazioni

SpA,

4.90%,

05/23/34

(c)

EUR

2,200

2,419,371

USI,

Inc.,

7.50%,

01/15/32

(b)

...........

USD

513

530,405

63,017,725

Interactive

Media

&

Services

—

0.0%

Meta

Platforms,

Inc.,

3.85%,

08/15/32

.....

344

326,312

IT

Services

—

0.1%

Acuris

Finance

US,

Inc.

(b)

5.00%,

05/01/28

..................

563

501,771

9.00%,

08/01/29

..................

200

202,030

Amentum

Escrow

Corp.,

7.25%,

08/01/32

(b)

..

294

300,265

Atos

SE

(c)(d)(e)

0.00%,

11/06/24

(m)(n)

...............

EUR

700

56,818

1.75%,

05/07/25

..................

1,800

147,134

2.50%,

11/07/28

..................

800

49,460

1.00%,

11/12/29

..................

900

73,331

Boost

Newco

Borrower

LLC,

7.50%,

01/15/31

(b)

USD

821

864,737

CA

Magnum

Holdings,

5.38%,

10/31/26

(b)

...

946

911,116

Cablevision

Lightpath

LLC

(b)

3.88%,

09/15/27

..................

493

452,157

5.63%,

09/15/28

..................

311

264,012

Central

Parent

LLC,

8.00%,

06/15/29

(b)

.....

610

625,731

Engineering

-

Ingegneria

Informatica

-

SpA

11.13%,

05/15/28

(c)

................

EUR

1,153

1,200,260

Fortress

Intermediate

3,

Inc.,

7.50%,

06/01/31

(b)

USD

642

658,268

Global

Switch

Finance

BV,

1.38%,

10/07/30

(c)

.

EUR

2,319

2,270,929

Twilio,

Inc.

3.63%,

03/15/29

..................

USD

160

145,139

3.88%,

03/15/31

..................

285

255,920

United

Group

BV

(c)

4.00%,

11/15/27

..................

EUR

1,658

1,753,638

4.63%,

08/15/28

..................

142

150,958

10,883,674

Leisure

Products

—

0.0%

Acushnet

Co.,

7.38%,

10/15/28

(b)

........

USD

113

117,826

Mattel,

Inc.,

6.20%,

10/01/40

...........

137

137,552

255,378

Life

Sciences

Tools

&

Services

—

0.0%

Charles

River

Laboratories

International,

Inc.,

4.00%,

03/15/31

(b)

................

201

182,634

Fortrea

Holdings,

Inc.,

7.50%,

07/01/30

(b)

...

400

405,733

Star

Parent,

Inc.,

9.00%,

10/01/30

(b)

.......

951

1,014,863

Thermo

Fisher

Scientific,

Inc.

4.95%,

11/21/32

..................

290

294,252

5.09%,

08/10/33

..................

125

127,911

2,025,393

Machinery

—

0.2%

Alstom

SA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.93%),

5.87%

(a)(c)(l)

...............

EUR

1,000

1,129,674

ATS

Corp.,

4.13%,

12/15/28

(b)

..........

USD

314

290,670

Boels

Topholding

BV

(c)

6.25%,

02/15/29

..................

EUR

1,209

1,356,362

5.75%,

05/15/30

..................

1,381

1,516,271

Chart

Industries,

Inc.

(b)

7.50%,

01/01/30

..................

USD

351

365,146

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

79

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

9.50%,

01/01/31

..................

USD

232

$

251,989

Esab

Corp.,

6.25%,

04/15/29

(b)

..........

292

296,127

GrafTech

Global

Enterprises,

Inc.,

9.88%,

12/15/28

(b)

.....................

272

210,327

IMA

Industria

Macchine

Automatiche

SpA

(c)

3.75%,

01/15/28

..................

EUR

118

124,042

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.75%),

7.44%,

04/15/29

(a)

...............

3,178

3,476,577

Ingersoll

Rand,

Inc.,

5.45%,

06/15/34

......

USD

2,015

2,078,165

Loxam

SAS

(c)

6.38%,

05/15/28

..................

EUR

996

1,124,002

6.38%,

05/31/29

..................

2,511

2,836,490

Madison

IAQ

LLC,

5.88%,

06/30/29

(b)

......

USD

752

704,020

Mueller

Water

Products,

Inc.,

4.00%,

06/15/29

(b)

205

191,284

Nova

Alexandre

III

SAS

(3-mo.

EURIBOR

at

0.00%

Floor

+

5.25%),

8.91%,

07/15/29

(a)(c)

..............

EUR

1,871

2,038,052

OT

Merger

Corp.,

7.88%,

10/15/29

(b)

......

USD

877

382,131

Otis

Worldwide

Corp.,

2.57%,

02/15/30

....

337

300,864

Terex

Corp.,

5.00%,

05/15/29

(b)

.........

241

231,609

TK

Elevator

Holdco

GmbH

6.63%,

07/15/28

(c)

.................

EUR

1,820

1,917,319

7.63%,

07/15/28

(b)

.................

USD

977

976,756

TK

Elevator

Midco

GmbH

4.38%,

07/15/27

(c)

.................

EUR

1,341

1,417,903

TK

Elevator

US

Newco,

Inc.,

5.25%,

07/15/27

(b)

USD

1,544

1,513,978

Wabash

National

Corp.,

4.50%,

10/15/28

(b)

..

513

465,762

25,195,520

Marine

Transportation

—

0.0%

Danaos

Corp.,

8.50%,

03/01/28

(b)

........

1,991

2,049,456

Media

—

0.5%

Altice

Financing

SA

2.25%,

01/15/25

(c)

.................

EUR

285

301,517

9.63%,

07/15/27

(b)

.................

USD

1,480

1,381,805

3.00%,

01/15/28

(c)

.................

EUR

100

84,686

5.00%,

01/15/28

(b)

.................

USD

1,313

1,048,485

5.75%,

08/15/29

(b)

.................

1,973

1,497,441

Banijay

Entertainment

SAS

7.00%,

05/01/29

(c)

.................

EUR

1,263

1,432,663

8.13%,

05/01/29

(b)

.................

USD

200

207,094

Cable

One,

Inc.

0.00%,

03/15/26

(m)(n)

...............

219

194,910

4.00%,

11/15/30

(b)

.................

553

425,180

Charter

Communications

Operating

LLC,

6.10%,

06/01/29

.................

289

295,429

Clear

Channel

Outdoor

Holdings,

Inc.

(b)

5.13%,

08/15/27

..................

439

425,229

7.75%,

04/15/28

..................

208

183,702

9.00%,

09/15/28

..................

1,121

1,190,298

7.50%,

06/01/29

..................

772

662,893

7.88%,

04/01/30

..................

1,099

1,118,452

CMG

Media

Corp.,

8.88%,

12/15/27

(b)

.....

404

235,492

Comcast

Corp.

4.15%,

10/15/28

..................

827

813,987

5.10%,

06/01/29

..................

571

584,907

2.65%,

02/01/30

..................

562

508,536

4.25%,

10/15/30

..................

132

129,108

1.50%,

02/15/31

..................

673

551,799

CSC

Holdings

LLC

(b)

5.50%,

04/15/27

..................

415

346,953

11.25%,

05/15/28

.................

1,002

905,886

11.75%,

01/31/29

.................

694

627,368

DirecTV

Financing

LLC,

5.88%,

08/15/27

(b)

..

722

695,251

Security

Par

(000)

Par

(000)

Value

Media

(continued)

DISH

DBS

Corp.

(b)

5.25%,

12/01/26

..................

USD

453

$

377,067

5.75%,

12/01/28

..................

131

96,157

DISH

Network

Corp.,

11.75%,

11/15/27

(b)

...

1,343

1,344,248

EquipmentShare.com,

Inc.,

8.63%,

05/15/32

(b)

104

107,979

GCI

LLC,

4.75%,

10/15/28

(b)

...........

320

297,053

Gray

Television,

Inc.,

10.50%,

07/15/29

(b)

...

624

651,148

Grupo

Televisa

SAB,

8.50%,

03/11/32

.....

30

34,688

Interpublic

Group

of

Cos.,

Inc.

(The)

4.75%,

03/30/30

..................

367

364,482

2.40%,

03/01/31

..................

543

462,803

Lamar

Media

Corp.,

4.00%,

02/15/30

......

118

108,837

LCPR

Senior

Secured

Financing

DAC,

6.75%,

10/15/27

(b)

.....................

670

624,402

Midcontinent

Communications,

5.38%,

08/15/27

(b)

.....................

214

210,065

Outfront

Media

Capital

LLC

(b)

5.00%,

08/15/27

..................

321

313,697

4.25%,

01/15/29

..................

241

223,464

4.63%,

03/15/30

..................

163

149,769

7.38%,

02/15/31

..................

353

369,765

Paramount

Global

4.95%,

01/15/31

..................

244

221,599

4.20%,

05/19/32

..................

447

381,199

Pinewood

Finco

plc

6.00%,

03/27/30

(c)

.................

GBP

3,452

4,417,483

Radiate

Holdco

LLC

(b)

4.50%,

09/15/26

..................

USD

371

296,892

6.50%,

09/15/28

..................

455

250,000

SES

SA,

(5-Year

EUR

Swap

Annual

+

3.19%),

2.88%

(a)(c)(l)

....................

EUR

2,315

2,386,402

Sirius

XM

Radio,

Inc.

(b)

3.13%,

09/01/26

..................

USD

740

703,045

5.00%,

08/01/27

..................

26

25,159

4.00%,

07/15/28

..................

191

175,291

Stagwell

Global

LLC,

5.63%,

08/15/29

(b)

....

608

573,291

Summer

BC

Holdco

B

SARL,

5.75%,

10/31/26

(c)

EUR

1,519

1,635,695

Summer

BidCo

BV

10.00%,

(10.00%

Cash

or

10.75%

PIK),

02/15/29

(c)(k)

...................

587

637,928

Sunrise

FinCo.

I

BV,

4.88%,

07/15/31

(b)

....

USD

2,904

2,642,001

Tele

Columbus

AG,

10.00%,

(10.00%

Cash

or

10.00%

PIK),

01/01/29

(a)(c)(k)

..........

EUR

4,247

3,368,341

Telenet

Finance

Luxembourg

Notes

SARL,

5.50%,

03/01/28

(b)

................

USD

2,600

2,478,840

United

Group

BV

(c)

3.13%,

02/15/26

..................

EUR

929

990,329

6.75%,

02/15/31

..................

372

421,443

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.25%),

8.08%,

02/15/31

(a)

...............

604

656,130

Univision

Communications,

Inc.

(b)

6.63%,

06/01/27

..................

USD

612

609,026

8.00%,

08/15/28

..................

510

512,524

8.50%,

07/31/31

..................

311

307,677

Virgin

Media

Vendor

Financing

Notes

III

DAC,

4.88%,

07/15/28

(c)

................

GBP

2,142

2,508,560

VZ

Secured

Financing

BV,

3.50%,

01/15/32

(c)

.

EUR

1,508

1,464,750

Ziggo

Bond

Co.

BV

(b)

6.00%,

01/15/27

..................

USD

620

616,512

5.13%,

02/28/30

..................

2,212

1,953,279

Ziggo

BV

2.88%,

01/15/30

(c)

.................

EUR

1,933

1,897,528

4.88%,

01/15/30

(b)

.................

USD

200

182,079

53,897,698

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

80

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Metals

&

Mining

—

0.2%

AngloGold

Ashanti

Holdings

plc,

3.75%,

10/01/30

......................

USD

840

$

744,240

Antofagasta

plc,

2.38%,

10/14/30

(b)

.......

674

565,317

Arsenal

AIC

Parent

LLC

(b)

8.00%,

10/01/30

..................

240

255,347

11.50%,

10/01/31

.................

1,080

1,206,796

ATI,

Inc.

4.88%,

10/01/29

..................

296

281,145

7.25%,

08/15/30

..................

188

196,557

5.13%,

10/01/31

..................

360

339,805

Big

River

Steel

LLC,

6.63%,

01/31/29

(b)

....

1,156

1,158,340

Carpenter

Technology

Corp.,

7.63%,

03/15/30

459

478,859

Constellium

SE

5.63%,

06/15/28

(b)

.................

250

245,787

3.75%,

04/15/29

(b)

.................

793

723,641

5.38%,

08/15/32

(c)

.................

EUR

1,779

1,930,136

6.38%,

08/15/32

(b)

.................

USD

338

337,546

CSN

Resources

SA,

8.88%,

12/05/30

(b)

....

1,069

1,072,688

Eramet

SA,

6.50%,

11/30/29

(c)

..........

EUR

400

438,095

ERO

Copper

Corp.,

6.50%,

02/15/30

(b)

.....

USD

341

332,049

First

Quantum

Minerals

Ltd.,

9.38%,

03/01/29

(b)

653

687,694

Freeport

Indonesia

PT,

4.76%,

04/14/27

(c)

...

642

633,776

Freeport-McMoRan,

Inc.,

5.40%,

11/14/34

...

191

190,554

Fresnillo

plc,

4.25%,

10/02/50

(b)

.........

616

462,542

Glencore

Funding

LLC

(b)

5.70%,

05/08/33

..................

86

87,619

6.50%,

10/06/33

..................

1,306

1,396,583

5.63%,

04/04/34

..................

2,466

2,484,273

Kaiser

Aluminum

Corp.

(b)

4.63%,

03/01/28

..................

76

71,237

4.50%,

06/01/31

..................

1,060

939,244

Mineral

Resources

Ltd.,

9.25%,

10/01/28

(b)

..

62

65,935

New

Gold,

Inc.,

7.50%,

07/15/27

(b)

.......

591

597,799

Newmont

Corp.,

2.25%,

10/01/30

........

288

251,947

Novelis

Corp.

(b)

3.25%,

11/15/26

..................

687

653,605

4.75%,

01/30/30

..................

712

672,746

3.88%,

08/15/31

..................

728

639,536

POSCO

(b)

5.63%,

01/17/26

..................

357

359,343

5.75%,

01/17/28

..................

309

315,989

Samarco

Mineracao

SA,

9.00%,

(9.00%

Cash

or

9.00%

PIK),

06/30/31

(c)(k)

..........

750

689,115

Steel

Dynamics,

Inc.,

5.38%,

08/15/34

.....

535

542,314

Vale

Overseas

Ltd.

3.75%,

07/08/30

..................

1,663

1,520,605

6.13%,

06/12/33

..................

876

892,469

6.40%,

06/28/54

..................

575

572,933

25,034,206

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.0%

(b)

Ladder

Capital

Finance

Holdings

LLLP

4.25%,

02/01/27

..................

140

135,471

4.75%,

06/15/29

..................

252

239,507

7.00%,

07/15/31

..................

248

253,826

Starwood

Property

Trust,

Inc.

4.38%,

01/15/27

..................

155

148,835

7.25%,

04/01/29

..................

368

378,468

1,156,107

Multi-Utilities

—

0.2%

A2A

SpA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.26%),

5.00%

(a)(c)(l)

...............

EUR

1,975

2,153,475

Algonquin

Power

&

Utilities

Corp.,

5.37%,

06/15/26

(f)

.....................

USD

1,857

1,861,532

Security

Par

(000)

Par

(000)

Value

Multi-Utilities

(continued)

Berkshire

Hathaway

Energy

Co.

3.70%,

07/15/30

..................

USD

237

$

225,155

1.65%,

05/15/31

..................

668

548,329

Centrica

plc,

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

2.51%),

6.50%,

05/21/55

(a)(c)

....................

GBP

1,377

1,798,349

Consumers

Energy

Co.

3.80%,

11/15/28

..................

USD

854

829,294

4.90%,

02/15/29

..................

791

801,115

4.60%,

05/30/29

..................

1,175

1,177,821

Dominion

Energy,

Inc.

Series

C,

2.25%,

08/15/31

...........

71

59,580

5.38%,

11/15/32

..................

128

130,106

Series

B,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.51%),

7.00%,

06/01/54

(a)

...............

515

540,852

Series

A,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.39%),

6.88%,

02/01/55

(a)

...............

317

329,067

Engie

SA,

(5-Year

EUR

Swap

Annual

+

1.94%),

4.75%

(a)(c)(l)

....................

EUR

1,100

1,199,237

NiSource,

Inc.

5.25%,

03/30/28

..................

USD

444

450,228

5.40%,

06/30/33

..................

487

493,438

5.35%,

04/01/34

..................

284

286,102

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.45%),

6.95%,

11/30/54

(a)

....................

625

633,801

San

Diego

Gas

&

Electric

Co.,

4.95%,

08/15/28

2,086

2,111,841

Sempra

5.40%,

08/01/26

..................

1,818

1,834,261

3.25%,

06/15/27

..................

121

115,853

3.70%,

04/01/29

..................

1,237

1,179,230

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.79%),

6.88%,

10/01/54

(a)

....................

2,013

2,016,586

WEC

Energy

Group,

Inc.,

5.60%,

09/12/26

..

780

790,982

21,566,234

Office

REITs

—

0.0%

Kilroy

Realty

LP

3.05%,

02/15/30

..................

436

377,010

6.25%,

01/15/36

..................

768

756,675

1,133,685

Oil,

Gas

&

Consumable

Fuels

—

1.0%

Aethon

United

BR

LP,

8.25%,

02/15/26

(b)

....

602

609,914

Antero

Midstream

Partners

LP,

6.63%,

02/01/32

(b)

.....................

297

303,007

Ascent

Resources

Utica

Holdings

LLC

(b)

9.00%,

11/01/27

..................

380

467,576

8.25%,

12/31/28

..................

488

500,953

5.88%,

06/30/29

..................

538

527,669

Baytex

Energy

Corp.,

8.50%,

04/30/30

(b)

....

351

370,489

BP

Capital

Markets

America,

Inc.

3.54%,

04/06/27

..................

155

151,065

3.59%,

04/14/27

..................

417

406,769

5.02%,

11/17/27

..................

349

353,905

4.23%,

11/06/28

..................

511

503,798

4.70%,

04/10/29

..................

127

127,503

1.75%,

08/10/30

..................

95

80,905

Buckeye

Partners

LP

6.88%,

07/01/29

(b)

.................

107

108,703

5.85%,

11/15/43

..................

249

220,955

5.60%,

10/15/44

..................

194

160,810

Cenovus

Energy,

Inc.,

2.65%,

01/15/32

....

75

63,330

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

81

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Cheniere

Corpus

Christi

Holdings

LLC

5.13%,

06/30/27

..................

USD

992

$

996,921

3.70%,

11/15/29

..................

547

517,498

Cheniere

Energy

Partners

LP

4.00%,

03/01/31

..................

1,040

962,565

5.95%,

06/30/33

..................

798

824,357

5.75%,

08/15/34

(b)

.................

561

571,915

Cheniere

Energy,

Inc.,

5.65%,

04/15/34

(b)

...

1,488

1,512,059

CITGO

Petroleum

Corp.

(b)

7.00%,

06/15/25

..................

663

662,573

8.38%,

01/15/29

..................

472

491,811

Civitas

Resources,

Inc.

(b)

8.38%,

07/01/28

..................

596

625,747

8.63%,

11/01/30

..................

606

654,546

8.75%,

07/01/31

..................

631

678,563

CNX

Midstream

Partners

LP,

4.75%,

04/15/30

(b)

425

389,449

CNX

Resources

Corp.,

7.38%,

01/15/31

(b)

...

200

206,482

Comstock

Resources,

Inc.

(b)

6.75%,

03/01/29

..................

869

841,559

5.88%,

01/15/30

..................

259

240,915

ConocoPhillips

Co.,

6.95%,

04/15/29

......

838

921,568

Cosan

Luxembourg

SA,

7.25%,

06/27/31

(b)

..

794

807,498

Coterra

Energy,

Inc.

3.90%,

05/15/27

..................

45

43,791

4.38%,

03/15/29

..................

227

221,111

CQP

Holdco

LP,

5.50%,

06/15/31

(b)

.......

923

885,284

Crescent

Energy

Finance

LLC

(b)

7.63%,

04/01/32

..................

365

374,330

7.38%,

01/15/33

..................

423

428,827

DCP

Midstream

Operating

LP

8.13%,

08/16/30

..................

635

734,379

3.25%,

02/15/32

..................

3,474

3,031,231

Devon

Energy

Corp.

5.25%,

10/15/27

..................

88

88,460

4.50%,

01/15/30

..................

356

349,205

7.88%,

09/30/31

..................

20

23,097

Diamond

Foreign

Asset

Co.,

8.50%,

10/01/30

(b)

311

331,074

Diamondback

Energy,

Inc.

3.50%,

12/01/29

..................

400

376,046

3.13%,

03/24/31

..................

1,292

1,160,010

6.25%,

03/15/33

..................

1,830

1,954,489

5.40%,

04/18/34

..................

5,410

5,476,355

DT

Midstream,

Inc.

(b)

4.13%,

06/15/29

..................

584

545,929

4.38%,

06/15/31

..................

146

134,607

EIG

Pearl

Holdings

SARL

(b)

3.55%,

08/31/36

..................

1,095

939,989

4.39%,

11/30/46

..................

1,166

915,310

Enbridge,

Inc.

5.90%,

11/15/26

..................

748

764,157

5.70%,

03/08/33

..................

1,395

1,440,378

5.63%,

04/05/34

..................

822

841,522

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.97%),

7.20%,

06/27/54

(a)

....................

174

177,079

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.12%),

7.38%,

03/15/55

(a)

....................

273

276,631

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.43%),

8.50%,

01/15/84

(a)

....................

496

542,459

Encino

Acquisition

Partners

Holdings

LLC,

8.75%,

05/01/31

(b)

................

251

263,498

Energean

Israel

Finance

Ltd.,

8.50%,

09/30/33

(b)

(c)

..........................

542

514,931

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Energy

Transfer

LP

6.05%,

12/01/26

..................

USD

6,428

$

6,572,386

Series

B,

(3-mo.

LIBOR

USD

+

4.16%),

6.63%

(a)(l)

.....................

179

175,494

6.10%,

12/01/28

..................

4,591

4,786,567

3.75%,

05/15/30

..................

335

315,548

6.40%,

12/01/30

..................

1,173

1,256,438

6.55%,

12/01/33

..................

34

36,712

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.02%),

8.00%,

05/15/54

(a)

....................

580

617,467

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.83%),

7.13%,

10/01/54

(a)

....................

332

333,133

Enterprise

Products

Operating

LLC

4.15%,

10/16/28

..................

1,099

1,080,792

3.13%,

07/31/29

..................

345

322,009

EQM

Midstream

Partners

LP

(b)

4.50%,

01/15/29

..................

53

50,785

6.38%,

04/01/29

..................

239

243,977

7.50%,

06/01/30

..................

205

221,243

EQT

Corp.

3.13%,

05/15/26

(b)

.................

37

35,625

5.70%,

04/01/28

..................

183

186,555

5.00%,

01/15/29

..................

1,123

1,114,990

7.00%,

02/01/30

(f)

.................

117

126,193

5.75%,

02/01/34

..................

1,694

1,712,949

FTAI

Infra

Escrow

Holdings

LLC,

10.50%,

06/01/27

(b)

.....................

266

285,419

Galaxy

Pipeline

Assets

Bidco

Ltd.,

2.94%,

09/30/40

(c)

.....................

636

514,743

Genesis

Energy

LP

7.75%,

02/01/28

..................

239

242,527

8.25%,

01/15/29

..................

285

296,507

8.88%,

04/15/30

..................

210

222,332

7.88%,

05/15/32

..................

423

431,943

GNL

Quintero

SA,

4.63%,

07/31/29

(c)

......

518

506,628

Harbour

Energy

plc,

5.50%,

10/15/26

(b)

.....

202

199,425

Harvest

Midstream

I

LP,

7.50%,

05/15/32

(b)

..

241

247,958

Hess

Corp.,

4.30%,

04/01/27

...........

4,620

4,562,855

Hess

Midstream

Operations

LP,

6.50%,

06/01/29

(b)

.....................

282

287,506

Hilcorp

Energy

I

LP

(b)

6.25%,

11/01/28

..................

143

142,963

5.75%,

02/01/29

..................

384

377,565

8.38%,

11/01/33

..................

510

551,680

6.88%,

05/15/34

..................

372

370,084

ITT

Holdings

LLC,

6.50%,

08/01/29

(b)

......

612

574,264

KazMunayGas

National

Co.

JSC,

3.50%,

04/14/33

(b)

.....................

466

384,916

Kinder

Morgan,

Inc.

4.30%,

03/01/28

..................

243

239,822

5.00%,

02/01/29

..................

1,000

1,007,555

Kinetik

Holdings

LP

(b)

6.63%,

12/15/28

..................

116

118,287

5.88%,

06/15/30

..................

251

248,462

Kraken

Oil

&

Gas

Partners

LLC,

7.63%,

08/15/29

(b)

.....................

181

182,735

Leviathan

Bond

Ltd.,

6.75%,

06/30/30

(b)(c)

...

215

191,754

Marathon

Oil

Corp.,

4.40%,

07/15/27

......

175

173,470

Marathon

Petroleum

Corp.,

4.70%,

05/01/25

.

346

344,073

Matador

Resources

Co.

(b)

6.88%,

04/15/28

..................

359

366,089

6.50%,

04/15/32

..................

597

600,053

Medco

Maple

Tree

Pte.

Ltd.,

8.96%,

04/27/29

(b)

388

408,890

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

82

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

MPLX

LP,

1.75%,

03/01/26

............

USD

314

$

298,446

Murphy

Oil

Corp.,

5.88%,

12/01/42

(f)

......

58

53,136

New

Fortress

Energy,

Inc.

(b)

6.75%,

09/15/25

..................

380

373,581

8.75%,

03/15/29

..................

438

397,160

Northern

Oil

&

Gas,

Inc.

(b)

8.13%,

03/01/28

..................

326

332,642

3.63%,

04/15/29

(m)

................

251

319,398

8.75%,

06/15/31

..................

525

553,328

Occidental

Petroleum

Corp.

6.63%,

09/01/30

..................

558

595,547

6.13%,

01/01/31

..................

343

358,242

5.38%,

01/01/32

..................

470

474,570

5.55%,

10/01/34

..................

215

216,177

ONEOK,

Inc.

6.10%,

11/15/32

..................

281

296,937

6.05%,

09/01/33

..................

184

193,557

Ovintiv,

Inc.

5.38%,

01/01/26

..................

2,231

2,233,544

5.65%,

05/15/28

..................

1,114

1,137,860

PBF

Holding

Co.

LLC,

7.88%,

09/15/30

(b)

...

367

380,100

Pioneer

Natural

Resources

Co.

1.90%,

08/15/30

..................

666

572,322

2.15%,

01/15/31

..................

995

855,017

Pluspetrol

Camisea

SA,

6.24%,

07/03/36

(b)

..

605

616,344

Prairie

Acquiror

LP,

9.00%,

08/01/29

(b)

.....

300

309,325

Raizen

Fuels

Finance

SA

(b)

6.45%,

03/05/34

..................

839

864,799

6.95%,

03/05/54

..................

341

351,077

Repsol

International

Finance

BV,

(5-Year

EUR

Swap

Annual

+

4.41%),

4.25%

(a)(c)(l)

.....

EUR

1,016

1,092,991

Rockcliff

Energy

II

LLC,

5.50%,

10/15/29

(b)

..

USD

631

598,340

Rockies

Express

Pipeline

LLC,

4.95%,

07/15/29

(b)

.....................

162

154,931

Sabine

Pass

Liquefaction

LLC,

4.50%,

05/15/30

462

453,104

Saturn

Oil

&

Gas,

Inc.,

9.63%,

06/15/29

(b)

...

221

227,107

Sitio

Royalties

Operating

Partnership

LP,

7.88%,

11/01/28

(b)

................

441

461,435

SM

Energy

Co.

6.50%,

07/15/28

..................

298

297,295

7.00%,

08/01/32

(b)

.................

204

206,212

Southwestern

Energy

Co.,

5.38%,

02/01/29

..

421

412,303

Summit

Midstream

Holdings

LLC,

8.63%,

10/31/29

(b)

.....................

148

151,310

Tallgrass

Energy

Partners

LP

(b)

6.00%,

03/01/27

..................

186

184,661

5.50%,

01/15/28

..................

100

96,485

7.38%,

02/15/29

..................

195

197,558

6.00%,

12/31/30

..................

195

184,776

6.00%,

09/01/31

..................

136

128,196

Talos

Production,

Inc.

(b)

9.00%,

02/01/29

..................

135

142,245

9.38%,

02/01/31

..................

281

297,818

Targa

Resources

Corp.

6.13%,

03/15/33

..................

510

536,485

6.50%,

03/30/34

..................

267

289,045

TransCanada

PipeLines

Ltd.,

4.10%,

04/15/30

85

81,868

Var

Energi

ASA,

(5-Year

EURIBOR

ICE

Swap

Rate

+

4.77%),

7.86%,

11/15/83

(a)(c)

.....

EUR

2,910

3,448,536

Venture

Global

Calcasieu

Pass

LLC

(b)

3.88%,

08/15/29

..................

USD

457

422,533

4.13%,

08/15/31

..................

298

270,897

3.88%,

11/01/33

..................

306

265,384

Vermilion

Energy,

Inc.,

6.88%,

05/01/30

(b)

...

212

210,870

Viper

Energy,

Inc.,

7.38%,

11/01/31

(b)

......

2,281

2,393,773

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Vital

Energy,

Inc.

9.75%,

10/15/30

..................

USD

334

$

365,092

7.88%,

04/15/32

(b)

.................

750

762,874

Western

Midstream

Operating

LP

3.95%,

06/01/25

..................

1,264

1,245,061

6.35%,

01/15/29

..................

279

291,604

Williams

Cos.,

Inc.

(The)

5.40%,

03/02/26

..................

74

74,504

3.75%,

06/15/27

..................

266

258,572

5.30%,

08/15/28

..................

1,807

1,841,470

4.90%,

03/15/29

..................

955

957,743

103,753,111

Paper

&

Forest

Products

—

0.1%

Ahlstrom

Holding

3

Oy

3.63%,

02/04/28

(c)

.................

EUR

1,100

1,148,820

4.88%,

02/04/28

(b)

.................

USD

2,673

2,512,529

Fiber

Bidco

SpA

(c)

10.00%,

06/15/29

.................

EUR

622

647,178

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.69%,

01/15/30

(a)

...............

883

960,888

6.13%,

06/15/31

..................

2,626

2,807,771

ProGroup

AG

(c)

5.13%,

04/15/29

..................

668

722,454

5.38%,

04/15/31

..................

1,413

1,520,182

Suzano

Austria

GmbH

2.50%,

09/15/28

..................

USD

103

90,801

Series

DM3N,

3.13%,

01/15/32

........

879

729,297

WEPA

Hygieneprodukte

GmbH,

5.63%,

01/15/31

(c)

.....................

EUR

742

814,139

11,954,059

Passenger

Airlines

—

0.1%

Air

Canada,

3.88%,

08/15/26

(b)

..........

USD

396

380,888

Air

France-KLM,

4.63%,

05/23/29

(c)

.......

EUR

1,200

1,298,986

American

Airlines,

Inc.

(b)

5.75%,

04/20/29

..................

USD

303

295,973

8.50%,

05/15/29

..................

478

492,106

Azul

Secured

Finance

LLP,

11.93%,

08/28/28

(b)

571

543,877

United

Airlines

Pass-Through

Trust

Series

2020-1,Class

A,

5.88%,

10/15/27

..

—

(o)

1

Series

2024-1,Class

A,

5.88%,

02/15/37

..

1,916

1,958,426

United

Airlines,

Inc.,

4.63%,

04/15/29

(b)

.....

654

618,055

5,588,312

Personal

Care

Products

—

0.0%

Coty,

Inc.,

6.63%,

07/15/30

(b)

...........

247

253,628

Duomo

Bidco

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.13%),

7.80%,

07/15/31

(a)(c)

.....

EUR

2,392

2,630,498

2,884,126

Pharmaceuticals

—

0.5%

1375209

BC

Ltd.,

9.00%,

01/30/28

(b)

......

USD

448

424,730

Astrazeneca

Finance

LLC

4.90%,

02/26/31

..................

37

37,654

4.88%,

03/03/33

..................

152

153,777

Bausch

Health

Cos.,

Inc.

(b)

6.13%,

02/01/27

..................

97

82,492

11.00%,

09/30/28

.................

784

733,432

Bayer

AG

(a)(c)

(5-Year

EUR

Swap

Annual

+

3.75%),

4.50%,

03/25/82

.....................

EUR

2,200

2,322,462

Series

NC5,

(5-Year

EUR

Swap

Annual

+

3.43%),

6.63%,

09/25/83

..........

3,100

3,440,426

(5-Year

EUR

Swap

Annual

+

3.90%),

7.00%,

09/25/83

.....................

2,000

2,254,884

Bayer

Corp.,

6.65%,

02/15/28

(b)

.........

USD

826

864,193

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

83

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Bayer

US

Finance

II

LLC

(b)

4.25%,

12/15/25

..................

USD

3,806

$

3,748,420

4.38%,

12/15/28

..................

762

735,932

Bayer

US

Finance

LLC,

6.13%,

11/21/26

(b)

..

6,478

6,605,575

Catalent

Pharma

Solutions,

Inc.

(b)

5.00%,

07/15/27

..................

320

317,783

3.13%,

02/15/29

..................

395

381,366

3.50%,

04/01/30

..................

211

203,330

Cheplapharm

Arzneimittel

GmbH

(c)

4.38%,

01/15/28

..................

EUR

1,630

1,695,886

7.50%,

05/15/30

..................

1,248

1,402,281

Endo

Finance

Holdings,

Inc.,

8.50%,

04/15/31

(b)

USD

435

458,456

Gruenenthal

GmbH

(c)

4.13%,

05/15/28

..................

EUR

1,636

1,730,723

6.75%,

05/15/30

..................

1,612

1,837,844

Jazz

Securities

DAC,

4.38%,

01/15/29

(b)

....

USD

361

339,036

Nidda

Healthcare

Holding

GmbH,

7.00%,

02/21/30

(c)

.....................

EUR

3,308

3,655,533

Organon

&

Co.

2.88%,

04/30/28

(c)

.................

2,362

2,435,209

4.13%,

04/30/28

(b)

.................

USD

340

319,437

7.88%,

05/15/34

(b)

.................

231

239,894

Pfizer

Investment

Enterprises

Pte.

Ltd.

4.65%,

05/19/30

..................

2,132

2,146,689

4.75%,

05/19/33

..................

2,533

2,524,864

Rossini

SARL

(c)

6.75%,

12/31/29

..................

EUR

1,865

2,089,040

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.88%),

7.55%,

12/31/29

(a)

...............

2,711

2,969,921

Takeda

Pharmaceutical

Co.

Ltd.

5.00%,

11/26/28

..................

USD

919

926,271

5.30%,

07/05/34

..................

1,635

1,657,042

Teva

Pharmaceutical

Finance

Netherlands

II

BV

7.38%,

09/15/29

..................

EUR

1,101

1,334,544

4.38%,

05/09/30

..................

2,085

2,217,003

7.88%,

09/15/31

..................

1,452

1,834,641

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.15%,

10/01/26

..................

USD

564

532,980

4.75%,

05/09/27

..................

284

275,037

7.88%,

09/15/29

..................

293

315,799

8.13%,

09/15/31

..................

314

350,306

55,594,892

Professional

Services

—

0.0%

CoreLogic,

Inc.,

4.50%,

05/01/28

(b)

.......

1,051

969,494

Dun

&

Bradstreet

Corp.

(The),

5.00%,

12/15/29

(b)

.....................

687

651,932

KBR,

Inc.,

4.75%,

09/30/28

(b)

...........

49

46,601

La

Financiere

Atalian,

8.50%,

(8.50%

Cash

or

5.00%

PIK),

06/30/28

(c)(k)

............

EUR

1,334

849,670

Science

Applications

International

Corp.,

4.88%,

04/01/28

(b)

.....................

USD

474

458,030

Verisk

Analytics,

Inc.,

5.25%,

06/05/34

.....

1,782

1,798,907

4,774,634

Real

Estate

Management

&

Development

—

0.1%

ADLER

Group

SA,

21.00%,

(21.00%

Cash

or

21.00%

PIK),

07/31/25

(c)(k)

...........

EUR

900

1,143,638

ADLER

Real

Estate

GmbH,

3.00%,

04/27/26

(c)

400

398,290

Anywhere

Real

Estate

Group

LLC

Series

AI,

7.00%,

04/15/30

...........

USD

557

472,403

7.00%,

04/15/30

(b)

.................

187

158,614

Aroundtown

SA

(c)

0.00%,

07/16/26

..................

EUR

400

396,628

0.38%,

04/15/27

..................

700

679,896

Security

Par

(000)

Par

(000)

Value

Real

Estate

Management

&

Development

(continued)

Balder

Finland

OYJ,

1.00%,

01/20/29

(c)

.....

EUR

1,660

$

1,520,273

BRANICKS

Group

AG,

2.25%,

09/22/26

(c)

...

900

424,918

Cushman

&

Wakefield

US

Borrower

LLC

(b)

6.75%,

05/15/28

..................

USD

314

314,624

8.88%,

09/01/31

..................

296

318,364

DEMIRE

Deutsche

Mittelstand

Real

Estate

AG,

1.88%,

10/15/24

(c)

................

EUR

1,600

1,455,410

Fantasia

Holdings

Group

Co.

Ltd.

(c)(d)(e)

15.00%,

12/18/21

.................

USD

1,735

17,350

11.88%,

06/01/24

.................

1,500

18,750

7.95%,

07/05/24

..................

1,650

16,500

9.25%,

07/28/24

..................

3,540

44,250

12.25%,

10/18/24

.................

3,269

32,690

9.88%,

10/19/24

..................

2,640

33,000

10.88%,

01/09/25

.................

1,345

16,812

11.75%,

04/17/25

.................

2,039

20,390

Fastighets

AB

Balder,

1.13%,

01/29/27

(c)

....

EUR

444

443,165

Heimstaden

Bostad

AB

(c)

(5-Year

EUR

Swap

Annual

+

3.91%),

3.38%

(a)(l)

.....................

1,124

829,862

1.13%,

01/21/26

..................

220

222,806

(5-Year

EUR

Swap

Annual

+

3.15%),

2.63%

(a)(l)

.....................

1,725

1,176,210

Heimstaden

Bostad

Treasury

BV

(c)

0.63%,

07/24/25

..................

216

220,518

1.38%,

03/03/27

..................

203

196,445

1.00%,

04/13/28

..................

422

387,140

Howard

Hughes

Corp.

(The)

(b)

4.13%,

02/01/29

..................

USD

149

136,716

4.38%,

02/01/31

..................

104

92,954

JGC

Ventures

Pte.

Ltd.

(c)(k)

5.00%,

(5.00%

Cash

or

3.00%

PIK),

08/30/24

(d)(e)

...................

1,236

517,214

5.00%,

(5.00%

Cash

or

5.00%

PIK),

06/30/25

.....................

166

49,494

MAF

Global

Securities

Ltd.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.54%),

6.38%

(a)(c)(l)

.........

544

537,472

Modernland

Overseas

Pte.

Ltd.

(c)

5.00%,

(5.00%

Cash

or

3.00%

PIK),

04/30/27

(d)(e)(k)

..................

1,250

405,784

Series

2,

5.00%,

04/30/27

............

106

19,321

SBB

Treasury

OYJ,

0.75%,

12/14/28

(c)

.....

EUR

1,371

928,261

Sunac

China

Holdings

Ltd.

(c)(k)

5.00%,

(5.00%

Cash

or

6.00%

PIK),

09/30/25

.....................

USD

131

13,737

6.25%,

(6.25%

Cash

or

6.25

%

PIK),

09/30/26

(d)(e)

...................

132

11,677

5.50%,

(5.50%

Cash

or

6.50%

PIK),

09/30/27

.....................

264

21,161

5.75%,

(5.75%

Cash

or

6.75%

PIK),

09/30/28

.....................

396

28,968

6.00%,

(6.00%

Cash

or

7.00%

PIK),

09/30/29

.....................

396

25,732

6.25%,

(6.25

%

Cash

or

7.25%

PIK),

09/30/30

.....................

186

10,759

1.00%,

(1.00%

Cash

or

2.00%

PIK),

09/30/32

(m)

....................

159

9,050

13,767,246

Residential

REITs

—

0.0%

AvalonBay

Communities,

Inc.,

5.00%,

02/15/33

493

493,378

Camden

Property

Trust,

2.80%,

05/15/30

...

1,015

918,638

Mid-America

Apartments

LP,

1.10%,

09/15/26

363

336,017

UDR,

Inc.

4.40%,

01/26/29

..................

190

186,392

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

84

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Residential

REITs

(continued)

2.10%,

08/01/32

..................

USD

190

$

152,155

2,086,580

Retail

REITs

—

0.0%

Brookfield

Property

REIT,

Inc.,

4.50%,

04/01/27

(b)

.....................

407

384,729

Kimco

Realty

OP

LLC

4.60%,

02/01/33

..................

298

287,989

6.40%,

03/01/34

..................

118

128,231

Realty

Income

Corp.

4.70%,

12/15/28

..................

221

220,281

4.85%,

03/15/30

..................

294

294,420

3.25%,

01/15/31

..................

520

472,202

5.63%,

10/13/32

..................

81

84,106

2.85%,

12/15/32

..................

31

26,248

5.13%,

02/15/34

..................

790

790,603

Regency

Centers

LP,

5.25%,

01/15/34

.....

255

255,645

2,944,454

Semiconductors

&

Semiconductor

Equipment

—

0.2%

ams-OSRAM

AG

(c)

0.00%,

03/05/25

(m)(n)

...............

EUR

800

829,910

2.13%,

11/03/27

(m)

.................

1,100

940,475

10.50%,

03/30/29

.................

1,520

1,723,710

Analog

Devices,

Inc.,

2.10%,

10/01/31

.....

USD

117

99,082

Broadcom

Corp.,

3.50%,

01/15/28

.......

576

553,198

Broadcom,

Inc.

4.15%,

11/15/30

..................

1,150

1,107,744

5.15%,

11/15/31

..................

1,755

1,777,777

4.30%,

11/15/32

..................

1,275

1,216,749

3.42%,

04/15/33

(b)

.................

1,300

1,147,723

3.19%,

11/15/36

(b)

.................

1,500

1,223,437

Entegris,

Inc.,

4.75%,

04/15/29

(b)

........

764

737,107

Intel

Corp.,

4.88%,

02/10/28

...........

167

168,580

KLA

Corp.,

4.10%,

03/15/29

...........

3,578

3,532,465

Lam

Research

Corp.,

1.90%,

06/15/30

.....

122

105,600

Micron

Technology,

Inc.,

5.88%,

02/09/33

...

597

622,676

MKS

Instruments,

Inc.,

1.25%,

06/01/30

(b)(m)

..

330

347,655

NVIDIA

Corp.,

2.00%,

06/15/31

.........

175

150,732

NXP

BV

3.40%,

05/01/30

..................

147

135,475

2.50%,

05/11/31

..................

440

375,892

2.65%,

02/15/32

..................

1,425

1,207,616

SK

Hynix,

Inc.,

6.50%,

01/17/33

(b)

........

576

621,000

Synaptics,

Inc.,

4.00%,

06/15/29

(b)

........

460

421,415

19,046,018

Software

—

0.3%

Autodesk,

Inc.

3.50%,

06/15/27

..................

400

387,310

2.40%,

12/15/31

..................

1,155

981,746

Camelot

Finance

SA,

4.50%,

11/01/26

(b)

....

326

317,810

Capstone

Borrower,

Inc.,

8.00%,

06/15/30

(b)

..

555

574,921

Central

Parent,

Inc.,

7.25%,

06/15/29

(b)

.....

488

492,186

Clarivate

Science

Holdings

Corp.

(b)

3.88%,

07/01/28

..................

1,213

1,137,772

4.88%,

07/01/29

..................

910

859,635

Cloud

Software

Group,

Inc.

(b)

6.50%,

03/31/29

..................

3,983

3,882,418

9.00%,

09/30/29

..................

2,944

2,927,532

8.25%,

06/30/32

..................

2,243

2,327,119

Dye

&

Durham

Ltd.,

8.63%,

04/15/29

(b)

.....

127

129,953

Elastic

NV,

4.13%,

07/15/29

(b)

..........

613

564,768

Fair

Isaac

Corp.,

4.00%,

06/15/28

(b)

.......

469

441,277

Helios

Software

Holdings,

Inc.

4.63%,

05/01/28

(b)

.................

250

227,952

7.88%,

05/01/29

(c)

.................

EUR

2,669

2,931,105

Security

Par

(000)

Par

(000)

Value

Software

(continued)

8.75%,

05/01/29

(b)

.................

USD

200

$

206,819

McAfee

Corp.,

7.38%,

02/15/30

(b)

........

629

586,736

MicroStrategy,

Inc.,

6.13%,

06/15/28

(b)

.....

570

563,726

Oracle

Corp.

6.15%,

11/09/29

..................

423

450,427

2.95%,

04/01/30

..................

3,638

3,304,365

4.65%,

05/06/30

..................

102

101,786

2.88%,

03/25/31

..................

127

112,370

4.90%,

02/06/33

..................

1,228

1,219,028

4.30%,

07/08/34

..................

1,745

1,633,113

Roper

Technologies,

Inc.,

4.20%,

09/15/28

..

76

74,618

Sabre

GLBL,

Inc.

(b)

8.63%,

06/01/27

..................

428

400,099

11.25%,

12/15/27

.................

47

46,544

SS&C

Technologies,

Inc.

(b)

5.50%,

09/30/27

..................

665

658,742

6.50%,

06/01/32

..................

778

792,444

TeamSystem

SpA,

(3-mo.

EURIBOR

at

0.00%

Floor

+

3.50%),

7.19%,

07/31/31

(a)(c)

.....

EUR

1,712

1,855,128

UKG,

Inc.,

6.88%,

02/01/31

(b)

...........

USD

3,173

3,261,318

Veritas

US,

Inc.,

7.50%,

09/01/25

(b)

.......

308

267,960

VMware

LLC,

2.20%,

08/15/31

..........

2,188

1,827,415

ZoomInfo

Technologies

LLC,

3.88%,

02/01/29

(b)

800

730,807

36,276,949

Specialized

REITs

—

0.1%

American

Tower

Corp.

1.30%,

09/15/25

..................

212

203,196

4.40%,

02/15/26

..................

2,150

2,132,678

3.60%,

01/15/28

..................

149

142,985

1.50%,

01/31/28

..................

101

90,402

5.50%,

03/15/28

..................

1,240

1,266,784

5.80%,

11/15/28

..................

163

169,100

2.30%,

09/15/31

..................

83

69,526

Crown

Castle,

Inc.

4.00%,

03/01/27

..................

21

20,558

5.00%,

01/11/28

..................

97

97,312

3.80%,

02/15/28

..................

172

165,673

4.80%,

09/01/28

..................

41

40,824

5.60%,

06/01/29

..................

201

206,584

3.10%,

11/15/29

..................

404

369,627

2.25%,

01/15/31

..................

43

36,321

5.10%,

05/01/33

..................

261

259,675

5.80%,

03/01/34

..................

124

128,860

Equinix,

Inc.

1.25%,

07/15/25

..................

1,005

966,531

3.20%,

11/18/29

..................

296

273,515

2.15%,

07/15/30

..................

60

51,652

3.90%,

04/15/32

..................

300

279,679

Iron

Mountain,

Inc.

(b)

7.00%,

02/15/29

..................

235

241,448

5.25%,

07/15/30

..................

26

25,022

5.63%,

07/15/32

..................

245

236,267

SBA

Communications

Corp.

3.88%,

02/15/27

..................

229

220,481

3.13%,

02/01/29

..................

347

314,159

8,008,859

Specialty

Retail

—

0.2%

Afflelou

SAS,

6.00%,

07/25/29

(c)

.........

EUR

2,302

2,529,051

Asbury

Automotive

Group,

Inc.

4.50%,

03/01/28

..................

USD

123

117,635

4.75%,

03/01/30

..................

89

83,631

5.00%,

02/15/32

(b)

.................

199

183,384

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

85

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Specialty

Retail

(continued)

Carvana

Co.

(b)(k)

13.00%,

(13.00%

Cash

or

13.00%

PIK),

06/01/30

.....................

USD

489

$

528,950

14.00%,

(14.00%

Cash

or

14.00%

PIK),

06/01/31

.....................

722

823,236

CD&R

Firefly

Bidco

plc,

8.63%,

04/30/29

(c)

..

GBP

1,799

2,338,794

Constellation

Automotive

Financing

plc,

4.88%,

07/15/27

(c)

.....................

532

584,745

Cougar

JV

Subsidiary

LLC,

8.00%,

05/15/32

(b)

USD

238

249,029

Dufry

One

BV,

4.75%,

04/18/31

(c)

........

EUR

857

934,157

eG

Global

Finance

plc,

12.00%,

11/30/28

(b)

..

USD

394

421,881

Goldstory

SAS

(c)

6.75%,

02/01/30

..................

EUR

1,798

1,948,318

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.00%),

7.84%,

02/01/30

(a)

...............

496

538,084

Group

1

Automotive,

Inc.,

6.38%,

01/15/30

(b)

.

USD

232

233,994

GYP

Holdings

III

Corp.,

4.63%,

05/01/29

(b)

...

474

447,451

Home

Depot,

Inc.

(The)

4.85%,

06/25/31

..................

1,962

1,989,277

4.95%,

06/25/34

..................

2,215

2,236,724

Ken

Garff

Automotive

LLC,

4.88%,

09/15/28

(b)

274

259,077

Lowe's

Cos.,

Inc.

1.30%,

04/15/28

..................

349

309,959

1.70%,

09/15/28

..................

755

671,540

3.65%,

04/05/29

..................

1,553

1,485,757

PetSmart,

Inc.,

7.75%,

02/15/29

(b)

........

833

808,486

Specialty

Building

Products

Holdings

LLC,

6.38%,

09/30/26

(b)

................

178

175,209

Staples,

Inc.,

10.75%,

09/01/29

(b)(j)

.......

240

232,479

White

Cap

Buyer

LLC,

6.88%,

10/15/28

(b)

...

2,109

2,087,910

White

Cap

Parent

LLC,

8.25%,

(8.25%

Cash

or

9.00%

PIK),

03/15/26

(b)(k)

............

319

318,446

22,537,204

Technology

Hardware,

Storage

&

Peripherals

—

0.0%

Dell

International

LLC

4.90%,

10/01/26

..................

1,576

1,575,981

5.40%,

04/15/34

..................

180

181,836

3.45%,

12/15/51

..................

69

48,177

Seagate

HDD

Cayman

(b)

8.25%,

12/15/29

..................

920

991,466

8.50%,

07/15/31

..................

85

92,292

2,889,752

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

Crocs,

Inc.

(b)

4.25%,

03/15/29

..................

415

382,836

4.13%,

08/15/31

..................

40

35,131

European

TopSoho

SARL,

Series

SMCP,

4.00%,

10/14/24

(c)(d)(e)(m)

.............

EUR

1,300

382,203

Hanesbrands,

Inc.

(b)

4.88%,

05/15/26

..................

USD

355

347,696

9.00%,

02/15/31

..................

43

45,511

Kontoor

Brands,

Inc.,

4.13%,

11/15/29

(b)

....

221

203,138

1,396,515

Tobacco

—

0.1%

Altria

Group,

Inc.

6.20%,

11/01/28

..................

586

617,671

4.80%,

02/14/29

..................

464

463,423

BAT

Capital

Corp.

4.70%,

04/02/27

..................

2,045

2,037,352

5.83%,

02/20/31

..................

605

627,623

6.42%,

08/02/33

..................

634

680,218

6.00%,

02/20/34

..................

808

840,570

BAT

International

Finance

plc

1.67%,

03/25/26

..................

1,908

1,808,687

Security

Par

(000)

Par

(000)

Value

Tobacco

(continued)

5.93%,

02/02/29

..................

USD

1,212

$

1,261,173

8,336,717

Trading

Companies

&

Distributors

—

0.2%

Air

Lease

Corp.

2.88%,

01/15/26

..................

1,449

1,400,857

1.88%,

08/15/26

..................

98

92,051

3.63%,

04/01/27

..................

441

423,257

Aviation

Capital

Group

LLC

(b)

1.95%,

09/20/26

..................

2,735

2,556,256

3.50%,

11/01/27

..................

26

24,695

6.25%,

04/15/28

..................

1,410

1,457,314

6.75%,

10/25/28

..................

2,173

2,294,329

Beacon

Roofing

Supply,

Inc.

(b)

4.13%,

05/15/29

..................

273

250,743

6.50%,

08/01/30

..................

286

292,449

Fortress

Transportation

&

Infrastructure

Investors

LLC

(b)

5.50%,

05/01/28

..................

870

852,952

7.88%,

12/01/30

..................

335

355,102

7.00%,

05/01/31

..................

1,341

1,382,593

7.00%,

06/15/32

..................

741

764,207

Foundation

Building

Materials,

Inc.,

6.00%,

03/01/29

(b)

.....................

211

189,093

GATX

Corp.,

5.40%,

03/15/27

..........

979

991,151

H&E

Equipment

Services,

Inc.,

3.88%,

12/15/28

(b)

.....................

126

115,131

Herc

Holdings,

Inc.

(b)

5.50%,

07/15/27

..................

423

419,509

6.63%,

06/15/29

..................

305

311,409

Imola

Merger

Corp.,

4.75%,

05/15/29

(b)

.....

333

313,414

United

Rentals

North

America,

Inc.

(b)

6.00%,

12/15/29

..................

1,242

1,260,163

6.13%,

03/15/34

..................

282

283,329

WESCO

Distribution,

Inc.

(b)

6.38%,

03/15/29

..................

443

448,730

6.63%,

03/15/32

..................

148

150,765

16,629,499

Transportation

Infrastructure

—

0.1%

Abertis

Infraestructuras

Finance

BV

(a)(c)(l)

(5-Year

EUR

Swap

Annual

+

3.69%),

3.25%

EUR

900

953,337

(5-Year

EUR

Swap

Annual

+

3.69%),

3.25%

600

635,558

Rand

Parent

LLC,

8.50%,

02/15/30

(b)

......

USD

146

144,375

SGL

Group

ApS,

(3-mo.

EURIBOR

at

0.00%

Floor

+

4.75%),

8.44%,

04/22/30

(a)

......

EUR

2,643

2,886,845

Stena

International

SA

(b)

7.25%,

01/15/31

..................

USD

2,837

2,902,157

7.63%,

02/15/31

..................

524

538,814

8,061,086

Wireless

Telecommunication

Services

—

0.5%

America

Movil

SAB

de

CV,

3.63%,

04/22/29

..

1,257

1,194,543

CK

Hutchison

Group

Telecom

Finance

SA,

2.63%,

10/17/34

(c)

................

GBP

1,254

1,202,374

Connect

Finco

SARL,

6.75%,

10/01/26

(b)

....

USD

617

606,526

Granger

Telecom

Holding

plc,

(Acquired

06/21/24,

cost

$727,000),

6.50%,

03/20/45

(g)(i)

727

727,000

Kenbourne

Invest

SA,

4.70%,

01/22/28

(c)(d)(e)

.

787

443,671

Liberty

Costa

Rica

Senior

Secured

Finance,

10.88%,

01/15/31

(b)

...............

340

358,912

Millicom

International

Cellular

SA,

7.38%,

04/02/32

(b)

.....................

1,685

1,683,820

Odido

Group

Holding

BV,

5.50%,

01/15/30

(c)

.

EUR

1,239

1,257,167

Rogers

Communications,

Inc.,

3.80%,

03/15/32

USD

5,044

4,613,600

SoftBank

Group

Corp.

(c)

3.13%,

09/19/25

..................

EUR

1,611

1,715,260

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

86

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Wireless

Telecommunication

Services

(continued)

5.00%,

04/15/28

..................

EUR

247

$

265,244

5.38%,

01/08/29

..................

1,595

1,718,594

3.38%,

07/06/29

..................

100

98,922

4.00%,

09/19/29

..................

2,688

2,730,470

3.88%,

07/06/32

..................

1,645

1,591,144

5.75%,

07/08/32

..................

1,588

1,710,020

Telefonica

Europe

BV

(a)(c)(l)

(8-Year

EUR

Swap

Annual

+

2.97%),

3.88%

1,400

1,501,892

(6-Year

EUR

Swap

Annual

+

4.32%),

7.13%

900

1,060,470

(7-Year

EUR

Swap

Annual

+

3.35%),

6.14%

4,100

4,687,875

(8-Year

EUR

Swap

Annual

+

3.62%),

6.75%

1,200

1,415,206

(EUAMDB08

+

3.12%),

5.75%

........

2,300

2,563,228

T-Mobile

USA,

Inc.

2.63%,

04/15/26

..................

USD

2,346

2,255,228

3.75%,

04/15/27

..................

2,271

2,213,458

4.95%,

03/15/28

..................

3,629

3,654,970

3.88%,

04/15/30

..................

1,236

1,178,730

2.55%,

02/15/31

..................

502

436,175

2.88%,

02/15/31

..................

26

22,989

Vmed

O2

UK

Financing

I

plc

4.00%,

01/31/29

(c)

.................

GBP

1,259

1,419,512

4.50%,

07/15/31

(c)

.................

2,770

3,000,120

4.75%,

07/15/31

(b)

.................

USD

304

260,995

5.63%,

04/15/32

(c)

.................

EUR

1,396

1,493,295

7.75%,

04/15/32

(b)

.................

USD

302

301,850

Vodafone

Group

plc

4.38%,

05/30/28

..................

185

184,828

7.88%,

02/15/30

..................

99

114,031

6.25%,

11/30/32

..................

67

72,822

(5-Year

EUR

Swap

Annual

+

3.43%),

4.20%,

10/03/78

(a)(c)

...................

EUR

439

470,122

(5-Year

GBP

Swap

+

3.27%),

4.88%,

10/03/78

(a)(c)

...................

GBP

2,384

3,018,780

(5-Year

EUR

Swap

Annual

+

3.00%),

2.63%,

08/27/80

(a)(c)

...................

EUR

785

822,158

(5-Year

EUR

Swap

Annual

+

3.49%),

6.50%,

08/30/84

(a)(c)

...................

1,614

1,891,376

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

3.84%),

8.00%,

08/30/86

(a)(c)

...................

GBP

845

1,176,859

57,134,236

Total

Corporate

Bonds

—

17.6%

(Cost:

$1,935,306,750)

............................

1,926,860,614

Equity-Linked

Notes

Aerospace

&

Defense

—

0.2%

(b)(c)

Citigroup,

Inc.

(

General

Electric

Co.),

17.18%, 09/06/24

.................

USD

38

6,283,959

Royal

Bank

of

Canada

(RTX

Corp.),

18.15%, 09/27/24

.................

96

10,441,962

Societe

Generale

SA

(L3Harris

Technologies,

Inc.),

14.10%, 08/26/24

..............

40

9,011,632

25,737,553

Automobile

Components

—

0.1%

(b)(c)

Barclays

Bank

plc

(BorgWarner,

Inc.),

19.30%, 09/13/24

.................

89

3,157,550

BMO

Capital

Markets

Corp.

(Lear

Corp.),

23.71%, 09/23/24

.................

7

880,258

Goldman

Sachs

International

(Aptiv

plc),

28.96%, 09/12/24

.................

37

2,538,271

6,576,079

Security

Par

(000)

Par

(000)

Value

Automobiles

—

0.1%

(b)(c)

BMO

Capital

Markets

Corp.

(General

Motors

Co.),

29.76%, 08/29/24

..............

USD

85

$

3,818,235

Royal

Bank

of

Canada

(

Harley-Davidson,

Inc.),

21.79%, 09/09/24

.................

52

1,923,230

5,741,465

Banks

—

0.6%

Barclays

Bank

plc

(

First

Horizon

Corp.),

13.48%, 09/03/24

(b)(c)

...............

156

2,581,289

Barclays

Bank

plc

(Wells

Fargo

&

Co.),

15.90%, 08/29/24

(b)(c)

...............

43

2,524,570

BMO

Capital

Markets

Corp.

(Bank

of

America

Corp.),

13.00%, 08/29/24

(b)(c)

..........

173

7,039,571

Goldman

Sachs

International

(Citizens

Financial

Group,

Inc.),

18.90%, 08/22/24

(b)(c)

......

56

2,108,466

JPMorgan

Structured

Products

BV

(Wells

Fargo

&

Co.)

20.10%,

08/01/24

(b)(c)

...............

198

11,661,853

16.13%,

10/03/24

(b)(c)

...............

196

11,801,499

Royal

Bank

of

Canada

(Citigroup,

Inc.),

19.47%, 08/29/24

(b)(c)

...............

67

4,340,088

Royal

Bank

of

Canada

(Citizens

Financial

Group,

Inc.),

24.15%, 08/30/24

(b)(c)

......

46

1,953,532

Royal

Bank

of

Canada

(

JPMorgan

Chase

&

Co.),

11.73%, 08/29/24

(b)(c)

............

36

7,631,238

Societe

Generale

SA

(Citigroup,

Inc.),

22.97%, 09/17/24

(b)(c)

...............

117

7,686,059

Societe

Generale

SA

(First

Citizens

BancShares,

Inc.),

19.93%, 09/17/24

(b)(c)

..

6

10,657,554

69,985,719

Beverages

—

0.1%

(b)(c)

BMO

Capital

Markets

Corp.

(Keurig

Dr

Pepper,

Inc.),

8.25%, 09/26/24

..............

59

1,974,421

HSBC

Bank

plc

(Diageo

plc),

23.17%, 09/19/24

GBP

43

1,330,782

Royal

Bank

of

Canada

(Diageo

plc),

9.30%, 08/01/24

..................

231

7,186,673

10,491,876

Biotechnology

—

0.1%

(b)(c)

JPMorgan

Structured

Products

BV

(AbbVie,

Inc.),

11.00%, 09/09/24

..............

USD

34

6,331,590

Wells

Fargo

&

Co.

(Amgen,

Inc.),

11.77%, 08/01/24

.................

19

5,836,525

12,168,115

Broadline

Retail

—

0.5%

BNP

Paribas

SA

(Amazon.com,

Inc.)

13.10%,

08/01/24

(b)(c)

...............

35

6,332,131

15.37%,

08/05/24

(b)(c)

...............

268

50,135,626

Toronto-Dominion

Bank

(The)

(Alibaba

Group

Holding

Ltd.),

28.02%, 08/26/24

(b)(c)

......

38

2,845,125

59,312,882

Building

Products

—

0.2%

(b)(c)

Barclays

Bank

plc

(Johnson

Controls

International

plc),

14.88%, 09/13/24

.....

44

3,143,389

HSBC

Bank

plc

(Allegion

plc),

25.43%, 08/29/24

20

2,353,327

Royal

Bank

of

Canada

(Johnson

Controls

International

plc),

24.43%, 08/15/24

.....

53

3,728,230

Royal

Bank

of

Canada

(Masco

Corp.),

18.17%, 09/09/24

.................

25

1,906,613

Societe

Generale

SA

(

Lennox

International,

Inc.),

18.93%, 09/06/24

..............

11

6,332,074

17,463,633

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

87

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

—

0.4%

(b)(c)

Barclays

Bank

plc

(

Blackstone,

Inc.),

19.58%, 09/03/24

.................

USD

55

$

7,733,674

Barclays

Bank

plc

(CME

Group,

Inc.),

5.84%, 09/06/24

..................

13

2,449,909

Barclays

Bank

plc

(Interactive

Brokers

Group,

Inc.),

13.99%, 08/30/24

..............

16

1,868,413

Barclays

Bank

plc

(Intercontinental

Exchange,

Inc.),

8.29%, 08/01/24

..............

14

1,986,016

BMO

Capital

Markets

Corp.

(Goldman

Sachs

Group,

Inc.

(The)),

13.20%, 08/29/24

....

9

4,463,976

Citigroup,

Inc.

(

Ameriprise

Financial,

Inc.),

11.48%, 09/09/24

.................

14

5,993,046

HSBC

Bank

plc

(Raymond

James

Financial,

Inc.),

21.81%, 08/01/24

..............

20

2,333,089

Mizuho

Markets

Cayman

LP

(Raymond

James

Financial,

Inc.),

11.30%, 09/09/24

.......

54

6,251,846

Ro

yal

Bank

of

Canada

(Nasdaq,

Inc.),

9.01%, 09/09/24

..................

47

3,148,634

Royal

Bank

of

Canada

(S&P

Global,

Inc.),

11.76%, 09/12/24

.................

9

4,397,679

Wells

Fargo

&

Co.

(Morgan

Stanley),

17.96%, 08/29/24

.................

29

3,069,838

43,696,120

Chemicals

—

0.3%

Barclays

Bank

plc

(Air

Products

and

Chemicals,

Inc.),

18.83%, 09/26/24

(b)(c)

...........

12

3,092,496

Citigroup,

Inc.

(FMC

Corp.),

34.85%, 08/05/24

(b)

(c)

............................

34

1,971,043

Citigroup,

Inc.

(International

Flavors

&

Fragrances,

Inc.),

14.49%, 08/07/24

(b)(c)

...

33

3,189,562

Citigroup,

Inc.

(Scotts

Miracle-Gro

Co.

(The)),

31.70%, 09/13/24

(b)(c)

...............

32

2,585,252

HSBC

Bank

plc

(Sherwin-Williams

Co.

(The)),

10.74%, 09/05/24

(b)(c)

...............

15

5,055,013

Mizuho

Markets

Cayman

LP

(International

Flavors

&

Fragrances,

Inc.),

26.72%, 08/15/24

(b)(c)

...............

42

4,024,057

Societe

Generale

SA

(DuPont

de

Nemours,

Inc.),

9.89%, 09/13/24

..............

37

2,946,218

Wells

Fargo

&

Co.

(Corteva,

Inc.),

47.98%, 08/01/24

(b)(c)

...............

95

5,193,387

Wells

Fargo

&

Co.

(Ecolab,

Inc.),

7.95%, 08/01/24

(b)(c)

................

26

5,988,116

34,045,144

Commercial

Services

&

Supplies

—

0.0%

Barclays

Bank

plc

(Cintas

Corp.),

11.01%, 09/03/24

(b)(c)

...............

7

5,018,688

Communications

Equipment

—

0.1%

(b)(c)

Citigroup,

Inc.

(Arista

Networks,

Inc.),

24.92%, 09/13/24

.................

28

9,546,552

Mizuho

Markets

Cayman

LP

(Cisco

Systems,

Inc.),

16.56%, 09/23/24

..............

110

5,302,089

14,848,641

Consumer

Finance

—

0.1%

(b)(c)

Barclays

Bank

plc

(Ally

Financial,

Inc.),

19.29%, 09/03/24

.................

59

2,600,318

Societe

Generale

SA

(Capital

One

Financial

Corp.),

17.86%, 09/06/24

............

25

3,812,280

Toronto-Dominion

Bank

(The)

(American

Express

Co.),

11.25%, 09/04/24

........

39

9,

762,978

16,175,576

Security

Par

(000)

Par

(000)

Value

Consumer

Staples

Distribution

&

Retail

—

0.4%

(b)(c)

Barclays

Bank

plc

(

Sprouts

Farmers

Market,

Inc.),

18.09%, 09/13/24

..............

USD

25

$

2,538,387

BNP

Paribas

SA

(Walmart,

Inc.),

7.57%, 08/15/24

..................

39

2,594,052

HSBC

Bank

plc

(Dollar

Tree,

Inc.),

25.20%, 09/23/24

.................

22

2,337,417

JPMorgan

Structured

Products

BV

(Target

Corp.),

10.37%, 08/16/24

............

35

5,156,387

Mizuho

Markets

Cayman

LP

(Dollar

General

Corp.),

20.25%, 09/27/24

............

29

3,517,752

Royal

Bank

of

Canada

(Walmart,

Inc.),

4.67%, 08/15/25

..................

165

11,262,959

Societe

Generale

SA

(Sysco

Corp.),

10.43%, 09/12/24

.................

41

3,158,674

Wells

Fargo

&

Co.

(Costco

Wholesale

Corp.),

10.38%, 09/26/24

.................

6

4,913,045

Wells

Fargo

&

Co.

(Sysco

Corp.),

10.44%, 08/01/24

.................

44

3,261,762

38,740,435

Containers

&

Packaging

—

0.1%

(b)(c)

Barclays

Bank

plc

(Sealed

Air

Corp.),

28.93%, 08/01/24

.................

144

5,433,512

Citigroup,

Inc.

(Crown

Holdings,

Inc.),

18.19%, 09/05/24

.................

30

2,585,635

JPMorgan

Structured

Products

BV

(Sealed

Air

Corp.),

21.47%, 10/03/24

............

144

5,453,920

Societe

Generale

SA

(Graphic

Packaging

Holding

Co.),

10.22%, 09/12/24

........

86

2,563,301

16,036,368

Diversified

Telecommunication

Services

—

0.2%

(b)(c)

Barclays

Bank

plc

(

Verizon

Communications,

Inc.),

30.36%, 08/01/24

..............

128

5,125,048

BMO

Capital

Markets

Corp.

(TELUS

Corp.),

21.21%, 08/22/24

.................

169

3,165,526

Citigroup,

Inc.

(TELUS

Corp.),

12.93%, 09/06/24

.................

328

6,322,412

JPMorgan

Structured

Products

BV

(Verizon

Communications,

Inc.),

10.59%, 10/03/24

.

130

5,203,896

19,816,882

Electric

Utilities

—

0.2%

(b)(c)

Citigroup,

Inc.

(Edison

International),

18.32%, 09/17/24

.................

29

2,174,208

Goldman

Sachs

International

(Exelon

Corp.),

19.13%, 08/22/24

.................

96

3,403,773

Royal

Bank

of

Canada

(

American

Electric

Power

Co.,

Inc.),

17.15%, 09/23/24

......

39

3,717,388

Societe

Generale

SA

(NextEra

Energy,

Inc.),

22.28%, 09/06/24

.................

84

6,370,602

Societe

Generale

SA

(PG&E

Corp.),

15.13%, 08/26/24

.................

178

3,180,196

18,846,167

Electrical

Equipment

—

0.1%

(b)(c)

Barclays

Bank

plc

(Eaton

Corp.

plc),

16.81%, 08/01/24

.................

24

6,773,122

Citigroup,

Inc.

(Schneider

Electric

SE),

22.47%, 09/17/24

.................

115

4,500,796

Royal

Bank

of

Canada

(Sensata

Technologies

Holding

plc),

24.82%, 09/23/24

........

78

3,127,691

14,401,609

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

88

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Electronic

Equipment,

Instruments

&

Components

—

0.1%

(b)(c)

Citigroup,

Inc.

(Flex

Ltd.),

20.98%, 09/06/24

..

USD

195

$

6,248,095

Societe

Generale

SA

(Zebra

Technologies

Corp.),

29.82%, 08/15/24

............

7

2,290,076

8,538,171

Energy

Equipment

&

Services

—

0.1%

(b)(c)

Barclays

Bank

plc

(Schlumberger

NV),

17.01%, 09/04/24

.................

101

4,930,292

Societe

Generale

SA

(Baker

Hughes

Co.),

16.46%, 09/10/24

.................

67

2,568,504

Societe

Generale

SA

(Schlumberger

NV),

15.60%, 

10/22/24

.................

26

1,243,470

8,742,266

Entertainment

—

0.3%

Barclays

Bank

plc

(Netflix,

Inc.),

15.86%, 09/04/24

(b)(c)

...............

30

18,894,170

BMO

Capital

Markets

Corp.

(Electronic

Arts,

Inc.),

16.30%, 09/26/24

(b)(c)

...........

36

5,213,687

Societe

Generale

SA

(Electronic

Arts,

Inc.),

12.36%, 09/13/24

.................

41

6,192,485

30,300,342

Financial

Services

—

0.5%

(b)(c)

Barclays

Bank

plc

(Fidelity

National

Information

Services,

Inc.),

13.89%, 08/05/24

.......

89

6,807,870

Barclays

Bank

plc

(Mastercard,

Inc.),

8.65%, 09/13/24

..................

22

10,017,609

BMO

Capital

Markets

Corp.

(Fidelity

National

Information

Services,

Inc.),

21.40%, 09/26/24

97

7,300,183

BMO

Capital

Markets

Corp.

(Visa,

Inc.),

14.30%, 08/26/24

.................

15

4,059,648

BMO

Capital

Markets

Corp.

(Voya

Financial,

Inc.),

16.99%, 09/26/24

..............

55

3,980,750

BNP

Paribas

SA

(PayPal

Holdings,

Inc.),

19.96%, 08/05/24

.................

97

6,381,145

BNP

Paribas

SA

(Rocket

Cos,

Inc.),

24.88%, 08/08/24

.................

GBP

47

2,489,297

Citigroup,

Inc.

(PayPal

Holdings,

Inc.),

22.74%, 09/12/24

.................

USD

118

7,669,007

Societe

Generale

SA

(Fiserv,

Inc.),

8.57%, 09/06/24

..................

39

6,376,515

55,082,024

Food

Products

—

0.3%

Barclays

Bank

plc

(General

Mills,

Inc.),

10.79%, 09/20/24

(b)(c)

...............

57

3,794,280

Barclays

Bank

plc

(

Mondelez

International,

Inc.),

8.55%, 09/13/24

(b)(c)

............

73

5,052,386

Mizuho

Markets

Cayman

LP

(Kraft

Heinz

Co.

(The)),

14.37%, 08/26/24

(b)(c)

..........

248

8,271,189

Nomura

Holdings,

Inc.

(Post

Holdings,

Inc.),

8.41%, 08/01/24

(b)(c)

................

36

3,87

3,837

Royal

Bank

of

Canada

(Archer-Daniels-Midland

Co.),

19.31%, 09/12/24

(b)(c)

...........

50

3,126,260

Royal

Bank

of

Canada

(Conagra

Brands,

Inc.),

12.14%, 08/09/24

(b)(c)

...............

143

4,310,734

Societe

Generale

SA

(

Kraft

Heinz

Co.

(The)),

15.98%, 09/13/24

.................

89

3,200,669

31,629,355

Ground

Transportation

—

0.0%

(b)(c)

Citigroup,

Inc.

(

Uber

Technologies,

Inc.),

21.31%, 08/01/24

.................

18

1,125,883

Royal

Bank

of

Canada

(Lyft,

Inc.),

37.59%, 08/08/24

.................

91

1,094,876

Security

Par

(000)

Par

(000)

Value

Ground

Transportation

(continued)

Societe

Generale

SA

(Old

Dominion

Freight

Line,

Inc.),

22.14%, 09/06/24

..........

USD

13

$

2,575,655

4,796,414

Health

Care

Equipment

&

Supplies

—

0.4%

(b)(c)

Barclays

Bank

plc

(Boston

Scientific

Corp.),

7.75%, 09/06/24

..................

105

7,798,188

Barclays

Bank

plc

(Stryker

Corp.),

10.36%, 09/13/24

.................

19

6,352,487

Citigroup,

Inc.

(GE

HealthCare

Technologies,

Inc.),

9.92%, 09/13/24

..............

36

3,145,130

HSBC

Bank

plc

(Koninklijke

Philips

NV),

23.79%, 09/19/24

.................

EUR

129

3,417,793

Royal

Bank

of

Canada

(Baxter

International,

Inc.),

26.78%, 09/12/24

..............

USD

199

7,066,298

Royal

Bank

of

Canada

(Medtronic

plc),

20.45%, 08/29/24

.................

74

5,750,276

Royal

Bank

of

Canada

(Zimmer

Biomet

Holdings,

Inc.),

21.55%, 08/07/24

.......

47

5,120,071

Wells

Fargo

&

Co.

(Becton

Dickinson

&

Co.),

16.77%, 08/01/24

.................

22

5,190,161

43,840,404

Health

Care

Providers

&

Services

—

1.1%

Barclays

Bank

plc

(Humana,

Inc.),

17.70%, 08/01/24

(b)(c)

...............

5

1,980,772

Barclays

Bank

plc

(McKesson

Corp.),

7.73%, 08/05/24

(b)(c)

................

13

8,311,537

Citigroup,

Inc.

(

HCA

Healthcare,

Inc.),

14.59%, 09/05/24

(b)(c)

...............

15

5,155,062

Goldman

Sachs

International

(Cardinal

Health,

Inc.),

16.34%, 09/12/24

(b)(c)

...........

90

8,661,090

Goldman

Sachs

International

(Cigna

Group

(The)),

18.34%, 08/22/24

(b)(c)

..........

14

4,660,362

Goldman

Sachs

International

(Humana,

Inc.),

20.45%, 08/22/24

(b)(c)

...............

11

3,754,030

HSBC

Bank

plc

(CVS

Health

Corp.),

18.76%, 10/03/24

(b)(c)

...............

134

8,493,696

JPMorgan

Structured

Products

BV

(CVS

Health

Corp.),

23.47%, 

08/01/24

(b)(c)

..........

120

7,391,953

Mizuho

Markets

Cayman

LP

(Labcorp

Holdings,

Inc.),

19.67%, 08/22/24

(b)(c)

...........

22

4,569,398

Mizuho

Markets

Cayman

LP

(Molina

Healthcare,

Inc.),

19.60%, 09/09/24

(b)(c)

...

15

5,109,412

Royal

Bank

of

Canada

(Elevance

Health,

Inc.)

21.90%,

08/29/24

(b)(c)

...............

6

2,931,153

10.70%,

08/30/24

(b)(c)

...............

37

19,390,793

Royal

Bank

of

Canada

(McKesson

Corp.),

9.35%, 08/01/24

(b)(c)

................

6

3,224,211

Royal

Bank

of

Canada

(UnitedHealth

Group,

Inc.),

10.63%, 08/29/24

(b)(c)

...........

23

12,967,520

Societe

Generale

SA

(Centene

Corp.),

11.83%, 09/10/24

(b)(c)

...............

68

5,151,145

Societe

Generale

SA

(Tenet

Healthcare

Corp.),

17.11%, 09/06/24

(b)(c)

...............

43

6,396,699

Wells

Fargo

&

Co.

(Cardinal

Health,

Inc.),

21.14%, 08/15/24

(b)(c)

...............

54

5,212,974

Wells

Fargo

&

Co.

(Cigna

Group

(The)),

21.82%, 08/01/24

(b)(c)

...............

23

7,771,467

121,133,274

Health

Care

REITs

—

0.0%

Royal

Bank

of

Canada

(Welltower,

Inc.),

12.76%, 09/12/24

(b)(c)

...............

28

3,131,747

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

89

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

—

0.6%

Barclays

Bank

plc

(Booking

Holdings,

Inc.),

12.32%, 08/05/24

(b)(c)

...............

USD

3

$

10,607,951

Barclays

Bank

plc

(Compass

Group

plc),

11.50%, 08/06/24

(b)(c)

...............

GBP

111

3,351,907

Barclays

Bank

plc

(InterContinental

Hotels

Group

plc),

10.40%, 08/06/24

(b)(c)

.......

32

3,243,345

Citigroup,

Inc.

(Wingstop,

Inc.),

33.88%, 09/13/24

(b)(c)

...............

USD

7

2,531,872

JPMorgan

Structured

Products

BV

(Marriott

International,

Inc.),

11.74%, 08/01/24

(b)(c)

..

34

8,217,394

Mizuho

Markets

Cayman

LP

(MGM

Resorts

International),

16.81%, 08/02/24

(b)(c)

.....

82

3,331,010

Royal

Bank

of

Canada

(Boyd

Gaming

C

orp.),

13.39%, 09/10/24

(b)(c)

...............

41

2,481,264

Royal

Bank

of

Canada

(Wynn

Resorts

Ltd.)

17.35%,

08/07/24

(b)(c)

...............

19

1,618,345

17.59%,

08/09/24

(b)(c)

...............

83

6,925,332

Societe

Generale

SA

(Aramark),

13.04%, 08/08/24

(b)(c)

...............

114

3,871,032

Societe

Generale

SA

(McDonald's

Corp.),

14.92%, 09/11/24

(b)(c)

...............

22

5,713,845

Societe

Generale

SA

(Starbucks

Corp.),

17.37%, 09/13/24

.................

119

9,108,875

61,002,172

Household

Durables

—

0.1%

(b)(c)

Barclays

Bank

plc

(Sony

Group

Corp.),

17.23%, 08/01/24

.................

46

3,944,390

Mizuho

Markets

Cayman

LP

(

Sony

Group

Corp.),

18.15%, 10/03/24

............

47

4,152,327

Royal

Bank

of

Canada

(Newell

Brands,

Inc.),

43.88%, 09/12/24

.................

171

1,129,986

Societe

Generale

SA

(Mohawk

Industries,

Inc.),

18.91%, 09/11/24

.................

23

3,740,303

12,967,006

Household

Products

—

0.0%

HSBC

Bank

plc

(Henkel

AG

&

Co.

KGaA),

11.91%, 09/19/24

(b)(c)

...............

EUR

19

1,640,793

Industrial

Conglomerates

—

0.1%

(b)(c)

Barclays

Bank

plc

(Siemens

AG),

20.29%, 08/08/24

.................

7

1,299,553

Societe

Generale

SA

(3M

Co.),

17.08%, 

09/10/24

.................

USD

36

4,548,126

5,847,679

Insurance

—

0.3%

(b)(c)

BMO

Capital

Markets

Corp.

(

Marsh

&

McLennan

Cos.,

Inc.),

8.31%, 09/03/24

...

23

5,107,256

BNP

Paribas

SA

(American

International

Group,

Inc.),

17.76%, 09/27/24

..............

102

7,968,691

BNP

Paribas

SA

(Fidelity

National

Financial,

Inc.),

18.99%, 09/27/24

..............

128

7,031,194

BNP

Paribas

SA

(Prudential

Financial,

Inc.),

27.23%, 09/06/24

.................

GBP

435

3,941,985

JPMorgan

Structured

Products

BV

(Prudential

Financial,

Inc.),

18.37%, 08/30/24

.......

307

2,806,672

Societe

Generale

SA

(

Willis

Towers

Watson

plc),

17.28%, 08/26/24

..............

USD

17

4,471,664

31,327,462

Interactive

Media

&

Services

—

0.3%

Barclays

Bank

plc

(Alphabet,

Inc.),

15.19%, 09/06/24

(b)(c)

...............

145

24,927,871

Royal

Bank

of

Canada

(Pinterest,

Inc.),

26.97%, 08/01/24

(b)(c)

...............

153

5,727,759

Security

Par

(000)

Par

(000)

Value

Interactive

Media

&

Services

(continued)

Societe

Generale

SA

(Match

Group,

Inc.),

24.44%, 09/13/24

.................

65

$

2,423,413

33,079,043

IT

Services

—

0.2%

(b)(c)

HSBC

Bank

plc

(Cognizant

Technology

Solutions

Corp.),

20.10%, 09/23/24

......

USD

91

6,837,187

Royal

Bank

of

Canada

(International

Business

Machines

Corp.),

16.01%, 09/09/24

.....

32

6,210,191

Wells

Fargo

&

Co.

(Cognizant

Technology

Solutions

Corp.),

21.62%, 08/05/24

......

69

5,175,965

18,223,343

Leisure

Products

—

0.0%

(b)(c)

Goldman

Sachs

International

(Hasbro,

Inc.),

18.95%, 09/26/24

.................

56

3,541,414

Royal

Bank

of

Canada

(Hasbro,

Inc.),

24.21%, 09/09/24

.................

31

1,945,226

5,486,640

Life

Sciences

Tools

&

Services

—

0.2%

(b)(c)

HSBC

Bank

plc

(Danaher

Corp.),

10.41%, 09/05/24

.................

35

9,587,749

Societe

Generale

SA

(Fortrea

Holdings,

Inc.),

42.39%, 08/15/24

.................

64

1,588,729

Societe

Generale

SA

(

Thermo

Fisher

Scientific,

Inc.),

8.94%, 09/06/24

..............

13

7,879,547

19,056,025

Machinery

—

0.2%

Citigroup,

Inc.

(

Caterpillar,

Inc.),

10.42%, 08/01/24

(b)(c)

...............

30

10,140,341

Royal

Bank

of

Canada

(Dover

Corp.),

11.73%, 09/09/24

(b)(c)

...............

10

1,850,340

Royal

Bank

of

Canada

(Stanley

Black

&

Decker,

Inc.)

27.47%,

09/12/24

(b)(c)

...............

24

2,544,153

28.21%,

09/23/24

(b)(c)

...............

14

1,291,122

Societe

Generale

SA

(Westinghouse

Air

Brake

Technologies

Corp.),

10.94%, 09/06/24

(b)(c)

.

32

5,101,915

20,927,871

Media

—

0.2%

(b)(c)

BMO

Capital

Markets

Corp.

(Fox

Corp.),

19.05%, 09/26/24

.................

93

3,507,518

JPMorgan

Structured

Products

BV

(WPP

plc),

23.65%, 

09/06/24

.................

GBP

343

3,280,345

Societe

Generale

SA

(Charter

Communications,

Inc.),

24.75%, 09/10/24

..............

USD

9

3,206,069

Societe

Generale

SA

(Comcast

Corp.),

23.78%, 09/17/24

.................

207

8,371,186

18,365,118

Metals

&

Mining

—

0.1%

(b)(c)

Barclays

Bank

plc

(ArcelorMittal

SA),

14.06%, 08/01/24

.................

EUR

72

1,617,798

Citigroup,

Inc.

(Nucor

Corp.),

15.26%, 09/05/24

USD

16

2,522,623

HSBC

Bank

plc

(Cleveland-Cliffs,

Inc.),

26.78%, 09/05/24

.................

159

2,465,576

6,605,997

Multi-Utilities

—

0.0%

Mizuho

Markets

Cayman

LP

(Sempra),

17.15%, 09/27/24

(b)(c)

...............

61

4,812,320

Oil,

Gas

&

Consumable

Fuels

—

0.4%

(b)(c)

Barclays

Bank

plc

(Kinder

Morgan,

Inc.),

17.86%, 09/03/24

.................

119

2,518,869

Barclays

Bank

plc

(Shell

plc),

8.77%, 08/01/24

GBP

161

5,711,086

BNP

Paribas

SA

(BP

plc),

23.89%, 09/06/24

..

1,599

9,371,672

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

90

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

BNP

Paribas

SA

(Shell

plc),

16.96%, 08/08/24

GBP

273

$

9,659,534

HSBC

Bank

plc

(Hess

Corp.),

23.88%, 

08/29/24

USD

14

2,128,654

JPMorgan

Structured

Products

BV

(Valero

Energy

Corp.),

24.37%, 09/09/24

.......

12

1,913,828

Royal

Bank

of

Canada

(Chevron

Corp.),

18.36%, 09/27/24

.................

11

1,746,843

Royal

Bank

of

Canada

(Kosmos

Energy

Ltd.),

23.02%, 

09/27/24

.................

518

2,856,580

Societe

Generale

SA

(Phillips

66),

20.52%, 09/12/24

.................

17

2,512,079

Wells

Fargo

&

Co.

(Occidental

Petroleum

Corp.),

13.30%, 08/05/24

............

20

1,222,910

39,642,055

Passenger

Airlines

—

0.0%

Barclays

Bank

plc

(United

Airlines

Holdings,

Inc.),

22.63%, 09/03/24

(b)(c)

...........

40

1,835,939

Pharmaceuticals

—

0.5%

(b)(c)

Barclays

Bank

plc

(AstraZeneca

plc),

21.00%, 08/08/24

.................

GBP

15

2,365,949

Barclays

Bank

plc

(

Bristol-Myers

Squibb

Co.),

15.33%, 09/10/24

.................

USD

125

6,041,203

Barclays

Bank

plc

(Johnson

&

Johnson),

13.19%, 08/30/24

.................

40

6,368,015

Barclays

Bank

plc

(Sanofi

SA),

21.82%, 09/06/24

.................

EUR

84

8,500,475

Citigroup,

Inc.

(

Elanco

Animal

Health,

Inc.),

21.62%, 08/07/24

.................

USD

173

2,264,236

Citigroup,

Inc.

(Eli

Lilly

&

Co.),

23.73%, 09/17/24

.................

4

3,308,618

JPMorgan

Structured

Products

BV

(Bayer

AG),

25.32%, 09/19/24

.................

EUR

124

3,557,820

Royal

Bank

of

Canada

(Bristol-Myers

Squibb

Co.),

33.93%, 08/15/24

..............

USD

40

1,691,259

Wells

Fargo

&

Co.

(Eli

Lilly

&

Co.),

15.49%, 08/08/24

.................

18

14,542,871

Wells

Fargo

&

Co.

(Zoetis,

Inc.),

25.18%, 08/07/24

.................

28

5,041,373

53,681,819

Professional

Services

—

0.2%

(b)(c)

Barclays

Bank

plc

(Dayforce,

Inc.),

27.44%, 09/13/24

.................

43

2,579,917

Barclays

Bank

plc

(Leidos

Holdings,

Inc.),

16.99%, 09/26/24

.................

46

6,782,459

Barclays

Bank

plc

(SS&C

Technologies

Holdings,

Inc.),

15.01%, 09/26/24

.......

135

9,482,650

BMO

Capital

Markets

Corp.

(

Dun

&

Bradstreet

Holdings,

Inc.),

19.40%, 08/26/24

.......

495

4,647,585

Mizuho

Markets

Cayman

LP

(TransUnion),

23.50%, 09/09/24

.................

37

3,229,018

26,721,629

Semiconductors

&

Semiconductor

Equipment

—

0.5%

(b)(c)

Barclays

Bank

plc

(QUALCOMM,

Inc.),

35.46%, 08/01/24

.................

30

5,067,248

BNP

Paribas

SA

(

Applied

Materials,

Inc.),

19.44%, 08/15/24

.................

35

7,348,778

Citigroup,

Inc.

(Advanced

Micro

Devices,

Inc.),

29.39%, 09/13/24

.................

65

9,397,434

JPMorgan

Structured

Products

BV

(Texas

Instruments,

Inc.),

24.45%, 08/15/24

.....

10

2,002,551

Nomura

Holdings,

Inc.

(NVIDIA

Corp.),

39.84%, 08/23/24

.................

185

21,997,405

Societe

Generale

SA

(Advanced

Micro

Devices,

Inc.),

32.17%, 08/01/24

..............

45

6,202,812

52,016,228

Security

Par

(000)

Par

(000)

Value

Software

—

1.0%

(b)(c)

Barclays

Bank

plc

(Microsoft

Corp.),

12.57%, 09/13/24

.................

USD

151

$

63,167,138

BMO

Capital

Markets

Corp.

(Salesforce,

Inc.),

15.15%, 

08/30/24

.................

30

7,544,226

Citigroup,

Inc.

(Cadence

Design

Systems,

Inc.),

17.55%, 09/05/24

.................

20

5,379,534

Citigroup,

Inc.

(Envestnet,

Inc.),

26.07%, 08/05/24

.................

40

2,474,105

Citigroup,

Inc.

(Microsoft

Corp.),

20.68%, 09/17/24

.................

9

3,654,724

Mizuho

Markets

Cayman

LP

(Synopsys,

Inc.),

16.22%, 08/16/24

.................

5

2,853,854

Royal

Bank

of

Canada

(Atlassian

Corp.),

23.13%, 08/01/24

.................

24

4,245,043

Royal

Bank

of

Canada

(Box,

Inc.),

11.00%, 08/29/24

.................

121

3,269,261

Royal

Bank

of

Canada

(ServiceNow,

Inc.),

20.39%, 09/09/24

.................

13

10,381,912

Royal

Bank

of

Canada

(Zscaler,

Inc.),

26.85%, 09/06/24

.................

25

4,500,485

107,470,282

Specialized

REITs

—

0.1%

(b)(c)

HSBC

Bank

plc

(Crown

Castle,

Inc.),

22.08%, 08/29/24

.................

61

6,020,377

Royal

Bank

of

Canada

(

American

Tower

Corp.),

12.37%, 09/12/24

.................

14

3,153,089

9,173,466

Specialty

Retail

—

0.4%

(b)(c)

Barclays

Bank

plc

(

Abercrombie

&

Fitch

Co.),

44.40%, 08/23/24

.................

15

2,245,665

Barclays

Bank

plc

(Gap,

Inc.

(The)),

39.98%, 08/23/24

.................

83

1,915,842

Barclays

Bank

plc

(Tractor

Supply

Co.),

10.43%, 08/06/24

.................

GBP

809

3,335,861

BMO

Capital

Markets

Corp.

(Best

Buy

Co.,

Inc.),

15.39%, 08/29/24

..............

USD

36

3,116,062

BMO

Capital

Markets

Corp.

(TJX

Cos,

Inc.

(The)),

12.07%, 08/21/24

............

56

6,247,062

BMO

Capital

Markets

Corp.

(Williams-Sonoma,

Inc.),

27.30%, 08/23/24

..............

17

2,587,746

JPMorgan

Structured

Products

BV

(Burlington

Stores,

Inc.),

15.40%, 08/23/24

........

12

3,157,221

Mizuho

Markets

Cayman

LP

(O'Reilly

Automotive,

Inc.),

12.60%, 09/09/24

.....

4

5,005,609

Royal

Bank

of

Canada

(

Dick's

Sporting

Goods,

Inc.),

26.16%, 08/23/24

..............

14

3,117,347

Royal

Bank

of

Canada

(Ross

Stores,

Inc.),

9.77%, 08/16/24

..................

21

2,961,595

Royal

Bank

of

Canada

(Tractor

Supply

Co.),

16.75%, 09/09/24

.................

7

1,895,236

Wells

Fargo

&

Co.

(Ulta

Beauty,

Inc.),

15.48%, 08/29/24

.................

13

4,704,812

40,290,058

Technology

Hardware,

Storage

&

Peripherals

—

0.6%

(b)(c)

BMO

Capital

Markets

Corp.

(HP,

Inc.),

18.08%, 08/22/24

.................

117

4,235,317

Royal

Bank

of

Canada

(HP,

Inc.),

14.41%, 08/29/24

.................

86

3,090,387

Societe

Generale

SA

(

Seagate

Technology

Holdings

plc),

22.68%, 09/06/24

........

45

4,688,364

Wells

Fargo

&

Co.

(Apple,

Inc.),

11.53%, 08/01/24

.................

258

56,475,247

68,489,315

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

91

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Textiles,

Apparel

&

Luxury

Goods

—

0.1%

(b)(c)

Barclays

Bank

plc

(Tapestry,

Inc.),

24.17%, 09/26/24

.................

USD

53

$

2,092,201

BMO

Capital

Markets

Corp.

(Ralph

Lauren

Corp.),

18.24%, 08/07/24

............

14

2,470,168

Royal

Bank

of

Canada

(NIKE,

Inc.),

17.74%, 08/29/24

.................

23

1,724,783

Societe

Generale

SA

(Deckers

Outdoor

Corp.),

16.60%, 09/11/24

.................

6

5,669,774

11,956,926

Tobacco

—

0.2%

(b)(c)

HSBC

Bank

plc

(Philip

Morris

International,

Inc.),

9.77%, 09/05/24

..............

97

10,928,657

JPMorgan

Structured

Products

BV

(British

American

Tobacco

plc),

13.65%, 09/19/24

.

GBP

232

7,542,106

18,470,763

Trading

Companies

&

Distributors

—

0.0%

Nomura

Holdings,

Inc.

(WW

Grainger,

Inc.),

10.57%, 08/01/24

(b)(c)

...............

USD

3

2,541,227

Transportation

Infrastructure

—

0.0%

Barclays

Bank

plc

(Aeroports

de

Paris

SA),

7.54%, 09/13/24

(b)(c)

................

19

5,024,319

Wireless

Telecommunication

Services

—

0.1%

JPMorgan

Structured

Products

BV

(Vodafone

Group

plc),

27.69%, 09/06/24

(b)(c)

.......

GBP

4,339

3,989,279

Societe

Generale

SA

(T-Mobile

US,

Inc.),

10.87%, 09/13/24

.................

28

5,150,489

9,139,768

Total

Equity-Linked

Notes

—

13.0%

(Cost:

$

1,428,182,754)

............................

1,422,092,212

Fixed

Rate

Loan

Interests

Financial

Services

—

0.1%

CML

ST

Regis

Aspen,

Term

Loan,

7.27%

,

 02/07/25

(g)

.................

USD

13,200

13,144,708

Health

Care

Technology

—

0.0%

Cotiviti,

Inc.,

Term

Loan,

7.63%

,

 05/01/31

...

1,014

1,006,395

Media

—

0.0%

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B3,

5.00%

,

 10/15/26

..................

1,150

1,163,118

Clear

Channel

International

BV,

Term

Loan,

7.50%

,

 04/01/27

..................

800

781,000

1,944,118

Total

Fixed

Rate

Loan

Interests

—

0.1%

(Cost:

$16,147,692)

...............................

16,095,221

Floating

Rate

Loan

Interests

Aerospace

&

Defense

—

0.3%

(a)

Amentum

Government

Services

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.35%

,

 02/15/29

.

1,579

1,583,148

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

9.86%

,

 05/25/28

............

4,623

3,379,363

Atlas

CC

Acquisition

Corp.,

1st

Lien

Term

Loan

C,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

9.86%

,

 05/25/28

............

879

642,719

Bleriot

US

Bidco,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59%

,

 10/30/28

..................

1,167

1,171,960

Security

Par

(000)

Par

(000)

Value

Aerospace

&

Defense

(continued)

Cobham

Ultra

SeniorCo

SARL,

Facility

Term

Loan

B,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.25%

,

 08/03/29

.......

USD

1,006

$

976,815

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84%

,

 08/24/28

............

4,883

4,902,977

Dynasty

Acquisition

Co.,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84%

,

 08/24/28

............

1,883

1

,890,462

Ovation

Parent,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.84%

,

 04/21/31

..................

1,190

1,195,950

Peraton

Corp.,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.19%

,

 02/01/28

..................

3,227

3,225,434

Peraton

Corp.,

2nd

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

7.75%),

13.18%

,

 02/01/29

.................

963

966,186

Setanta

Aircraft

Leasing

DAC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.09%

,

 11/05/28

.............

595

597,814

TransDigm,

Inc.,

Term

Loan

J,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.84%

,

 02/28/31

..................

4,876

4,888,032

TransDigm,

Inc.,

Term

Loan

K,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.09%

,

 03/22/30

..................

1,137

1,140,049

26,560,909

Automobile

Components

—

0.1%

(a)

Champions

Holdco,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

10.08%

,

 02/23/29

.................

3,162

3,131,708

Clarios

Global

LP,

First

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.84%

,

 05/06/30

..................

4,395

4,400,541

Gates

Corp.,

Term

Loan

B5,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.59%

,

 06/04/31

..................

1,715

1,717,128

Tenneco,

Inc.,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

10.43%

,

 11/17/28

.................

1,857

1,763,166

11,012,543

Automobiles

—

0.0%

Dealer

Tire

Financial

LLC,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 07/02/31

(a)

...........

1,772

1,777,515

Beverages

—

0.1%

(a)

Naked

Juice

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.69%

,

 01/24/29

..................

5,041

4,477,666

Naked

Juice

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

11.44%

,

 01/24/30

.................

2,461

1,834,715

6,312,381

Broadline

Retail

—

0.1%

(a)

Fanatics

Commerce

Intermediate

Holdco

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.71%

,

 11/24/28

...

1,279

1,273,977

StubHub

Holdco

Sub

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.75%),

10.09%

,

 03/15/30

.................

5,858

5,850,453

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

92

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Broadline

Retail

(continued)

Woof

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.35%

,

 12/21/27

..................

USD

475

$

360,976

7,485,406

Building

Products

—

0.1%

(a)

AZZ,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.59%

,

 05/13/29

.

537

541,056

Chariot

Buyer

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 11/03/28

..................

1,021

1,021,757

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.68%

,

 04/12/28

............

337

318,561

CP

Atlas

Buyer,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

4.25%

,

 11/23/27

..................

1,262

1,207,892

CP

Iris

Holdco

I,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 10/02/28

............

909

905,585

CPG

International

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.94%

,

 04/28/29

..................

945

948,735

Wilsonart

LLC,

Term

Loan

B,

07/25/31

(g)(p)

...

3,663

3,608,055

Wilsonart

LLC,

Term

Loan

E,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.25%),

8.69%

,

 12/31/26

..................

3,542

3,542,326

12,093,967

Capital

Markets

—

0.2%

(a)

Aretec

Group,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.34%

,

 08/09/30

..................

979

961,617

Ascensus

Group

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.96%

,

 08/02/28

.......

3,167

3,167,162

Axalta

Coating

Systems

Dutch

Holding

B

BV,

Facility

Term

Loan

B6,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.34%

,

 12/20/29

..................

2,333

2,340,411

Azalea

TopCo,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84%

,

 04/30/31

..................

814

812,730

Castlelake

Aviation

One

DAC,

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.84%, 10/22/26

..........

2,367

2,372,873

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.09%, 10/22/27

..........

692

694,560

Edelman

Financial

Engines

Center,

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.25%),

8.59%

,

 04/07/28

..................

751

751,140

Focus

Financial

Partners

LLC,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.84%

,

 06/30/28

............

2,774

2,770,849

Focus

Financial

Partners

LLC,

Term

Loan

B7,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.09%

,

 06/30/28

............

613

612,636

Grant

Thornton

Advisors

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.60%

,

 06/02/31

............

436

436,780

ION

Trading

Finance

Ltd.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.35%

,

 04/01/28

..................

713

711,862

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Learning

Care

Group

(US)

No.

2

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.26%

,

 08/11/28

.......

USD

238

$

239,334

NGP

XI

Midstream

Holdings

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

+

4.00%),

9.29%

,

 07/25/31

(g)

.................

212

211,205

Osaic

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.34%

,

 08/17/28

..................

3,477

3,421,127

OVG

Business

Services

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.34%

,

 06/25/31

............

874

873,458

20,377,744

Chemicals

—

0.3%

(a)

ARC

Falcon

I,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.94%

,

 09/30/28

..................

616

614,848

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.44%

,

 11/24/27

.......

621

619,886

Ascend

Performance

Materials

Operations

LLC,

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.07%

,

 08/27/26

..

570

571,092

Chemours

Co.

(The),

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 08/18/28

..................

860

857,888

CPC

Acquisition

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.35%

,

 12/29/27

............

351

288,065

Derby

Buyer

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 11/01/30

..................

2,906

2,913,447

Discovery

Purchaser

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CM

E

Term

SOFR

at

0.50%

Floor

+

4.38%),

9.69%

,

 10/04/29

............

182

181,621

Ecovyst

Catalyst

Technologies

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.50%

,

 06/12/31

............

1,821

1,823,188

Element

Solutions,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 12/18/30

..................

2,529

2,534,983

HB

Fuller

Co.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.34%

,

 02/15/30

..................

1,193

1,192,589

Herens

Holdco

SARL,

Facility

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.93%),

9.36%

,

 07/03/28

............

803

777,002

Ineos

US

Finance

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59%

,

 02/18/30

..................

633

630,049

LSF11

A5

Holdco

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.96%

,

 10/15/28

..................

2,359

2,362,670

Momentive

Performance

Materials,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

9.84%

,

 03/29/28

.......

2,890

2,886,006

Nouryon

Finance

BV,

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.83%

,

 04/03/28

..................

1,985

1,993,981

Olympus

Water

US

Holding

Corp.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.85%

,

 06/20/31

............

2,019

2,023,696

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

93

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

OQ

Chemicals

International

Holding

GmbH,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

8.00%),

13.35%

,

 06/22/25

(g)

USD

315

$

299,219

OQ

Chemicals

International

Holding

GmbH,

Term

Loan

B2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.92%

,

 10/14/24

..

1,537

1,355,487

Potters

Industries

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.09%

,

 12/14/27

..................

611

614,335

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.76%

,

 03/16/27

...........

610

611,826

Sparta

US

HoldCo

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.59%

,

 08/02/30

............

2,194

2,195,754

WR

Grace

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.59%

,

 09/22/28

..................

3,148

3,161,038

30,508,670

Commercial

Services

&

Supplies

—

0.3%

(a)

Action

Environmental

Group,

Inc.,

(The),

Delayed

Draw

Term

Loan,

10/24/30

(g)(p)

...

87

87,316

Action

Environmental

Group,

Inc.,

(The),

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.34%

,

 10/24/30

(g)

......

585

586,703

Allied

Universal

Holdco

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.19%

,

 05/12/28

..................

5,672

5,668,209

Aramark

Intermediate

HoldCo

Corp.,

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 06/22/30

...........

3,562

3,566,896

Asplundh

Tree

Expert

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.19%

,

 09/07/27

..................

1,982

1,984,486

Clean

Harbors,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.21%

,

 10/08/28

..................

1,677

1,684,745

Covanta

Holding

Corp.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.59%

,

 11/30/28

..................

2,200

2,202,107

Covanta

Holding

Corp.,

Term

Loan

C,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.59%

,

 11/30/28

..................

169

168,749

Garda

Financing

Delaware

GP,

Term

Loan

B,

02/01/29

(p)

......................

523

524,406

Garda

World

Security

Corp.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

9.59%

,

 02/01/29

..................

443

443,959

GFL

Environmental,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.32%

,

 07/03/31

..................

921

923,588

JFL-Tiger

Acquisition

Co.,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.83%

,

 10/17/30

............

536

537,646

LABL,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.00%),

10.45%

,

 10/29/28

1,603

1,550,131

Minimax

Viking

GmbH,

Facility

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

8.21%

,

 07/31/28

............

196

196,510

PECF

USS

Intermediate

Holding

III

Corp.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.71%

,

 12/15/28

.......

1,450

893,987

Security

Par

(000)

Par

(000)

Value

Commercial

Services

&

Supplies

(continued)

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.60%

,

 10/13/30

..

USD

838

$

839,911

Ryan

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 11/14/30

.

111

110,916

Tempo

Acquisition,

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.59%

,

 08/31/28

..................

4,532

4,545,660

TruGreen

LP,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.44%

,

 11/02/27

..................

1,709

1,626,033

Vestis

Corp.,

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.58%

,

 02/22/31

..................

1,579

1,571,810

Viad

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.59%

,

 07/30/28

.

1,737

1,738,775

31,452,543

Communications

Equipment

—

0.0%

(a)

Ciena

Corp.

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.35%

,

 10/24/30

..................

2,125

2,135,121

ViaSat,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.84%, 03/02/29

..........

1,213

1,104,532

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.94%, 05/30/30

..........

514

465,825

3,705,478

Construction

&

Engineering

—

0.1%

(a)

AECOM,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.88%),

7.22%

,

 04/18/31

.

1,523

1,533,158

Brand

Industrial

Services,

Inc.

Term

Loan

C,

(3-mo.

CME

Term

SOFR

+

4.50%),

9.75%

,

 08/30/24

..................

4,763

4,762,808

Legence

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.94%

,

 12/16/27

..................

476

476,618

Pike

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.46%

,

 01/21/28

.

1,971

1,978,785

Propulsion

(BC)

Newco

LLC,

Term

Loan,

09/14/29

(p)

......................

279

280,389

USIC

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

9.05%

,

 05/12/28

..................

1,974

1,909,757

10,941,515

Construction

Materials

—

0.1%

(a)

American

Builders

&

Contractors

Supply

Co.,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 01/31/31

..

2,608

2,617,521

New

AMI

I

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

11.34%

,

 03/08/29

.................

737

703,018

Oscar

AcquisitionCo

LLC,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.59%

,

 04/29/29

..................

1,617

1,603,988

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B

1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.84%

,

 04/14/31

............

620

622,188

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.59%

,

 03/19/29

............

639

640,027

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

94

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Construction

Materials

(continued)

Smyrna

Ready

Mix

Concrete

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.85%

,

 04/02/29

(g)

...........

USD

525

$

527,604

Standard

Building

Solutions,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.35%

,

 09/22/28

............

1,735

1,73

7,431

Summit

Materials

LLC,

Term

Loan

B2,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.05%

,

 01/12/29

..................

697

700,739

White

Cap

Supply

Holdings,

LLC,

Term

Loan

C,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59%

,

 10/19/29

............

3,744

3,711,460

12,863,976

Consumer

Staples

Distribution

&

Retail

—

0.1%

(a)

CML

Project

Horizons,

Term

Loan,

(3-

mo.

SONIA

at

0.00%

Floor

+

3.75%),

8.95%

,

 06/05/26

(g)

.................

GBP

10,046

12,866,587

US

Foods,

Inc.,

Term

Loan

B

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.46%, 09/13/26

..........

USD

1,279

1,282,525

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%, 11/22/28

...........

1,183

1,188,091

15,337,203

Containers

&

Packaging

—

0.1%

(a)

Charter

Next

Generation,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.60%

,

 12/01/27

.......

4,724

4,743,678

Mauser

Packaging

Solutions

Holding

Co.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84%

,

 04/15/27

.......

1,519

1,523,321

Pregis

TopCo

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.34%

,

 07/31/26

..................

474

475,738

Trident

TPI

Holdings,

Inc.,

Term

Loan

B3,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.33%

,

 09/15/28

............

1,184

1,189,768

7,932,505

Distributors

—

0.0%

PAI

Holdco,

Inc.,

1st

Lien

Term

Loan

B,

10/28/27

(a)(p)

.....................

1,777

1,611,518

Diversified

Consumer

Services

—

0.1%

(a)

Bright

Horizons

Family

Solutions

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.71%

,

 11/24/28

.......

2,284

2,279,531

Kuehg

Corp.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.84%

,

 06/12/30

..................

1,572

1,579,520

Sotheby's,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

10.06%

,

 01/15/27

3,076

2,805,623

Spring

Education

Group

,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.34%

,

 09/29/30

............

2,042

2,052,315

Veritas

US,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.00%),

10.46%

,

 09/01/25

.................

965

844,662

Wand

Newco

3,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

+

3.75%),

9.09%

,

 0

1

/3

0

/

31

3,167

3,177,514

WCG

Purchaser

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.50%),

8.84%

,

 01/08/27

..................

786

786,700

13,525,865

Security

Par

(000)

Par

(000)

Value

Diversified

Telecommunication

Services

—

0.1%

(a)

Altice

Financing

SA,

Term

Loan,

(3-mo.

LIBOR

USD

at

0.00%

Floor

+

2.75%),

8.31%

,

 01/31/26

(g)

.................

USD

454

$

421,121

Connect

Finco

SARL,

Term

Loan

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.50%),

8.84%, 12/11/26

...........

367

364,972

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.84%, 09/27/29

..........

1,091

1,036,689

Iridium

Satellite

LLC,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

7.60%

,

 09/20/30

..................

884

875,419

Level

3

Financing,

Inc.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.56%),

11.91%

,

 04/15/29

.................

690

683,559

Level

3

Financing,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

6.56%),

11.91%

,

 04/15/30

.................

695

686,128

Lumen

Te

chnologies,

Inc.,

Term

Loan

A,

06/01/28

(p)

......................

429

361,910

Lumen

Technologies,

Inc.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.35%),

7.81%

,

 04/15/29

............

779

580,376

Lumen

Technologies,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.35%),

7.81%

,

 04/15/30

............

796

574,808

Orbcomm,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.25%),

9.71%

,

 09/01/28

..................

1,060

917,852

Radiate

Holdco

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.71%

,

 09/25/26

..................

3,790

3,146,184

Virgin

Media

Bristol

LLC,

Facility

Term

Loan

Q,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.69%

,

 01/31/29

............

795

762,930

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.46%

,

 03/09/27

..................

5,799

5,173,349

15,585,297

Electric

Utilities

—

0.0%

(a)

Hamilton

Projects

Acquiror

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.09%

,

 05/31/31

............

363

366,064

NRG

Energy,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.26%

,

 04/16/31

..................

1,188

1,191,883

1,557,947

Electrical

Equipment

—

0.0%

(a)

Arcline

FM

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.35%

,

 06/23/28

............

2,522

2,528,432

Arcline

FM

Holdings

LLC,

Term

Loan,

06/23/28

(p)

......................

162

162,439

2,690,871

Electronic

Equipment,

Instruments

&

Components

—

0.0%

(a)

Celestica,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.10%

,

 06/20/31

(g)

.................

610

609,238

Coherent

Corp.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.84%

,

 07/02/29

..................

1,953

1,956,422

2,565,660

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

95

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Entertainment

—

0.3%

(a)

City

Football

Group

Ltd.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.46%

,

 07/21/30

(g)

.................

USD

2,540

$

2,540,465

Creative

Artists

Agency

LLC,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59%

,

 11/27/28

.............

4,551

4,570,999

Formula

One

Management

Ltd.,

Facility

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.59%

,

 01/15/30

..

2,788

2,797,284

Live

Nation

Entertainment,

Inc.,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.20%

,

 10/19/26

............

3,070

3,064,317

Motion

Acquisition

Ltd.,

Facility

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84%

,

 11/12/29

.............

2,377

2,383,975

NEP

Group,

Inc.,

1st

Lien

Term

Lo

an,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.71%

,

 08/19/26

..................

2,516

2,360,878

Playtika

Holding

Corp.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.21%

,

 03/13/28

..................

2,365

2,367,689

SMG

US

Midco

2,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

8.01%

,

 01/23/25

............

1,739

1,736,600

UFC

Holdings

LLC,

1st

Lien

Term

Loan

B3,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

8.29%

,

 04/29/26

............

1,974

1,978,149

William

Morris

Endeavor

Entertainment

LLC,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.21%

,

 05/18/25

.

3,941

3,943,725

WMG

Acquisition

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 01/24/31

..................

3,971

3,970,046

31,714,127

Financial

Services

—

0.8%

(a)

ABG

Intermediate

Holdings

2

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.09%

,

 12/21/28

............

2,759

2,768,595

APi

Group

DE,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.35%

,

 01/03/29

..................

1,220

1,222,721

Belron

Finance

US

LLC,

Term

Loan

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.93%),

7.32%, 04/13/28

..........

2,013

2,014,875

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.63%, 04/18/29

..........

2,369

2,375,589

Boost

Newco

Borrower

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.33%),

8.34%

,

 07/31/25

..................

3,973

3,974,867

Boost

Newco

Borrower,

LLC,

Term

Loan,

01/31/31

(p)

......................

705

705,331

CML

Hyatt

Lost

Pines,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.

00%

Floor

+

3.55%),

8.87%

,

 09/09/26

(g)

.................

10,600

10,600,000

CML

La

Quinta

Resort,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.47%

,

 09/09/24

(g)

.................

9,599

9,576,817

CML

Terranea

Resort,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.35%),

9.69%

,

 01/01/27

(g)

.................

5,600

5,619,755

Cogeco

Communications

Finance

LP,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.96%

,

 09/01/28

.......

1,222

1,180,457

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Colorado

Plaza,

Term

Loan,

(1-mo

.

CME

Term

SOFR

+

2.86%),

0.00%

,

 11/15/24

(d)(e)(g)

...

USD

7,906

$

698,951

CPI

Holdco

B

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 05/17/31

..................

1,792

1,791,821

Deerfield

Dakota

Holding

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.75%),

9.09%

,

 04/09/27

.......

4,055

4,053,279

Deerfield

Dakota

Holding

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.75%),

12.35%

,

 04/07/28

......

1,890

1,905,366

HIG

Finance

2

Ltd.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 02/15/31

..................

1,984

1,986,924

Hilton

Garden

Inn

Waikiki,

Term

loan,

(3-mo.

CME

Term

SOFR

at

3.25%

Floor

+

3.50%),

8.63%

,

 01/01/38

(g)

.................

8,500

8,473,098

Houston

Center,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

2.21%),

0.00%

,

 09/09/24

(g)

.....

42,968

18,904,342

LBM

Acquisition

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.19%

,

 12/17/27

............

1,189

1,173,006

Lions

Gate

Capital

Holdings

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.69%

,

 03/24/25

............

1,606

1,602,902

Nuvei

Technologies

Corp.

Term

Loan

B,

0.00%

,

 07/18/31

(g)

.................

2,115

2,109,713

Sotera

Health

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59%

,

 05/30/31

..................

2,824

2,819,595

85,558,004

Food

Products

—

0.2%

(a)

8th

Avenue

Food

&

Provisions,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.21%

,

 10/01/25

..

1,642

1,548,004

Chobani

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.25%),

8.71%, 10/25/27

..........

4,576

4,588,838

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.08%, 10/25/27

..........

710

713,094

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.69%

,

 01/29/27

.......

4,725

4,731,025

H-Food

Holdings

LLC,

Ter

m

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.69%),

9.30%

,

 05/23/25

..................

601

443,798

Nomad

Foods

Ltd.,

Facility

Term

Loan

B5,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.81%

,

 11/12/29

.............

790

790,338

Triton

Water

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.85%

,

 03/31/28

............

1,202

1,205,049

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.09%

,

 01/20/28

............

2,844

2,850,681

16,870,827

Gas

Utilities

—

0.0%

NGL

Energy

Operating

LLC,

Term

Loan,

02/03/31

(a)(p)

.....................

811

809,816

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

96

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ground

Transportation

—

0.1%

(a)

AIT

Worldwide

Logistics

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.18%

,

 04/06/28

..

USD

496

$

496,223

Avis

Budget

Car

Rental

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.21%

,

 08/06/27

............

1,421

1,415,939

Genesee

&

Wyoming,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 04/10/31

..................

2,848

2,848

,114

Hertz

Corp.

(The),

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.86%

,

 06/30/28

..................

806

731,438

Hertz

Corp.

(The),

Term

Loan

C,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.86%

,

 06/30/28

..................

153

139,031

Uber

Technologies,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.09%

,

 03/03/30

..................

3,133

3,147,178

8,777,923

Health

Care

Equipment

&

Supplies

—

0.1%

(a)

Bausch

+

Lomb

Corp.,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.70%, 05/10/27

..........

3,575

3,507,092

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.34%, 09/29/28

..........

939

931,863

Chariot

Buyer

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.69%

,

 11/03/28

..................

2,768

2,761,991

Insulet

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.34%

,

 08/04/31

..................

876

876,567

8,077,513

Health

Care

Providers

&

Services

—

0.2%

(a)

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.71%

,

 09/29/28

.......

1,653

1,654,316

CNT

Holding

I

Corp.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.75%

,

 11/08/27

.............

2,437

2,445,701

Concentra

Health

Services,

Inc.,

Term

L

oan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.60%

,

 07/26/31

(g)

...........

489

489,611

Electron

Bidco,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.46%

,

 11/01/28

..................

3,170

3,178,493

Ensemble

RCM

LLC,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.25%

,

 08/01/29

..................

394

395,443

EyeCare

Partners

LLC,

Term

Loan

A,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.75%),

11.03%

,

 08/31/28

.................

499

500,865

EyeCare

Partners

LLC,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.61%),

9.99%

,

 11/30/28

..................

1,887

1,148,361

EyeCare

Partners

LLC,

Term

Loan

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.75%),

0.00%

,

 11/30/28

(d)(e)(g)

...............

46

8,479

Medical

Solutions

Holdings,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.60%

,

 11/01/28

.......

1,416

1,121,284

Medical

Solutions

Holdings,

Inc.,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

7.00%),

12.35%

,

 11/01/

29

......

404

270,680

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

&

Services

(continued)

Medline

Borrower

LP,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.59%, 10/23/28

..........

USD

2,170

$

2,171,693

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.85%, 10/23/28

..........

7,493

7,514,854

Option

Care

Health,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.59%

,

 10/27/28

............

1,677

1,684,912

Surgery

Center

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.10%

,

 12/19/30

............

1,991

1,9

95,054

Vizient,

Inc.,

Term

Loan

B,

(1-mo.

LIBOR

USD

at

0.50%

Floor

+

0.00%),

0.00%

,

 07/18/31

(g)

615

616,538

Vizient,

Inc.,

Term

Loan

B7,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.69%

,

 07/31/25

..................

712

713,547

25,909,831

Health

Care

Technology

—

0.2%

(a)

Athenahealth

Group,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.59%

,

 02/15/29

..................

4,376

4,365,294

Cotiviti

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59%

,

 05/01/31

..................

3,958

3,970,469

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Lo

an

B,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.44%

,

 10/01/27

............

3,132

2,779,884

PointClickCare

Technologies,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

8.34%

,

 12/29/27

(g)

...........

954

957,186

Polaris

Newco

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.51%

,

 06/02/28

..................

5,981

5,987,706

Waystar

Technologies,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.09%

,

 10/22/29

............

848

854,33

2

18,914,871

Hotel

&

Resort

REITs

—

0.0%

RHP

Hotel

Properties

LP,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.59%

,

 05/18/30

(a)

.................

753

753,033

Hotels,

Restaurants

&

Leisure

—

0.6%

(a)

1011778

BC

Unlimited

Liability

Co.,

Term

Loan

B6,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.09%

,

 09/20/30

...........

2,373

2,360,055

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.21%

,

 02/02/26

.......

2,626

2,561,534

Alterra

Mountain

Co.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84%

,

 09/30/24

..................

244

245,322

Alterra

Mountain

Co.,

Term

Loan

B5,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84%

,

 05/31/30

..................

1,192

1,198,199

Bally's

Corp.,

Facility

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.79%

,

 10/02/28

..................

1,856

1,772,899

Caesars

Entertainment,

Inc.,

Term

Loan

B,

(

3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.10%

,

 02/06/30

............

1,072

1,075,013

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

97

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

&

Leisure

(continued)

Caesars

Entertainment,

Inc.,

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.10%

,

 02/06/31

............

USD

5,537

$

5,542,051

Carnival

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

8.09%

,

 08/08/27

..................

1,215

1,222,502

Churchill

Downs,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.44%

,

 03/17/28

..................

1,975

1,977,663

CML

Lake

Tahoe

Re

sort

Hotel,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.90%),

8.34%

,

 12/09/24

(g)

...........

7,532

7,397,402

Fertitta

Entertainment

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.08%

,

 01/27/29

..................

5,510

5,521,058

Flutter

Entertainment

plc,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.59%

,

 11/29/30

..................

3,945

3,946,832

Four

Seasons

Holdings,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.34%

,

 11/30/29

.......

3,937

3,

949,178

Hilton

Domestic

Operating

Co.,

Inc.,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.10%

,

 11/08/30

...........

3,163

3,168,881

IRB

Holding

Corp.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

8.19%

,

 12/15/27

..................

2,276

2,276,624

Light

and

Wonder

International,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.59%

,

 04/14/29

(g)

..........

1,816

1,826,874

Packers

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.70%

,

 03/09/28

..................

1,105

569,069

Penn

Entertainment,

Inc.,

Facility

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.19%

,

 05/03/29

............

2,756

2,764,334

Playa

Resorts

Holding

BV,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.10%

,

 01/05/29

..................

646

646,096

Scientific

Games

Holdings

LP

,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.32%

,

 04/04/29

............

721

719,558

Seaworld

Parks

&

Entertainment,

Inc.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.84%

,

 08/25/28

.......

802

800,786

Six

Flags

Entertainment

Corp.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 05/01/31

............

580

581,450

Station

Casinos

LLC,

Facility

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.59%

,

 03/14/31

............

3,562

3,565,100

Whatabrands

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.09%

,

 08/03/28

..................

4,089

4,091,344

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.09%

,

 05/24/30

............

1,744

1,743,318

61,523,142

Security

Par

(000)

Par

(000)

Value

Household

Durables

—

0.1%

(a)

ACProducts

Holdings,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.85%

,

 05/17/28

..................

USD

1,519

$

1,206,857

Hunter

Douglas

Holding

BV,

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 02/26/29

............

3,676

3,633,427

Serta

Simmons

Bedding

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

1.00%

Floor

+

7.50%),

12.95%

,

 06/29/28

............

658

526,151

SWF

Holdings

I

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.00%),

9.46%

,

 10/06/28

............

3,161

2,426,226

Weber-Stephen

Products

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.71%

,

 10/30/27

............

4,296

3,962,842

11,755,503

Household

Products

—

0.0%

Energizer

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.35%

,

 12/22/27

(a)

.................

517

516,646

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

(a)

Calpine

Construction

Finance

Co.

LP,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 07/31/30

.......

1,027

1,026,247

Calpine

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 01/31/31

..................

482

481,455

Constellation

Renewables

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

2.25%),

7.60%

,

 12/15/27

............

1,838

1,838,979

3,346,681

Industrial

Conglomerates

—

0.1%

EMRLD

Borrower

LP,

Term

Loan

B

(a)

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.84%, 05/31/30

..........

3,157

3,156,747

 08/04/31

(p)

......................

1,693

1,693,000

4,849,747

Insurance

—

0.3%

(a)

Alliant

Holdings

Intermediate

LLC,

Term

Loan

B6,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.85%

,

 11/06/30

...........

6,677

6,704,326

AmWINS

Group,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.25%),

7.71%

,

 02/19/28

..................

3,946

3,951,748

AssuredPartners,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 02/14/31

..................

5,588

5,605,485

Baldwin

Insurance

Group

Holdings

LLC

(The),

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59%

,

 05/26/31

(g)

.

940

9

40,695

Hub

International

Ltd.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.58%

,

 06/20/30

..................

5,135

5,140,282

Jones

DesLauriers

Insurance

Management,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.75%

,

 03/15/30

..................

1,130

1,130,320

Ryan

Specialty

Group

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

2.75%),

8.09%

,

 09/01/27

..................

2,752

2,759,047

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

98

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

Truist

Insurance

Holdings

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59%

,

 05/06/31

.......

USD

4,225

$

4,232,267

USI,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.09%

,

 09/27/30

.

1,100

1,101,078

USI,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

+

2.75%),

8.09%

,

 11/22/29

.......

3,941

3,946,863

35,512,111

IT

Services

—

0.3%

(a)

Amazon

Holdco

Inc.,

Term

Loan,

07/30/31

(g)(p)

.

1,684

1,688,210

Asurion

LLC,

2nd

Lien

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

10.71%

,

 01/31/28

.................

1,054

975,983

Asurion

LLC,

2nd

Lien

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

10.71%

,

 01/20/29

.................

618

566,144

Asurion

LLC,

Term

Loan

B11,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

9.69%

,

 08/19/28

..................

1,641

1,633,215

Asurion

LLC,

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.71%

,

 12/23/26

..................

2,153

2,143,890

Camelot

US

Acquisition

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.09%

,

 01/31/31

..................

3,954

3,955,669

Central

Parent

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.59%

,

 07/06/29

..................

4,405

4,357,743

Epicor

Software

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.25%),

8.59%

,

 05/30/31

............

1,584

1,593,866

Epicor

Software

Corp.,

Delayed

Draw

Term

Loan,

05/30/31

(p)

..................

186

187,006

Fortress

Intermediate

3,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.10%

,

 06/27/31

(g)

.................

741

741,000

Go

Daddy

Operating

Co.

LLC,

Term

Loan

B6,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 11/09/29

.............

1,213

1,214,98

3

Go

Daddy

Operating

Co.

LLC,

Term

Loan

B7,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.09%

,

 05/30/31

............

3,995

3,994,948

Magenta

Buyer

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.51%

,

 07/27/28

.................

893

437,420

Magenta

Buyer

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

8.25%),

13.76%

,

 07/27/29

............

1,736

455,569

Mitchell

International,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.59%

,

 06/17/31

............

2,85

0

2,816,997

Mitchell

International,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

10.59%

,

 06/17/32

............

675

670,147

Modena

Buyer

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.50%),

9.83%

,

 07/01/31

..................

1,051

1,010,536

Project

Boost

Purchaser

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

+

3.50%),

8.79%

,

 07/16/31

..................

962

963,741

Quartz

AcquireCo

LLC,

Term

Loan

B1,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

0.00%

,

 06/28/30

..................

279

279,66

4

Security

Par

(000)

Par

(000)

Value

IT

Services

(continued)

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.25%

,

 02/24/28

..

USD

5,237

$

5,243,317

34,930,048

Leisure

Products

—

0.0%

(a)

Fender

Musical

Instruments

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.44%

,

 12/01/28

............

629

614,886

Hayward

Industries,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.96%

,

 05/30/28

............

786

786,342

1,401,228

Life

Sciences

Tools

&

Services

—

0.1%

(a)

Avantor

Funding,

Inc.,

Term

Loan

B6,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.44%

,

 11/08/27

..................

1,016

1,021,573

Catalent

Pharma

Solutions,

Inc.,

Term

Loan

B3,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.46%

,

 02/22/28

............

2,598

2,594,802

Fortrea

Holdings,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.09%

,

 07/01/30

..................

255

255,799

Icon

plc,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.34%

,

 07/03/28

..

599

602,159

Icon

plc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.34%

,

 07/03/28

.

149

150,028

Iqvia,

Inc.,

Term

Loan

B4,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 01/02/31

..................

1,649

1,655,409

Maravai

Intermediate

Holdings

LLC,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.28%

,

 10/19/27

............

2,014

1,998,606

Parexel

International,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8

.34

%

,

 11

/15/28

.............

3,930

3,943,457

Star

Parent,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.09%

,

 09/27/30

..................

1,594

1,595,631

13,817,464

Machinery

—

0.4%

(a)

Albion

Financing

3

SARL,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.83%

,

 08/16/29

..................

2,558

2,575,927

Barnes

Group,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.84%

,

 08/30/30

..................

1,572

1,577,060

Columbus

McKinnon

Corp.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.84%

,

 05/14/28

..................

739

742,154

Doosan

Bobcat

North

America,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

+

2.00%),

7.32%

,

 04/20/29

..................

949

948,890

Filtration

Group

Corp.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.96%

,

 10/21/28

..................

3,962

3,982,644

Generac

Power

Sy

stems,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

+

1.75%),

7.09%

,

 06/12/31

..................

325

325,406

Husky

Injection

Molding

Systems

Ltd.,

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.00%),

10.33%

,

 02/15/29

......

5,730

5,738,996

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

99

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

Indicor

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.59%

,

 11/22/29

..................

USD

3,533

$

3,538,800

Madison

IAQ

LLC,

Term

Loan,

(6-mo.

LIBOR

USD

at

0.50%

Floor

+

2.75%),

7.89%

,

 06/21/28

..................

3,342

3,345,743

Osmosis

Buyer

Ltd.,

Ter

m

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 07/31/28

..................

2,357

2,363,315

SPX

Flow,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%

,

 04/05/29

..................

2,314

2,329,232

TK

Elevator

Midco

GmbH,

Facility

Term

Loan

B2,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.59%

,

 04/30/30

...........

6,001

6,030,086

Vertiv

Group

Corp.,

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 03/02/27

..................

2,816

2,823,840

WEC

US

Holdings

Ltd.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.09%

,

 01/27/31

..................

1,740

1,743,306

Zurn

LLC,

1st

Lien

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.46%

,

 10/04/28

..................

950

954,104

39,019,503

Media

—

0.1%

(a)

Altice

France

SA,

Term

Loan

B14,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.50%),

10.80%

,

 08/15/28

.................

2,978

2,265,973

AVSC

Holding

Corp.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

3.25%),

8.69%

,

 03/03/25

............

1,227

1,218,959

Charter

Communications

Operating

LLC,

Term

Loan

B4,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.33%

,

 12/07/30

.......

1,207

1,195,322

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.46%

,

 08/21/28

.......

656

657,195

CSC

Holdings

LLC,

Term

Loan,

(1-mo.

LIBOR

USD

at

0.00%

Floor

+

2.50%),

7.94%

,

 04/15/27

..................

1,938

1,649,146

DirecTV

Financing

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.46%

,

 08/02/27

.................

871

875,162

ECL

Entertainment

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.34%

,

 08/31/30

..................

849

851,458

Gray

T

elevision,

Inc.,

Term

Loan

F,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.25%),

10.59%

,

 01/01/38

.................

420

407,051

Learfield

Communications

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

5.50%),

10.84% 06/30/28

.......

1,080

1,083,122

Ziggo

Financing

Partnership,

Facility

Term

Loan

I,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.94%

,

 04/30/28

............

1,087

1,067,804

11,271,192

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

&

Consumable

Fuels

—

0.2%

(a)

Ecopetrol

SA,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.00%),

10.00%

,

 09/06/30

(g)

................

USD

3,000

$

3,069,600

Freeport

LNG

investments

LLLP,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

9.04%

,

 12/21/28

............

4,766

4,741,455

GIP

Pilot

Acquisition

Partners

LP,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.82%

,

 10/04/30

............

257

257,558

M6

ETX

Holdings

II

Midco

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.94%

,

 09/19/29

............

315

317,130

M

edallion

Midland

Acquisition

LP,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84%

,

 10/18/28

............

2,757

2,767,448

Murphy

Oil

USA,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

7.21%

,

 01/31/28

..................

758

759,454

New

Fortress

Energy

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

5.00%),

10.25%

,

 10/30/28

.................

2,360

2,323,275

Oryx

Midstream

Services

Permian

Basin

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.44%

,

 10/05/28

..

2,353

2,360,479

16,596,399

Passenger

Airlines

—

0.1%

(a)

AAdvantage

Loyalty

IP

Ltd.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

4.75%),

10.29%

,

 04/20/28

.................

2,020

2,087,610

Air

Canada,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.85%

,

 03/21/31

..................

1,977

1,980,347

American

Airlines,

Inc.,

Term

Loan

(6-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.07%, 01/29/27

..........

1,846

1,841,201

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.19%, 02/15/28

..........

2,119

2,110,690

(6-mo.

CME

Term

SOFR

at

1.00%

Floor

+

2.50%),

7.78%, 06/04/29

..........

1,639

1,629,576

United

AirLines,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.03%

,

 02/22/31

..................

1,980

1,985,344

11,634,768

Pharmaceuticals

—

0.1%

(a)

Amneal

Pharmaceuticals

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

5.50%),

10.84%

,

 05/04/28

............

1,569

1,581,862

Amynta

Agency

Borrower,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.00%

,

 02/28/28

.......

3,284

3,288,432

Bausch

Health

Cos.,

Inc.,

Ter

m

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

5.25%),

10.69%

,

 02/01/27

.................

960

892,656

Elanco

Animal

Health,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.19%

,

 08/01/27

..................

1,806

1,803,784

Jazz

Pharmaceuticals,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.59%

,

 05/05/28

............

4,006

4,009,829

Organon

&

Co.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.84%

,

 05/19/31

..................

1,148

1,152,723

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

100

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Pharmaceuticals

(continued)

Perrigo

Co.

plc,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.69%

,

 04/20/29

(g)

.................

USD

942

$

942,988

Precision

Medicine

Group

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.00%),

8.44%

,

 11/18/27

.............

1,198

1,193,608

14,865,882

Professional

Services

—

0.3%

(a)

AlixPartners

LLP,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.96%

,

 02/04/28

..................

2,525

2,533,814

CoreLogic,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.96%

,

 06/02/28

..................

3,308

3,252,437

Dayforce,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.50%),

7.84%

,

 03/03/31

(g)

.................

2,774

2,777,468

Du

n

&

Bradstreet

Corp.

(The),

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.10%

,

 01/18/29

............

8,272

8,287,826

Element

Materials

Technology

Group

US

Holdings,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.69%

,

 07/06/

29

..................

2,135

2,143,295

FleetCor

Technologies

Operating

Co.

LLC,

Term

Loan

B4,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.19%

,

 04/28/28

.......

2,762

2,759,748

Galaxy

US

Opco,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.75%),

10.00%

,

 04/29/29

............

1,226

953,046

Trans

Union

LLC,

Term

Loan

B7,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.00%),

7.35%

,

 12/01/28

..................

3,953

3,954,637

Trans

Union

LLC,

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

+

1.75%),

7.10%

,

 06/24/31

...

1,120

1,118,782

27,781,053

Real

Estate

Management

&

Development

—

0.0%

Cushman

&

Wakefield

US

Borrower

LLC,

Term

Loan

(a)

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.75%),

8.21%, 08/21/25

..........

70

70,372

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.34%, 01/31/30

(g)

.........

640

640,391

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.09%, 01/31/30

(g)

.........

507

507,997

1,218,760

Semiconductors

&

Semiconductor

Equipment

—

0.0%

(a)

Entegris,

Inc.,

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.75%),

7.09%

,

 07/06/29

..................

1,126

1,127,980

MKS

Instruments,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.60%

,

 08/17/29

..................

2,207

2,213,787

Synaptics,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.85%

,

 12/02/28

..................

713

711,807

4,053,574

Security

Par

(000)

Par

(000)

Value

Software

—

0.6%

(a)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.50%),

8.84%

,

 02/24/31

............

USD

4,726

$

4,747,938

Barracuda

Parent

LLC,

1st

Lien

Term

Loan,

(6-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.81%

,

 08/15/29

............

582

561,916

CCC

Intelligent

Solutions,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.25%),

7.71%

,

 09/21/28

............

2,999

3,003,088

Cloud

Software

Group,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.50%),

9.84%

,

 03/21/31

............

1,593

1,598,384

Cloud

Software

Group,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.00%),

9.34%

,

 03/30/29

..................

7,969

7,961,692

Cloudera,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.19%

,

 10/08/28

..................

2,515

2,436,313

Cloudera,

Inc.,

2nd

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

6.00%),

11.44%

,

 10/08/29

.................

1,397

1,300,956

DS

Admiral

Bidco

LLC,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.25%),

9.59%

,

 06/26/31

(g)

.................

1,001

975,975

E2open

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.96%

,

 02/04/28

..................

399

399,124

Ellucian

Hol

dings,

Inc.,

1st

Lien

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.94%

,

 10/09/29

............

3,929

3,956,576

Gen

Digital,

Inc.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

1.75%),

7.09%

,

 09/12/29

..................

2,957

2,954,352

Genesys

Cloud

Services

Holdings

I

LLC,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.50%),

8.84%, 12/01/27

..........

3,503

3,520,760

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.21%, 12/01/27

..........

1,079

1,085,094

Helios

Software

Holdings,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.09%

,

 07/18/30

............

796

795,570

Informatica

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.59%

,

 10/27/28

..................

3,550

3,559,915

McAfee

Corp.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.59%

,

 03/01/29

..................

4,487

4,476,894

MH

Sub

I

LLC,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.59%

,

 05/03/28

..................

2,282

2,276,019

MH

Sub

I

LLC,

2nd

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

6.25%),

11.50%

,

 02/23/29

.................

817

809,172

Planview

Parent,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.09%

,

 12/17/27

............

345

344,511

Proofpoint,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.34%

,

 08/31/28

..................

5,190

5,204,553

RealPage,

Inc.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.00%),

8.46%

,

 04/24/28

..................

4,190

4,079,169

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

101

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Sabre

GLBL,

Inc.,

Term

Loan

B1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.96%

,

 12/17/27

..................

USD

412

$

371,571

Sabre

GLBL,

Inc.,

Term

Loan

B2,

(1-mo.

LIBOR

USD

at

0.50%

Floor

+

3.50%),

8.96%

,

 12/17/27

..................

645

582,322

Severin

Acquisition

LLC,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.25%

,

 08/01/27

............

1,572

1,574,804

SS&C

Technologies

Holdings,

Inc.,

Term

Loan

B8,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 05/09/31

...........

1,515

1,520,353

UKG,

Inc.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.56%

,

 02/10/31

..................

4,622

4,635,414

Voyage

Australia

Pty.

Ltd.,

1st

Lien

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

9.04%

,

 07/20/28

............

286

286,059

VS

Buyer

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.25%),

8.58%

,

 04/12/31

..................

3,188

3,197,706

68,216,200

Specialty

Retail

—

0.1%

(a)

EG

Group

Ltd.,

Facility

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.50%

Floor

+

4.25%),

9.84%

,

 03/31/26

(g)

.................

603

601,862

LS

Group

Opco

Acquisition

LLC,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.34%

,

 04/23/31

............

639

638,978

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3

.75

%),

8

.85

%

,

 05/04

/28

..

4,082

4,088,400

Peer

Holding

III

BV,

Facility

Term

Loan

B5,

06/20/31

(p)

......................

945

948,544

PetSmart

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.19%

,

 02/11/28

..................

1,222

1,211,494

Restoration

Hardware,

Inc.,

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.50%),

7.96%, 10/20/28

..........

542

511,377

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.25%),

8.69%, 10/20/28

..........

895

855,662

RVR

Dealership

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.19%

,

 02/08/28

............

199

178,299

9,034,616

Textiles,

Apparel

&

Luxury

Goods

—

0.0%

Hanesbrands,

Inc.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.75%),

9.09%

,

 03/08/30

(a)

.................

427

427,994

Trading

Companies

&

Distributors

—

0.1%

(a)

Beacon

Roofing

Supply,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 05/19/28

..................

1,132

1,136,443

Core

&

Main

LP,

Term

Loan

C,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.25%),

7.59%

,

 02/09/31

..................

646

647,098

Core

&

Main

LP,

Term

Loan

D,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.34%

,

 07/27/28

..................

3,946

3,946,076

Security

Par

(000)

Par

(000)

Value

Trading

Companies

&

Distributors

(continued)

Foundation

Building

Materials,

Inc.,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

4.00%),

9.25%

,

 01/29/31

............

USD

3,224

$

3,191,871

Gul

fside

Supply,

Inc.,

Term

Loan,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.00%),

8.29%

,

 06/17/31

(g)

.................

686

687,715

TMK

Hawk

Parent

Corp.,

Term

Loan

B,

(1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

5.25%),

10.60%

,

 06/30/29

(g)

................

1,353

947,332

10,556,535

Transportation

Infrastructure

—

0.1%

(a)

Apple

Bidco

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.21%, 09/22/28

..........

1,418

1,419,119

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

3.50%),

8.84%, 09/22/28

..........

1,095

1,097,506

Brown

Group

Holding

LLC,

Term

Loan,

06/07/28

(p)

......................

2,121

2,119,116

Brown

Group

Holdings

LLC,

Facility

Term

Loan

B2,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

+

2.75%),

8.00%

,

 07/01/31

...........

1,781

1,779,510

OLA

Netherlands

BV,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

6.25%),

11.69%

,

 12/15/26

(g)

................

1,255

1,248,304

Rand

Parent

LLC,

1st

Lien

Term

Loan

B,

(3-mo.

CME

Term

SOFR

at

0.00%

Floor

+

3.75%),

9.07%

,

 03/17/30

..................

401

400,071

8,063,626

Wireless

Telecommunication

Services

—

0.0%

(a)

Gogo

Intermediate

Holdings

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.75%

Floor

+

3.75%),

9.21%

,

 04/30/28

............

1,109

1,107,518

SBA

Senior

Finance

II

LLC,

Term

Loan,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

2.00%),

7.35%

,

 01/25/31

..................

1,976

1,978,308

3,085,826

Total

Floating

Rate

Loan

Interests

—

7.6%

(Cost:

$861,003,043)

..............................

826,763,956

Foreign

Agency

Obligations

Brazil

—

0.0%

Centrais

Eletricas

Brasileiras

SA,

3.63%

,

02/04/25

(c)

......................

610

600,278

Chile

—

0.0%

Banco

del

Estado

de

Chile,

2.70%

,

01/09/25

(c)

1,245

1,227,495

Corp.

Nacional

del

Cobre

de

Chile

3.63%,

08/01/27

(c)

.................

500

478,200

3.75%,

01/15/31

(b)

.................

491

444,662

Empresa

Nacional

del

Petroleo

(b)

6.15%,

05/10/33

..................

656

665,840

5.95%,

07/30/34

..................

430

429,355

3,245,552

Denmark

—

0.0%

Orsted

A/S

(a)(c)

(5-Year

U.K.

Government

Bonds

Note

Generic

Bid

Yield

+

2.14%),

2.50%,

02/18/3021

....................

GBP

886

831,240

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.59%),

5.13%,

03/14/3024

..............

EUR

400

439,935

1,271,175

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

102

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Finland

—

0.0%

Finnair

OYJ

4.75%,

05/24/29

(c)

.................

EUR

1,600

$

1,713,993

1,713,993

France

—

0.1%

Electricite

de

France

SA

(a)(c)(l)

(12-Year

EUR

Swap

Annual

+

3.79%),

5.38%

.......................

1,200

1,300,648

(13-Year

GBP

Swap

Semi

+

4.23%),

6.00%

GBP

200

253,789

(5-Year

EURIBOR

ICE

Swap

Rate

+

3.37%),

2.88%

.......................

EUR

600

613,636

(5-Year

EUR

Swap

Annual

+

3.20%),

3.00%

1,000

1,013,640

(5-Year

EUR

Swap

Annual

+

3.97%),

3.38%

5,200

5,029,757

8,211,470

Hungary

—

0.0%

Magyar

Export-Import

Bank

Zrt.,

6.13%

,

12/04/27

(b)

......................

USD

1,201

1,210,383

MVM

Energetika

Zrt.,

7.50%

,

06/09/28

(c)

....

529

554,788

1,765,171

Indonesia

—

0.0%

Pertamina

Persero

PT,

3.10%

,

08/27/30

(c)

...

1,275

1,138,052

Ireland

—

0.1%

AIB

Group

plc

,

(5-Year

EUR

Swap

Annual

+

6.63%),

6.25%

(a)(c)(l)

................

EUR

6,704

7,282,612

Italy

—

0.1%

Banca

Monte

dei

Paschi

di

Siena

SpA,

(3-mo.

EURIBOR

+

3.21%),

6.75%

,

03/02/26

(a)(c)

..

2,106

2,307,321

Poste

Italiane

SpA

(5-Year

EURIBOR

ICE

Swap

Rate

+

2.68%),

2.63%

(a)(c)(l)

....................

1,593

1,545,709

3,853,030

Mexico

—

0.2%

Petroleos

Mexicanos

6.88%,

08/04/26

..................

USD

4,946

4,878,042

8.75%,

06/02/29

..................

1,255

1,246,570

5.95%,

01/28/31

..................

2,358

1,942,756

6.70%,

02/16/32

..................

8,559

7,297,404

10.00%,

02/07/33

.................

820

836,810

6.75%,

09/21/47

..................

309

208,961

16,410,543

Morocco

—

0.0%

OCP

SA

(b)

6.75%,

05/02/34

..................

1,115

1,159,600

7.50%,

05/02/54

..................

939

968,344

2,127,944

Panama

—

0.0%

(b)

Aeropuerto

Internacional

de

Tocumen

SA

4.00%,

08/11/41

..................

1,225

945,553

5.13%,

08/11/61

..................

769

583,240

Banco

Latinoamericano

de

Comercio

Exterior

SA,

2.38%

,

09/14/25

...............

608

582,464

2,111,257

Poland

—

0.0%

Bank

Gospodarstwa

Krajowego

(b)

6.25%,

10/31/28

..................

466

490,433

5.75%,

07/09/34

..................

1,140

1,176,343

1,666,776

Saudi

Arabia

—

0.0%

Saudi

Arabian

Oil

Co.

(b)

5.25%,

07/17/34

..................

1,870

1,877,012

Security

Par

(000)

Par

(000)

Value

Saudi

Arabia

(continued)

5.88%,

07/17/64

..................

USD

798

$

778,154

2,655,166

Turkey

—

0.0%

Turkiye

Varlik

Fonu

Yonetimi

A/S,

8.25%

,

02/14/29

(c)

......................

429

439,995

Total

Foreign

Agency

Obligations

—

0.5%

(Cost:

$55,876,440)

...............................

54,493,014

Foreign

Government

Obligations

Bahrain

—

0.0%

Kingdom

of

Bahrain

(c)

7.38%,

05/14/30

..................

572

601,332

5.45%,

09/16/32

..................

480

446,400

1,047,732

Brazil

—

0.0%

Federative

Republic

of

Brazil,

7.13%

,

05/13/54

899

888,212

Chile

—

0.0%

Republic

of

Chile,

3.10%

,

05/07/41

........

1,509

1,129,396

Colombia

—

0.0%

Republic

of

Colombia

3.88%,

03/22/26

..................

EUR

222

238,563

3.25%,

04/22/32

..................

USD

896

700,672

8.00%,

04/20/33

..................

1,035

1,085,715

8.00%,

11/14/35

..................

439

457,877

8.75%,

11/14/53

..................

253

269,066

2,751,893

Costa

Rica

—

0.0%

Republic

of

Costa

Rica,

6.55%

,

04/03/34

(c)

...

553

572,012

Dominican

Republic

—

0.1%

Dominican

Republic

Government

Bond

5.95%,

01/25/27

(c)

.................

1,109

1,111,773

5.50%,

02/22/29

(b)

.................

557

547,080

5.50%,

02/22/29

(c)

.................

719

706,194

7.05%,

02/03/31

(b)

.................

1,301

1,365,243

4.88%,

09/23/32

(b)

.................

564

516,590

5.30%,

01/21/41

(c)

.................

433

376,442

4,623,322

Egypt

—

0.0%

Arab

Republic

of

Egypt

5.63%,

04/16/30

(c)

.................

EUR

649

571,781

6.38%,

04/11/31

(b)

.................

479

420,063

7.63%,

05/29/32

(c)

.................

USD

1,050

879,375

1,871,219

Guatemala

—

0.0%

Republic

of

Guatemala

5.25%,

08/10/29

(b)

.................

767

745,189

5.25%,

08/10/29

(c)

.................

511

496,468

7.05%,

10/04/32

(b)

.................

1,076

1,140,896

6.60%,

06/13/36

(b)

.................

544

552,330

2,934,883

Hungary

—

0.1%

Hungary

Government

Bond

5.25%,

06/16/29

(b)

.................

1,125

1,120,781

5.38%,

09/12/33

(c)

.................

EUR

1,109

1,266,977

5.50%,

03/26/36

(b)

.................

USD

575

563,860

2,951,618

Ivory

Coast

—

0.0%

Republic

of

Cote

d'Ivoire

6.38%,

03/03/28

(c)

.................

941

921,592

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

103

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Ivory

Coast

(continued)

5.88%,

10/17/31

(c)

.................

EUR

1,300

$

1,282,060

8.25%,

01/30/37

(b)

.................

USD

403

389,903

2,593,555

Mexico

—

0.1%

United

Mexican

States

3.75%,

01/11/28

..................

601

577,148

4.50%,

04/22/29

..................

1,066

1,036,685

6.35%,

02/09/35

..................

382

392,887

4.75%,

03/08/44

..................

1,096

899,268

6.34%,

05/04/53

..................

963

923,998

3,829,986

Morocco

—

0.0%

Kingdom

of

Morocco

2.38%,

12/15/27

(c)

.................

566

512,230

5.95%,

03/08/28

(b)

.................

412

417,768

929,998

Nigeria

—

0.0%

Federal

Republic

of

Nigeria

8.38%,

03/24/29

(b)

.................

716

672,816

7.63%,

11/28/47

(c)

.................

690

504,132

1,176,948

North

Macedonia

—

0.0%

Republic

of

North

Macedonia,

6.96%

,

03/13/27

(c)

......................

EUR

498

559,737

Oman

—

0.0%

Oman

Government

Bond,

6.50%

,

03/08/47

(c)

.

USD

953

967,593

Panama

—

0.0%

Republic

of

Panama

7.50%,

03/01/31

..................

1,068

1,129,410

2.25%,

09/29/32

..................

1,242

917,838

8.00%,

03/01/38

..................

330

356,710

2,403,958

Paraguay

—

0.0%

Republic

of

Paraguay

(c)

5.00%,

04/15/26

..................

235

233,214

2.74%,

01/29/33

..................

526

433,950

5.60%,

03/13/48

..................

423

385,353

1,052,517

Peru

—

0.0%

Republic

of

Peru

7.35%,

07/21/25

..................

958

976,681

3.00%,

01/15/34

..................

1,530

1,269,422

2,246,103

Philippines

—

0.0%

Republic

of

Philippines,

3.70%

,

03/01/41

....

629

519,318

Poland

—

0.0%

Republic

of

Poland

5.75%,

11/16/32

..................

867

912,171

5.50%,

04/04/53

..................

562

553,750

1,465,921

Romania

—

0.1%

Romania

Government

Bond

5.25%,

11/25/27

(b)

.................

698

691,892

2.50%,

02/08/30

(c)

.................

EUR

1,225

1,173,129

2.12%,

07/16/31

(c)

.................

1,229

1,086,015

2,951,036

Security

Par

(000)

Par

(000)

Value

Saudi

Arabia

—

0.0%

Kingdom

of

Saudi

Arabia

3.25%,

11/17/51

(c)

.................

USD

1,818

$

1,208,970

5.00%,

01/18/53

(b)

.................

1,520

1,351,850

2,560,820

Serbia

—

0.0%

Republic

of

Serbia,

6.00%

,

06/12/34

(b)

......

712

709,779

South

Africa

—

0.0%

Republic

of

South

Africa,

5.88%

,

04/20/32

...

924

872,025

Trinidad

and

Tobago

—

0.0%

Republic

of

Trinidad

&

Tobago,

6.40%

,

06/26/34

(b)

......................

871

881,452

Uruguay

—

0.0%

Oriental

Republic

of

Uruguay,

5.75%

,

10/28/34

595

631,078

Uzbekistan

—

0.0%

(b)

Republic

of

Uzbekistan,

5.38%

,

05/29/27

....

EUR

667

721,861

Republic

of

Uzbekistan

International

Bond,

7.85%

,

10/12/28

..................

USD

522

538,312

1,260,173

Total

Foreign

Government

Obligations

—

0.4%

(Cost:

$46,695,582)

...............................

46,382,284

Shares

Shares

Investment

Companies

(q)

iShares

Core

Dividend

Growth

ETF

.......

9,065,649

546,658,635

iShares

Core

S&P

500

ETF

.............

399,452

221,024,780

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

(h)

.........................

2,987,634

234,648,774

Total

Investment

Companies

—

9.2%

(Cost:

$930,041,044)

..............................

1,002,332,189

Par

(000)

Par

(000)

Non-Agency

Mortgage-Backed

Securities

Collateralized

Mortgage

Obligations

—

2.1%

Adjustable

Rate

Mortgage

Trust

(a)

Series

2005-8,

Class

2A1,

5.51%,

11/25/35

1,046

905,049

Series

2005-8,

Class

7A2,

(1-mo.

CME

Term

SOFR

at

0.56%

Floor

and

11.00%

Cap

+

0.67%),

6.02%,

11/25/35

...........

366

349,069

Series

2005-9,

Class

5A1,

(1-mo.

CME

Term

SOFR

at

0.54%

Floor

and

11.00%

Cap

+

0.65%),

6.00%,

11/25/35

...........

73

72,685

Alternative

Loan

Trust

Series

2005-16,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.65%

Floor

+

1.65%),

6.82%,

06/25/35

(a)

....................

355

310,028

Series

2005-36,

Class

2A1A,

(1-mo.

CME

Term

SOFR

at

0.62%

Floor

and

11.00%

Cap

+

0.73%),

6.08%,

08/25/35

(

a)

.....

863

781,657

Series

2005-61,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.52%

Floor

+

0.63%),

5.98%,

12/25/35

(a)

...............

157

137,293

Series

2005-63,

Class

3A3,

4.62%,

11/25/35

(a)

....................

1,397

1,252,776

Series

2005-63,

Class

5A1,

4.62%,

12/25/35

(a)

....................

24

22,336

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

104

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2005-64CB,

Class

1A1,

5.50%,

12/25/35

.....................

USD

40

$

34,841

Series

2005-76,

Class

2A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.00%

Floor

+

1.00%),

6.17%,

02/25/36

(a)

.........

3,361

2,949,009

Series

2006-11CB,

Class

1A5,

6.00%,

05/25/36

.....................

600

336,410

Series

2006-15CB,

Class

A1,

6.50%

,

06/25/36

.....................

967

451,888

Series

2006-20CB,

Class

A9,

6.00%,

07/25/36

.....................

428

178,376

Series

2006-2CB,

Class

A6,

5.50%,

03/25/36

671

272,913

Series

2006-45T1,

Class

1A10,

6.00%,

02/25/37

.....................

2,643

1,078,178

Series

2006-45T1,

Class

2A2,

6.00%,

02/25/37

.....................

1,708

951,215

Series

2006-7CB,

Class

1A6,

6.00%,

05/25/36

.....................

757

410,745

Series

2006-9T1,

Class

A7,

6.00%,

05/25/36

304

122,398

Series

2006-J7,

Class

2A1,

(1-mo.

LIBOR

USD

at

1.50%

Floor

+

1.50%),

6.96%,

11/20/46

(a)

....................

2,889

2,157,169

Series

2006-J8,

Class

A5,

6.00%,

02/25/37

1,195

512,490

Series

2006-OA14,

Class

1A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.73%

Floor

+

1.73%),

6.90%,

11/25/46

(a)

.........

4,335

3,436,640

Series

2006-OA14,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

5.84%,

11/25/46

(a)

...............

1,871

1,706,529

Series

2006-OA14,

Class

3A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.85%

Floor

+

0.85%),

6.02%,

11/25/46

(a)

.........

6,118

5,375,041

Series

2006-OA16,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

5.84%,

10/25/46

(a)

...............

260

235,734

Series

2006-OA2,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

5.88%,

05/20/46

(a)

...............

1,109

942,418

Series

2006-OA3,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

5.88%,

05/25/36

(a)

...............

5,325

4,756,776

Series

2006-OA8,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

5.84%,

07/25/46

(a)

...............

7,731

6,614,537

Series

2007-12T1,

Class

A22,

5.75%,

06/25/37

.....................

1,717

768,844

Series

2007-12T1,

Class

A5,

6.00%,

06/25/37

.....................

381

177,532

Series

2007-15CB,

Class

A7,

6.00%,

07/25/37

.....................

226

134,895

Series

2007-18CB,

Class

2A25,

6.00%,

08/25/37

.....................

205

125,053

Series

2007-19,

Class

1A4,

6.00%,

08/25/37

1,139

552,205

Series

2007-19,

Class

1A8,

6.00%,

08/25/37

554

268,670

Series

2007-25,

Class

1A3,

6.50%,

11/25/37

3,040

1,419,588

Series

2007-9T1,

Class

1A1,

6.00%,

05/25/37

.....................

441

215,405

Series

2007-9T1,

Class

2A1,

6.00%,

05/25/37

.....................

3,148

1,412,708

Series

2007-9T1,

Class

2A2,

6.00%,

05/25/37

.....................

540

242,496

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2007-AL1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.25%

Floor

+

0.36%),

5.71%,

06/25/37

(a)

...............

USD

5,025

$

4,046,808

Series

2007-J1,

Class

2A5,

6.00%,

03/25/37

1,520

587,749

Series

2007-OA11,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

1.38%

Floor

+

1.38%),

6.55%,

11/25/47

(a)

.........

1,227

1,002,524

Series

2007-OA3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.28%

Floor

+

0.39%),

5.74%,

04/25/47

(a)

...............

7,488

6,631,611

Series

2007-OA4,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.34%

Floor

+

0.45%),

5.80%,

05/25/47

(a)

...............

2,853

2,433,248

Series

2007-OA8,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.82%,

06/25/47

(a)

...............

5,769

4,329,66

0

Alternative

Loan

Trust

Resecuritization,

Series

2006-22R,

Class

1A6,

6.00%,

05/25/36

...

938

524,082

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%),

6.14%,

10/25/46

(a)

....................

7,784

6,417,448

Series

2006-3,

Class

2A11,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.94%

Floor

+

0.94%),

6.11%,

10/25/46

(a)

.........

4,170

2,840,508

Series

2007-3,

Class

22A1,

6.75%,

06/25/37

(f)

....................

477

412,688

Banc

of

America

Funding

Trust

(a)

Series

2006-7,

Class

T2A3,

5.69%,

10/25/36

253

219,826

Series

2006-D,

Class

6A1,

3.91%,

05/20/36

242

196,547

Series

2007-D,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.42%

Floor

+

0.53%),

5.88%,

06/20/47

.....................

883

684,286

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%),

5.90%,

04/25/36

(a)

......................

3,321

2,930,360

Bear

Stearns

Asset-Backed

Securities

I

Trust

(f)

Series

2005-AC9,

Class

A5,

6.25%,

12/25/35

591

567,332

Series

2006-AC1,

Class

1A2,

6.25%,

02/25/36

.....................

607

609,688

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%),

5.80%,

03/25/37

......

898

834,434

Series

2007-AR3,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.14%

Floor

and

10.50%

Cap

+

0.25%),

5.60%,

03/25/37

......

1,360

1,223,111

Series

2007-AR4,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.40%

Floor

and

10.50%

Cap

+

0.51%),

5.86%,

09/25/47

......

1,519

1,420,504

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%),

5.73%,

04/25/35

(a)

.....

694

647,288

Series

2005-9,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.60%

Floor

+

0.71%),

6.06%,

05/25/35

(a)

....................

2,150

1,792,580

Series

2006-OA4,

Class

A1,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.96%

Floor

+

0.96%),

6.13%,

04/25/46

(a)

.........

2,56

0

773,527

Series

2007-21,

Class

1A1,

6.25%,

02/25/38

135

63,979

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

105

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Series

2007-J2,

Class

2A6,

6.00%,

07/25/37

USD

605

$

208,333

Series

2007-J2,

Class

2A8,

6.00%,

07/25/37

924

318,127

CHNGE

Mortgage

Trust

(a)(b)

Series

2022-2,

Class

A1,

3.76%,

03/25/67

.

7,409

7,055,186

Series

2022-3,

Class

A1,

5.00%,

05/25/67

.

6,597

6,506,585

CitiMortgage

Alternative

Loan

Trust,

Series

2007-A1,

Class

1A5,

6.00%,

01/25/37

....

54

47,738

COLT

Mortgage

Loan

Trust,

Series

2022-5,

Class

A1,

4.55%,

04/25/67

(a)(b)

.........

3,736

3,766,200

CSMC

Trust

(b)

Series

2008-2R,

Class

1A1,

6.00%,

07/25/37

269

229,952

Series

2011-4R,

Class

1A2,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.61%),

6.94%,

09/27/37

(a)

...............

2,879

2,307,876

Series

2022-ATH2,

Class

A1,

4.55%,

05/25/67

(a)

....................

1,340

1,322,646

Deutsche

Alt-A

Securities

Mortgage

Loan

Trust,

Series

2007-OA4,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

+

0.49%),

5.84%,

08/25/47

(a)

......................

9,895

8,041,241

Ellington

Financial

Mortgage

Trust,

Series

2021-

2,

Class

A1,

0.93%,

06/25/66

(a)

(b)

.......

1,863

1,545,491

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2006-AA8,

Class

1A1,

5.25%,

02/25/37

(a)

......................

787

436,714

GCAT

Trust,

Series

2022-NQM3,

Class

A1,

4.35%,

04/25/67

(a)(b)

................

13,664

13,384,206

GMACM

Mortgage

Loan

Trust,

Series

2005-

AR2,

Class

4A,

3.87%,

05/25/35

(a)

......

18

15,250

GreenPoint

Mortgage

Funding

Trust

(a)

Series

2006-AR1,

Class

GA1B,

(1-mo.

CME

Term

SOFR

at

0.17%

Floor

+

0.28%),

5.63%,

02/25/36

................

1,836

1,602,258

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%),

7.17%,

03/25

/36

889

794,821

Impac

CMB

Trust,

Series

2005-6,

Class

1A1,

(1-mo.

CME

Term

SOFR

at

0.50%

Floor

and

11.00%

Cap

+

0.61%),

5.96%,

10/25/35

(a)

.

1,031

904,154

IndyMac

IMSC

Mortgage

Loan

Trust

Series

2007-F2,

Class

1A4,

6.00%,

07/25/37

562

395,894

Series

2007-F2,

Class

2A1,

6.50%,

07/25/37

2,228

683,371

IndyMac

INDX

Mortgage

Loan

Trust

(a)

Series

2007-AR15,

Class

1A1,

4.40%,

08/25/37

.....................

90

61,965

Series

2007-AR15,

Class

2A1,

3.48%,

08/25/37

.....................

461

323,952

Merrill

Lynch

Mortgage

Investors

Trust

(a)

Series

2005-A9,

Class

2A1E,

5.91%,

12/25/35

.....................

248

231,100

Series

2006-1,

Class

2A1,

6.01%,

02/25/36

208

201,530

MFA

Trust

(b)

Series

2022-CHM1,

Class

M1,

4.57%,

09/25/56

(a)

....................

4,000

3,573,937

Series

2023-NQM2,

Class

A1,

4.40%,

03/25/68

(f)

....................

11,655

11,468,909

Mill

City

Mortgage

Loan

Trust,

Series

2023-

NQM1,

Class

A1,

6.05%,

10/25/67

(b)(f)

....

4,443

4,501,172

Prima

Capital

CRE

Securitization

Ltd.,

Series

2016-6A,

Class

C,

4.00%,

08/

24/40

(b)

....

16,500

15,589,844

Prime

Mortgage

Trust,

Series

2006-DR1,

Class

2A1,

5.50%,

05/25/35

(b)

..............

256

237,247

RALI

Trust,

Series

2007-QS4,

Class

3A2,

6.00%,

03/25/37

..................

127

103,647

Security

Par

(000)

Par

(000)

Value

Collateralized

Mortgage

Obligations

(continued)

Ready

Capital

Mortgage

Financing

LLC,

Series

2022-FL10,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.55%

Floor

+

2.55%),

7.90%,

10/25/39

(a)(b)

.....................

USD

143

$

143,264

Residential

Asset

Securitization

Trust,

Series

2006-A15,

Class

A12,

6.25%,

01/25/37

...

309

104,589

RFMSI

Trust,

Series

2007-S7,

Class

A20,

6.00%,

07/25/37

..................

31

24,287

Spruce

Hill

Mortgage

Loan

Trust,

Series

2022-

SH1,

Class

A1A,

4.10%,

07/25/57

(b)(f)

.....

14,311

13,773,973

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2007-3,

Class

3A1,

4.79%,

04/25/47

(a)

......................

184

84,670

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%),

5.92%,

02/25/36

......

404

345,522

Series

2006-AR4,

Class

3A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

and

10.50%

Cap

+

0.49%),

5.84%,

06/25/36

......

6,607

5,578,041

Series

2006-AR6,

Class

2A1,

(1-mo.

CME

Term

SOFR

at

0.38%

Floor

and

10.50%

Cap

+

0.49%),

5.84%,

07/25/46

......

8,394

5,840,847

Series

2007-AR4,

Class

GA4B,

(1-mo.

CME

Term

SOFR

at

0.36%

Floor

+

0.47%),

5.82%,

09/25/47

................

1,549

1,392,644

Verus

Securitization

Trust,

Series

2022-3,

Class

A1,

4.13%,

02/25/67

(b)(f)

..............

9,402

8,901,600

Vista

Point

Securitization

Trust,

Series

2020-1,

Class

B1,

5.38%,

03/25/65

(a)(b)

.........

2,800

2,798,760

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%),

5.92%,

06/25/47

..........

4,768

3,872,990

Series

2007-OA6,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.81%

Floor

+

0.81%),

5.98%,

07/25/47

..........

2,566

2,056,079

Washington

Mutual

Mortgage

Pass-Through

Certificates

WMALT

Trust

Series

2006-8,

Class

A5,

4.14%,

10/25/36

(f)

1,007

347,009

Series

2006-AR5,

Class

1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.98%

Floor

+

0.98%),

6.15%,

06/25/46

(a)

.........

2,813

2,150,618

Series

2006-AR8,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.85%

Floor

+

0.85%),

6.02%,

10/25/46

(a)

.........

4,187

3,481,595

Series

2007-OA1,

Class

2A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.72%

Floor

+

0.72%),

5.89%,

12/25/46

(a)

.........

3,628

2,805,118

Series

2007-OA5,

Class

A1A,

(Federal

Reserve

US

12

Month

Cumulative

Average

1

Year

CMT

at

0.84%

Floor

+

0.84%),

6.01%,

05/25/47

(a)

.........

2,141

1,758,351

224,180,687

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

106

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

—

3.2%

280

Park

Avenue

Mortgage

Trust,

Series

2017-

280P,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.37%

Floor

+

2.42%),

7.75%,

09/15/34

(a)(b)

USD

1,564

$

1,413,567

ARES

Commercial

Mortgage

Trust,

Series

2024-IND,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

7.02%,

07/15/41

(a)

(b)

............................

1,270

1,267,619

Ashford

Hospitality

Trust,

Series

2018-ASHF,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.23%

Floor

+

2.27%),

7.60

%,

04/15/35

(a)(b)

.....

3,467

3,388,194

Atrium

Hotel

Portfolio

Trust,

Series

2017-ATRM,

Class

D,

(1-mo.

CME

Term

SOFR

at

1.95%

Floor

+

2.25%),

7.58%,

12/15/36

(a)(b)

.....

3,624

3,433,054

BAMLL

Commercial

Mortgage

Securities

Trust

(a)

(b)

Series

2017-SCH,

Class

CL,

(1-mo.

CME

Term

SOFR

at

1.50%

Floor

+

1.55%),

6.88%,

11/15/32

................

3,225

3,206,922

Series

2017-SCH,

Class

DL,

(1-mo.

CME

Term

SOFR

at

2.00%

Floor

+

2.05%),

7.38%,

11/15/32

................

3,965

3,942,672

Bayview

Commercial

Asset

Trust

(a)(b)

Series

2005-2A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.58%),

5.93%,

08/25/35

.....................

1,999

1,928,735

Series

2005-3A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.59%),

5.94%,

11/25/35

.....................

499

481,231

Series

2007-1,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.44%),

5.79%,

03/25/37

.....................

1,503

1,428,935

Series

2007-3,

Class

A2,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

0.55%),

5.90%,

07/25/37

.....................

2,496

2,343,547

Series

2007-4A,

Class

A1,

(1-mo.

CME

Term

SOFR

at

0.68%

Floor

+

0.79%),

6.14%,

09/25/37

.....................

619

586,849

Series

2007-6A,

Class

A4A,

(1-mo.

CME

Term

SOFR

at

0.00%

Floor

+

1.61%),

6.96%,

12/25/37

................

1,468

1,283,071

BBCMS

Mortgage

Trust,

Series

2018-CHRS,

Class

E,

4.27%,

08/05/38

(a)(b)

..........

1,140

906,739

BB-UBS

Trust,

Series

2012-SHOW,

Class

E,

4.03%,

11/05/36

(a)(b)

................

2,672

2,402,462

BDS

LLC,

Series

2022-FL12,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.14%

Floor

+

2.14%),

7.48%,

08/19/38

(a)(b)

................

2,860

2,861,775

BFLD

Mortgage

Trust,

Series

2024-VICT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.89%

Floor

+

1.89%),

7.19%,

07/15/41

(a)(b)

..........

2,830

2,823,809

BFLD

Trust,

Series

2020-EYP,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.70%

Floor

+

3.81%),

9.14%,

10/15/35

(a)(b)

................

2,433

122,117

BPR

Trust,

Series

2021-TY,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.60%

Floor

+

3.71%),

9.04%,

09/15/38

(a)(b)

................

4,495

4,445,871

BWAY

Mortgage

Trust,

Series

2013-1515,

Class

D,

3.63%,

03/10/33

(b)

...............

3,600

3,141,186

BX

Commercial

Mortgage

Trust

(a)(b)

Series

2021-NWM,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.91%

Floor

+

1.02%),

6.35%,

02/15/33

................

12,383

12,172,979

Series

2021-NWM,

Class

B,

(1-mo.

CME

Term

SOFR

at

2.15%

Floor

+

2.26%),

7.59%,

02/15/33

................

7,261

7,165,276

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2021-NWM,

Class

C,

(1-mo.

CME

Term

SOFR

at

4.25%

Floor

+

4.36%),

9.69%,

02/15/33

................

USD

4,795

$

4,771,932

Series

2021-SOAR,

Class

G,

(1-mo.

CME

Term

SOFR

at

2.80%

Floor

+

2.91%),

8.24%,

06/15/38

................

4,321

4,237,199

Series

2021-VINO,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.92%

Floor

+

2.92%),

8.25%,

05/15/38

................

7,444

7,313,549

Series

2021-XL2,

Class

F,

(1-mo.

CME

Term

SOFR

at

2.24%

Floor

+

2.36%),

7.69%,

10/15/38

.....................

6,335

6,240,146

Series

2022-CSMO,

Class

C,

(1-mo.

CME

Term

SOFR

at

3.89%

Floor

+

3.89%),

9.22%,

06/15/27

................

3,670

3,684,909

Series

2023-XL3,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.76%

Floor

+

1.76%),

7.09%,

12/09/40

.....................

1,849

1,850,384

Series

2024-AIRC,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.69%

Floor

+

1.69%),

6.99%,

08/15/39

................

19,290

19,265,888

Series

2024-MF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

6.77%,

02/15/39

.....................

4,710

4,686,450

Series

2024-XL4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.44%

Floor

+

1.44%),

6.77%,

02/15/39

.....................

9,419

9,372,048

Series

2024-XL5,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.39%

Floor

+

1.39%),

6.72%,

03/15/41

.....................

6,176

6,133,389

BX

Trust

(a)(b)

Series

2018-GW,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

1.10%),

6.43%,

05/15/35

.....................

2,050

2,042,312

Series

2021-LBA,

Class

AJV,

(1-mo.

CME

Term

SOFR

at

0.80%

Floor

+

0.91%),

6.24%,

02/15/36

................

1,880

1,861,377

Series

2021-LBA,

Class

GJV,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.44%,

02/15/36

................

1,765

1,658,235

Series

2021-LBA,

Class

GV,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.44%,

02/15/36

................

5,638

5,297,748

Series

2021-MFM1,

Class

E

,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

7.69%,

01/15/34

................

3,586

3,503,177

Series

2021-MFM1,

Class

F,

(1-mo.

CME

Term

SOFR

at

3.00%

Floor

+

3.11%),

8.44%,

01/15/34

................

5,548

5,407,359

Series

2022-GPA,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.17%

Floor

+

2.17%),

7.49%,

08/15/39

................

9,569

9,593,235

Series

2022-GPA,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.06%

Floor

+

4.06%),

9.39%,

08/15/43

................

4,907

4,878,204

Series

2022-LBA6,

Class

A,

(

1-mo.

CME

Term

SOFR

at

1.00%

Floor

+

1.00%),

6.33%,

01/15/39

................

2,130

2,103,375

Series

2022-VAMF,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.85%

Floor

+

0.85%),

6.18%,

01/15/39

................

2,180

2,147,300

Series

2023-DELC,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.69%

Floor

+

2.69%),

8.02%,

05/15/38

................

8,500

8,526,562

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

107

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

Series

2024-VLT4,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.49%

Floor

+

1.49%),

6.82%,

07/15/29

................

USD

7,580

$

7,567,271

BXP

Trust

(a)(b)

Series

2017-CC,

Class

D,

(1-mo.

LIBOR

USD

+

0.00%),

3.55%,

08/13/37

.....

2,800

2,370,400

Series

2021-601L,

Class

D,

2.78%,

01/15/44

3,863

2,720,445

Citigroup

Commercial

Mortgage

Trust

(a)

Series

2016-C1,

Class

C,

4.94%,

05/10/49

2,870

2,755,394

Series

2016-GC37,

Class

C,

4.91%,

04/10/49

.....................

2,640

2,274,125

COAST

Commercial

Mortgage

Trust,

Series

2023-2HTL,

Class

D,

(1-mo.

CME

Term

SOFR

at

4.44%

Floor

+

4.44%),

9.77%,

08/15/3

6

(a)(b)

.....................

8,900

8,833,250

Commercial

Mortgage

Trust

(a)

Series

2013-300P,

Class

D,

4.39%,

08/10/30

(b)

....................

2,245

1,813,537

Series

2015-CR23,

Class

B,

4.18%,

05/10/48

.....................

9,520

9,322,385

Series

2016-667M,

Class

D,

3.18%,

10/10/36

(b)

....................

3,200

2,586,443

Series

2024-WCL1,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.84%

Floor

+

1.84%),

7.17%,

06/15/41

(b)

...............

4,380

4,332,094

CSMC

Trust

(a)(b)

Series

2021-BHAR,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.50%

Floor

+

3.61%),

8.94%,

11/15/38

................

1,338

1,318,777

Series

2022-LION,

Class

A,

(1-mo.

CME

Term

SOFR

at

3.59%

Floor

+

3.44%),

8.77%,

02/15/25

(g)

...............

8,800

8,573,352

Series

2022-NWPT,

Class

A,

(1-mo.

CME

Term

SOFR

at

3.14%

Floor

+

3.14%),

8.47%,

09/09/24

................

4,400

4,399,962

DBGS,

Series

2024-SBL,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.88%

Floor

+

1.88%),

7.20%,

08/15/39

(a)(b)

.....................

2,250

2,243,515

DBUBS

Mortgage

Trust,

Series

2017-BRBK,

Class

E,

(1-mo.

LIBOR

USD

+

0.00%),

3.53%,

10/10/34

(a)(b)

................

4,073

3,475,804

EQT

Trust,

Series

2024-EXTR,

Class

A,

5.33%,

07/05/41

(a)(b)

.....................

9,400

9,480,937

Extended

Stay

America

Trust

(a)(b)

Series

2021-ESH,

Class

D,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.36%),

7.69%,

07/15/38

................

2,720

2,713,357

Series

2021-ESH,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.85%

Floor

+

2.96%),

8.29%,

07/15/38

................

5,955

5,943,991

Great

Wolf

Trust,

Series

2024-WOLF,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.54%

Floor

+

1.54%),

6.87%,

03/15/39

(a)(b)

..........

2,830

2,819,387

GS

Mortgage

Securities

Corp.

II,

Series

2005-

ROCK,

Class

J,

5.86%,

05/03/32

(b)

......

1,500

1,423,962

GS

Mortgage

Securities

Corp.

Trust

(a)

Series

2015-GC32,

Class

C,

4.40%,

07/10/48

.....................

1,075

1,025,776

Series

2022-AGSS,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.79%

Floor

+

2.69%),

8.02%,

11/15/27

(b)

...............

4,700

4,693,905

Series

2023-SHIP,

Class

E,

7.43%,

09/10/38

(b)

....................

8,600

8,602,017

Harvest

Commercial

Capital

Loan

Trust,

Series

2019-1,

Class

M4,

4.64%,

09/25/46

(a)(b)

...

3,150

2,865,679

Security

Par

(000)

Par

(000)

Value

Commercial

Mortgage-Backed

Securities

(continued)

HONO

Mortgage

Trust,

Series

2021-LULU,

Class

E,

(1-mo.

CME

Term

SOFR

at

3.35%

Floor

+

3.46%),

8.79%,

10/15/36

(a)(b)

.....

USD

2,207

$

2,077,000

IL

PT

Commercial

Mortgage

Trust,

Series

2022-

LPF2,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.25%

Floor

+

2.25%),

7.57%,

10/15/39

(a)(b)

3,200

3,176,000

J.P.

Morgan

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

4,459,913

Series

2022-OPO,

Class

D,

3.45%,

01/05/39

2,409

1,842,885

LBA

Trust,

Series

2024-BOLT,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.59%

Floor

+

1.59%),

6.92%,

06/15/26

(a)(b)

................

3,250

3,225,625

LUXE

Trust,

Series

2021-TRIP,

Class

E,

(1-mo.

CME

Term

SOFR

at

2.75%

Floor

+

2.86%),

8.19%,

10/15/38

(a)(b)

................

920

909,

937

MAD

Mortgage

Trust,

Series

2017-330M,

Class

D,

3.98%,

08/15/34

(a)(b)

..............

3,305

2,809,085

MHP

Commercial

Mortgage

Trust,

Series

2021-

STOR,

Class

J,

(1-mo.

CME

Term

SOFR

at

3.95%

Floor

+

4.06%),

9.39%,

07/15/38

(a)(b)

1,277

1,255,010

Morgan

Stanley

Capital

I

Trust

(a)

Series

2018-H3,

Class

C,

4.85%,

07/15/51

1,440

1,310,224

Series

2018-MP,

Class

E,

4.28%,

07/11/40

(b)

2,112

1,316,032

NYC

Trust,

Series

2024-3ELV,

Class

A,

(1-mo.

CME

Term

SOFR

at

1.99%

Floor

+

1.99%),

7.32%,

08/15/29

(a)(b)

................

4,710

4,698,224

Olympic

Tower

Mortgage

Trust,

Series

2017-OT,

Class

E,

3.95%,

05/10/39

(a)(b)

..........

4,300

3,002,970

PFP

Ltd.,

Series

2022

-9,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.27%

Floor

+

2.27%),

7.60%,

08/19/35

(a)(b)

.....................

4,005

4,009,037

PKHL

Commercial

Mortgage

Trust,

Series

2021-MF,

Class

G,

(1-mo.

CME

Term

SOFR

at

4.35%

Floor

+

4.46%),

9.79%,

07/15/38

(a)

(b)

............................

1,400

346,208

SREIT

Trust,

Series

2021-MFP2,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.82%

Floor

+

0.94%),

6.27%,

11/15/36

(a)(b)

..........

4,710

4,651,125

Taubman

Centers

Commercial

Mortgage

Trust,

Series

2022-DPM,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.19%

Floor

+

2.19%),

7.51%,

05/15/37

(a)(b)

.....................

4,250

4,260,625

TTAN

MHC,

Series

2021-MHC,

Class

A,

(1-mo.

CME

Term

SOFR

at

0.85%

Floor

+

0.96%),

6.29%,

03/15/38

(a)(b)

................

1,821

1,809,540

Velocity

Commercial

Capital

Loan

Trust

(a)(b)

Series

2022-1,

Class

M4,

5.20%,

02/25/52

.

5,499

4,257,071

Series

2023-3,

Class

M2,

8.27%,

08/25/53

.

1,240

1,267,423

Series

2023-3,

Class

M3,

9.32%,

08/25/53

.

1,240

1,277,287

Wells

Fargo

Commercial

Mortgage

Trust

(a)

Series

2015-NXS3,

Class

B,

4.50%,

09/15/57

.....................

1,600

1,549,123

Series

2016-C37,

Class

C,

4.47%,

12/15/49

2,803

2,618,503

Series

2016-LC25,

Class

C,

4.33%,

12/15/59

8,320

7,398,703

Series

2016-NXS5,

Class

B,

4.94%,

01/15/59

.....................

1,875

1,783,141

WMRK

Commercial

Mortgage

Trust,

Series

2022-WMRK,

Class

A,

(1-mo.

CME

Term

SOFR

at

2.79%

Floor

+

2.79%),

8.12%,

11/15/27

(a)(b)

.....................

3,005

3,013,452

347,801,296

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

108

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Interest

Only

Commercial

Mortgage-Backed

Securities

—

0.0%

(a)

BBCMS

Trust

(b)

Series

2015-SRCH,

Class

XA,

0.87%,

08/10/35

.....................

USD

69,033

$

1,390,551

Series

2015-SRCH,

Class

XB,

0.19%,

08/10/35

.....................

35,000

196,692

BX

Trust,

Series

2022-GPA,

Class

XCP,

1.03%,

08/15/39

(b)

......................

375,000

10,987

Commercial

Mortgage

Trust

Series

2014-UBS5,

Class

XB2,

0.74%,

09/10/47

(b)

....................

12,675

3,921

Series

2015-CR25,

Class

XA,

0.78%,

08/10/48

.....................

11,120

57,893

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2014-C22,

Class

XA,

0.66%,

09/15/47

1,327

13

JPMDB

Commercial

Mortgage

Securities

Trust,

Series

2016-C4,

Class

XC,

0.75%,

12/15/49

(b)

......................

40,477

565,836

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

X,

0.83%,

03/10/50

(b)

.....

31,693

488,790

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C26,

Class

XD,

1.30%,

10/15/48

(b)

......................

12,675

168,457

Morgan

Stanley

Capital

I

Trust,

Series

2016-

UBS9,

Class

XD,

1.59%,

03/15/49

(b)

.....

13,600

292,024

Natixis

Commercial

Mortgage

Securities

Trust

(b)

Series

2017-75B,

Class

XA,

0.20%,

04/10/37

40,610

231,185

Series

2017-75B,

Class

XB,

0.03%,

04/10/37

27,000

39,425

Wells

Fargo

Commercial

Mortgage

Trust

Series

2016-BNK1,

Class

XD,

1.24%,

08/15/49

(b)

....................

11,784

242,219

Series

2016-LC25,

Class

XA,

0.82%,

12/15/59

.....................

18,110

275,324

WFRBS

Commercial

Mortgage

Trust,

Series

2014-C20,

Class

XB,

0.34%,

05/15/47

...

52,028

520

3,963,837

Total

Non-Agency

Mortgage-Backed

Securities

—

5.3%

(Cost:

$599,287,492)

..............................

575,945,820

Preferred

Securities

Capital

Trusts

—

0.1%

Banks

—

0.1%

(a)(l)

Banco

Bilbao

Vizcaya

Argentaria

SA,

(5-Year

EUR

Swap

Annual

+

6.46%),

6.00%

(c)

....

EUR

5,600

6,083,327

PNC

Financial

Services

Group,

Inc.

(The)

Series

V,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.24%),

6.20%

.......................

USD

381

380,011

Series

W,

(7-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.81%),

6.25%

.......................

315

307,076

6,770,414

Capital

Markets

—

0.0%

Charles

Schwab

Corp.

(The),

Series

I,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.17%),

4.00%

(a)(l)

....

2,575

2,404,638

Consumer

Finance

—

0.0%

General

Motors

Financial

Co.,

Inc.,

Series

C,

(5-

Year

US

Treasury

Yield

Curve

Rate

T

Note

Constan

t

Maturity

+

5.00%),

5.70%

(a)(l)

....

470

445,880

Security

Par

(000)

Par

(000)

Value

Electric

Utilities

—

0.0%

(a)(l)

Edison

International

Series

A,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.70%),

5.38%

.......................

USD

738

$

721,134

Series

B,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.90%),

5.00%

.......................

517

496,865

NRG

Energy,

Inc.,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

5.92%),

10.25%

(b)

.................

536

593,941

1,811,940

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)(l)

......................

743

747,268

Oil,

Gas

&

Consumable

Fuels

—

0.0%

Energy

Transfer

LP,

Series

H,

(5-Year

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Mat

urity

+

5.69%),

6.50%

(a)(l)

..........

429

426,200

Total

Capi

tal

Trusts

—

0.1%

(Cost:

$12,673,560)

...............................

12,606,340

Shares

Shares

Preferred

Stocks

—

0.0%

Household

Products

—

0.0%

Henkel

AG

&

Co.

KGaA

(Preference)

.......

29,993

2,565,656

Total

Preferred

Stocks

—

0.0%

(Cost:

$2,377,741)

...............................

2,565,656

Total

Preferred

Securities

—

0.1%

(Cost:

$15,051,301)

...............................

15,171,996

Par

(000)

Par

(000)

U.S.

Government

Sponsored

Agency

Securities

Commercial

Mortgage-Backed

Securities

—

0.0%

Federal

Home

Loan

Mortgage

Corp.

Variable

Rate

Notes,

Series

2018-W5FX,

Class

CFX,

(1-mo.

LIBOR

USD

+

0.00%),

3.66%, 04/25/28

(a)(b)

................

4,627

4,071,094

Total

U.S.

Government

Sponsored

Agency

Securities

—

0.0%

(Cost:

$4,531,508)

...............................

4,071,094

U.S.

Treasury

Obligations

U.S.

Treasury

Inflation

Linked

Bonds

,

2.38%, 01/15/25

..................

56,944

56,314,995

U.S.

Treasury

Inflation

Linked

Notes

,

0.25%, 01/15/25

..................

58,135

56,917,029

Total

U.S.

Treasury

Obligations

—

1.0%

(Cost:

$114,575,856)

..............................

113,232,024

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedule

of

Investments

109

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Warrants

Diversified

Consumer

Services

—

0.0%

Service

King

Midas

International

(Issued/

Exercisable

07/14/22,

1

Share

for

1

Warrant,

Expires

04/26/27,

Strike

Price

USD

10.00)

(e)

(g)

............................

1,841

$

—

Oil,

Gas

&

Consumable

Fuels

—

0.0%

California

Resources

Corp.

(Issued/Exercisable

10/23/20,

1

Share

for

1

Warrant,

Expires

10/27/24,

Strike

Price

USD

36.00)

(e)

.....

1,489

23,392

Total

Warrants

—

0.0%

(Cost:

$—)

.....................................

23,392

Total

Long-Term

Investments

—

93.4%

(Cost:

$9,921,472,391)

............................

10,225,031,143

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

9.5%

(q)(r)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.45%

(s)

..................

239,783,253

$

239,879,166

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.21%

....................

794,650,648

794,650,648

Total

Short-Term

Securities

—

9.5%

(Cost:

$1,034,515,501)

............................

1,034,529,814

Total

Options

Purchased

—

0.0%

(

Cost:

$4,635,084

)

...............................

5,448,682

Total

Investments

Before

Options

Written

—

102.9%

(Cost:

$10,960,622,976

)

............................

11,265,009,639

Total

Options

Written

—

(0.0)%

(Premium

Received

—

$(826,363))

....................

(1,158,613)

Total

Investments

Net

of

Options

Written

—

102.9%

(Cost:

$10,959,796,613

)

............................

11,263,851,026

Liabilities

in

Excess

of

Other

Assets

—

(2.9)%

.............

(317,996,420)

Net

Assets

—

100.0%

...............................

$

10,945,854,606

(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)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(e)

Non-income

producing

security.

(f)

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.

(g)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(h)

All

or

a

portion

of

this

security

is

on

loan.

(i)

Restricted

security

as

to

resale,

excluding

144A

securities.

The

Fund

held

restricted

securities

with

a

current

value

of

$8,949,130,

representing

0.08%

of

its

net

assets

as

of

period

end,

and

an

original

cost

of

$8,346,059.

(j)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(k)

Payment-in-kind

security

which

may

pay

interest/dividends

in

additional

par/shares

and/or

in

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(l)

Perpetual

security

with

no

stated

maturity

date.

(m)

Convertible

security.

(n)

Zero-coupon

bond.

(o)

Rounds

to

less

than

1,000.

(p)

Represents

an

unsettled

loan

commitment

at

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date,

including

coupon

rate.

(q)

Affiliate

of

the

Fund.

(r)

Annualized

7-day

yield

as

of

period

end.

(s)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

110

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

July

31,

2024

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

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

07/31/24

Shares

Held

at

07/31/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

—

$

239,919,208

(a)

$

—

$

(54,355)

$

14,313

$

239,879,166

239,783,253

$

741,596

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

518,724,542

275,926,106

(a)

—

—

—

794,650,648

794,650,648

27,969,711

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(c)

........

39,735,483

—

(

42,119,061)

(a)

2,412,977

(29,399)

—

—

—

—

iShares

Core

Dividend

Growth

ETF

................

98,838,363

1,148,590,312

(782,132,594)

34,079,769

47,282,785

546,658,635

9,065,649

5,339,038

—

iShares

Core

S&P

500

ETF

..

—

217,662,195

—

—

3,362,585

221,024,780

399,452

—

—

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

....

38,971,137

230,225,879

(38,862,610)

(2,543,887)

6,858,255

234,648,774

2,987,634

7,295,258

—

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

—

$

24,332,886

$

61,072,760

$

2,036,862,003

$

48,822,835

$

—

—

—

(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

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

111

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Euro-Bund

..............................................................

4,816

09/06/24

$

697,016

$

16,326,963

U.S.

Treasury

10-Year

Note

...................................................

9,317

09/19/24

1,045,397

32,181,142

S&P

500

E-Mini

Index

.......................................................

64

09/20/24

17,786

279,278

U.S.

Treasury

5-Year

Note

....................................................

15,616

09/30/24

1,689,822

38,057,179

86,844,562

Short

Contracts

GBP

Currency

............................................................

3,714

09/16/24

298,536

(

2,238,021

)

JPY

Currency

............................................................

347

09/16/24

29,027

(

996,365

)

U.S.

Treasury

Long

Bond

.....................................................

8

09/19/24

971

(

31,460

)

U.S.

Treasury

Ultra

Bond

.....................................................

2

09/19/24

257

(

8,815

)

U.S.

Treasury

2-Year

Note

....................................................

2

09/30/24

411

(

3,560

)

(

3,278,221

)

$

83,566,341

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

967,085

EUR

890,000

Bank

of

America

NA

08/15/24

$

3,281

USD

7,060,122

EUR

6,470,000

Bank

of

New

York

Mellon

08/15/24

53,590

USD

3,501,537

EUR

3,230,000

BNP

Paribas

SA

08/15/24

3,685

USD

2,745,865

EUR

2,520,000

Deutsche

Bank

AG

08/15/24

16,891

USD

580,399,271

EUR

535,560,000

JPMorgan

Chase

Bank

NA

08/15/24

427,283

USD

162,992

EUR

150,000

Morgan

Stanley

&

Co.

International

plc

08/15/24

553

USD

530,885

EUR

490,000

Natwest

Markets

plc

08/15/24

251

USD

292,700

EUR

270,000

Toronto

Dominion

Bank

08/15/24

310

USD

2,102,708

GBP

1,620,000

Natwest

Markets

plc

08/15/24

19,847

USD

759,443

GBP

590,030

Toronto

Dominion

Bank

09/18/24

602

AED

513,000

USD

139,688

Barclays

Bank

plc

10/15/24

18

AED

107,000

USD

29,139

Citibank

NA

10/15/24

—

AED

267,000

USD

72,701

UBS

AG

10/15/24

12

EUR

295,000

USD

319,720

UBS

AG

10/15/24

689

KRW

1,042,586,000

USD

757,892

Citibank

NA

10/15/24

5,844

SGD

435,000

USD

323,459

Bank

of

America

NA

10/15/24

3,177

USD

1,746,403

AED

6,412,000

Citibank

NA

10/15/24

209

USD

165,917

AUD

251,000

Bank

of

New

York

Mellon

10/15/24

1,477

USD

1,874,578

AUD

2,777,000

Westpac

Banking

Corp.

10/15/24

55,253

USD

162,691

CAD

224,000

Bank

of

New

York

Mellon

10/15/24

93

USD

400,873

EUR

369,000

Bank

of

New

York

Mellon

10/15/24

90

USD

454,592

EUR

416,000

Deutsche

Bank

AG

10/15/24

2,761

USD

321,076

HKD

2,502,000

Bank

of

New

York

Mellon

10/15/24

138

USD

7,382,318

EUR

6,734,189

Deutsche

Bank

AG

10/17/24

67,340

USD

220,762

EUR

203,224

HSBC

Bank

plc

10/17/24

10

663,404

EUR

3,630,000

USD

3,931,311

Societe

Generale

SA

08/15/24

(

289

)

GBP

330,000

USD

430,310

Nomura

International

plc

08/15/24

(

6,023

)

USD

127,684,205

GBP

99,680,000

Bank

of

New

York

Mellon

08/15/24

(

476,109

)

USD

475,706

GBP

370,000

Morgan

Stanley

&

Co.

International

plc

08/15/24

(

9

)

USD

4,076,075

EUR

3,786,094

BNP

Paribas

SA

09/18/24

(

30,699

)

USD

1,472,645

EUR

1,368,000

Societe

Generale

SA

09/18/24

(

11,224

)

USD

2,646,369

EUR

2,458,906

Toronto

Dominion

Bank

09/18/24

(

20,804

)

USD

218,170

GBP

172,000

Barclays

Bank

plc

09/18/24

(

3,041

)

USD

748,197

GBP

590,000

Goldman

Sachs

International

09/18/24

(

10,605

)

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

112

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

507,172

GBP

400,000

JPMorgan

Chase

Bank

NA

09/18/24

$

(

7,270

)

USD

12,144,309

GBP

9,573,000

Nomura

International

plc

09/18/24

(

167,576

)

AED

667,000

USD

181,650

Citibank

NA

10/15/24

(

4

)

AED

132,000

USD

35,951

Deutsche

Bank

AG

10/15/24

(

4

)

AUD

1,979,000

USD

1,312,548

UBS

AG

10/15/24

(

16,025

)

AUD

475,000

USD

314,082

Westpac

Banking

Corp.

10/15/24

(

2,890

)

CAD

934,000

USD

686,312

Deutsche

Bank

AG

10/15/24

(

8,338

)

CAD

26,000

USD

19,058

UBS

AG

10/15/24

(

185

)

EUR

62,000

USD

67,344

UBS

AG

10/15/24

(

4

)

GBP

412,000

USD

532,954

Bank

of

New

York

Mellon

10/15/24

(

2,993

)

HKD

6,757,000

USD

867,150

Bank

of

America

NA

10/15/24

(

413

)

HKD

2,185,000

USD

280,427

UBS

AG

10/15/24

(

152

)

NZD

3,694,000

USD

2,261,282

Westpac

Banking

Corp.

10/15/24

(

62,671

)

USD

1,996,142

CHF

1,769,000

Barclays

Bank

plc

10/15/24

(

37,525

)

USD

223,821

CHF

197,000

Deutsche

Bank

AG

10/15/24

(

2,653

)

USD

16,016

CHF

14,000

Westpac

Banking

Corp.

10/15/24

(

79

)

USD

1,974,175

GBP

1,541,000

Barclays

Bank

plc

10/15/24

(

8,036

)

USD

701,744

GBP

547,000

Deutsche

Bank

AG

10/15/24

(

1,870

)

USD

1,333,260

JPY

211,876,000

Bank

of

New

York

Mellon

10/15/24

(

97,070

)

USD

485,376

JPY

73,563,000

Barclays

Bank

plc

10/15/24

(

11,232

)

USD

648,217

JPY

102,342,000

Deutsche

Bank

AG

10/15/24

(

42,673

)

EUR

59,040

USD

64,133

Canadian

Imperial

Bank

of

Commerce

10/17/24

(

1

)

(

1,028,467

)

$

(

365,063

)

OTC

Options

Purchased

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Nasdaq-100

Index

........

Morgan

Stanley

&

Co.

International

plc

22,721

09/20/24

USD

20,300.00

USD

439,934

$

5,448,682

OTC

Options

Written

Description

Counterparty

Number

of

Contracts

Expiration

Date

Exercise

Price

Notional

Amount

(000)

Value

Call

Nasdaq-100

Index

...........

Morgan

Stanley

&

Co.

International

plc

22,721

09/20/24

USD

21,325.00

USD

439,934

$

(

1,158,613

)

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

42.V1

.....................

5

.00

%

Quarterly

06/20/29

USD

21,473

$

(

1,585,546

)

$

(

1,374,516

)

$

(

211,030

)

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

113

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)

Energy

Transfer

LP

....

1

.00

%

Quarterly

06/20/29

BBB

USD

1,380

$

24,115

$

23,189

$

926

Markit

CDX

North

American

Investment

Grade

Index

Series

42.V1

.......

1

.00

Quarterly

06/20/29

BBB+

USD

6,405

143,625

137,116

6,509

Verizon

Communications,

Inc.

.............

1

.00

Quarterly

06/20/29

BBB+

USD

7,197

138,785

138,092

693

$

306,525

$

298,397

$

8,128

(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

06/20/29

USD

850

$

(

19,678

)

$

(

15,308

)

$

(

4,370

)

DR

Horton,

Inc.

...........

1

.00

Quarterly

Bank

of

America

NA

06/20/29

USD

1,520

(

39,134

)

(

33,754

)

(

5,380

)

Matterhorn

Telecom

Holding

SA

5

.00

Quarterly

Goldman

Sachs

International

06/20/29

EUR

1,473

(

201,370

)

(

177,490

)

(

23,880

)

Tyson

Foods,

Inc.

.........

1

.00

Quarterly

Bank

of

America

NA

06/20/29

USD

1,520

(

31,898

)

(

24,547

)

(

7,351

)

$

–

$

–

$

–

$

(

292,080

)

$

(

251,099

)

$

(

40,981

)

$

–

$

–

$

–

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

$

20,376

$

16,852

$

3,524

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Goldman

Sachs

International

06/20/26

CCC-

EUR

800

(

25,725

)

(

24,600

)

(

1,125

)

TK

Elevator

Holdco

GmbH

5

.00

Quarterly

Goldman

Sachs

International

12/20/26

CCC+

EUR

476

35,895

9,606

26,289

CMA

CGM

SA

........

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

06/20/27

NR

EUR

1,090

130,444

160,257

(

29,813

)

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Bank

of

America

NA

12/20/27

NR

EUR

304

(

8,359

)

(

46,455

)

38,096

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Barclays

Bank

plc

12/20/27

NR

EUR

513

(

14,123

)

(

76,139

)

62,016

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Barclays

Bank

plc

12/20/27

NR

EUR

183

(

5,025

)

(

27,088

)

22,063

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Citibank

NA

12/20/27

NR

EUR

149

(

4,098

)

(

22,743

)

18,645

ADLER

Real

Estate

GmbH

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

12/20/27

NR

EUR

312

(

8,576

)

(

47,259

)

38,683

ADLER

Real

Estate

GmbH

5

.00

Quarterly

Morgan

Stanley

&

Co.

International

plc

12/20/27

NR

EUR

226

(

6,218

)

(

34,215

)

27,997

AT&T,

Inc.

...........

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

650

10,756

9,250

1,506

AT&T,

Inc.

...........

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

150

2,482

2,364

118

AT&T,

Inc.

...........

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

150

2,482

2,357

125

Bank

of

America

Corp.

..

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

A-

USD

2,710

60,163

62,297

(

2,134

)

Broadcom,

Inc.

.......

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

655

15,441

14,222

1,219

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

216

32,759

32,145

614

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

144

21,795

21,747

48

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

342

51,764

51,374

390

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

303

45,861

45,784

77

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

130

19,676

19,206

470

Ford

Motor

Co.

.......

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

130

19,676

19,083

593

Forvia

SE

...........

5

.00

Quarterly

Barclays

Bank

plc

06/20/29

BB

EUR

828

104,870

106,879

(

2,009

)

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

114

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)

Forvia

SE

...........

5

.00

%

Quarterly

Goldman

Sachs

International

06/20/29

BB

EUR

913

$

115,636

$

104,580

$

11,056

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

206

1,648

1,589

59

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

137

1,096

1,237

(

141

)

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

650

5,201

6,139

(

938

)

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

206

1,648

2,243

(

595

)

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB-

USD

136

1,088

1,358

(

270

)

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB-

USD

218

1,744

2,177

(

433

)

Freeport-McMoRan,

Inc.

.

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB-

USD

147

1,176

1,021

155

General

Motors

Co.

....

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

650

111,725

111,262

463

General

Motors

Co.

....

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

325

55,862

55,132

730

General

Motors

Co.

....

5

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB

USD

207

35,592

34,739

853

Goldman

Sachs

Group,

Inc.

(The)

............

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB+

USD

677

13,813

13,468

345

Goldman

Sachs

Group,

Inc.

(The)

............

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB+

USD

339

6,917

6,586

331

Goldman

Sachs

Group,

Inc.

(The)

............

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB+

USD

684

13,956

14,548

(

592

)

Goldman

Sachs

Group,

Inc.

(The)

............

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB+

USD

137

2,795

2,557

238

HCA,

Inc.

...........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB-

USD

599

122,320

116,196

6,124

HCA,

Inc.

...........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB-

USD

666

136,002

129,193

6,809

HCA,

Inc.

...........

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB-

USD

333

68,001

65,653

2,348

JPMorgan

Chase

&

Co.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

A-

USD

674

17,737

17,290

447

JPMorgan

Chase

&

Co.

.

1

.00

Quarterly

Bank

of

America

NA

06/20/29

A-

USD

337

8,868

8,484

384

Kinder

Morgan,

Inc.

....

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB

USD

393

7,507

7,492

15

Kinder

Morgan,

Inc.

....

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB

USD

282

5,386

5,156

230

Morgan

Stanley

.......

1

.00

Quarterly

Bank

of

America

NA

06/20/29

A-

USD

202

4,445

4,125

320

Morgan

Stanley

.......

1

.00

Quarterly

Bank

of

America

NA

06/20/29

A-

USD

667

14,679

13,857

822

Morgan

Stanley

.......

1

.00

Quarterly

Bank

of

America

NA

06/20/29

A-

USD

334

7,350

6,930

420

Morgan

Stanley

.......

1

.00

Quarterly

Bank

of

America

NA

06/20/29

A-

USD

651

14,326

14,153

173

Sunrise

HoldCo

IV

BV

..

5

.00

Quarterly

Bank

of

America

NA

06/20/29

B

EUR

460

63,054

44,269

18,785

Sunrise

HoldCo

IV

BV

..

5

.00

Quarterly

Deutsche

Bank

AG

06/20/29

B

EUR

291

39,779

27,237

12,542

T-Mobile

USA,

Inc.

.....

5

.00

Quarterly

Goldman

Sachs

International

06/20/29

BBB

USD

382

79,318

76,216

3,102

T-Mobile

USA,

Inc.

.....

5

.00

Quarterly

Goldman

Sachs

International

06/20/29

BBB

USD

245

50,871

49,199

1,672

Virgin

Media

Finance

plc

.

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

B-

EUR

678

33,406

24,932

8,474

Virgin

Media

Finance

plc

.

5

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

B-

EUR

485

20,149

17,147

3,002

Wells

Fargo

&

Co.

.....

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB+

USD

667

14,642

14,741

(

99

)

Wells

Fargo

&

Co.

.....

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB+

USD

333

7,309

7,350

(

41

)

Wells

Fargo

&

Co.

.....

1

.00

Quarterly

Bank

of

America

NA

06/20/29

BBB+

USD

285

6,256

6,077

179

Williams

Cos.,

Inc.

(The)

.

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB

USD

393

7,224

7,146

78

Williams

Cos.,

Inc.

(The)

.

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB

USD

281

5,165

4,517

648

Williams

Cos.,

Inc.

(The)

.

1

.00

Quarterly

JPMorgan

Chase

Bank

NA

06/20/29

BBB

USD

716

13,162

12,701

461

$

1,619,169

$

1,333,621

$

285,548

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

115

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Barclays

Bank

plc

09/20/24

USD

8,000

$

28,928

$

(

21,842

)

$

50,770

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Barclays

Bank

plc

09/20/24

USD

5,000

10,607

(

14,650

)

25,257

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

BNP

Paribas

SA

09/20/24

USD

8,000

24,681

(

33,020

)

57,701

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

BNP

Paribas

SA

09/20/24

USD

15,000

236,764

(

618

)

237,382

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Barclays

Bank

plc

12/20/24

USD

1,960

4,778

(

462

)

5,240

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

12/20/24

USD

8,040

11,086

(

1,897

)

12,983

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

At

Termination

Morgan

Stanley

&

Co.

International

plc

12/20/24

USD

4,000

39,855

(

13,206

)

53,061

$

356,699

$

(

85,695

)

$

442,394

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

.35

%

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps,

OTC

Swaps

and

Options

Written

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Value

Centrally

Cleared

Swaps

(a)

............................................

$

298,397

$

(

1,374,516

)

$

8,128

$

(

211,030

)

$

—

OTC

Swaps

.....................................................

1,612,120

(

615,293

)

766,132

(

79,171

)

—

Options

Written

...................................................

N/A

N/A

—

(

332,250

)

(

1,158,613

)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

116

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

279,278

$

—

$

86,565,284

$

—

$

86,844,562

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

663,404

—

—

663,404

Options

purchased

Investments

at

value

—

unaffiliated

(b)

............

—

—

5,448,682

—

—

—

5,448,682

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

8,128

—

—

—

—

8,128

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

1,935,858

—

—

442,394

—

2,378,252

$

—

$

1,943,986

$

5,727,960

$

663,404

$

87,007,678

$

—

$

95,343,028

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

—

$

3,234,386

$

43,835

$

—

$

3,278,221

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

1,028,467

—

—

1,028,467

Options

written

Options

written

at

value

.....................

—

—

1,158,613

—

—

—

1,158,613

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

211,030

—

—

—

—

211,030

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

608,769

—

—

85,695

—

694,464

$

—

$

819,799

$

1,158,613

$

4,262,853

$

129,530

$

—

$

6,370,795

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

(b)

Includes

options

purchased

at

value

as

reported

in

the

Schedule

of

Investments.

For

the

period

ended

July

31,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

7,392,583

$

9,074,664

$

(

189,243,714

)

$

—

$

(

172,776,467

)

Forward

foreign

currency

exchange

contracts

....

—

—

—

6,956,980

—

—

6,956,980

Options

purchased

(a)

.....................

—

(

187

)

22,624,992

—

(

20,179

)

—

22,604,626

Options

written

........................

—

46,678

(

1,481,748

)

—

9,336

—

(

1,425,734

)

Swaps

..............................

—

433,330

2,778,962

—

(

537,069

)

—

2,675,223

$

—

$

479,821

$

31,314,789

$

16,031,644

$

(189,791,626)

$

—

$

(141,965,372)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

831,945

$

1,101,918

$

152,384,901

$

—

$

154,318,764

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

9,307,307

)

—

—

(

9,307,307

)

Options

purchased

(b)

.....................

—

—

813,598

—

—

—

813,598

Options

written

........................

—

—

(

332,250

)

—

—

—

(

332,250

)

Swaps

..............................

—

(

62,229

)

(

190,205

)

—

442,394

—

189,960

$

—

$

(62,229)

$

1,123,088

$

(8,205,389)

$

152,827,295

$

—

$

145,682,765

(a)

Options

purchased

are

included

in

net

realized

gain

(loss)

from

investments

—

unaffiliated.

(b)

Options

purchased

are

included

in

net

change

in

unrealized

appreciation

(depreciation)

on

investments

—

unaffiliated.

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

117

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

3,495,083,251

Average

notional

value

of

contracts

—

short

.................................................................................

$

550,765,895

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

$

636,336,046

Average

amounts

sold

—

in

USD

........................................................................................

$

21,437,222

Options

Average

value

of

option

contracts

purchased

................................................................................

$

3,651,357

Average

value

of

option

contracts

written

...................................................................................

$

1,643,561

Average

notional

value

of

swaption

contracts

purchased

.........................................................................

$

—

(a)

Average

notional

value

of

swaption

contracts

written

...........................................................................

$

—

(a)

Credit

default

swaps

Average

notional

value

—

buy

protection

...................................................................................

$

24,706,903

Average

notional

value

—

sell

protection

...................................................................................

$

20,733,289

Total

return

swaps

Average

notional

value

...............................................................................................

$

23,870,543

(a)

Derivative

financial

instrument

not

held

at

any

quarter-end.

The

risk

exposure

table

serves

as

an

indicator

of

activity

during

the

period.

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

15,217,091

$

—

Forward

f

oreign

currency

exchange

contracts

.................................................................

663,404

1,028,467

Options

(a)

.........................................................................................

5,448,682

1,158,613

Swaps

—

centrally

cleared

..............................................................................

—

46,295

Swaps

—

OTC

(b)

.....................................................................................

2,378,252

694,464

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

23,707,429

$

2,927,839

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(

15,217,091

)

(

46,295

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

8,490,338

$

2,881,544

(a)

Includes

options

purchased

at

value

which

is

included

in

Investments

at

value

–

unaffiliated

in

the

Statements

of

Assets

and

Liabilities

and

reported

in

the

Schedule

of

Investments.

(b)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

(b)

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

Bank

of

America

NA

..............................

$

679,929

$

(

140,254

)

$

(

413,909

)

$

—

$

125,766

Bank

of

New

York

Mellon

...........................

55,388

(

55,388

)

—

—

—

Barclays

Bank

plc

................................

272,243

(

202,024

)

—

—

70,219

BNP

Paribas

SA

.................................

298,768

(

64,337

)

—

—

234,431

Citibank

NA

....................................

24,698

(

22,747

)

—

—

1,951

Deutsche

Bank

AG

...............................

126,771

(

55,538

)

—

—

71,233

Goldman

Sachs

International

........................

281,720

(

237,700

)

—

—

44,020

HSBC

Bank

plc

..................................

10

—

—

—

10

JPMorgan

Chase

Bank

NA

..........................

970,314

(

57,096

)

—

(

310,000

)

603,218

Morgan

Stanley

&

Co.

International

plc

..................

5,703,533

(

1,237,753

)

—

—

4,465,780

Natwest

Markets

plc

..............................

20,098

—

—

—

20,098

Toronto

Dominion

Bank

............................

912

(

912

)

—

—

—

UBS

AG

......................................

701

(

701

)

—

—

—

Westpac

Banking

Corp.

............................

55,253

(

55,253

)

—

—

—

$

8,490,338

$

(

2,129,703

)

$

(

413,909

)

$

(

310,000

)

$

5,636,726

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

118

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.

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

Net

Amount

of

Derivative

Liabilities

(c)(e)

Bank

of

America

NA

..............................

$

140,254

$

(

140,254

)

$

—

$

—

$

—

Bank

of

New

York

Mellon

...........................

576,172

(

55,388

)

—

—

520,784

Barclays

Bank

plc

................................

202,024

(

202,024

)

—

—

—

BNP

Paribas

SA

.................................

64,337

(

64,337

)

—

—

—

Canadian

Imperial

Bank

of

Commerce

..................

1

—

—

—

1

Citibank

NA

....................................

22,747

(

22,747

)

—

—

—

Deutsche

Bank

AG

...............................

55,538

(

55,538

)

—

—

—

Goldman

Sachs

International

........................

237,700

(

237,700

)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

57,096

(

57,096

)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

1,237,753

(

1,237,753

)

—

—

—

Nomura

International

plc

...........................

173,599

—

—

—

173,599

Societe

Generale

SA

..............................

11,513

—

—

—

11,513

Toronto

Dominion

Bank

............................

20,804

(

912

)

—

—

19,892

UBS

AG

......................................

16,366

(

701

)

—

—

15,665

Westpac

Banking

Corp.

............................

65,640

(

55,253

)

—

—

10,387

$

2,881,544

$

(

2,129,703

)

$

—

$

—

$

751,841

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(d)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(e)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

...................................

$

—

$

1,719,971,014

$

—

$

1,719,971,014

Common

Stocks

Aerospace

&

Defense

....................................

30,271,009

18,392,815

—

48,663,824

Air

Freight

&

Logistics

....................................

15,008,586

603,384

—

15,611,970

Automobile

Components

..................................

5,303,903

—

—

5,303,903

Automobiles

..........................................

8,458,960

—

—

8,458,960

Banks

...............................................

96,461,780

42,433,589

103

138,895,472

Beverages

...........................................

3,233,290

21,016,927

—

24,250,217

Biotechnology

.........................................

21,526,215

—

—

21,526,215

Broadline

Retail

........................................

6,631,679

1,470

—

6,633,149

Building

Products

.......................................

27,976,357

9,005,024

—

36,981,381

Capital

Markets

........................................

46,175,068

8,421,118

—

54,596,186

Chemicals

............................................

14,314,556

22,202,828

—

36,517,384

Commercial

Services

&

Supplies

.............................

19,295,936

—

—

19,295,936

Communications

Equipment

................................

10,846,017

—

—

10,846,017

Construction

&

Engineering

................................

1,275,552

10,912,033

—

12,187,585

Construction

Materials

....................................

—

3,180,200

—

3,180,200

Consumer

Finance

......................................

5,291,357

—

—

5,291,357

Consumer

Staples

Distribution

&

Retail

........................

16,066,750

—

—

16,066,750

Containers

&

Packaging

..................................

16,553,441

—

—

16,553,441

Distributors

...........................................

1,009,894

—

—

1,009,894

Diversified

REITs

.......................................

4,955,987

12,985,945

—

17,941,932

Diversified

Telecommunication

Services

........................

28,165,411

23,679,744

—

51,845,155

Electric

Utilities

........................................

133,357,788

20,565,210

—

153,922,998

Electrical

Equipment

.....................................

24,520,050

4,160,510

—

28,680,560

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

119

Level

1

Level

2

Level

3

Total

Electronic

Equipment,

Instruments

&

Components

.................

$

9,085,441

$

2,461,326

$

—

$

11,546,767

Energy

Equipment

&

Services

..............................

21,821,251

—

—

21,821,251

Entertainment

.........................................

8,671,805

—

—

8,671,805

Financial

Services

......................................

39,641,020

—

661,713

40,302,733

Food

Products

.........................................

35,040,121

23,336,308

—

58,376,429

Gas

Utilities

...........................................

—

3,309,599

—

3,309,599

Ground

Transportation

...................................

42,961,062

1,968,704

—

44,929,766

Health

Care

Equipment

&

Supplies

...........................

26,922,722

5,834,565

—

32,757,287

Health

Care

Providers

&

Services

............................

111,584,640

387,807

—

111,972,447

Health

Care

REITs

......................................

34,529,638

10,490,991

—

45,020,629

Hotels,

Restaurants

&

Leisure

..............................

2,933,367

—

—

2,933,367

Household

Durables

.....................................

10,161,649

15,493,230

—

25,654,879

Household

Products

.....................................

—

3,930,325

—

3,930,325

Independent

Power

and

Renewable

Electricity

Producers

............

3,981,217

—

—

3,981,217

Industrial

Conglomerates

..................................

—

5,475,153

—

5,475,153

Industrial

REITs

........................................

32,362,066

16,900,865

—

49,262,931

Insurance

............................................

45,969,778

29,895,630

—

75,865,408

Interactive

Media

&

Services

...............................

36,675,604

—

—

36,675,604

IT

Services

...........................................

37,721,160

5,249,606

—

42,970,766

Leisure

Products

.......................................

5,815,130

—

—

5,815,130

Life

Sciences

Tools

&

Services

..............................

3,534,858

—

—

3,534,858

Machinery

............................................

26,624,269

11,018,455

—

37,642,724

Media

...............................................

21,410,443

9,092,130

830,960

31,333,533

Metals

&

Mining

........................................

11,049,633

—

72

11,049,705

Multi-Utilities

..........................................

65,707,625

15,843,476

—

81,551,101

Office

REITs

..........................................

8,419,215

—

—

8,419,215

Oil,

Gas

&

Consumable

Fuels

...............................

111,163,449

52,940,152

49

164,103,650

Paper

&

Forest

Products

..................................

—

2,892,334

—

2,892,334

Personal

Care

Products

..................................

—

21,804,024

—

21,804,024

Pharmaceuticals

.......................................

18,744,281

108,893,612

—

127,637,893

Professional

Services

....................................

39,787,902

29,127,234

—

68,915,136

Real

Estate

Management

&

Development

.......................

7,781

17,835,624

—

17,843,405

Residential

REITs

.......................................

23,339,466

5,385,399

—

28,724,865

Retail

REITs

..........................................

—

11,666,863

—

11,666,863

Semiconductors

&

Semiconductor

Equipment

....................

39,525,648

35,434,857

—

74,960,505

Software

.............................................

81,159,488

—

—

81,159,488

Specialized

REITs

......................................

107,352,341

—

—

107,352,341

Specialty

Retail

........................................

23,221,842

3,221,102

—

26,442,944

Technology

Hardware,

Storage

&

Peripherals

....................

35,391,615

26,108,479

—

61,500,094

Textiles,

Apparel

&

Luxury

Goods

............................

6,175,336

30,445,994

—

36,621,330

Tobacco

.............................................

17,963,348

18,155,041

—

36,118,389

Trading

Companies

&

Distributors

............................

2,258,269

1,808,042

—

4,066,311

Transportation

Infrastructure

...............................

11,308,887

67,086,242

—

78,395,129

Water

Utilities

.........................................

—

3,206,524

—

3,206,524

Wireless

Telecommunication

Services

.........................

—

9,119,970

3

9,119,973

Corporate

Bonds

Aerospace

&

Defense

....................................

—

46,804,453

—

46,804,453

Air

Freight

&

Logistics

....................................

—

496,528

—

496,528

Automobile

Components

..................................

—

35,824,906

—

35,824,906

Automobiles

..........................................

—

18,346,710

—

18,346,710

Banks

...............................................

—

449,729,977

—

449,729,977

Beverages

...........................................

—

2,330,866

—

2,330,866

Biotechnology

.........................................

—

15,379,529

—

15,379,529

Broadline

Retail

........................................

—

5,112,427

—

5,112,427

Building

Products

.......................................

—

9,654,684

—

9,654,684

Capital

Markets

........................................

—

127,514,974

—

127,514,974

Chemicals

............................................

—

44,244,129

—

44,244,129

Commercial

Services

&

Supplies

.............................

—

42,166,969

—

42,166,969

Communications

Equipment

................................

—

3,720,303

—

3,720,303

Construction

&

Engineering

................................

—

12,380,002

—

12,380,002

Construction

Materials

....................................

—

2,163,360

—

2,163,360

Consumer

Finance

......................................

—

44,516,954

—

44,516,954

Consumer

Staples

Distribution

&

Retail

........................

—

14,084,162

—

14,084,162

Containers

&

Packaging

..................................

—

32,037,587

—

32,037,587

Fair

Value

Hierarchy

as

of Period

End

(continued)

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

120

Level

1

Level

2

Level

3

Total

Distributors

...........................................

$

—

$

1,157,983

$

—

$

1,157,983

Diversified

Consumer

Services

..............................

—

8,539,496

—

8,539,496

Diversified

REITs

.......................................

—

12,557,877

—

12,557,877

Diversified

Telecommunication

Services

........................

—

71,011,949

—

71,011,949

Electric

Utilities

........................................

—

56,307,120

—

56,307,120

Electrical

Equipment

.....................................

—

447,190

—

447,190

Electronic

Equipment,

Instruments

&

Components

.................

—

1,397,975

—

1,397,975

Energy

Equipment

&

Services

..............................

—

18,653,561

—

18,653,561

Entertainment

.........................................

—

11,204,837

—

11,204,837

Financial

Services

......................................

—

52,984,422

7,003,363

59,987,785

Food

Products

.........................................

—

9,004,634

—

9,004,634

Gas

Utilities

...........................................

—

6,024,316

—

6,024,316

Ground

Transportation

...................................

—

10,985,113

—

10,985,113

Health

Care

Equipment

&

Supplies

...........................

—

18,607,722

—

18,607,722

Health

Care

Providers

&

Services

............................

—

40,821,516

—

40,821,516

Health

Care

REITs

......................................

—

8,544,195

—

8,544,195

Health

Care

Technology

..................................

—

2,503,225

—

2,503,225

Hotel

&

Resort

REITs

....................................

—

3,836,391

—

3,836,391

Hotels,

Restaurants

&

Leisure

..............................

—

63,372,268

—

63,372,268

Household

Durables

.....................................

—

5,867,669

—

5,867,669

Household

Products

.....................................

—

452,971

—

452,971

Independent

Power

and

Renewable

Electricity

Producers

............

—

7,471,386

—

7,471,386

Industrial

Conglomerates

..................................

—

11,389,278

—

11,389,278

Insurance

............................................

—

63,017,725

—

63,017,725

Interactive

Media

&

Services

...............................

—

326,312

—

326,312

IT

Services

...........................................

—

10,883,674

—

10,883,674

Leisure

Products

.......................................

—

255,378

—

255,378

Life

Sciences

Tools

&

Services

..............................

—

2,025,393

—

2,025,393

Machinery

............................................

—

25,195,520

—

25,195,520

Marine

Transportation

....................................

—

2,049,456

—

2,049,456

Media

...............................................

—

53,897,698

—

53,897,698

Metals

&

Mining

........................................

—

25,034,206

—

25,034,206

Mortgage

Real

Estate

Investment

Trusts

(REITs)

..................

—

1,156,107

—

1,156,107

Multi-Utilities

..........................................

—

21,566,234

—

21,566,234

Office

REITs

..........................................

—

1,133,685

—

1,133,685

Oil,

Gas

&

Consumable

Fuels

...............................

—

103,753,111

—

103,753,111

Paper

&

Forest

Products

..................................

—

11,954,059

—

11,954,059

Passenger

Airlines

......................................

—

5,588,312

—

5,588,312

Personal

Care

Products

..................................

—

2,884,126

—

2,884,126

Pharmaceuticals

.......................................

—

55,594,892

—

55,594,892

Professional

Services

....................................

—

4,774,634

—

4,774,634

Real

Estate

Management

&

Development

.......................

—

13,767,246

—

13,767,246

Residential

REITs

.......................................

—

2,086,580

—

2,086,580

Retail

REITs

..........................................

—

2,944,454

—

2,944,454

Semiconductors

&

Semiconductor

Equipment

....................

—

19,046,018

—

19,046,018

Software

.............................................

—

36,276,949

—

36,276,949

Specialized

REITs

......................................

—

8,008,859

—

8,008,859

Specialty

Retail

........................................

—

22,537,204

—

22,537,204

Technology

Hardware,

Storage

&

Peripherals

....................

—

2,889,752

—

2,889,752

Textiles,

Apparel

&

Luxury

Goods

............................

—

1,396,515

—

1,396,515

Tobacco

.............................................

—

8,336,717

—

8,336,717

Trading

Companies

&

Distributors

............................

—

16,629,499

—

16,629,499

Transportation

Infrastructure

...............................

—

8,061,086

—

8,061,086

Wireless

Telecommunication

Services

.........................

—

56,407,236

727,000

57,134,236

Equity-Linked

Notes

......................................

—

1,422,092,212

—

1,422,092,212

Fixed

Rate

Loan

Interests

Financial

Services

......................................

—

—

13,144,708

13,144,708

Health

Care

Technology

..................................

—

1,006,395

—

1,006,395

Media

...............................................

—

1,944,118

—

1,944,118

Floating

Rate

Loan

Interests

Aerospace

&

Defense

....................................

—

26,560,909

—

26,560,909

Automobile

Components

..................................

—

11,012,543

—

11,012,543

Automobiles

..........................................

—

1,777,515

—

1,777,515

Beverages

...........................................

—

6,312,381

—

6,312,381

Fair

Value

Hierarchy

as

of Period

End

(continued)

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

Schedules

of

Investments

121

Level

1

Level

2

Level

3

Total

Broadline

Retail

........................................

$

—

$

7,485,406

$

—

$

7,485,406

Building

Products

.......................................

—

8,485,912

3,608,055

12,093,967

Capital

Markets

........................................

—

20,166,539

211,205

20,377,744

Chemicals

............................................

—

30,209,451

299,219

30,508,670

Commercial

Services

&

Supplies

.............................

—

30,778,524

674,019

31,452,543

Communications

Equipment

................................

—

3,705,478

—

3,705,478

Construction

&

Engineering

................................

—

10,941,515

—

10,941,515

Construction

Materials

....................................

—

12,336,372

527,604

12,863,976

Consumer

Staples

Distribution

&

Retail

........................

—

2,470,616

12,866,587

15,337,203

Containers

&

Packaging

..................................

—

7,932,505

—

7,932,505

Distributors

...........................................

—

1,611,518

—

1,611,518

Diversified

Consumer

Services

..............................

—

13,525,865

—

13,525,865

Diversified

Telecommunication

Services

........................

—

15,164,176

421,121

15,585,297

Electric

Utilities

........................................

—

1,557,947

—

1,557,947

Electrical

Equipment

.....................................

—

2,690,871

—

2,690,871

Electronic

Equipment,

Instruments

&

Components

.................

—

1,956,422

609,238

2,565,660

Entertainment

.........................................

—

29,173,662

2,540,465

31,714,127

Financial

Services

......................................

—

29,575,328

55,982,676

85,558,004

Food

Products

.........................................

—

16,870,827

—

16,870,827

Gas

Utilities

...........................................

—

809,816

—

809,816

Ground

Transportation

...................................

—

8,777,923

—

8,777,923

Health

Care

Equipment

&

Supplies

...........................

—

8,077,513

—

8,077,513

Health

Care

Providers

&

Services

............................

—

24,795,203

1,114,628

25,909,831

Health

Care

Technology

..................................

—

17,957,685

957,186

18,914,871

Hotel

&

Resort

REITs

....................................

—

753,033

—

753,033

Hotels,

Restaurants

&

Leisure

..............................

—

52,298,866

9,224,276

61,523,142

Household

Durables

.....................................

—

11,755,503

—

11,755,503

Household

Products

.....................................

—

516,646

—

516,646

Independent

Power

and

Renewable

Electricity

Producers

............

—

3,346,681

—

3,346,681

Industrial

Conglomerates

..................................

—

4,849,747

—

4,849,747

Insurance

............................................

—

34,571,416

940,695

35,512,111

IT

Services

...........................................

—

32,500,838

2,429,210

34,930,048

Leisure

Products

.......................................

—

1,401,228

—

1,401,228

Life

Sciences

Tools

&

Services

..............................

—

13,817,464

—

13,817,464

Machinery

............................................

—

39,019,503

—

39,019,503

Media

...............................................

—

11,271,192

—

11,271,192

Oil,

Gas

&

Consumable

Fuels

...............................

—

13,526,799

3,069,600

16,596,399

Passenger

Airlines

......................................

—

11,634,768

—

11,634,768

Pharmaceuticals

.......................................

—

13,922,894

942,988

14,865,882

Professional

Services

....................................

—

25,003,585

2,777,468

27,781,053

Real

Estate

Management

&

Development

.......................

—

70,372

1,148,388

1,218,760

Semiconductors

&

Semiconductor

Equipment

....................

—

4,053,574

—

4,053,574

Software

.............................................

—

67,240,225

975,975

68,216,200

Specialty

Retail

........................................

—

8,432,754

601,862

9,034,616

Textiles,

Apparel

&

Luxury

Goods

............................

—

427,994

—

427,994

Trading

Companies

&

Distributors

............................

—

8,921,488

1,635,047

10,556,535

Transportation

Infrastructure

...............................

—

6,815,322

1,248,304

8,063,626

Wireless

Telecommunication

Services

.........................

—

3,085,826

—

3,085,826

Foreign

Agency

Obligations

.................................

—

54,493,014

—

54,493,014

Foreign

Government

Obligations

..............................

—

46,382,284

—

46,382,284

Investment

Companies

....................................

1,002,332,189

—

—

1,002,332,189

Non-Agency

Mortgage-Backed

Securities

........................

—

567,372,468

8,573,352

575,945,820

Preferred

Securities

.......................................

—

15,171,996

—

15,171,996

U.S.

Government

Sponsored

Agency

Securities

....................

—

4,071,094

—

4,071,094

U.S.

Treasury

Obligations

...................................

—

113,232,024

—

113,232,024

Warrants

..............................................

23,392

—

—

23,392

Short-Term

Securities

Money

Market

Funds

......................................

1,034,529,814

—

—

1,034,529,814

Options

Purchased

Equity

contracts

..........................................

—

5,448,682

—

5,448,682

Liabilities

Unfunded

Floating

Rate

Loan

Interests

(a)

..............................

—

—

(

2,320

)

(

2,320

)

$

3,733,608,348

$

7,395,654,152

$

135,744,819

$

11,265,007,319

Fair

Value

Hierarchy

as

of Period

End

(continued)

2024

BlackRock

Annual

Financial

Statements

Schedule

of

Investments

(continued)

July

31,

2024

BlackRock

Multi-Asset

Income

Portfolio

122

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Derivative

Financial

Instruments

(b)

Assets

Credit

contracts

...........................................

$

—

$

331,866

$

—

$

331,866

Equity

contracts

...........................................

279,278

—

—

279,278

Foreign

currency

exchange

contracts

............................

—

663,404

—

663,404

Interest

rate

contracts

.......................................

86,565,284

442,394

—

87,007,678

Liabilities

Credit

contracts

...........................................

—

(

290,201

)

—

(

290,201

)

Equity

contracts

...........................................

—

(

1,158,613

)

—

(

1,158,613

)

Foreign

currency

exchange

contracts

............................

(

3,234,386

)

(

1,028,467

)

—

(

4,262,853

)

Interest

rate

contracts

.......................................

(

43,835

)

—

—

(

43,835

)

$

83,566,341

$

(

1,039,617

)

$

—

$

82,526,724

(a)

Unfunded

floating

rate

loan

interests

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

commitment.

(b)

Derivative

financial

instruments

are

swaps,

futures

contracts,

forward

foreign

currency

exchange

contracts

and

options

written.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument

and

options

written

are

shown

at

value.

A

reconciliation

of

Level

3

financial

instruments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

and

derivative

financial

instruments

at

the

beginning

and/or

end

of

the

year

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

Interests

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

......................................

—

—

—

—

3,003,389

—

—

3,003,389

Transfers

out

of

Level

3

.....................................

(

2,509,652

)

—

—

—

(

4,008,192

)

—

—

(

6,517,844

)

Other

(a)

................................................

—

—

—

12,226,360

(

12,226,360

)

—

—

—

Accrued

discounts/premiums

..................................

—

—

61,176

17,738

102,095

14,463

—

195,472

Net

realized

loss

..........................................

—

(

15,016,603

)

(

8,557,252

)

—

(

1,281,864

)

—

—

(

24,855,719

)

Net

change

in

unrealized

appreciation

(depreciation)

(b)

(c)

................

—

19,086,401

9,653,460

898,550

(

9,770,150

)

667,597

265,804

20,801,662

Purchases

..............................................

—

912,014

7,723,776

2,060

36,957,597

8,668,000

—

54,263,447

Sales

.................................................

—

(

6,175,001

)

(

1,150,798

)

—

(

92,102,605

)

(

8,668,000

)

—

(

108,096,404

)

Closing

balance,

as

of

July

31,

2024

.............................

$

—

$

1,492,900

$

7,730,363

$

13,144,708

$

104,805,816

$

8,573,352

$

(

2,320

)

$

135,744,819

Net

change

in

unrealized

appreciation

(depreciation)

on

investments

still

held

at

July

31,

2024

(c)

.........................................

$

—

$

580,676

$

(

203,938

)

$

402,253

$

(

18,722,098

)

$

(

200,918

)

$

—

$

(

18,144,025

)

(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

July

31,

2024

is

generally

due

to

investments

no

longer

held

or

categorized

as

Level

3

at

period

end.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Statements

of

Assets

and

Liabilities

July

31,

2024

123

Statements

of

Assets

and

Liabilities

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

929,910,619‌

$

9,228,147,636‌

Investments,

at

value

—

affiliated

(c)

...........................................................................

253,985,775‌

2,036,862,003‌

Cash

..............................................................................................

485,013‌

223,244,847‌

Cash

pledged:

Futures

contracts

.....................................................................................

6,600,740‌

57,094,000‌

Centrally

cleared

swaps

.................................................................................

—‌

7,495,000‌

Foreign

currency,

at

value

(d)

................................................................................

4,103,807‌

115,334,749‌

Receivables:

–‌

–‌

Investment

s

sold

.....................................................................................

6,158,162‌

420,866,632‌

Securities

lending

income

—

affiliated

.......................................................................

515‌

36,956‌

Capital

shares

sold

....................................................................................

649,631‌

8,746,031‌

Dividends

—

unaffiliated

................................................................................

734,949‌

5,414,676‌

Dividends

—

affiliated

..................................................................................

505,257‌

4,307,397‌

Interest

—

unaffiliated

..................................................................................

3,471,233‌

50,778,334‌

From

the

Manager

....................................................................................

28,601‌

139,981‌

Due

from

broker

......................................................................................

—‌

310,000‌

Variation

margin

on

futures

contracts

........................................................................

1,635,347‌

15,217,091‌

Swap

premiums

paid

....................................................................................

41,523‌

1,612,120‌

Unrealized

appreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

96,097‌

663,404‌

OTC

swaps

.........................................................................................

48,901‌

766,132‌

Prepaid

e

xpenses

......................................................................................

21,334‌

58,325‌

Other

assets

..........................................................................................

—‌

197,943‌

Total

a

ssets

..........................................................................................

1,208,477,504‌

12,177,293,257‌

LIABILITIES

Cash

received:

Collateral

—

OTC

derivatives

.............................................................................

—‌

310,000‌

Collateral

on

securities

loaned

..............................................................................

1,916,519‌

240,290,419‌

Options

written,

at

value

(e)

.................................................................................

153,132‌

1,158,613‌

Payables:

–‌

–‌

Investments

purchased

.................................................................................

112,329,804‌

937,223,171‌

Swaps  

...........................................................................................

5,194‌

45,924‌

Accounting

services

fees

................................................................................

286,092‌

504,573‌

Administration

fees

....................................................................................

37,344‌

315,321‌

Capital

shares

redeemed

................................................................................

3,632,556‌

30,016,223‌

Custodian

fees

.......................................................................................

61,289‌

424,183‌

Deferred

foreign

capital

gain

tax

...........................................................................

—‌

3,804,648‌

Income

dividend

distributions

.............................................................................

760,774‌

6,622,039‌

Investment

advisory

fees

................................................................................

441,545‌

4,115,984‌

Trustees'

and

Officer's

fees

..............................................................................

1,906‌

23,282‌

Other

affiliate

fees

....................................................................................

540‌

1,462‌

Professional

fees

.....................................................................................

114,477‌

408,447‌

Registration

fees

.....................................................................................

10,140‌

757,432‌

Service

and

distribution

fees

..............................................................................

45,303‌

1,167,255‌

Transfer

agent

fees

...................................................................................

282,305‌

2,415,840‌

Other

accrued

expenses

................................................................................

44,659‌

62,289‌

Variation

margin

on

futures

contracts

........................................................................

65,834‌

—‌

Variation

margin

on

centrally

cleared

swaps

...................................................................

—‌

46,295‌

Swap

premiums

received

.................................................................................

31,196‌

615,293‌

Unrealized

depreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

42,065‌

1,028,467‌

OTC

swaps

.........................................................................................

3,288‌

79,171‌

Unfunded

floating

rate

loan

interests

........................................................................

—‌

2,320‌

Total

li

abilities

.........................................................................................

120,265,962‌

1,231,438,651‌

Commitments

and

contingent

liabilities

—‌

—‌

NET

ASSETS

.........................................................................................

$

1,088,211,542‌

$

10,945,854,606‌

Statements

of

Assets

and

Liabilities

(continued)

July

31,

2024

2024

BlackRock

Annual

Financial

Statements

124

See

notes

to

financial

statements.

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

1,277,353,301‌

$

12,754,699,183‌

Accumulated

loss

......................................................................................

(

189,141,759‌

)

(

1,808,844,577‌

)

NET

ASSETS

.........................................................................................

$

1,088,211,542‌

$

10,945,854,606‌

(a)

  Investments,

at

cost

—

unaffiliated

...................................................................

$

909,310,531‌

$

8,996,066,431‌

(b)

  Securities

loaned,

at

value

........................................................................

$

1,864,790‌

$

235,285,505‌

(c)

  Investments,

at

cost

—

affiliated

.....................................................................

$

247,917,239‌

$

1,964,556,545‌

(d)

  Foreign

currency,

at

cost

.........................................................................

$

4,104,593‌

$

115,377,151‌

(e)

  Premiums

received

.............................................................................

$

109,219‌

$

826,363‌

Statements

of

Assets

and

Liabilities

(continued)

July

31,

2024

125

Statements

of

Assets

and

Liabilities

See

notes

to

financial

statements.

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-

Asset

Income

Portfolio

NET

ASSET

VALUE

Institutional

Net

assets

.........................................................................................

$

763,465,339‌

$

6,025,063,372‌

Shares

outstanding

...................................................................................

88,119,365‌

590,507,612‌

Net

asset

value

.....................................................................................

$

8.66‌

$

10.20‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Investor

A

Net

assets

.........................................................................................

$

116,970,791‌

$

3,802,753,493‌

Shares

outstanding

...................................................................................

13,495,162‌

373,140,262‌

Net

asset

value

.....................................................................................

$

8.67‌

$

10.19‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Investor

C

Net

assets

.........................................................................................

$

24,118,613‌

$

454,148,780‌

Shares

outstanding

...................................................................................

2,786,382‌

44,617,678‌

Net

asset

value

.....................................................................................

$

8.66‌

$

10.18‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Class

K

Net

assets

.........................................................................................

$

183,656,799‌

$

663,888,961‌

Shares

outstanding

...................................................................................

21,185,861‌

65,101,926‌

Net

asset

value

.....................................................................................

$

8.67‌

$

10.20‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Statements

of

Operations

Year

Ended

July

31,

2024

2024

BlackRock

Annual

Financial

Statements

126

See

notes

to

financial

statements.

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

................................................................................

$

7,338,163‌

$

89,187,958‌

Dividends

—

affiliated

..................................................................................

7,061,793‌

48,081,239‌

Interest

—

unaffiliated

..................................................................................

72,692,164‌

625,168,157‌

Securities

lending

income

—

affiliated

—

net

..................................................................

229,957‌

741,596‌

Foreign

taxes

withheld

.................................................................................

(

294,267‌

)

(

4,763,767‌

)

Foreign

withholding

tax

claims

............................................................................

—‌

3,537,884‌

Total

investment

income

..................................................................................

87,027,810‌

761,953,067‌

EXPENSES

Investment

advisory

...................................................................................

6,638,694‌

57,918,331‌

Transfer

agent

—

class

specific

...........................................................................

805,485‌

6,935,329‌

Service

and

distribution

—

class

specific

.....................................................................

555,288‌

14,996,957‌

Accounting

services

...................................................................................

502,726‌

883,881‌

Administration

......................................................................................

455,269‌

3,838,442‌

Administration

—

class

specific

...........................................................................

222,810‌

2,246,733‌

Custodian

..........................................................................................

169,399‌

1,052,227‌

Professional

........................................................................................

107,361‌

766,226‌

Registration

........................................................................................

104,884‌

209,428‌

Printing

and

postage

..................................................................................

76,835‌

57,113‌

Trustees

and

Officer

...................................................................................

14,145‌

57,692‌

Miscellaneous

.......................................................................................

107,029‌

288,617‌

Total

expenses

excluding

interest

expense

......................................................................

9,759,925‌

89,250,976‌

Interest

expense

.....................................................................................

34,068‌

243,619‌

Total

e

xpenses

........................................................................................

9,793,993‌

89,494,595‌

Less:

–‌

–‌

Administration

fees

waived

by

the

Manager

—

class

specific

........................................................

(

222,547‌

)

(

2,246,502‌

)

Fees

waived

and/or

reimbursed

by

the

Manager

................................................................

(

1,484,617‌

)

(

8,319,392‌

)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

...........................................

(

342,065‌

)

(

1,634,656‌

)

Total

ex

penses

after

fees

waived

and/or

reimbursed

...............................................................

7,744,764‌

77,294,045‌

Net

investment

income

...................................................................................

79,283,046‌

684,659,022‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

47,929,364‌

$

381,808,445‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

(a)

...........................................................................

(

1,378,278‌

)

(

43,922,307‌

)

Investments

—

affiliated

..............................................................................

1,656,287‌

24,332,886‌

Forward

foreign

currency

exchange

contracts

................................................................

476,794‌

6,956,980‌

Foreign

currency

transactions

..........................................................................

1,035,829‌

15,199,894‌

Futures

contracts

...................................................................................

9,724,460‌

(

172,776,467‌

)

Options

written

....................................................................................

(

366,135‌

)

(

1,425,734‌

)

Swaps  

.........................................................................................

254,934‌

2,675,223‌

11,403,891‌

(168,959,525‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

(b)

...........................................................................

23,327,135‌

345,222,924‌

Investments

—

affiliated

..............................................................................

9,809,142‌

61,072,760‌

Forward

foreign

currency

exchange

contracts

................................................................

(

473,258‌

)

(

9,307,307‌

)

Foreign

currency

translations

...........................................................................

(

52,435‌

)

(

662,685‌

)

Futures

contracts

...................................................................................

3,898,297‌

154,318,764‌

Options

written

....................................................................................

(

43,913‌

)

(

332,250‌

)

Swaps  

.........................................................................................

60,504‌

189,960‌

Unfunded

floating

rate

loan

interests

......................................................................

—‌

265,804‌

36,525,472‌

550,767,970‌

Net

realized

and

unrealized

gain

............................................................................

47,929,363‌

381,808,445‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................................................

$

127,212,409‌

$

1,066,467,467‌

(a)

  Net

of

foreign

capital

gain

tax

and

capital

gain

tax

refund,

if

applicable

of

................................................

$

(

69,595‌

)

$

(

1,731,348‌

)

(b)

  Net

of

reduction

in/increase

in

deferred

foreign

capital

gain

tax

of

.....................................................

$

70,323‌

$

(

1,755,602‌

)

Statements

of

Changes

in

Net

Assets

127

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/24

Year

Ended

07/31/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

79,283,046‌

$

75,493,483‌

$

684,659,022‌

$

734,589,314‌

Net

realized

gain

(loss)

............................................

11,403,891‌

(

73,125,401‌

)

(

168,959,525‌

)

(

818,161,772‌

)

Net

change

in

unrealized

appreciation

(depreciation)

........................

36,525,472‌

40,987,277‌

550,767,970‌

464,373,570‌

Net

increase

in

net

assets

resulting

from

operations

...........................

127,212,409‌

43,355,359‌

1,066,467,467‌

380,801,112‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

...................................................

(

56,791,834‌

)

(

53,096,022‌

)

(

389,278,427‌

)

(

415,615,155‌

)

Investor

A

....................................................

(

8,464,718‌

)

(

7,818,570‌

)

(

232,335,968‌

)

(

235,670,287‌

)

Investor

C

....................................................

(

1,573,525‌

)

(

1,675,257‌

)

(

28,499,567‌

)

(

37,891,832‌

)

Class

K

......................................................

(

13,253,399‌

)

(

12,420,021‌

)

(

41,771,797‌

)

(

51,439,897‌

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(80,083,476‌)

(75,009,870‌)

(691,885,759‌)

(740,617,171‌)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

.................

(155,411,408‌)

(84,896,882‌)

(1,667,611,989‌)

(2,695,749,717‌)

NET

ASSETS

Total

decrease

in

net

assets

..........................................

(

108,282,475‌

)

(

116,551,393‌

)

(

1,293,030,281‌

)

(

3,055,565,776‌

)

Beginning

of

year

..................................................

1,196,494,017‌

1,313,045,410‌

12,238,884,887‌

15,294,450,663‌

End

of

year

......................................................

$

1,088,211,542‌

$

1,196,494,017‌

$

10,945,854,606‌

$

12,238,884,887‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Annual

Financial

Statements

128

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(g)

Excludes

underlying

investments

in

total

return

swaps.

BlackRock

Dynamic

High

Income

Portfolio

Institutional

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Net

asset

value,

beginning

of

year

...........................

$

8.28

‌

$

8.47

‌

$

10.23

‌

$

9.03

‌

$

9.65

‌

Net

investment

income

(a)

.................................

0

.59

‌

0

.51

‌

0

.47

‌

0

.50

‌

0

.53

‌

Net

realized

and

unrealized

gain

(loss)

........................

0

.39

‌

(

0

.19

)

(

1

.54

)

1

.20

‌

(

0

.63

)

Net

increase

(decrease)

from

investment

operations

................

0.98

‌

0.32

‌

(1.07

)

1.70

‌

(0.10

)

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..............................

(

0

.60

)

(

0

.51

)

(

0

.58

)

(

0

.50

)

(

0

.46

)

From

net

realized

gain

...................................

—

‌

—

‌

(

0

.11

)

—

‌

—

‌

Return

of

capital

.......................................

—

‌

—

‌

—

‌

—

‌

(

0

.06

)

Total

distributions

........................................

(0.60

)

(0.51

)

(0.69

)

(0.50

)

(0.52

)

Net

asset

value,

end

of

year

...............................

$

8.66

‌

$

8.28

‌

$

8.47

‌

$

10.23

‌

$

9.03

‌

Total

Return

(c)

Based

on

net

asset

value

..................................

12.39

%

4.18

%

(11.04

)%

19.22

%

(d)

(0.93

)%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

.........................................

0.85

%

0.84

%

0.81

%

0.81

%

0.80

%

Total

expenses

after

fees

waived

and/or

reimbursed

................

0.65

%

0.65

%

0.65

%

0.65

%

0.65

%

Net

investment

income

...................................

7.16

%

6.39

%

5.00

%

5.12

%

5.79

%

Supplemental

Data

Net

assets,

end

of

year

(000)

................................

$

763,465

‌

$

844,522

‌

$

924,072

‌

$

1,026,159

‌

$

828,901

‌

Portfolio

turnover

rate

(f)

....................................

109

%

66

%

(g)

59

%

77

%

94

%

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Portfolio

turnover

rate

(including

equity-linked

notes)

...................................

272%

189%

196%

180%

215%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

129

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(g)

Excludes

underlying

investments

in

total

return

swaps.

BlackRock

Dynamic

High

Income

Portfolio

Investor

A

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Net

asset

value,

beginning

of

year

...........................

$

8.29

‌

$

8.47

‌

$

10.24

‌

$

9.03

‌

$

9.66

‌

Net

investment

income

(a)

.................................

0

.57

‌

0

.49

‌

0

.45

‌

0

.47

‌

0

.51

‌

Net

realized

and

unrealized

gain

(loss)

........................

0

.39

‌

(

0

.18

)

(

1

.56

)

1

.21

‌

(

0

.64

)

Net

increase

(decrease)

from

investment

operations

................

0.96

‌

0.31

‌

(1.11

)

1.68

‌

(0.13

)

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..............................

(

0

.58

)

(

0

.49

)

(

0

.55

)

(

0

.47

)

(

0

.44

)

From

net

realized

gain

...................................

—

‌

—

‌

(

0

.11

)

—

‌

—

‌

Return

of

capital

.......................................

—

‌

—

‌

—

‌

—

‌

(

0

.06

)

Total

distributions

........................................

(0.58

)

(0.49

)

(0.66

)

(0.47

)

(0.50

)

Net

asset

value,

end

of

year

...............................

$

8.67

‌

$

8.29

‌

$

8.47

‌

$

10.24

‌

$

9.03

‌

Total

Return

(c)

Based

on

net

asset

value

..................................

12.10

%

4.04

%

(11.35

)%

19.04

%

(d)

(1.28

)%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

.........................................

1.06

%

1.05

%

1.03

%

1.04

%

1.04

%

Total

expenses

after

fees

waived

and/or

reimbursed

................

0.90

%

0.90

%

0.90

%

0.90

%

0.90

%

Net

investment

income

...................................

6.91

%

6.15

%

4.74

%

4.87

%

5.56

%

Supplemental

Data

Net

assets,

end

of

year

(000)

................................

$

116,971

‌

$

130,935

‌

$

136,426

‌

$

175,444

‌

$

147,034

‌

Portfolio

turnover

rate

(f)

....................................

109

%

66

%

(g)

59

%

77

%

94

%

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Portfolio

turnover

rate

(including

equity-linked

notes)

...................................

272%

189%

196%

180%

215%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Annual

Financial

Statements

130

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(g)

Excludes

underlying

investments

in

total

return

swaps.

BlackRock

Dynamic

High

Income

Portfolio

Investor

C

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Net

asset

value,

beginning

of

year

...........................

$

8.28

‌

$

8.46

‌

$

10.22

‌

$

9.02

‌

$

9.64

‌

Net

investment

income

(a)

.................................

0

.51

‌

0

.43

‌

0

.38

‌

0

.40

‌

0

.44

‌

Net

realized

and

unrealized

gain

(loss)

........................

0

.39

‌

(

0

.18

)

(

1

.55

)

1

.20

‌

(

0

.63

)

Net

increase

(decrease)

from

investment

operations

................

0.90

‌

0.25

‌

(1.17

)

1.60

‌

(0.19

)

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..............................

(

0

.52

)

(

0

.43

)

(

0

.48

)

(

0

.40

)

(

0

.37

)

From

net

realized

gain

...................................

—

‌

—

‌

(

0

.11

)

—

‌

—

‌

Return

of

capital

.......................................

—

‌

—

‌

—

‌

—

‌

(

0

.06

)

Total

distributions

........................................

(0.52

)

(0.43

)

(0.59

)

(0.40

)

(0.43

)

Net

asset

value,

end

of

year

...............................

$

8.66

‌

$

8.28

‌

$

8.46

‌

$

10.22

‌

$

9.02

‌

Total

Return

(c)

Based

on

net

asset

value

..................................

11.29

%

3.27

%

(11.94

)%

18.06

%

(d)

(1.91

)%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

.........................................

1.84

%

1.84

%

1.80

%

1.80

%

1.80

%

Total

expenses

after

fees

waived

and/or

reimbursed

................

1.65

%

1.65

%

1.65

%

1.65

%

1.65

%

Net

investment

income

...................................

6.16

%

5.39

%

4.00

%

4.13

%

4.79

%

Supplemental

Data

Net

assets,

end

of

year

(000)

................................

$

24,119

‌

$

28,629

‌

$

35,475

‌

$

46,242

‌

$

41,749

‌

Portfolio

turnover

rate

(f)

....................................

109

%

66

%

(g)

59

%

77

%

94

%

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Portfolio

turnover

rate

(including

equity-linked

notes)

...................................

272%

189%

196%

180%

215%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

131

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(g)

Excludes

underlying

investments

in

total

return

swaps.

BlackRock

Dynamic

High

Income

Portfolio

Class

K

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Net

asset

value,

beginning

of

year

...........................

$

8.29

‌

$

8.47

‌

$

10.24

‌

$

9.04

‌

$

9.66

‌

Net

investment

income

(a)

.................................

0

.60

‌

0

.52

‌

0

.48

‌

0

.50

‌

0

.46

‌

Net

realized

and

unrealized

gain

(loss)

........................

0

.38

‌

(

0

.19

)

(

1

.56

)

1

.20

‌

(

0

.55

)

Net

increase

(decrease)

from

investment

operations

................

0.98

‌

0.33

‌

(1.08

)

1.70

‌

(0.09

)

Distributions

(b)

–

–

–

–

–

From

net

investment

income

..............................

(

0

.60

)

(

0

.51

)

(

0

.58

)

(

0

.50

)

(

0

.47

)

From

net

realized

gain

...................................

—

‌

—

‌

(

0

.11

)

—

‌

—

‌

Return

of

capital

.......................................

—

‌

—

‌

—

‌

—

‌

(

0

.06

)

Total

distributions

........................................

(0.60

)

(0.51

)

(0.69

)

(0.50

)

(0.53

)

Net

asset

value,

end

of

year

...............................

$

8.67

‌

$

8.29

‌

$

8.47

‌

$

10.24

‌

$

9.04

‌

Total

Return

(c)

Based

on

net

asset

value

..................................

12.43

%

4.35

%

(11.09

)%

19.27

%

(d)

(0.87

)%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

.........................................

0.76

%

0.76

%

0.72

%

0.72

%

0.82

%

Total

expenses

after

fees

waived

and/or

reimbursed

................

0.60

%

0.60

%

0.60

%

0.60

%

0.60

%

Net

investment

income

...................................

7.21

%

6.44

%

5.05

%

5.14

%

5.05

%

Supplemental

Data

Net

assets,

end

of

year

(000)

................................

$

183,657

‌

$

192,408

‌

$

217,072

‌

$

263,934

‌

$

166,657

‌

Portfolio

turnover

rate

(f)

....................................

109

%

66

%

(g)

59

%

77

%

94

%

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Portfolio

turnover

rate

(including

equity-linked

notes)

...................................

272%

189%

196%

180%

215%

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Annual

Financial

Statements

132

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(g)

Excludes

underlying

investments

in

total

return

swaps.

BlackRock

Multi-Asset

Income

Portfolio

Institutional

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Net

asset

value,

beginning

of

year

............................

$

9.84

‌

$

10.04

‌

$

11.54

‌

$

10.62

‌

$

10.85

‌

Net

investment

income

(a)

..................................

0

.61

‌

0

.55

‌

0

.47

‌

0

.49

‌

0

.52

‌

Net

realized

and

unrealized

gain

(loss)

.........................

0

.37

‌

(

0

.20

)

(

1

.36

)

0

.91

‌

(

0

.24

)

Net

increase

(decrease)

from

investment

operations

.................

0.98

‌

0.35

‌

(0.89

)

1.40

‌

0.28

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

...............................

(

0

.62

)

(

0

.55

)

(

0

.61

)

(

0

.48

)

(

0

.50

)

Return

of

capital

........................................

—

‌

—

‌

—

‌

—

‌

(

0

.01

)

Total

distributions

.........................................

(0.62

)

(0.55

)

(0.61

)

(0.48

)

(0.51

)

Net

asset

value,

end

of

year

................................

$

10.20

‌

$

9.84

‌

$

10.04

‌

$

11.54

‌

$

10.62

‌

Total

Return

(c)

Based

on

net

asset

value

...................................

10.35

%

3.77

%

(8.03

)%

13.40

%

(d)

2.66

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

..........................................

0.67

%

0.66

%

0.65

%

0.65

%

0.68

%

Total

expenses

after

fees

waived

and/or

reimbursed

.................

0.56

%

0.55

%

0.55

%

0.55

%

0.55

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

taxes

..........

0.55

%

0.55

%

0.55

%

0.55

%

0.55

%

Net

investment

income

....................................

6.22

%

5.65

%

4.27

%

4.36

%

4.88

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.................................

$

6,025,063

‌

$

6,755,645

‌

$

8,470,092

‌

$

10,280,019

‌

$

9,311,984

‌

Portfolio

turnover

rate

(f)

.....................................

83

%

56

%

(g)

57

%

74

%

86

%

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Portfolio

turnover

rate

(including

equity-linked

notes)

...................................

162%

120%

130%

135%

148%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

133

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(g)

Excludes

underlying

investments

in

total

return

swaps.

BlackRock

Multi-Asset

Income

Portfolio

Investor

A

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Net

asset

value,

beginning

of

year

............................

$

9.83

‌

$

10.03

‌

$

11.53

‌

$

10.61

‌

$

10.84

‌

Net

investment

income

(a)

..................................

0

.59

‌

0

.52

‌

0

.44

‌

0

.46

‌

0

.49

‌

Net

realized

and

unrealized

gain

(loss)

.........................

0

.36

‌

(

0

.19

)

(

1

.36

)

0

.91

‌

(

0

.24

)

Net

increase

(decrease)

from

investment

operations

.................

0.95

‌

0.33

‌

(0.92

)

1.37

‌

0.25

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

...............................

(

0

.59

)

(

0

.53

)

(

0

.58

)

(

0

.45

)

(

0

.47

)

Return

of

capital

........................................

—

‌

—

‌

—

‌

—

‌

(

0

.01

)

Total

distributions

.........................................

(0.59

)

(0.53

)

(0.58

)

(0.45

)

(0.48

)

Net

asset

value,

end

of

year

................................

$

10.19

‌

$

9.83

‌

$

10.03

‌

$

11.53

‌

$

10.61

‌

Total

Return

(c)

Based

on

net

asset

value

...................................

10.08

%

3.51

%

(8.27

)%

13.13

%

(d)

2.41

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

..........................................

0.91

%

0.89

%

0.89

%

0.88

%

0.90

%

Total

expenses

after

fees

waived

and/or

reimbursed

.................

0.81

%

0.80

%

0.80

%

0.80

%

0.80

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

taxes

..........

0.80

%

0.80

%

0.80

%

0.80

%

0.80

%

Net

investment

income

....................................

5.98

%

5.41

%

4.03

%

4.10

%

4.64

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.................................

$

3,802,753

‌

$

4,118,370

‌

$

4,786,022

‌

$

5,383,460

‌

$

4,521,699

‌

Portfolio

turnover

rate

(f)

.....................................

83

%

56

%

(g)

57

%

74

%

86

%

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Portfolio

turnover

rate

(including

equity-linked

notes)

...................................

162%

120%

130%

135%

148%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Annual

Financial

Statements

134

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(g)

Excludes

underlying

investments

in

total

return

swaps.

BlackRock

Multi-Asset

Income

Portfolio

Investor

C

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Net

asset

value,

beginning

of

year

............................

$

9.81

‌

$

10.02

‌

$

11.51

‌

$

10.59

‌

$

10.82

‌

Net

investment

income

(a)

..................................

0

.51

‌

0

.45

‌

0

.36

‌

0

.37

‌

0

.41

‌

Net

realized

and

unrealized

gain

(loss)

.........................

0

.38

‌

(

0

.20

)

(

1

.35

)

0

.91

‌

(

0

.24

)

Net

increase

(decrease)

from

investment

operations

.................

0.89

‌

0.25

‌

(0.99

)

1.28

‌

0.17

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

...............................

(

0

.52

)

(

0

.46

)

(

0

.50

)

(

0

.36

)

(

0

.39

)

Return

of

capital

........................................

—

‌

—

‌

—

‌

—

‌

(

0

.01

)

Total

distributions

.........................................

(0.52

)

(0.46

)

(0.50

)

(0.36

)

(0.40

)

Net

asset

value,

end

of

year

................................

$

10.18

‌

$

9.81

‌

$

10.02

‌

$

11.51

‌

$

10.59

‌

Total

Return

(c)

Based

on

net

asset

value

...................................

9.38

%

2.63

%

(8.89

)%

12.30

%

(d)

1.64

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

..........................................

1.68

%

1.67

%

1.66

%

1.65

%

1.68

%

Total

expenses

after

fees

waived

and/or

reimbursed

.................

1.56

%

1.55

%

1.55

%

1.55

%

1.55

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

taxes

..........

1.55

%

1.55

%

1.55

%

1.55

%

1.55

%

Net

investment

income

....................................

5.23

%

4.64

%

3.26

%

3.36

%

3.88

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.................................

$

454,149

‌

$

666,495

‌

$

1,010,613

‌

$

1,498,142

‌

$

1,757,991

‌

Portfolio

turnover

rate

(f)

.....................................

83

%

56

%

(g)

57

%

74

%

86

%

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Portfolio

turnover

rate

(including

equity-linked

notes)

...................................

162%

120%

130%

135%

148%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

135

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(d)

Includes

payment

from

an

affiliate,

which

had

no

impact

on

the

Fund’s

total

return.

(e)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(f)

Excludes

equity-linked

notes.

Additional

information

regarding

portfolio

turnover

rate

is

as

follows:

(g)

Excludes

underlying

investments

in

total

return

swaps.

BlackRock

Multi-Asset

Income

Portfolio

Class

K

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Net

asset

value,

beginning

of

year

............................

$

9.83

‌

$

10.04

‌

$

11.53

‌

$

10.61

‌

$

10.84

‌

Net

investment

income

(a)

..................................

0

.62

‌

0

.55

‌

0

.47

‌

0

.49

‌

0

.52

‌

Net

realized

and

unrealized

gain

(loss)

.........................

0

.37

‌

(

0

.20

)

(

1

.35

)

0

.91

‌

(

0

.24

)

Net

increase

(decrease)

from

investment

operations

.................

0.99

‌

0.35

‌

(0.88

)

1.40

‌

0.28

‌

Distributions

(b)

–

–

–

–

–

From

net

investment

income

...............................

(

0

.62

)

(

0

.56

)

(

0

.61

)

(

0

.48

)

(

0

.50

)

Return

of

capital

........................................

—

‌

—

‌

—

‌

—

‌

(

0

.01

)

Total

distributions

.........................................

(0.62

)

(0.56

)

(0.61

)

(0.48

)

(0.51

)

Net

asset

value,

end

of

year

................................

$

10.20

‌

$

9.83

‌

$

10.04

‌

$

11.53

‌

$

10.61

‌

Total

Return

(c)

Based

on

net

asset

value

...................................

10.52

%

3.71

%

(7.90

)%

13.47

%

(d)

2.71

%

Ratios

to

Average

Net

Assets

(e)

Total

expen

ses

..........................................

0.61

%

0.60

%

0.59

%

0.58

%

0.60

%

Total

expenses

after

fees

waived

and/or

reimbursed

.................

0.51

%

0.50

%

0.50

%

0.50

%

0.50

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

and

professional

fees

for

foreign

withholding

taxes

..........

0.50

%

0.50

%

0.50

%

0.50

%

0.50

%

Net

investment

income

....................................

6.28

%

5.70

%

4.34

%

4.41

%

4.93

%

Supplemental

Data

Net

assets,

end

of

year

(000)

.................................

$

663,889

‌

$

698,375

‌

$

1,027,724

‌

$

1,109,227

‌

$

916,969

‌

Portfolio

turnover

rate

(f)

.....................................

83

%

56

%

(g)

57

%

74

%

86

%

Year

Ended

07/31/24

Year

Ended

07/31/23

Year

Ended

07/31/22

Year

Ended

07/31/21

Year

Ended

07/31/20

Portfolio

turnover

rate

(including

equity-linked

notes)

...................................

162%

120%

130%

135%

148%

See

notes

to

financial

statements.

Notes

to

Financial

Statements

2024

BlackRock

Annual

Financial

Statements

136

1.

ORGANIZATION 

BlackRock

Funds

II (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Massachusetts

business trust.

The

following,

each

of

which

is

a

series

of

the

Trust, are

referred

to

herein

collectively

as

the

“Funds”

or

individually

as

a

“Fund”:

Each

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional

and

Class

K

Shares

are

sold

only

to

certain

eligible

investors.

Investor

A

and

Investor

C

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares,

and

Investor

C

Shares

also

bear

certain

expenses

related

to

the

distribution

of

such

shares.

Investor

A

and

Investor

C

Shares

are

generally

available

through

financial

intermediaries.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

C

shareholders

may

vote

on

material

changes

to

the

Investor

A

Shares

distribution

and

service

plan).

(a)

 Investor

A

Shares

may

be

subject

to

a

CDSC

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

(b)

 A

CDSC

of

1.00%

is

assessed

on

certain

redemptions

of

Investor

C

Shares

made

within

one

year

after

purchase.

The

Funds,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”) or

its

affiliates,

are

included

in

a

complex

of

funds

referred

to

as

the BlackRock

Multi-Asset

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities

and

payment-in-kind

interest,

are

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets. For

convertible

securities,

premiums

attributable

to

the

debt

instrument

are

amortized,

but

premiums

attributable

to

the

conversion

feature

are

not

amortized.

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Multi-Asset

Income

has

elected

to

treat

realized

gains

(losses)

from

certain

forward

foreign

exchange

contracts

as

capital

gain

(loss)

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

July

31,

2024

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Fund

Name

Herein

Referred

To

As

Diversification

Classification

BlackRock

Dynamic

High

Income

Portfolio

........................................

Dynamic

High

Income

Diversified

BlackRock

Multi-Asset

Income

Portfolio

..........................................

Multi-Asset

Income

Diversified

Share

Class

Initial

Sales

Charge

Contingent

Deferred

Sales

Charge

("CDSC")

Conversion

Privilege

Institutional

and

Class

K

Shares

...................................

No

No

None

Investor

A

Shares

............................................

Yes

No

(a)

None

Investor

C

Shares

...........................................

No

Yes

(b)

To

Investor

A

Shares

after

approximately

8

years

Notes

to

Financial

Statements

(continued)

137

Notes

to

Financial

Statements

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. 

Bank

Overdraft

:

The

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.  

Distributions:

Distributions

paid

by

the

Funds

are

recorded

on

the

ex-dividend

dates.

Distributions

from

net

investment

income

are

declared

daily

and

paid

monthly.

Distributions

of

capital

gains

are

recorded

on

the

ex-dividend

dates

and

made

at

least

annually.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications:

In

the

normal

course

of

business,

a

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

A

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

a

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to

a

Fund

or

its

classes

are

charged

to

that

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Funds

and

other

shared

expenses

prorated

to

the

Funds

are

allocated

daily

to

each

class

based

on

their

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods. 

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

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

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:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services. Floating

rate

loan

interests

are

valued

at

the

mean

of

the

bid

prices

from

one

or

more

independent

brokers

or

dealers

as

obtained

from

a

third-party

pricing

service. Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Exchange-traded

funds

(“ETFs”)

and

closed-end

funds traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

ETFs

and

closed-end

funds

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day’s

published net

asset

value

(“NAV”).

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Exchange-traded

options

are

valued

at

the

mean

between

the

last bid

and

ask

prices

at

the

close

of

the

options

market in

which

the

options

trade.

An

exchange-

traded

option

for

which there

is

no

mean

price

is

valued

at

the

last

bid

(long

positions)

or

ask

(short

positions)

price.

If

no

bid

or

ask

price

is

available,

the

prior

day’s

price will

be

used,

unless

it

is

determined

that

the

prior

day’s

price

no

longer

reflects

the

fair

value

of

the

option.

Over-the-counter

(“OTC”)

options

and

options

on

swaps

(“swaptions”)

are

valued

by

an

independent

pricing

service

using

a

mathematical

model,

which

incorporates

a

number

of

market

data

factors,

such

as

the

trades

and

prices

of

the

underlying

instruments.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

138

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

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.

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Valuation

Committee

and

third-party

pricing

services

utilized

by

the

Valuation

Committee

include one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involves

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by

a

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date

a

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price

a

Fund

could

receive

upon

the

sale

of

the

investment. 

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

each

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

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

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

Standard

Inputs

Generally

Considered

By

The

Valuation

Committee

And

Third-Party

Pricing

Services

Market

approach

........................

(

i

)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(

i

)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(

i

)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(continued)

139

Notes

to

Financial

Statements

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Inflation-Indexed

Bonds:

Inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

are

fixed-income

securities

whose

principal

value

is

periodically

adjusted

according

to

the

rate

of

inflation.

If

the

index

measuring

inflation

rises

or

falls,

the

principal

value

of

inflation-indexed

bonds

(other

than

municipal

inflation-indexed

and

certain

corporate

inflation-indexed

bonds)

will

be

adjusted

upward

or

downward,

and

consequently

the

interest

payable

on

these

securities

(calculated

with

respect

to

a

larger

or

smaller

principal

amount)

will

be

increased

or

reduced,

respectively.

Any

upward

or

downward

adjustment

in

the

principal

amount

of

an

inflation-indexed

bond

is

included

as

interest

income

in

the

Statements

of

Operations,

even

though

investors

do

not

receive

their

principal

until

maturity.

Repayment

of

the

original

bond

principal

upon

maturity

(as

adjusted

for

inflation)

is

guaranteed

in

the

case

of

U.S.

Treasury

inflation-indexed

bonds.

For

bonds

that

do

not

provide

a

similar

guarantee,

the

adjusted

principal

value

of

the

bond

repaid

at

maturity

may

be

less

than

the

original

principal.

With

regard

to

municipal

inflation-indexed

bonds

and

certain

corporate

inflation-indexed

bonds,

the

inflation

adjustment

is

typically

reflected

in

the

semi-annual

coupon

payment.

As

a

result,

the

principal

value

of

municipal

inflation-

indexed

bonds

and

such

corporate

inflation-indexed

bonds

does

not

adjust

according

to

the

rate

of

inflation.

Multiple

Class

Pass-Through

Securities:

Multiple

class

pass-through

securities,

including

collateralized

mortgage

obligations

(“CMOs”)

and

commercial

mortgage-backed

securities,

may

be

issued

by

Ginnie

Mae,

U.S.

Government

agencies

or

instrumentalities

or

by

trusts

formed

by

private

originators

of,

or

investors

in,

mortgage

loans.

In

general,

CMOs

are

debt

obligations

of

a

legal

entity

that

are

collateralized

by

a

pool

of

residential

or

commercial

mortgage

loans

or

Mortgage

Assets.

The

payments

on

these

are

used

to

make

payments

on

the

CMOs

or

multiple

pass-through

securities.

Multiple

class

pass-through

securities

represent

direct

ownership

interests

in

the

Mortgage

Assets.

Classes

of

CMOs

include

interest

only

(“IOs”),

principal

only

(“POs”),

planned

amortization

classes

and

targeted

amortization

classes.

IOs

and

POs

are

stripped

mortgage-backed

securities

representing

interests

in

a

pool

of

mortgages,

the

cash

flow

from

which

has

been

separated

into

interest

and

principal

components.

IOs

receive

the

interest

portion

of

the

cash

flow

while

POs

receive

the

principal

portion.

IOs

and

POs

can

be

extremely

volatile

in

response

to

changes

in

interest

rates.

As

interest

rates

rise

and

fall,

the

value

of

IOs

tends

to

move

in

the

same

direction

as

interest

rates.

POs

perform

best

when

prepayments

on

the

underlying

mortgages

rise

since

this

increases

the

rate

at

which

the

principal

is

returned

and

the

yield

to

maturity

on

the

PO.

When

payments

on

mortgages

underlying

a

PO

are

slower

than

anticipated,

the

life

of

the

PO

is

lengthened

and

the

yield

to

maturity

is

reduced.

If

the

underlying

Mortgage

Assets

experience

greater

than

anticipated

prepayments

of

principal,

a

fund’s

initial

investment

in

the

IOs

may

not

fully

recoup. 

Stripped

Mortgage-Backed

Securities:

Stripped

mortgage-backed

securities

are

typically

issued

by

the

U.S.

Government,

its

agencies

and

instrumentalities.

Stripped

mortgage-backed

securities

are

usually

structured

with

two

classes

that

receive

different

proportions

of

the

interest

(IOs)

and

principal

(POs)

distributions

on

a

pool

of

Mortgage

Assets.

Stripped

mortgage-backed

securities

may

be

privately

issued.

Zero-Coupon

Bonds:

Zero-coupon

bonds

are

normally

issued

at

a

significant

discount

from

face

value

and

do

not

provide

for

periodic

interest

payments.

These

bonds

may

experience

greater

volatility

in

market

value

than

other

debt

obligations

of

similar

maturity

which

provide

for

regular

interest

payments. 

Equity-Linked

Notes:

Equity-linked

notes

seek

to

generate

income

and

provide

exposure

to

the

performance

of

an

underlying

security,

group

of

securities

or

exchange-

traded

funds

(the

“underlying

reference

instrument”).

In

an

equity-linked

note,

a

fund

purchases

a

note

from

a

bank

or

broker-dealer

and

in

return,

the

issuer

provides

for

interest

payments

during

the

term

of

the

note.

At

maturity

or

when

the

security

is

sold,

a

fund

will

either

settle

by

taking

physical

delivery

of

the

underlying

reference

instrument

or

by

receipt

of

a

cash

settlement

amount

equal

to

the

value

of

the

note

at

termination

or

maturity.

The

use

of

equity-linked

notes

involves

the

risk

that

the

value

of

the

note

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

140

changes

unfavorably

due

to

movements

in

the

value

of

the

underlying

reference

instrument.

Equity-linked

notes

are

considered

general

unsecured

contractual

obligations

of

the

bank

or

broker-dealer.

A

fund

must

rely

on

the

creditworthiness

of

the

issuer

for

its

investment

returns.

Capital

Securities

and

Trust

Preferred

Securities:

Capital

securities,

including

trust

preferred

securities,

are

typically

issued

by

corporations,

generally

in

the

form

of

interest-bearing

notes

with

preferred

securities

characteristics.

In

the

case

of

trust

preferred

securities,

an

affiliated

business

trust

of

a

corporation

issues

these

securities,

generally

in

the

form

of

beneficial

interests

in

subordinated

debentures

or

similarly

structured

securities.

The

securities

can

be

structured

with

either

a

fixed

or

adjustable

coupon

that

can

have

either

a

perpetual

or

stated

maturity

date.

For

trust

preferred

securities,

the

issuing

bank

or

corporation

pays

interest

to

the

trust,

which

is

then

distributed

to

holders

of

these

securities

as

a

dividend.

Dividends

can

be

deferred

without

creating

an

event

of

default

or

acceleration,

although

maturity

cannot

take

place

unless

all

cumulative

payment

obligations

have

been

met.

The

deferral

of

payments

does

not

affect

the

purchase

or

sale

of

these

securities

in

the

open

market.

These

securities

generally

are

rated

below

that

of

the

issuing

company’s

senior

debt

securities

and

are

freely

callable

at

the

issuer’s

option. 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Floating

Rate

Loan

Interests:

Floating

rate

loan

interests

are

typically

issued

to

companies

(the

“borrower”)

by

banks,

other

financial

institutions,

or

privately

and

publicly

offered

corporations

(the

“lender”).

Floating

rate

loan

interests

are

generally

non-investment

grade,

often

involve

borrowers

whose

financial

condition

is

troubled

or

uncertain

and

companies

that

are

highly

leveraged

or

in

bankruptcy

proceedings.

In

addition,

transactions

in

floating

rate

loan

interests

may

settle

on

a

delayed

basis,

which

may

result

in

proceeds

from

the

sale

not

being

readily

available

for

a

fund

to

make

additional

investments

or

meet

its

redemption

obligations.

Floating

rate

loan

interests

may

include

fully

funded

term

loans

or

revolving

lines

of

credit.

Floating

rate

loan

interests

are

typically

senior

in

the

corporate

capital

structure

of

the

borrower.

Floating

rate

loan

interests

generally

pay

interest

at

rates

that

are

periodically

determined

by

reference

to

a

base

lending

rate

plus

a

premium.

Since

the

rates

reset

only

periodically,

changes

in

prevailing

interest

rates

(and

particularly

sudden

and

significant

changes)

can

be

expected

to

cause

some

fluctuations

in

the

NAV

of

a

fund

to

the

extent

that

it

invests

in

floating

rate

loan

interests.

The

base

lending

rates

are

generally

the

lending

rate

offered

by

one

or

more

European

banks,

such

as

the

Secured

Overnight

Financing

Rate

(“SOFR”),

the

prime

rate

offered

by

one

or

more

U.S.

banks

or

the

certificate

of

deposit

rate.

Floating

rate

loan

interests

may

involve

foreign

borrowers,

and

investments

may

be

denominated

in

foreign

currencies.

These

investments

are

treated

as

investments

in

debt

securities

for

purposes

of

a

fund’s

investment

policies. 

When

a

fund

purchases

a

floating

rate

loan

interest,

it

may

receive

a

facility

fee

and

when

it

sells

a

floating

rate

loan

interest,

it

may

pay

a

facility

fee.

On

an

ongoing

basis,

a

fund

may

receive

a

commitment

fee

based

on

the

undrawn

portion

of

the

underlying

line

of

credit

amount

of

a

floating

rate

loan

interest.

Facility

and

commitment

fees

are

typically

amortized

to

income

over

the

term

of

the

loan

or

term

of

the

commitment,

respectively.

Consent

and

amendment

fees

are

recorded

to

income

as

earned.

Prepayment

penalty

fees,

which

may

be

received

by

a

fund

upon

the

prepayment

of

a

floating

rate

loan

interest

by

a

borrower,

are

recorded

as

realized

gains.

A

fund

may

invest

in

multiple

series

or

tranches

of

a

loan.

A

different

series

or

tranche

may

have

varying

terms

and

carry

different

associated

risks.

Floating

rate

loan

interests

are

usually

freely

callable

at

the

borrower’s

option.

A

fund

may

invest

in

such

loans

in

the

form

of

participations

in

loans

(“Participations”)

or

assignments

(“Assignments”)

of

all

or

a

portion

of

loans

from

third

parties.

Participations

typically

will

result

in

a

fund

having

a

contractual

relationship

only

with

the

lender,

not

with

the

borrower.

A

fund

has

the

right

to

receive

payments

of

principal,

interest

and

any

fees

to

which

it

is

entitled

only

from

the

lender

selling

the

Participation

and

only

upon

receipt

by

the

lender

of

the

payments

from

the

borrower.

In

connection

with

purchasing

Participations,

a

fund

generally

will

have

no

right

to

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement,

nor

any

rights

of

offset

against

the

borrower.

A

fund

may

not

benefit

directly

from

any

collateral

supporting

the

loan

in

which

it

has

purchased

the

Participation.

As

a

result,

a

fund

assumes

the

credit

risk

of

both

the

borrower

and

the

lender

that

is

selling

the

Participation.

A

fund’s

investment

in

loan

participation

interests

involves

the

risk

of

insolvency

of

the

financial

intermediaries

who

are

parties

to

the

transactions.

In

the

event

of

the

insolvency

of

the

lender

selling

the

Participation,

a

fund

may

be

treated

as

a

general

creditor

of

the

lender

and

may

not

benefit

from

any

offset

between

the

lender

and

the

borrower.

Assignments

typically

result

in

a

fund

having

a

direct

contractual

relationship

with

the

borrower,

and

a

fund

may

enforce

compliance

by

the

borrower

with

the

terms

of

the

loan

agreement.

In

connection

with

floating

rate

loan

interests,

the

Funds

may

also

enter

into

unfunded

floating

rate

loan

interests

(“commitments”).

In

connection

with

these

commitments,

a

fund

earns

a

commitment

fee,

typically

set

as

a

percentage

of

the

commitment

amount.

Such

fee

income,

which

is

included

in

interest

income

in

the

Statements

of

Operations,

is

recognized

ratably

over

the

commitment

period.

Unfunded

floating

rate

loan

interests

are

marked-to-market

daily,

and

any

unrealized

appreciation

(depreciation)

is

included

in

the

Statements

of

Assets

and

Liabilities

and

Statements

of

Operations.

As

of

period

end,

the

Funds

had

the

following

unfunded

floating

rate

loan

interests: 

Securities

Lending:

 The

Funds

may

lend

their

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Funds

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

Fund

Name

Borrower

Par

Commitment

Amount

Value

Unrealized

Appreciation

(Depreciation)

Multi-Asset

Income

CML

La

Quinta

Resort,

Term

Loan

.....................

$

1,000,932‌

$

1,000,932‌

$

998,612‌

$

(2,320‌)

$

(2,320‌)

Notes

to

Financial

Statements

(continued)

141

Notes

to

Financial

Statements

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund,

or

excess

collateral returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Funds

are

entitled

to

all

distributions

made

on

or in

respect

of

the

loaned

securities,

but

do

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent,

BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedules

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Funds’

Schedules

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

related

collateral,

if

any,

are

shown

separately

in

the

 Statements

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated

and

collateral

on

securities

loaned,

respectively.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Funds

benefit

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

the

Funds.

5.

Derivative

Financial

Instruments

The

Funds

engage

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Funds

and/or

to

manage

their

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedules

of

Investments.

These

contracts

may

be

transacted

on

an

exchange

or

OTC.

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk)

.

Futures

contracts

are

exchange-traded agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

 Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

As

of

period

end,

the

following

tables

are

a

summary

of

the

Funds'

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Fund

Name/Counterparty  

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

Net

Amount

Dynamic

High

Income

J.P.

Morgan

Securities

LLC

......................

$

1,864,790‌

$

(1,864,790‌)

$

—‌

$

—‌

Multi-Asset

Income

Barclays

Capital,

Inc.

..........................

$

71,477,997‌

$

(71,477,997‌)

$

—‌

$

—‌

BNP

Paribas

SA

.............................

386,652‌

(386,652‌)

—‌

—‌

BofA

Securities,

Inc.

...........................

83,948,980‌

(83,948,980‌)

—‌

—‌

Goldman

Sachs

&

Co.

LLC

......................

2,816,994‌

(2,816,994‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

......................

48,279,323‌

(48,279,323‌)

—‌

—‌

Morgan

Stanley

..............................

9,101,529‌

(9,101,529‌)

—‌

—‌

Toronto-Dominion

Bank

........................

12,723,480‌

(12,723,480‌)

—‌

—‌

UBS

Securities

LLC

...........................

6,550,550‌

(6,550,550‌)

—‌

—‌

$

235,285,505‌

$

(235,285,505‌)

$

—‌

$

—‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

these

tables.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Funds'

Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

142

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Funds

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statements

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

Statements

of

Assets

and

Liabilities. Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statements

of

Assets

and

Liabilities. The

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Options:

The

Funds

may purchase

and

write

call

and

put

options

to

increase

or

decrease

their

exposure

to

the

risks

of

underlying

instruments,

including

equity

risk,

interest

rate

risk

and/or

commodity

price

risk

and/or,

in

the

case

of

options

written,

to

generate

gains

from

options

premiums.

A

call

option

gives

the

purchaser

(holder)

of

the

option

the

right

(but

not

the

obligation)

to

buy,

and

obligates

the

seller

(writer)

to

sell

(when

the

option

is

exercised)

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

A

put

option

gives

the

holder

the

right

to

sell

and

obligates

the

writer

to

buy

the

underlying

instrument

at

the

exercise

or

strike

price

at

any

time

or

at

a

specified

time

during

the

option

period.

Premiums

paid

on

options

purchased

and

premiums

received

on

options

written,

as

well

as

the

daily

fluctuation

in

market

value,

are

included

in

investments

at

value

–

unaffiliated

and

options

written

at

value,

respectively,

in

the

Statements

of

Assets

and

Liabilities.

When

an

instrument

is

purchased

or

sold

through

the

exercise

of

an

option,

the

premium

is

offset

against

the

cost

or

proceeds

of

the

underlying

instrument.

When

an

option

expires,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

to

the

extent

of

the

premiums

received

or

paid.

When

an

option

is

closed

or

sold,

a

gain

or

loss

is

recorded

in

the

Statements

of

Operations

to

the

extent

the

cost

of

the

closing

transaction

exceeds

the

premiums

received

or

paid.

When

the

Funds

write

a

call

option,

such

option

is

typically

“covered,”

meaning

that

they

hold

the

underlying

instrument

subject

to

being

called

by

the

option

counterparty.

When

the

Funds

write

a

put

option,

cash

is

segregated

in

an

amount

sufficient

to

cover

the

obligation.

These

amounts,

which

are

considered

restricted,

are

included

in

cash

pledged

as

collateral

for

options

written

in

the

Statements

of

Assets

and

Liabilities.

In

purchasing

and

writing

options,

the

Funds

bear

the

risk

of

an

unfavorable

change

in

the

value

of

the

underlying

instrument

or

the

risk

that

they

may

not

be

able

to

enter

into

a

closing

transaction

due

to

an

illiquid

market.

Exercise

of

a

written

option

could

result

in

the

Funds

purchasing

or

selling

a

security

when they

otherwise

would

not,

or

at

a

price

different

from

the

current

market

value.

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statements

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Funds’

counterparty

on

the

swap. Each

Fund is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap, each

Fund is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract, each

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and recorded

as

realized

gains

(losses)

in

the

Statements

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Funds

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Funds

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

Notes

to

Financial

Statements

(continued)

143

Notes

to

Financial

Statements

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Funds

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Funds

receive

payment

from

or

make

a

payment

to

the

counterparty.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund(s)

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from the

counterparties

are

not

fully

collateralized, each

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of

their

agreement

with

such

counterparty, each

Fund bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of the

Funds,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Funds’

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of each

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of each

Fund.

For

such

services,

Dynamic

High

Income

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

Dynamic

High

Income’s

net

assets:

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

.........................................................................................................

0.60%

$1

billion

-

$3

billion

.....................................................................................................

0.56

$3

billion

-

$5

billion

.....................................................................................................

0.54

$5

billion

-

$10

billion

....................................................................................................

0.52

Greater

than

$10

billion

...................................................................................................

0.51

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

144

For

such

services,

Multi-Asset

Income

pays

the

Manager

a

monthly

fee,

based

on

the

average

daily

net

assets

that

are

attributable

to

Multi-Asset

Income's direct

investments

in

fixed-income

and

equity

securities

and

instruments,

including ETF

advised

by

the

Manager

or

other

investment

advisers,

other

investments,

and

cash

and

cash

equivalents

(including

money

market

funds,

whether

advised

by

the

Manager

or

other

investment

advisers)

and

excludes

investments

in

other

BlackRock

equity

and/or

fixed-income

mutual

funds,

at

the

following

annual

rates:

With

respect

to each

Fund,

the

Manager

entered

into

separate

sub-advisory

agreements

with

each

of

BlackRock

International

Limited

(“BIL”),

BlackRock

(Singapore)

Limited

(“BSL”)

and

BlackRock

Asset

Management

North

Asia

Limited

(“BAMNA”)

(collectively,

the

“Sub-Advisers”),

each

an

affiliate

of

the

Manager.

The

Manager

pays

BIL,

BSL

and

BAMNA

for

services

they

provide

for

that

portion

of

each

Fund

for

which

BIL,

BSL

and

BAMNA

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

each

Fund

to

the

Manager.

Service

and

Distribution

Fees:

The

Trust

,

on behalf

of the

Funds,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

each

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

each

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services

to

the

Funds.

The

ongoing

service

and/or

distribution

fee

compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution

related

services

to

shareholders.

For

the year

ended

July

31,

2024,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

each

Fund

Administration:

The

Trust,

on

behalf

of the

Funds, entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statements

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes

an

administration

fee,

which

is

shown

as

administration —

class

specific

in

the

Statements

of

Operations,

at

an

annual

rate

of

0.02% of

the

average

daily

net

assets

of

each

respective

class.

For

the

year

ended

July

31,

2024, 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 July

31,

2024,

the

Funds 

paid

the

following

amounts

to

affiliates

of

BlackRock

in

return

for

these

services,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$1

billion

.........................................................................................................

0.600%

$1

billion

-

$2

billion

.....................................................................................................

0.550

$2

billion

-

$3

billion

.....................................................................................................

0.525

Greater

than

$3

billion

...................................................................................................

0.500

Share

Class

Service

Fees

Distribution

Fees

Investor

A

.................................................................................................

0.25‌

%

—‌

%

Investor

C

.................................................................................................

0.25‌

0.75‌

Fund

Name

Investor

A

Investor

C

Total

Dynamic

High

Income

..............................................................................

$

303,093‌

$

252,195‌

$

555,288‌

Multi-Asset

Income

...............................................................................

9,616,306‌

5,380,651‌

14,996,957‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

million

......................................................................................................

0.0425%

$500

million

-

$1

billion

..................................................................................................

0.0400

$1

billion

-

$2

billion

....................................................................................................

0.0375

$2

billion

-

$4

billion

....................................................................................................

0.0350

$4

billion

-

$13

billion

...................................................................................................

0.0325

Greater

than

$13

billion

..................................................................................................

0.0300

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Total

Dynamic

High

Income

.............................................................

$

157,094‌

$

24,247‌

$

5,044‌

$

36,425‌

$

222,810‌

Multi-Asset

Income

..............................................................

1,238,042‌

769,304‌

107,613‌

131,774‌

2,246,733‌

Fund

Name

Institutional

Multi-Asset

Income

........................................................................................................

$

25,405‌

Notes

to

Financial

Statements

(continued)

145

Notes

to

Financial

Statements

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

July

31,

2024,

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

July

31,

2024,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

each

Fund:

Other

Fees:

For

the 

year

ended 

July

31,

2024

,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of

each

Fund’s Investor

A

Shares

as

follows:

For

the year

ended

July

31,

2024,

affiliates

received

CDSCs

as

follows:

Expense

Limitations,

Waivers

and

Reimbursements:

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,

2025.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

trustees

who

are

not

"interested

persons"

of

the

Trust,

as

defined

in

the

1940

Act

("Independent

Trustees"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitation

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the year

ended

July

31,

2024,

the

amounts

waived

were

as

follows:

With

respect

to

Dynamic

High

Income,

the

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund's

assets

invested

in

affiliated

equity

and

fixed-income

mutual

funds

and

affiliated

ETFs

that

have

a

contractual

management

fee

through

June

30,

2025.

With

respect

to

Multi-Asset

Income,

the

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of

the

Fund’s

assets

invested

in

affiliated

equity

and

fixed-income

ETFs

that

have

a

contractual

management

fee

through

June

30,

2025.

The

contractual

agreements

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of a

Fund.

 These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the

year

ended

July

31,

2024,

the

amounts

waived

in

investment

advisory

fees

pursuant

to

these

arrangements

were

as

follows:

With

respect

to

each

Fund,

the

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

each

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2025,

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 July

31,

2024,

the

amounts

included

in

fees

waived

and/

or

reimbursed

by

the

Manager

in

the

Statements

of

Operations

were

as

follows:

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Total

Dynamic

High

Income

.............................................................

$

1,683‌

$

1,393‌

$

226‌

$

298‌

$

3,600‌

Multi-Asset

Income

..............................................................

12,442‌

38,388‌

11,712‌

1,505‌

64,047‌

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Total

Dynamic

High

Income

.............................................................

$

717,887‌

$

61,972‌

$

19,478‌

$

6,148‌

$

805,485‌

Multi-Asset

Income

..............................................................

4,409,559‌

2,087,970‌

401,679‌

36,121‌

6,935,329‌

Fund

Name

Other

Fees

Dynamic

High

Income

......................................................................................................

$

2,992‌

Multi-Asset

Income

.......................................................................................................

32,772‌

Fund

Name

Investor

A

Investor

C

Dynamic

High

Income

...........................................................................................

$

17,222‌

$

1,786‌

Multi-Asset

Income

............................................................................................

84,699‌

14,639‌

Fund

Name

Amounts

Waived

Dynamic

High

Income

..................................................................................................

$

45,433‌

Multi-Asset

Income

...................................................................................................

390,794‌

Fund

Name

Amount

Waived

Dynamic

High

Income

......................................................................................................

$

477,724‌

Multi-Asset

Income

.......................................................................................................

2,929,185‌

Fund

Name

Institutional

Investor

A

Investor

C

Class

K

Dynamic

High

Income

...................................................................

0.65‌%

0.90‌%

1.65‌%

0.60‌%

Multi-Asset

Income

....................................................................

0.55‌

0.80‌

1.55‌

0.50‌

Fund

Name

Fees

Waived

and/or

Reimbursed

by

the

Manager

Dynamic

High

Income

........................................................................................................

$

961,460‌

Multi-Asset

Income

.........................................................................................................

4,999,413‌

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

146

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

July

31,

2024,

class

specific

expense

waivers

and/or

reimbursements were

as

follows: 

Securities

Lending:

 The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Funds

are

responsible

for fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional,

managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

the

Funds

bear

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

redemption

fee,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

reinvested

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

of

the

value

redeemed,

if

such

fee,

is

determined

to

be

in

the

best

interests

of

such

money

market

fund.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities.

Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits the

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold, each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

85%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the Statements

of

Operations.

For

the year

ended

July

31,

2024, each

Fund

paid

BIM

the

following

amounts

for

securities

lending

agent

services: 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC,

each

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by

each

Fund’s

investment

policies

and

restrictions.

Dynamic

High

Income

is

currently

permitted

to

borrow

and

lend,

and

Multi-Asset

Income

is

currently

permitted

to

borrow

under

the

Interfund

Lending

Program.

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

year

ended

July

31,

2024,

the

Funds

did

not

participate

in

the

Interfund

Lending

Program.

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Funds

reimburse

the

Manager

for

a

portion

of

the

compensation

paid

to

the Funds’

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statements

of

Operations. 

Fund

Name/Share

Class

Administration

Fees

Waived

by

the

Manager

—

Class

Specific

Transfer

Agent

Fees

Waived

and/or

Reimbursed

by

the

Manager

—

Class

Specific

Dynamic

High

Income

Institutional

....................................................................................

$

157,094‌

$

326,829‌

Investor

A

.....................................................................................

23,984‌

1,978‌

Investor

C

.....................................................................................

5,044‌

7,110‌

Class

K

......................................................................................

36,425‌

6,148‌

$

222,547‌

$

342,065‌

Multi-Asset

Income

Institutional

....................................................................................

1,238,042‌

1,303,802‌

Investor

A

.....................................................................................

769,073‌

162,106‌

Investor

C

.....................................................................................

107,613‌

132,627‌

Class

K

......................................................................................

131,774‌

36,121‌

$

2,246,502‌

$

1,634,656‌

Fund

Name

Amounts

Dynamic

High

Income

......................................................................................................

$

42,110‌

Multi-Asset

Income

.......................................................................................................

154,583‌

Notes

to

Financial

Statements

(continued)

147

Notes

to

Financial

Statements

Other

Transactions:

The

Funds

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common trustees.

For

the

year

ended

July

31,

2024,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with affiliated

funds

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

7.

PURCHASES

AND

SALES 

For

the year ended

July

31,

2024,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

equity

linked

notes,

were

as

follows:

For

the

year ended

July

31,

2024,

purchases

and

sales

related

to

equity-linked

notes

were

as

follows:

8.

INCOME

TAX

INFORMATION 

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

Each Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

each

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

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

July

31,

2024,

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.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or NAVs

per

share.

As

of

period

end,

permanent

differences

attributable

to

nondeductible

expenses were

reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows: 

As

of

July

31,

2024,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

Fund

Name

Purchases

Sales

Net

Realized

Gain

(Loss)

Dynamic

High

Income

...................................................................

$

777,393‌

$

1,157,049‌

$

28,182‌

Multi-Asset

Income

....................................................................

24,495,576‌

7,431,389‌

(2,665‌)

U.S.

Government

Securities

Other

Securities

Fund

Name

Sales

Purchases

Sales

Dynamic

High

Income

...................................................................

$

306,564‌

$

858,972,587‌

$

1,071,877,230‌

Multi-Asset

Income

....................................................................

1,439,297‌

7,789,703,992‌

10,348,317,444‌

Fund

Name

Purchases

Sales

Dynamic

High

Income

...................................................................................

$

2,077,431,311‌

$

1,959,580,991‌

Multi-Asset

Income

....................................................................................

9,646,604,051‌

9,227,351,903‌

Fund

Name

Paid-in

Capital

Accumulated

Earnings

(Loss)

Multi-Asset

Income

.........................................................................

$

(4,139‌)

$

4,139‌

Fund

Name

Year

Ended

07/31/24

Year

Ended

07/31/23

Dynamic

High

Income

Ordinary

income

...........................................................................................

$

80,083,476‌

$

75,009,870‌

Multi-Asset

Income

Ordinary

income

...........................................................................................

$

691,885,759‌

$

740,617,171‌

Fund

Name

Undistributed

Ordinary

Income

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Total

Dynamic

High

Income

....................................................

$

3,032,769‌

$

(215,213,811‌)

$

23,039,283‌

$

(189,141,759‌)

Multi-Asset

Income

.....................................................

26,517,991‌

(1,930,908,590‌)

95,546,022‌

(1,808,844,577‌)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales

and

straddles,

amortization

methods

for

premiums

on

fixed

income

securities,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

and

foreign

currency

contracts,

the

accrual

of

income

on

securities

in

default,

the

realization

for

tax

purposes

of

unrealized

gains

on

investments

in

passive

foreign

investment

companies,

the

timing

and

recognition

of

partnership

income,

the

accounting

for

swap

agreements,

the

characterization

of

corporate

actions

and

the

classification

of

investments.

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

148

During

the

year ended July

31,

2024,

the

Funds

listed

below

utilized

the

following

amounts

of

their

respective

capital

loss

carryforwards: 

As

of

July

31,

2024, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

9.

BANK

BORROWINGS 

The

Trust,

on

behalf

of

the

Funds,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”), is

party

to

a

364-day,

$2.40

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

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

2025

unless

extended

or

renewed.

Prior

to

April

11,

2024,

the

aggregate

commitment

amount

was

$2.50

billion.

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

July

31,

2024,

the

Funds

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business,

the

Funds

invest

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

each

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

each

Fund

is

subject. 

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

discretionary

liquidity

fees

under

certain

circumstances.  

Market

Risk

:

Each

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

each

Fund

to

reinvest

in

lower

yielding

securities. Each

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

income

from

each

Fund’s

portfolio

will

decline

if

each

Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

each

Fund

portfolio’s

current

earnings

rate.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. A

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that a

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. A

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

each

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of a

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which a

Fund

invests. 

The

price a

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from a

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore a

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by a

Fund,

and a

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

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. 

Fund

Name

Amount

Utilized

Dynamic

High

Income

..................................................................................................

$

9,419,435‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Dynamic

High

Income

..............................................

$

1,158,704,029‌

$

52,157,702‌

$

(27,005,725‌)

$

25,151,977‌

Multi-Asset

Income

................................................

11,005,517,681‌

616,346,792‌

(356,243,951‌)

260,102,841‌

Notes

to

Financial

Statements

(continued)

149

Notes

to

Financial

Statements

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

For

OTC

options

purchased,

each

Fund

bears

the

risk

of

loss

in

the

amount

of

the

premiums

paid

plus

the

positive

change

in

market

values

net

of

any

collateral

held

by

the

Funds

should

the

counterparty

fail

to

perform

under

the

contracts.

Options

written

by

the

Funds

do

not

typically

give

rise

to

counterparty

credit

risk,

as

options

written

generally

obligate

the

Funds,

and

not

the

counterparty,

to

perform.

The

Funds

may

be

exposed

to

counterparty

credit

risk

with

respect

to

options

written

to

the

extent

each

Fund

deposits

collateral

with

its

counterparty

to

a

written

option. 

With

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds. 

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.

Certain

Funds

invest

a

significant

portion

of their

assets

in

high

yield

securities.

High

yield

securities

that

are

rated

below

investment-grade

(commonly

referred

to

as

“junk

bonds”)

or

are

unrated

may

be

deemed

speculative,

involve

greater

levels

of

risk

than

higher-rated

securities

of

similar

maturity

and

are

more

likely

to

default.

High

yield

securities

may

be

issued

by

less

creditworthy

issuers,

and

issuers

of

high

yield

securities

may

be

unable

to

meet

their

interest

or

principal

payment

obligations.

High

yield

securities

are

subject

to

extreme

price

fluctuations,

may

be

less

liquid

than

higher

rated

fixed-income

securities,

even

under

normal

economic

conditions,

and

frequently

have

redemption

features.

The

Funds

invest

a

significant

portion

of

their

assets

in fixed-income securities and/or use

derivatives tied

to

the

fixed-income

markets.

Changes

in

market

interest

rates

or

economic

conditions

may affect

the

value

and/or

liquidity

of

such investments.

Interest

rate

risk

is

the

risk

that

prices

of

bonds

and

other

fixed-income

securities

will

decrease

as

interest

rates

rise

and

increase

as

interest

rates

fall.

The

Funds

may

be

subject

to

a

greater

risk

of

rising

interest

rates

during

a

period

of

historically

low

interest

rates. The

Federal

Reserve

has raised the

federal

funds

rate

as

part

of

its

efforts

to

address

inflation.

Changing

interest

rates

may

have

unpredictable

effects

on

markets,

may

result

in

heightened

market

volatility,

and

could

negatively

impact

the

Funds'

performance.

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

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.

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

d

Year

Ended

07/31/24

Year

Ended

07/31/23

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Dynamic

High

Income

Institutional

Shares

sold

..........................................

20,048,338‌

$

166,520,807‌

32,346,905‌

$

260,199,354‌

Shares

issued

in

reinvestment

of

distributions

.....................

5,936,808‌

49,314,489‌

5,727,254‌

45,846,456‌

Shares

redeemed

......................................

(39,814,824‌)

(330,069,651‌)

(45,226,477‌)

(363,418,911‌)

(13,829,678‌)

$

(114,234,355‌)

(7,152,318‌)

$

(57,373,101‌)

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Financial

Statements

150

As

of

July

31,

2024,

BlackRock

HoldCo

2,

Inc.,

an

affiliate

of

the

Fund,

owned 22,548 Class

K Shares

of

Dynamic

High

Income.

12.

SUBSEQUENT

EVENTS 

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

d

Year

Ended

07/31/24

Year

Ended

07/31/23

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Investor

A

Shares

sold

and

automatic

conversion

of

shares

....................

1,748,676‌

$

14,471,426‌

4,632,856‌

$

37,169,057‌

Shares

issued

in

reinvestment

of

distributions

.....................

905,143‌

7,522,040‌

874,133‌

7,004,369‌

Shares

redeemed

......................................

(4,958,433‌)

(41,038,269‌)

(5,807,876‌)

(46,630,803‌)

(2,304,614‌)

$

(19,044,803‌)

(300,887‌)

$

(2,457,377‌)

Investor

C

Shares

sold

..........................................

56,415‌

$

470,183‌

295,625‌

$

2,352,129‌

Shares

issued

in

reinvestment

of

distributions

.....................

179,071‌

1,485,765‌

194,141‌

1,551,885‌

Shares

redeemed

and

automatic

conversion

of

shares

...............

(908,573‌)

(7,480,162‌)

(1,222,508‌)

(9,795,650‌)

(673,087‌)

$

(5,524,214‌)

(732,742‌)

$

(5,891,636‌)

Class

K

Shares

sold

..........................................

1,148,900‌

$

9,536,561‌

1,832,564‌

$

14,793,866‌

Shares

issued

in

reinvestment

of

distributions

.....................

1,591,766‌

13,238,300‌

1,549,371‌

12,406,510‌

Shares

redeemed

......................................

(4,769,498‌)

(39,382,897‌)

(5,782,161‌)

(46,375,144‌)

(2,028,832‌)

$

(16,608,036‌)

(2,400,226‌)

$

(19,174,768‌)

(18,836,211‌)

$

(155,411,408‌)

(10,586,173‌)

$

(84,896,882‌)

Multi-Asset

Income

Institutional

Shares

sold

..........................................

94,646,722‌

$

927,041,457‌

142,795,998‌

$

1,385,885,232‌

Shares

issued

in

reinvestment

of

distributions

.....................

35,748,490‌

351,191,503‌

38,787,272‌

374,683,322‌

Shares

redeemed

......................................

(226,561,012‌)

(2,214,009,505‌)

(338,517,261‌)

(3,270,617,502‌)

(96,165,800‌)

$

(935,776,545‌)

(156,933,991‌)

$

(1,510,048,948‌)

Investor

A

Shares

sold

and

automatic

conversion

of

shares

....................

39,910,243‌

$

390,626,503‌

56,685,011‌

$

549,117,775‌

Shares

issued

in

reinvestment

of

distributions

.....................

22,324,956‌

219,168,405‌

22,995,367‌

221,912,948‌

Shares

redeemed

......................................

(108,195,474‌)

(1,057,472,883‌)

(137,812,224‌)

(1,332,209,327‌)

(45,960,275‌)

$

(447,677,975‌)

(58,131,846‌)

$

(561,178,604‌)

Investor

C

Shares

sold

..........................................

2,133,493‌

$

20,934,819‌

3,007,887‌

$

29,070,713‌

Shares

issued

in

reinvestment

of

distributions

.....................

2,840,503‌

27,791,890‌

3,839,485‌

36,981,660‌

Shares

redeemed

and

automatic

conversion

of

shares

...............

(28,262,613‌)

(275,702,330‌)

(39,836,953‌)

(384,805,017‌)

(23,288,617‌)

$

(226,975,621‌)

(32,989,581‌)

$

(318,752,644‌)

Class

K

Shares

sold

..........................................

10,642,541‌

$

104,276,786‌

15,891,255‌

$

153,320,514‌

Shares

issued

in

reinvestment

of

distributions

.....................

4,078,061‌

40,055,364‌

5,158,042‌

49,793,424‌

Shares

redeemed

......................................

(20,639,825‌)

(201,513,998‌)

(52,439,011‌)

(508,883,459‌)

(5,919,223‌)

$

(57,181,848‌)

(31,389,714‌)

$

(305,769,521‌)

(171,333,915‌)

$

(1,667,611,989‌)

(279,445,132‌)

$

(2,695,749,717‌)

Report

of

Independent

Registered

Public

Accounting

Firm

151

Report

of

Independent

Registered

Public

Accounting

Firm

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

funds

constituting

BlackRock

Funds

II,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

July

31,

2024,

the

related

statements

of

operations

for

the

year

ended

July

31,

2024,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2024

(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

listed

in

the

table

below

as

of

July

31,

2024,

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

July

31,

2024

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2024

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

July

31,

2024

by

correspondence

with

the

custodian,

transfer

agent,

agent

banks

and

brokers;

when

replies

were

not

received

from

agent

banks

and

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Philadelphia,

Pennsylvania

September

23,

2024

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

2000.

BlackRock

Dynamic

High

Income

Portfolio

BlackRock

Multi-Asset

Income

Portfolio

Important

Tax

Information

(unaudited)

2024

BlackRock

Annual

Financial

Statements

152

The

following

amounts,

or

maximum

amounts

allowable

by

law, are

hereby

designated

as

qualified

business

income

for

individuals

for

the

fiscal

year

ended

July

31,

2024:

The

following

amounts,

or maximum

amounts

allowable

by

law, are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

year

ended

July

31,

2024:

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

July

31,

2024:

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

July

31,

2024

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

July

31,

2024:

The

Funds

hereby

designate

the

following

amounts,

or

maximum

amounts

allowable

by

law,

as

interest-related

dividends

and

qualified

short-term

capital

gains eligible

for

exemption

from

U.S.

withholding

tax

for

nonresident

aliens

and

foreign

corporations

for

the

fiscal

year

ended

July

31,

2024:

Fund

Name

Qualified

Business

Income

Dynamic

High

Income

................................................................................................

$

602,234‌

Multi-Asset

Income

.................................................................................................

4,615,199‌

Fund

Name

Qualified

Dividend

Income

Dynamic

High

Income

................................................................................................

$

8,632,057‌

Multi-Asset

Income

.................................................................................................

109,956,386‌

Fund

Name

Federal

Obligation

Interest

Dynamic

High

Income

................................................................................................

$

584,761‌

Multi-Asset

Income

.................................................................................................

4,852,027‌

Fund

Name

Dividends-Received

Deduction

Dynamic

High

Income

................................................................................................

6.28‌

%

Multi-Asset

Income

.................................................................................................

7.28‌

Fund

Name

Interest

Dividends

Dynamic

High

Income

................................................................................................

$

36,503,030‌

Multi-Asset

Income

.................................................................................................

409,297,361‌

Fund

Name

Interest-Related

Dividends

Dynamic

High

Income

................................................................................................

$

19,877,396‌

Multi-Asset

Income

.................................................................................................

240,287,380‌

Additional

Information

153

Additional

Information

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Compensation

to

the

independent

directors/trustees

of

the

Trust

is

paid

by

the

Trust,

on

behalf

of

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.

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

of

quarterly

statements,

annual

and

semi-annual

shareholder

reports

and

prospectuses

by

enrolling

in

the

electronic

delivery

program.

To

enroll

in

electronic

delivery:

Shareholders

Who

Hold

Accounts

with

Investment

Advisors,

Banks

or

Brokerages:

Please

contact

your

financial

advisor.

Please

note

that

not

all

investment

advisors,

banks

or

brokerages

may

offer

this

service.

Shareholders

Who

Hold

Accounts

Directly

with

BlackRock:

1.

Access

the

BlackRock

website

at

blackrock.com

2.

Select

"Access

Your

Account"

3.

Next,

select

"eDelivery"

in

the

"Related

Resources"

box

and

follow

the

sign-up

instructions.

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)

2024

BlackRock

Annual

Financial

Statements

154

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisers

BlackRock

(Singapore)

Limited

079912

Singapore

BlackRock

Asset

Management

North

Asia

Limited

Hong

Kong

BlackRock

International

Limited

Edinburgh,

EH3

8JB

United

Kingdom

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

Philadelphia,

PA

19103

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10001

Legal

Counsel

Sidley

Austin

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

155

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

of

Trustees

(the

“Board,”

the

members

of

which

are

referred

to

as

“Board

Members”)

of

BlackRock

Funds

II

(the

“Trust”)

met

on

April

16,

2024

(the

“April

Meeting”)

and

May

16-17,

2024

(the

“May

Meeting”)

to

consider

the

approval

to

continue

the

investment

advisory

agreement

(the

“Advisory

Agreement”)

between

the

Trust,

on

behalf

of

BlackRock

Dynamic

High

Income

Portfolio

(“Dynamic

High

Income

Portfolio”)

and

BlackRock

Multi-Asset

Income

Portfolio

(the

“Multi-Asset

Income

Portfolio”)

(each,

a

“Fund,”

and

collectively,

the

“Funds”),

and

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

advisor.

The

Board

also

considered

the

approval

of

the

sub-advisory

agreements

between

the

Manager

and

(a)

BlackRock

(Singapore)

Limited

(“BSL”)

with

respect

to

Dynamic

High

Income

Portfolio

(the

“BSL

Dynamic

High

Income

Sub-Advisory

Agreement”);

(b)

BlackRock

Asset

Management

North

Asia

Limited

(“BAMNA”)

with

respect

to

Dynamic

High

Income

Portfolio

(the

“BAMNA

Dynamic

High

Income

Sub-Advisory

Agreement”);

(c)

BlackRock

International

Limited

(“BIL”

and

together

with

BAMNA

and

BSL,

the

“Sub-Advisors”)

with

respect

to

Dynamic

High

Income

Portfolio

(the

“BIL

Dynamic

High

Income

Sub-Advisory

Agreement”);

(d)

BSL

with

respect

to

Multi-Asset

Income

Portfolio

(the

“BSL

Multi-Asset

Income

Sub-Advisory

Agreement”

and

together

with

the

BSL

Dynamic

High

Income

Sub-Advisory

Agreement,

the

“BSL

Sub-Advisory

Agreements”);

(e)

BAMNA

with

respect

to

Multi-Asset

Income

Portfolio

(the

“BAMNA

Multi-Asset

Income

Sub-Advisory

Agreement”

and

together

with

the

BAMNA

Dynamic

High

Income

Sub-Advisory

Agreement,

the

“BAMNA

Sub-Advisory

Agreements”);

and

(f)

BIL

with

respect

to

Multi-Asset

Income

Portfolio

(the

“BIL

Multi-Asset

Income

Sub-Advisory

Agreement”

and

together

with

the

BIL

Dynamic

High

Income

Sub-Advisory

Agreement,

the

“BIL

Sub-Advisory

Agreements”).

The

BAMNA

Sub-Advisory

Agreements,

the

BSL

Sub-Advisory

Agreements

and

the

BIL

Sub-Advisory

Agreements

are

collectively

referred

to

herein

as

the

“Sub-Advisory

Agreements.”

The

Manager

and

the

Sub-Advisors

are

referred

to

herein

as

“BlackRock.”

The

Advisory

Agreement

and

the

Sub-Advisory

Agreements

are

referred

to

herein

as

the

“Agreements.”

The

Approval

Process

Consistent

with

the

requirements

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Board

considers

the

approval

of

the

continuation

of

the

Agreements

for

each

Fund

on

an

annual

basis.

The

Board

members

who

are

not

“interested

persons”

of

the

Trust,

as

defined

in

the

1940

Act,

are

considered

independent

Board

members

(the

“Independent

Board

Members”).

The

Board’s

consideration

entailed

a

year-long

deliberative

process

during

which

the

Board

and

its

committees

assessed

BlackRock’s

various

services

to

each

Fund,

including

through

the

review

of

written

materials

and

oral

presentations,

and

the

review

of

additional

information

provided

in

response

to

requests

from

the

Independent

Board

Members.

The

Board

had

four

quarterly

meetings

per

year,

each

of

which

extended

over

a

two-day

period,

as

well

as

additional

ad

hoc

meetings

and

executive

sessions

throughout

the

year,

as

needed.

The

committees

of

the

Board

similarly

met

throughout

the

year.

The

Board

also

had

an

additional

one-day

meeting

to

consider

specific

information

regarding

the

renewal

of

the

Agreements.

In

considering

the

renewal

of

the

Agreements,

the

Board

assessed,

among

other

things,

the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

by

BlackRock,

BlackRock’s

personnel

and

affiliates,

including

(as

applicable):

investment

management

services;

accounting

oversight;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

and

legal,

regulatory

and

compliance

services.

Throughout

the

year,

including

during

the

contract

renewal

process,

the

Independent

Board

Members

were

advised

by

independent

legal

counsel,

and

met

with

independent

legal

counsel

in

various

executive

sessions

outside

of

the

presence

of

BlackRock’s

management.

During

the

year,

the

Board,

acting

directly

and

through

its

committees,

considered

information

that

was

relevant

to

its

annual

consideration

of

the

renewal

of

the

Agreements,

including

the

services

and

support

provided

by

BlackRock

to

the

Fund

and

its

shareholders.

BlackRock

also

furnished

additional

information

to

the

Board

in

response

to

specific

questions

from

the

Board.

Among

the

matters

the

Board

considered

were:

(a)

investment

performance

for

one-year,

three-year,

five-year,

and/or

since

inception

periods,

as

applicable,

against

peer

funds,

an

applicable

benchmark,

and

other

performance

metrics,

as

applicable,

as

well

as

BlackRock

senior

management’s

and

portfolio

managers’

investment

performance

analyses,

and

the

reasons

for

any

outperformance

or

underperformance

relative

to

its

peers,

benchmarks,

and

other

performance

metrics,

as

applicable;

(b)

fees,

including

advisory,

administration,

if

applicable,

and

other

amounts

paid

to

BlackRock

and

its

affiliates

by

the

Fund

for

services;

(c)

Fund

operating

expenses

and

how

BlackRock

allocates

expenses

to

the

Fund;

(d)

the

resources

devoted

to,

risk

oversight

of,

and

compliance

reports

relating

to,

implementation

of

the

Fund’s

investment

objective,

policies

and

restrictions,

and

meeting

regulatory

requirements;

(e)

BlackRock’s

and

the

Fund’s

adherence

to

applicable

compliance

policies

and

procedures;

(f)

the

nature,

character

and

scope

of

non-investment

management

services

provided

by

BlackRock

and

its

affiliates

and

the

estimated

cost

of

such

services,

as

available;

(g)

BlackRock’s

and

other

service

providers’

internal

controls

and

risk

and

compliance

oversight

mechanisms;

(h)

BlackRock’s

implementation

of

the

proxy

voting

policies

approved

by

the

Board;

(i)

the

use

of

brokerage

commissions

and

execution

quality

of

portfolio

transactions;

(j)

BlackRock’s

implementation

of

the

Fund’s

valuation

and

liquidity

procedures;

(k)

an

analysis

of

management

fees

paid

to

BlackRock

for

products

with

similar

investment

mandates

across

the

open-end

fund,

exchange-traded

fund

(“ETF”),

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable,

and

the

similarities

and

differences

between

these

products

and

the

services

provided

as

compared

to

the

Fund;

(l)

BlackRock’s

compensation

methodology

for

its

investment

professionals

and

the

incentives

and

accountability

it

creates,

along

with

investment

professionals’

investments

in

the

fund(s)

they

manage;

and

(m)

periodic

updates

on

BlackRock’s

business.

Prior

to

and

in

preparation

for

the

April

Meeting,

the

Board

received

and

reviewed

materials

specifically

relating

to

the

renewal

of

the

Agreements.

The

Independent

Board

Members

continuously

engaged

in

a

process

with

their

independent

legal

counsel

and

BlackRock

to

review

the

nature

and

scope

of

the

information

provided

to

the

Board

to

better

assist

its

deliberations.

The

materials

provided

in

connection

with

the

April

Meeting

included,

among

other

things:

(a)

information

independently

compiled

and

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

based

on

either

a

Lipper

classification

or

Morningstar

category,

regarding

each

Fund’s

fees

and

expenses

as

compared

with

a

peer

group

of

funds

as

determined

by

Broadridge

(“Expense

Peers”)

and

the

investment

performance

of

each

Fund

as

compared

with

a

peer

group

of

funds

(“Performance

Peers”);

(b)

information

on

the

composition

of

the

Expense

Peers

and

Performance

Peers

and

a

description

of

Broadridge’s

methodology;

(c)

information

on

the

estimated

profits

realized

by

BlackRock

and

its

affiliates

pursuant

to

the

Agreements

and

a

discussion

of

fall-out

benefits

to

BlackRock

and

its

affiliates;

(d)

a

general

analysis

provided

by

BlackRock

concerning

investment

management

fees

received

in

connection

with

other

types

of

investment

products,

such

as

institutional

accounts,

sub-advised

mutual

funds,

ETFs,

closed-end

funds,

open-end

funds,

and

separately

managed

accounts

under

similar

investment

mandates,

as

well

as

the

performance

of

such

other

products,

as

applicable;

(e)

a

review

of

non-management

fees;

(f)

the

existence,

impact

and

sharing

of

potential

economies

of

scale,

if

any,

with

the

Funds;

(g)

a

summary

of

aggregate

amounts

paid

by

each

Fund

to

BlackRock;

(h)

sales

and

redemption

data

regarding

each

Fund’s

shares;

and

(i)

various

additional

information

requested

by

the

Board

as

appropriate

regarding

BlackRock’s

and

the

Funds’

operations.

At

the

April

Meeting,

the

Board

reviewed

materials

relating

to

its

consideration

of

the

Agreements

and

the

Independent

Board

Members

presented

BlackRock

with

questions

and

requests

for

additional

information.

BlackRock

responded

to

these

questions

and

requests

with

additional

written

information

in

advance

of

the

May

Meeting,

and

such

responses

were

reviewed

by

the

Board

Members.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2024

BlackRock

Annual

Financial

Statements

156

At

the

May

Meeting,

the

Board

concluded

its

assessment

of,

among

other

things:

(a)

the

nature,

extent

and

quality

of

the

services

provided

by

BlackRock;

(b)

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and

to

other

metrics,

as

applicable;

(c)

the

advisory

fee

and

the

estimated

cost

of

the

services

and

estimated

profits

realized

by

BlackRock

and

its

affiliates

from

their

relationship

with

the

Funds;

(d)

each

Fund’s

fees

and

expenses

compared

to

its

Expense

Peers;

(e)

the

existence

and

sharing

of

potential

economies

of

scale;

(f)

any

fall-out

benefits

to

BlackRock

and

its

affiliates

as

a

result

of

BlackRock’s

relationship

with

the

Funds;

and

(g)

other

factors

deemed

relevant

by

the

Board

Members.

The

Board

also

considered

other

matters

it

deemed

important

to

the

approval

process,

such

as

other

payments

made

to

BlackRock

or

its

affiliates

relating

to

securities

lending

and

cash

management,

and

BlackRock’s

services

related

to

the

valuation

and

pricing

of

Fund

portfolio

holdings.

The

Board

noted

the

willingness

of

BlackRock’s

personnel

to

engage

in

open,

candid

discussions

with

the

Board.

The

Board

evaluated

the

information

available

to

it

on

a

fund-by-fund

basis.

The

following

paragraphs

provide

more

information

about

some

of

the

primary

factors

that

were

relevant

to

the

Board’s

decision.

The

Board

Members

did

not

identify

any

particular

information,

or

any

single

factor

as

determinative,

and

each

Board

Member

may

have

attributed

different

weights

to

the

various

items

and

factors

considered.

A.

Nature,

Extent

and

Quality

of

the

Services

Provided

by

BlackRock

The

Board,

including

the

Independent

Board

Members,

reviewed

the

nature,

extent

and

quality

of

services

provided

by

BlackRock,

including

the

investment

advisory

services,

and

the

resulting

performance

of

each

Fund.

Throughout

the

year,

the

Board

compared

each

Fund’s

performance

to

the

performance

of

a

comparable

group

of

mutual

funds,

relevant

benchmark,

and

performance

metrics,

as

applicable.

The

Board

met

with

BlackRock’s

senior

management

personnel

responsible

for

investment

activities,

including

the

senior

investment

officers.

The

Board

also

reviewed

the

materials

provided

by

each

Fund’s

portfolio

management

team

discussing

the

Fund’s

performance,

investment

strategies

and

outlook.

The

Board

considered,

among

other

factors,

with

respect

to

BlackRock:

the

experience

of

the

Fund’s

portfolio

management

team;

research

capabilities;

investments

by

portfolio

managers

in

the

funds

they

manage;

portfolio

trading

capabilities;

use

of

technology;

commitment

to

compliance;

credit

analysis

capabilities;

risk

analysis

and

oversight

capabilities;

and

the

approach

to

training

and

retaining

portfolio

managers

and

other

research,

advisory

and

management

personnel.

The

Board

also

considered

BlackRock’s

overall

risk

management

program,

including

the

continued

efforts

of

BlackRock

and

its

affiliates

to

address

cybersecurity

risks

and

the

role

of

BlackRock’s

Risk

&

Quantitative

Analysis

Group.

The

Board

engaged

in

a

review

of

BlackRock’s

compensation

structure

with

respect

to

each

Fund’s

portfolio

management

team

and

BlackRock’s

ability

to

attract

and

retain

high-quality

talent

and

create

performance

incentives.

In

addition

to

investment

advisory

services,

the

Board

considered

the

nature

and

quality

of

the

administrative

and

other

non-investment

advisory

services

provided

to

each

Fund.

BlackRock

and

its

affiliates

provide

the

Funds

with

certain

administrative,

shareholder

and

other

services

(in

addition

to

any

such

services

provided

to

the

Funds

by

third-parties)

and

officers

and

other

personnel

as

are

necessary

for

the

operations

of

the

Funds.

In

particular,

BlackRock

and

its

affiliates

provide

the

Funds

with

administrative

services

including,

among

others:

(i)

responsibility

for

disclosure

documents,

such

as

the

prospectus,

the

summary

prospectus

(as

applicable),

the

statement

of

additional

information

and

periodic

shareholder

reports;

(ii)

oversight

of

daily

accounting

and

pricing;

(iii)

responsibility

for

periodic

filings

with

regulators;

(iv)

overseeing

and

coordinating

the

activities

of

third-party

service

providers,

including,

among

others,

each

Fund’s

custodian,

fund

accountant,

transfer

agent,

and

auditor;

(v)

organizing

Board

meetings

and

preparing

the

materials

for

such

Board

meetings;

(vi)

providing

legal

and

compliance

support;

(vii)

furnishing

analytical

and

other

support

to

assist

the

Board

in

its

consideration

of

strategic

issues

such

as

the

merger,

consolidation

or

repurposing

of

certain

open-end

funds;

and

(viii)

performing

or

managing

administrative

functions

necessary

for

the

operation

of

the

Funds,

such

as

tax

reporting,

expense

management,

fulfilling

regulatory

filing

requirements,

overseeing

each

Fund’s

distribution

partners,

and

shareholder

call

center

and

other

services.

The

Board

reviewed

the

structure

and

duties

of

BlackRock’s

fund

administration,

shareholder

services,

and

legal

and

compliance

departments

and

considered

BlackRock’s

policies

and

procedures

for

assuring

compliance

with

applicable

laws

and

regulations.

The

Board

considered

the

operation

of

BlackRock’s

business

continuity

plans.

The

Board

noted

that

the

engagement

of

the

Sub-Advisors

with

respect

to

the

Funds

facilitates

the

provision

of

investment

advice

and

trading

by

investment

personnel

out

of

non-U.S.

jurisdictions.

The

Board

considered

that

this

arrangement

provides

additional

flexibility

to

the

portfolio

management

team,

which

may

benefit

each

Fund

and

its

shareholders.

B.

The

Investment

Performance

of

the

Funds

The

Board,

including

the

Independent

Board

Members,

reviewed

and

considered

the

performance

history

of

each

Fund

throughout

the

year

and

at

the

April

Meeting.

In

preparation

for

the

April

Meeting,

the

Board

was

provided

with

reports

independently

prepared

by

Broadridge,

which

included

an

analysis

of

each

Fund’s

performance

as

of

December

31,

2023,

as

compared

to

its

Performance

Peers.

Broadridge

ranks

funds

in

quartiles,

ranging

from

first

to

fourth,

where

first

is

the

most

desirable

quartile

position

and

fourth

is

the

least

desirable.

In

connection

with

its

review,

the

Board

received

and

reviewed

information

regarding

the

investment

performance

of

each

Fund

as

compared

to

its

Performance

Peers

and

the

respective

Morningstar

Category

(“Morningstar

Category”).

The

Board

and

its

Performance

Oversight

Committee

regularly

review

and

meet

with

Fund

management

to

discuss

the

performance

of

each

Fund

throughout

the

year.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

The

Board

also

noted

that

while

it

found

the

data

provided

by

Broadridge

generally

useful,

it

recognized

the

limitations

of

such

data,

including

in

particular,

that

notable

differences

may

exist

between

a

fund

and

its

Performance

Peers

(for

example,

the

investment

objectives

and

strategies).

Further,

the

Board

recognized

that

the

performance

data

reflects

a

snapshot

of

a

period

as

of

a

particular

date

and

that

selecting

a

different

performance

period

could

produce

significantly

different

results.

The

Board

also

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance,

and

that

a

single

investment

theme

could

have

the

ability

to

disproportionately

affect

long-term

performance.

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

Dynamic

High

Income

Portfolio

ranked

in

second,

fourth

and

fourth

quartiles,

respectively,

against

its

Morningstar

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Category

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Morningstar

Category

during

the

applicable

periods.

The

Board

was

informed

that,

among

other

things,

the

Fund’s

performance

was

challenged

in

part

due

to

the

Fund’s

intentional

global

diversification

relative

to

the

U.S.

centric

positioning

of

key

peers.

The

Board

and

BlackRock

discussed

BlackRock’s

strategy

for

improving

the

Fund’s

investment

performance.

Discussions

covered

topics

such

as

performance

attribution,

the

Fund’s

investment

personnel,

and

the

resources

appropriate

to

support

the

Fund’s

investment

processes.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

157

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

The

Board

noted

that

for

the

one-,

three-

and

five-year

periods

reported,

Multi-Asset

Income

Portfolio

ranked

in

the

second,

first

and

third

quartiles,

respectively,

against

its

Morningstar

Category.

The

Board

noted

that

BlackRock

believes

that

the

Morningstar

Category

is

an

appropriate

performance

metric

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

The

Board

and

BlackRock

reviewed

the

Fund’s

underperformance

relative

to

its

Morningstar

Category

during

the

applicable

period.

The

Board

also

reviewed

and

considered

the

Fund’s

performance

relative

to

certain

additional

metrics.

The

Board

noted

that

BlackRock

believes

that

performance

relative

to

the

additional

metrics

are

also

appropriate

performance

metrics

for

the

Fund,

and

that

BlackRock

has

explained

its

rationale

for

this

belief

to

the

Board.

C.

Consideration

of

the

Advisory/Management

Fees

and

the

Estimated

Cost

of

the

Services

and

Estimated

Profits

Realized

by

BlackRock

and

its

Affiliates

from

their

Relationship

with

the

Funds

The

Board,

including

the

Independent

Board

Members,

reviewed

each

Fund’s

contractual

management

fee

rate

compared

with

those

of

its

Expense

Peers.

The

contractual

management

fee

rate

represents

a

combination

of

the

advisory

fee

and

any

administrative

fees,

before

taking

into

account

any

reimbursements

or

fee

waivers.

The

Board

also

compared

each

Fund’s

total

expense

ratio,

as

well

as

its

actual

management

fee

rate,

to

those

of

its

Expense

Peers.

The

total

expense

ratio

represents

a

fund’s

total

net

operating

expenses,

including

any

12b-1

or

non-12b-1

service

fees.

The

total

expense

ratio

gives

effect

to

any

expense

reimbursements

or

fee

waivers,

and

the

actual

management

fee

rate

gives

effect

to

any

management

fee

reimbursements

or

waivers.

The

Board

considered

that

the

fee

and

expense

information

in

the

Broadridge

report

for

the

Fund

reflected

information

for

a

specific

period

and

that

historical

asset

levels

and

expenses

may

differ

from

current

levels,

particularly

in

a

period

of

market

volatility.

The

Board

considered

the

services

provided

and

the

fees

charged

by

BlackRock

and

its

affiliates

to

other

types

of

clients

with

similar

investment

mandates,

as

applicable,

including

institutional

accounts

and

sub-advised

mutual

funds

(including

mutual

funds

sponsored

by

third

parties).

The

Board

received

and

reviewed

statements

relating

to

BlackRock’s

financial

condition.

The

Board

reviewed

BlackRock’s

profitability

methodology

and

was

also

provided

with

an

estimated

profitability

analysis

that

detailed

the

revenues

earned

and

the

expenses

incurred

by

BlackRock

for

services

provided

to

each

Fund.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

each

Fund

and

other

funds

the

Board

currently

oversees

for

the

year

ended

December

31,

2023

compared

to

available

aggregate

estimated

profitability

data

provided

for

the

prior

two

years.

The

Board

reviewed

BlackRock’s

estimated

profitability

with

respect

to

certain

other

U.S.

fund

complexes

managed

by

the

Manager

and/or

its

affiliates.

The

Board

reviewed

BlackRock’s

assumptions

and

methodology

of

allocating

expenses

in

the

estimated

profitability

analysis,

noting

the

inherent

limitations

in

allocating

costs

among

various

advisory

products.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors

including,

among

other

things,

fee

waivers

and

expense

reimbursements

by

the

Manager,

the

types

of

funds

managed,

precision

of

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

the

individual

fund

level

is

difficult.

The

Board

noted

that,

in

general,

individual

fund

or

product

line

profitability

of

other

advisors

is

not

publicly

available.

The

Board

reviewed

BlackRock’s

overall

operating

margin,

in

general,

compared

to

that

of

certain

other

publicly

traded

asset

management

firms.

The

Board

considered

the

differences

between

BlackRock

and

these

other

firms,

including

the

contribution

of

technology

at

BlackRock,

BlackRock’s

expense

management,

and

the

relative

product

mix.

The

Board

considered

whether

BlackRock

has

the

financial

resources

necessary

to

attract

and

retain

high

quality

investment

management

personnel

to

perform

its

obligations

under

the

Agreements

and

to

continue

to

provide

the

high

quality

of

services

that

is

expected

by

the

Board.

The

Board

further

considered

factors

including

but

not

limited

to

BlackRock’s

commitment

of

time

and

resources,

assumption

of

risk,

and

liability

profile

in

servicing

the

Funds,

including

in

contrast

to

what

is

required

of

BlackRock

with

respect

to

other

products

with

similar

investment

mandates

across

the

open-end

fund,

ETF,

closed-end

fund,

sub-advised

mutual

fund,

separately

managed

account,

collective

investment

trust,

and

institutional

separate

account

product

channels,

as

applicable.

The

Board

noted

that

Multi-Asset

Income

Portfolio’s

contractual

management

fee

rate

ranked

in

the

fourth

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

second

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

noted

that

Dynamic

High

Income

Portfolio’s

contractual

management

fee

rate

ranked

in

the

third

quartile,

and

that

the

actual

management

fee

rate

and

total

expense

ratio

each

ranked

in

the

first

quartile

relative

to

the

Fund’s

Expense

Peers.

The

Board

also

noted

that

each

Fund

has

an

advisory

fee

arrangement

that

includes

breakpoints

that

adjust

the

fee

rate

downward

as

the

size

of

the

Fund

increases

above

certain

contractually

specified

levels.

The

Board

additionally

noted

that

the

breakpoints

can,

conversely,

adjust

the

advisory

fee

rate

upward

as

the

size

of

the

pertinent

Fund

decreases

below

certain

contractually

specified

levels.

The

Board

further

noted

that

BlackRock

and

the

Board

have

contractually

agreed

to

a

cap

on

the

pertinent

Fund’s

total

expenses

as

a

percentage

of

the

Fund’s

average

daily

net

assets

on

a

class-by-class

basis.

D.

Economies

of

Scale

The

Board,

including

the

Independent

Board

Members,

considered

the

extent

to

which

any

economies

of

scale

might

benefit

the

Funds

in

a

variety

of

ways

as

the

assets

of

the

Funds

increase.

The

Board

considered

multiple

factors,

including

the

advisory

fee

rate

and

breakpoints,

unitary

fee

structure,

fee

waivers,

and/or

expense

caps,

as

applicable.

The

Board

considered

each

Fund’s

asset

levels

and

whether

the

current

fee

schedule

was

appropriate.

E.

Other

Factors

Deemed

Relevant

by

the

Board

Members

The

Board,

including

the

Independent

Board

Members,

also

took

into

account

other

ancillary

or

“fall-out”

benefits

that

BlackRock

or

its

affiliates

may

derive

from

BlackRock’s

respective

relationships

with

the

Funds,

both

tangible

and

intangible,

such

as

BlackRock’s

ability

to

leverage

its

investment

professionals

who

manage

other

portfolios

and

its

risk

management

personnel,

an

increase

in

BlackRock’s

profile

in

the

investment

advisory

community,

and

the

engagement

of

BlackRock’s

affiliates

as

service

providers

to

the

Funds,

including

for

administrative,

distribution,

securities

lending

and

cash

management

services.

With

respect

to

securities

lending,

during

the

year

the

Board

also

considered

information

provided

by

independent

third-party

consultants

related

to

the

performance

of

each

BlackRock

affiliate

as

securities

lending

agent.

The

Board

also

considered

BlackRock’s

overall

operations

and

its

efforts

to

expand

the

scale

of,

and

improve

the

quality

of,

its

operations.

The

Board

also

noted

that,

subject

to

applicable

law,

BlackRock

may

use

and

benefit

from

third-party

research

obtained

by

soft

dollars

generated

by

certain

registered

fund

transactions

to

assist

in

managing

all

or

a

number

of

its

other

client

accounts.

Disclosure

of

Investment

Advisory

Agreement

and

Sub-Advisory

Agreements

(continued)

2024

BlackRock

Annual

Financial

Statements

158

In

connection

with

its

consideration

of

the

Agreements,

the

Board

also

received

information

regarding

BlackRock’s

brokerage

and

soft

dollar

practices.

The

Board

received

reports

from

BlackRock

which

included

information

on

brokerage

commissions

and

trade

execution

practices

throughout

the

year.

The

Board

noted

the

competitive

nature

of

the

open-end

fund

marketplace,

and

that

shareholders

are

able

to

redeem

their

Fund

shares

if

they

believe

that

the

pertinent

Fund’s

fees

and

expenses

are

too

high

or

if

they

are

dissatisfied

with

the

performance

of

the

Fund.

Conclusion

At

the

May

Meeting,

in

a

continuation

of

the

discussions

that

occurred

during

the

April

Meeting,

and

as

a

culmination

of

the

Board’s

year-long

deliberative

process,

the

Board,

including

the

Independent

Board

Members,

unanimously

approved

the

continuation

of

(i)

the

Advisory

Agreement

between

the

Manager

and

the

Trust,

on

behalf

of

each

Fund,

(ii)

the

BAMNA

Sub-Advisory

Agreements

between

the

Manager

and

BAMNA

with

respect

to

the

pertinent

Fund,

(iii)

the

BSL

Sub-Advisory

Agreements

between

the

Manager

and

BSL

with

respect

to

the

pertinent

Fund,

and

(iv)

the

BIL

Sub-Advisory

Agreements

between

the

Manager

and

BIL

with

respect

to

the

pertinent

Fund,

each

for

a

one-year

term

ending

June

30,

2025.

Based

upon

its

evaluation

of

all

of

the

aforementioned

factors

in

their

totality,

as

well

as

other

information,

the

Board,

including

the

Independent

Board

Members,

was

satisfied

that

the

terms

of

the

Agreements

were

fair

and

reasonable

and,

in

the

best

interest

of

each

Fund

and

its

shareholders.

In

arriving

at

its

decision

to

approve

the

Agreements,

the

Board

did

not

identify

any

single

factor

or

group

of

factors

as

all-important

or

controlling,

but

considered

all

factors

together,

and

different

Board

Members

may

have

attributed

different

weights

to

the

various

factors

considered.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

throughout

the

deliberative

process.

Glossary

of

Terms

Used

in

this

Report

159

Glossary

of

Terms

Used

in

this

Report

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

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

OTC

Over-the-counter

PCL

Public

Company

Limited

PIK

Payment-In-Kind

PJSC

Public

Joint

Stock

Company

REIT

Real

Estate

Investment

Trust

SCA

Svenska

Cellulosa

Aktiebolaget

SONIA

Sterling

Overnight

Interbank

Average

Rate

SOFR

Secured

Overnight

Financing

Rate

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.

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies - Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – 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 date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 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 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

              (a)(1) Code of Ethics – See Item 2

              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the Registrant’s securities are listed – Not Applicable

              (a)(3) Section 302 Certifications are attached

              <<section302>>

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) 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: September 23, 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: September 23, 2024 

By:     /s/ Trent Walker                      

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds II 

Date: September 23, 2024